NMIMS – Quantitative Methods – I
Q1. Explain the following concepts, including the difference between point estimate and other types of estimates.
- Difference between point estimate and interval estimate. (2 Marks)
- Concept of confidence interval for any estimate (Mean / Proportion). (2 Marks)
- And solve the following question
A sample of 30 students’ test scores is randomly selected from a large class. The sample has a mean score of 85 points and a standard deviation of 6 points. Calculate the 99% and 95% confidence intervals for the population mean. (6 Marks) - (10 Marks)
Q2 (A) The monthly rent paid by a group of 15,000 tenants in a city is found to be normally distributed with a mean of 12,000 and a standard deviation of 1,500. - Answer the following questions:
a) What is the probability that a tenant selected at random pays more than 10,500 in rent?
b) What is the probability that a tenant selected at random pays more than 14,700 in rent ? (5 Marks)
Q2 (B) A pharmaceutical company claims that its new drug reduces the average recovery time from the flu to less than 7 days. Historically, the average recovery time for the flu without the drug is 7 days. To test this claim, the company conducted a study with 50 patients who took the
new drug. The sample mean recovery time was 6.5 days with a population standard deviation of 2 days. Can we accept the company’s claim at the 5% level of significance? (5 Marks)
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