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3. A distinguishing characteristic of entrepreneurs is their willingness to take risks. R.H.Brockhaus (Academy of Management Journal,...

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3. A distinguishing characteristic of entrepreneurs is theirwillingness to take risks. R.H.Brockhaus (Academy of ManagementJournal, Sept. 1980) used a choice dilemma questionaire (CDQ) tomeasure the risk-taking propensities of successful entrepreneurs(lower scores associated with a higher tendency for risk taking).The CDQ scores are normally distributed with a mean of 72 and astandard deviation of 8.

(a) What is the probability that a randomly selectedentrepreneur will score between 68 and 74 on the CDQ? Final answerin 4 decimals.

(b) What CDQ score differentiates the 30.5% entrepreneurs mostwilling to take risks from the rest

(c) Suppose a random sample of 5 entrepreneurs are selected,what is the likelihood that the average CDQ score of these 5entrepreneurs is between 70 and 72? Use the standard normal tableand express your final answer in 4 decimals.

Answer & Explanation Solved by verified expert
3.6 Ratings (666 Votes)
P 68 X 74 Standardizing the valueZ 68 72 8Z 05Z 74 72 8Z 025P 05 Z 025P 68 X 74 P Z 025 P Z 05 P 68 X 74 05987    See Answer
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