To help with marketing, the graduate division of a business school would like to advertise that more than 1/3 of CEOs have an MBA. They take a sample of 55 companies, look up the CEO's education, and record whether they have an MBA. (a) Which significance level would make it easier to conclude more than 1/3 of CEOs have an MBA? It would be easier with (? = 0.01/ ? = 0.05/ ? = 0.10) , since they could only make this conclusion if they got a p-value (less than/ greater than) the significance level, ?. (b) Suppose the business school undertook a follow-up study based on a random sample of 148 companies. Assuming they got the same sample proportion as before, how would the larger sample size affect the p-value and strength of evidence for their claim? The p-value would (decrease/ increase) , providing (stronger/ weaker) evidence that more than 1/3 of CEOs have an MBA. (c) While checking the results, the business school discovers that they used an outdated database from which to select a sample of companies, mistakenly excluding newer companies and start-ups. Would this undercoverage bias be included in the margin error related to their final conclusion? A. Yes, the margin of error includes the error due to biased samples. B. No, the margin of error does not consider the error due to biased samples.
To help with marketing, the graduate division of a business school would like to advertise that more than 1/3 of CEOs have an MBA. They take a sample of 55 companies, look up the CEO's education, and record whether they have an MBA.
(a) Which significance level would make it easier to conclude more than 1/3 of CEOs have an MBA?
It would be easier with (? = 0.01/ ? = 0.05/ ? = 0.10) , since they could only make this conclusion if they got a p-value (less than/ greater than) the significance level, ?.
(b) Suppose the business school undertook a follow-up study based on a random sample of 148 companies. Assuming they got the same sample proportion as before, how would the larger
The p-value would (decrease/ increase) , providing (stronger/ weaker) evidence that more than 1/3 of CEOs have an MBA.
(c) While checking the results, the business school discovers that they used an outdated database from which to select a sample of companies, mistakenly excluding newer companies and start-ups. Would this undercoverage bias be included in the margin error related to their final conclusion?
Step by step
Solved in 2 steps
