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Chapter 1: Q 1.49. (page 16)

The International 500. Each year, Fortune Magazine publishes an article titled "The International 500" that provides a ranking by sales of the top 500 firms outside the United States. Suppose that you want to examine various characteristics of successful firms. Further suppose that, for your study, you decide to take a simple random sample of 10 firms from Fortune Magazine's list of "The International 500."

(a) Use Table I in Appendix A to obtain 10 random numbers that you can use to specify your sample. Start at the three-digit number in line number 14 and column numbers 10-12, read down the column, up the next, and so on.

(b) If you have access to a random-number generator, use it to solve part (a).

Short Answer

Expert verified

Part (a) Samples are: 285 475 374 424 500 298 050 454 230 400

Part (b) Samples after using MINITAB: 273 437 198 127 429 116 361 191 172 370

Step by step solution

01

Part (a) Step 1. Given information.

The given statement is:

Each year, Fortune Magazine publishes an article titled "The International 500" that provides a ranking by sales of the top 500 firms outside the United States.

Suppose that you want to examine various characteristics of successful firms. Further suppose that, for your study, you decide to take a simple random sample of 10 firms from Fortune Magazine's list of "The International 500."

02

Part (a) Step 2. Obtain 10 random samples by using Table I in Appendix A.

Fortune Magazine produces an item titled "The International," which ranks the top 500 companies worldwide by sales. We'll need a sample of ten for this.

For this follow the below-given procedure:

  1. Assigning numbers from 000 to 999 to each firm is the first step in selecting a random sample of 10 from 500 multinational firms.
  2. Then pick one of these numbers at random.
  3. We must select three-digit numbers in this case.
  4. If any number exceeds 500, that number is discarded, and we move on to the next step of the process.
  5. The required sample is as follows, based on the random number table.
  6. 285 475 374 424 500 298 050 454 230 400
03

Part (b) Step 1. Use a random number generator to solve part (a).

Given below is the result of samples produced by using MINITAB:

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