Q1.

A survey handed out to individuals at a major shopping mall in a

small Florida city in July asked the following:
 Gender
 age
 ethnicity
 length of residency
 overall satisfaction with city services (using a scale of 1–5, going
from poor to excellent)
 quality of schools (using a scale of 1–5, going from poor to
excellent)
What types of data (categorical, ordinal, interval, or ratio) would each
of the survey items represent and why?
Q2. A bank developed a model for predicting the average checking
and savings account balance as balance = -17,732 + 367 x age + 1,300
x years education + 0.116 * household wealth.
a. Explain how to interpret the numbers in this model.
b. Suppose that a customer is 32 years old, is a college graduate (so that
years education = 16), and has a household wealth of $150,000. What is
the predicted bank balance?
Q3. The manager of a small firm is considering whether to produce a
new product that would require leasing some special quipment at a cost
of $20,000 per month. In addition to this leasing cost, a production cost
of $10 would be incurred for each unit of the product produced. Each
unit sold would generate $20 in revenue.
Develop a mathematical expression for the monthly profit that would be
generated by this product in terms of the number of units produced and
sold per month. Then determine how large this number needs to be
each month to make it profitable to produce the product
Q4. A firm installs 1500 air conditioners which need to be serviced every
six months. The firm can hire a team from its logistics department at a
fixed cost of $6,000. Each unit will be serviced by the team at $15.00.
The firm can also outsource this at a cost of $17.00 inclusive of all
charges.
a. For the given number of units, compute the total cost of servicing for
both options. Which is a better decision?
b. Find the break-even volume and characterize the range of volumes for
which it is more economical to outsource
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