The Following Table Shows the Probability of Demand for Automobiles

question 42

Multiple Choice

The following table shows the probability of demand for automobiles used in an Excel simulation. The "= RAND() " function results in a random number for week #1 of 0.1705.The "= VLOOKUP" function is used with the table above to generate a random car demand for week #1.The resulting random car demand for this week is:

• A)1 car.
• B)2 cars.
• C)3 cars.
• D)4 cars.

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Definitions:

Scales Of Measurement

The systems used to categorize the nature of information that data provides, namely nominal, ordinal, interval, and ratio scales.

Nominal Scale

A scale of measurement used to categorize variables without providing any quantitative value or order.

Ratio Scale

A scale of measurement where there is a true zero and equal intervals, allowing for the comparison of magnitudes and the performance of mathematical operations.

Statistical Inference

The process of drawing conclusions about a population’s parameters based on a sample taken from the population.