tag:blogger.com,1999:blog-1208378874273333612024-03-13T10:27:42.577-05:00Essentials of Modern Business Statistics with Microsoft Office Excel (7th Edition) Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comBlogger15125tag:blogger.com,1999:blog-120837887427333361.post-70846634928103184332019-09-29T20:34:00.000-05:002019-09-29T20:34:00.059-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 15
<b>15.1</b> The estimated regression equation for a model involving two independent variables and 10 observations follows....<br />
<blockquote>
a. Interpret <i>b</i><sub>1</sub> and <i>b</i><sub>2</sub> in this estimated regression equation.<br />b. Predict <i>y</i> when <i>x</i><sub>1</sub> = 180 and <i>x</i><sub>2</sub> = 310.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.2</b> Consider the following data for a dependent variable <i>y</i> and two independent variables, <i>x</i><sub>1</sub> and <i>x</i><sub>2</sub>....<blockquote>
a. Develop an estimated regression equation relating <i>y</i> to <i>x</i><sub>1</sub>. Predict <i>y</i> if <i>x</i><sub>1</sub> = 45.<br />b. Develop an estimated regression equation relating <i>y</i> to <i>x</i><sub>2</sub>. Predict <i>y</i> if <i>x</i><sub>2</sub> = 15.<br />c. Develop an estimated regression equation relating <i>y</i> to <i>x</i><sub>1</sub> and <i>x</i><sub>2</sub>. Predict <i>y</i> if <i>x</i><sub>1</sub> = 45 and <i>x</i><sub>2</sub> = 15.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.3</b> In a regression analysis involving 30 observations, the following estimated regression equation was obtained....<blockquote>
a. Interpret <i>b</i><sub>1</sub>, <i>b</i><sub>2</sub>, <i>b</i><sub>3</sub>, and <i>b</i><sub>4</sub> in this estimated regression equation.<br />b. Predict <i>y</i> when <i>x</i><sub>1</sub> = 10, <i>x</i><sub>2</sub> = 5, <i>x</i><sub>3</sub> = 1, and <i>x</i><sub>4</sub> = 2.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.4</b> A
shoe store developed the following estimated regression equation
relating sales to inventory investment and advertising expenditures....where<i>x</i><sub>1</sub> = inventory investment ($1000s)<i>x</i><sub>2</sub> = advertising expenditures ($1000s)<i>y</i> = sales ($1000s)<blockquote>
a. Predict the sales resulting from a $15,000 investment in inventory and an advertising budget of $10,000.<br />b. Interpret <i>b</i><sub>1</sub> and <i>b</i><sub>2</sub> in this estimated regression equation.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.5</b> The
owner of Showtime Movie Theaters, Inc., would like to predict weekly
gross revenue as a function of advertising expenditures. Historical data
for a sample of eight weeks follow....<blockquote>
a. Develop an estimated regression equation with the amount of television advertising as the independent variable.<br />b.
Develop an estimated regression equation with both television
advertising and newspaper advertising as the independent variables.<br />c.
Is the estimated regression equation coefficient for television
advertising expenditures the same in part (a) and in part (b)? Interpret
the coefficient in each case.<br />d. Predict weekly gross
revenue for a week when $3500 is spent on television advertising and
$1800 is spent on newspaper advertising?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.6</b> The
National Football League (NFL) records a variety of performance data
for individuals and teams. To investigate the importance of passing on
the percentage of games won by a team, the following data show the
conference (Conf), average number of passing yards per attempt
(Yds/Att), the number of interceptions thrown per attempt (Int/Att), and
the percentage of games won (Win%) for a random sample of 16 NFL teams
for the 2011 season (NFL website, February 12, 2012)....<blockquote>
a.
Develop the estimated regression equation that could be used to predict
the percentage of games won given the average number of passing yards
per attempt.<br />b. Develop the estimated regression
equation that could be used to predict the percentage of games won given
the number of interceptions thrown per attempt.<br />c.
Develop the estimated regression equation that could be used to predict
the percentage of games won given the average number of passing yards
per attempt and the number of interceptions thrown per attempt.<br />d.
The average number of passing yards per attempt for the Kansas City
Chiefs was 6.2 and the number of interceptions thrown per attempt was
.036. Use the estimated regression equation developed in part (c) to
predict the percentage of games won by the Kansas City Chiefs. (<i>Note:</i>
For the 2011 season the Kansas City Chiefs’ record was 7 wins and 9
losses.) Compare your prediction to the actual percentage of games won
by the Kansas City Chiefs.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.7</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.8</b> The <i>Condé Nast Traveler</i> Gold List for 2012 provided ratings for the top 20 small cruise ships (<i>Condé Nast Traveler</i> website, March 1, 2012). The following data are the scores each ship received based upon the results from <i>Condé Nast Traveler’s</i>
annual Readers’ Choice Survey. Each score represents the percentage of
respondents who rated a ship as excellent or very good on several
criteria, including Shore Excursions and Food/Dining. An overall score
was also reported and used to rank the ships. The highest ranked ship,
the <i>Seabourn Odyssey,</i> has an overall score of 94.4, the highest component of which is 97.8 for Food/Dining....<blockquote>
a.
Determine an estimated regression equation that can be used to predict
the overall score given the score for Shore Excursions.<br />b.
Consider the addition of the independent variable Food/Dining. Develop
the estimated regression equation that can be used to predict the
overall score given the scores for Shore Excursions and Food/Dining.<br />c. Predict the overall score for a cruise ship with a Shore Excursions score of 80 and a Food/Dining Score of 90.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.9</b> The
Professional Golfers Association (PGA) maintains data on performance
and earnings for members of the PGA Tour. For the 2012 season Bubba
Watson led all players in total driving distance, with an average of
309.2 yards per drive. Some of the factors thought to influence driving
distance are club head speed, ball speed, and launch angle. For the 2012
season Bubba Watson had an average club head speed of 124.69 miles per
hour, an average ball speed of 184.98 miles per hour, and an average
launch angle of 8.79 degrees. The WEBfile named PGADrivingDist contains
data on total driving distance and the factors related to driving
distance for 190 members of the PGA Tour (PGA Tour website, November 1,
2012). Descriptions for the variables in the data set follow.<blockquote>
Club
Head Speed: Speed at which the club impacts the ball (mph)Ball Speed:
Peak speed of the golf ball at launch (mph)Launch Angle: Vertical launch
angle of the ball immediately after leaving the club (degrees)Total
Distance: The average number of yards per drive</blockquote>
<blockquote>
a.
Develop an estimated regression equation that can be used to predict
the average number of yards per drive given the club head speed.<br />b.
Develop an estimated regression equation that can be used to predict
the average number of yards per drive given the ball speed.<br />c.
A recommendation has been made to develop an estimated regression
equation that uses both club head speed and ball speed to predict the
average number of yards per drive. Do you agree with this? Explain.<br />d.
Develop an estimated regression equation that can be used to predict
the average number of yards per drive given the ball speed and the
launch angle.<br />e. Suppose a new member of the PGA Tour
for 2013 has a ball speed of 170 miles per hour and a launch angle of 11
degrees. Use the estimated regression equation in part (d) to predict
the average number of yards per drive for this player.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.10</b>
Major
League Baseball (MLB) consists of teams that play in the American
League and the National League. MLB collects a wide variety of team and
player statistics. Some of the statistics often used to evaluate
pitching performance are as follows: ERA: The average number of
earned runs given up by the pitcher per nine innings. An earned run is
any run that the opponent scores off a particular pitcher except for
runs scored as a result of erroros or passed balls. SO/IP: The average
number of strikeouts per inning pitched. HR/IP: The average number of
home runs per inning pitched. R/IP: The number of runs given up per
inning pitched.The
following data show values for these statistics for a random sample of
20 pitchers from the American League for the 2011 season (MLB website,
March 1, 2012)....<blockquote>
a.
Develop an estimated regression equation that can be used to predict
the average number of runs given up per inning given the average number
of strikeouts per inning pitched.<br />b. Develop an
estimated regression equation that can be used to predict the average
number of runs given up per inning given the average number of home runs
per inning pitched.<br />c. Develop an estimated regression
equation that can be used to predict the average number of runs given
up per inning given the average number of strikeouts per inning pitched
and the average number of home runs per inning pitched.<br />d.
A. J. Burnett, a pitcher for the New York Yankees, had an average
number of strikeouts per inning pitched of .91 and an average number of
home runs per inning of .16. Use the estimated regression equation
developed in part (c) to predict the average number of runs given up per
inning for A. J. Burnett. (<i>Note:</i> The actual value for R/IP was .6.)<br />e.
Suppose a suggestion was made to also use the earned run average as
another independent variable in part (c). What do you think of this
suggestion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.11</b>
In exercise 1, the following estimated regression equation based on 10
observations was presented....The values of SST and SSR are 6724.125 and
6216.375, respectively.<blockquote>
a. Find SSE.<br />b. Compute <i>R</i><sup>2</sup>.<br />c. Compute ....<br />d. Comment on the goodness of fit.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.12</b> In exercise 2, 10 observations were provided for a dependent variable <i>y</i> and two independent variables <i>x</i><sub>1</sub> and <i>x</i><sub>2</sub>; for these data SST 5 = 15,182.9 and SSR = 14,052.2.<blockquote>
a. Compute <i>R</i><sub>2</sub>.<br />b. Compute <i>...</i><br />c. Does the estimated regression equation explain a large amount of the variability in the data? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.13</b> In exercise 3, the following estimated regression equation based on 30 observations was presented.<i>...</i>The values of SST and SSR are 1805 and 1760, respectively.<blockquote>
a. Compute <i>R</i><sup>2</sup>.<br />b. Compute <i>...</i><br />c. Comment on the goodness of fit.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.14</b> In
exercise 4, the following estimated regression equation relating sales
to inventory investment and advertising expenditures was given.<i>...</i>The data used to develop the model came from a survey of 10 stores; for those data, SST = 16,000 and SSR = 12,000.<blockquote>
a. For the estimated regression equation given, compute <i>R</i><sup>2</sup>.<br />b. Compute <i>...</i>.<br />c. Does the model appear to explain a large amount of variability in the data? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.15</b> In exercise 5, the owner of Showtime Movie Theaters, Inc., used multiple regression analysis to predict gross revenue (<i>y</i>) as a function of television advertising (<i>x</i><sub>1</sub>) and newspaper advertising (<i>x</i><sub>2</sub>). The estimated regression equation was<i>...</i>The computer solution provided SST = 25.5 and SSR = 23.435.<blockquote>
a. Compute and interpret <i>R</i><sup>2</sup> and <i>...</i>.<br />b. When television advertising was the only independent variable, <i>R</i><sup>2</sup> = .653 and <i>...</i> = .595. Do you prefer the multiple regression results? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.16</b> In
exercise 6, data were given on the average number of passing yards per
attempt (Yds/Att), the number of interceptions thrown per attempt
(Int/Att), and the percentage of games won (Win%) for a random sample of
16 National Football League (NFL) teams for the 2011 season (NFL
website, February 12, 2012).<blockquote>
a. Did the estimated
regression equation that uses only the average number of passing yards
per attempt as the independent variable to predict the percentage of
games won provide a good fit?<br />b. Discuss the benefit of
using both the average number of passing yards per attempt and the
number of interceptions thrown per attempt to predict the percentage of
games won.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.17</b> In
part (d) of exercise 9, data contained in the WEBfile named
PGADrivingDist (PGA Tour website, November 1, 2012) was used to develop
an estimated regression equation to predict the average number of yards
per drive given the ball speed and the launch angle.<blockquote>
a. Does the estimated regression equation provide a good fit to the data? Explain.<br />b.
In part (b) of exercise 9, an estimated regression equation was
developed using only ball speed to predict the average number of yards
per drive. Compare the fit obtained using just ball speed to the fit
obtained using ball speed and the launch angle.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.18</b> Refer
to exercise 10, where Major League Baseball (MLB) pitching statistics
were reported for a random sample of 20 pitchers from the American
League for the 2011 season (MLB website, March 1, 2012).<blockquote>
a.
In part (c) of exercise 10, an estimated regression equation was
developed relating the average number of runs given up per inning
pitched given the average number of strikeouts per inning pitched and
the average number of home runs per inning pitched. What are the values
of <i>R</i><sup>2</sup> and <i>...</i>?<br />b. Does the estimated regression equation provide a good fit to the data? Explain.<br />c.
Suppose the earned run average (ERA) is used as the dependent variable
in part (c) instead of the average number of runs given up per inning
pitched. Does the estimated regression equation that uses the ERA
provide a good fit to the data? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.19</b>
In exercise 1, the following estimated regression equation based on 10
observations was presented....Here SST = 6724.125, SSR = 6216.375, <i>s<sub>b</sub></i><sub>1</sub> = .0813, and <i>s<sub>b</sub></i><sub>2</sub> = .0567.<blockquote>
a. Compute MSR and MSE.<br />b. Compute <i>F</i> and perform the appropriate <i>F</i> test. Use <i>α</i> = .05.<br />c. Perform a <i>t</i> test for the significance of <i>β</i><sub>1</sub>Use <i>α</i> = .05.<br />d. Perform a <i>t</i> test for the significance of <i>β</i><sub>2</sub>. Use <i>α</i> = .05.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.20</b>
Refer to the data presented in exercise 2. The estimated regression
equation for these data is...Here SST = 15,182.9, SSR = 14,052.2, <i>s<sub>b</sub></i><sub>1</sub> = .2471, and <i>s<sub>b</sub></i><sub>2</sub> = .9484.<blockquote>
a. Test for a significant relationship among <i>x</i><sub>1</sub>, <i>x</i><sub>2</sub>, and <i>y</i>. Use <i>α</i> = .05.<br />b. Is <i>β</i><sub>1</sub> significant? Use <i>α</i> = .05.<br />c. Is <i>β</i><sub>2</sub> significant? Use <i>α</i> = .05.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.21</b> The following estimated regression equation was developed for a model involving two independent variables....After <i>x</i><sub>2</sub> was dropped from the model, the least squares method was used to obtain an estimated regression equation involving only <i>x</i><sub>1</sub> as an independent variable....<blockquote>
a. Give an interpretation of the coefficient of <i>x</i><sub>1</sub> in both models.<br />b. Could multicollinearity explain why the coefficient of <i>x</i><sub>1</sub> differs in the two models? If so, how?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.22</b>
In
exercise 4, the following estimated regression equation relating sales
to inventory investment and advertising expenditures was given....The
data used to develop the model came from a survey of 10 stores; for
these data SST = 16,000 and SSR = 12,000.<blockquote>
a. Compute SSE, MSE, and MSR.<br />b. Use an <i>F</i> test and a .05 level of significance to determine whether there is a relationship among the variables.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.23</b> Refer to exercise 5.<blockquote>
a. Use <i>α</i> = .01 to test the hypotheses<i>H</i><sub>0</sub>: <i>β</i><sub>1</sub> = <i>β</i><sub>2</sub> = 0<i>H</i><sub>a</sub>: <i>β</i><sub>1</sub> and/or <i>β</i><sub>2</sub> is not equal to zerofor the model <i>y = β</i><sub>0</sub> <i>+ β</i><sub>1</sub><i>x</i><sub>1</sub> <i>+ β</i><sub>2</sub><i>x</i><sub>2</sub> <i>+</i> ϵ, where<i>x</i><sub>1</sub> = television advertising ($1000s)<i>x</i><sub>2</sub> = newspaper advertising ($1000s)<br />b. Use <i>α</i> = .05 to test the significance of <i>β</i><sub>1</sub>. Should <i>x</i><sub>1</sub> be dropped from the model?<br />c. Use <i>α</i> = .05 to test the significance of <i>β</i><sub>2</sub>. Should <i>x</i><sub>2</sub> be dropped from the model?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.24</b> The
National Football League (NFL) records a variety of performance data
for individuals and teams. A portion of the data showing the average
number of passing yards obtained per game on offense (OffPass Yds/G),
the average number of yards given up per game on defense (DefYds/G), and
the precentage of games won (Win%), for the 2011 season follows (ESPN
website, November 3, 2012)....<blockquote>
a.
Develop an estimated regression equation that can be used to predict
the percentage of games won given the average number of passing yards
obtained per game on offense and the average number of yards given up
per game on defense.<br />b. Use the <i>F</i> test to determine the overall significance of the relationship. What is your conclusion at the .05 level of significance?<br />c. Use the <i>t</i> test to determine the significance of each independent variable. What is your conclusion at the .05 level of significance?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.25</b> The <i>Condé Nast Traveler</i> Gold List for 2012 provided ratings for the top 20 small cruise ships (<i>Condé Nast Traveler</i> website, March 1, 2012). The following data are the scores each ship received based upon the results from <i>Condé Nast Traveler’s</i>
annual Readers’ Choice Survey. Each score represents the percentage of
respondents who rated a ship as excellent or very good on several
criteria, including Itineraries/Schedule, Shore Excursions, and
Food/Dining. An overall score was also reported and used to rank the
ships The highest ranked ship, the <i>Seabourn Odyssey,</i> has an overall score of 94.4, the highes component of which is 97.8 for Food/Dining....<blockquote>
a.
Determine the estimated regression equation that can be used to predict
the overall score given the scores for Itineraries/Schedule, Shore
Excursions, and Food/Dining.<br />b. Use the <i>F</i> test to determine the overall significance of the relationship. What is your conclusion at the .05 level of significance?<br />c. Use the <i>t</i> test to determine the significance of each independent variable. What is your conclusion at the .05 level of significance?<br />d.
Remove any independent variable that is not significant from the
estimated regression equation. What is your recommended estimated
regression equation?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.26</b> In
exercise 10, data showing the values of several pitching statistics for
a random sample of 20 pitchers from the American League of Major League
Baseball were provided (MLB website, March 1, 2012). In part (c) of
this exercise an estimated regression equation was developed to predict
the average number of runs given up per inning pitched (R/IP) given the
average number of strikeouts per inning pitched (SO/IP) and the average
number of home runs per inning pitched (HR/IP).<blockquote>
a. Use the <i>F</i> test to determine the overall significance of the relationship. What is your conclusion at the .05 level of significance?<br />b. Use the <i>t</i> test to determine the significance of each independent variable. What is your conclusion at the .05 level of significance?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.27</b> In exercise 1, the following estimated regression equation based on 10 observations was presented....<blockquote>
a. Develop a point estimate of the mean value of <i>y</i> when <i>x</i><sub>1</sub> = 180 and <i>x</i><sub>2</sub> = 310.<br />b. Predict an individual value of <i>y</i> when <i>x</i><sub>1</sub> = 180 and <i>x</i><sub>2</sub> = 310.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.28</b> Refer to the data in exercise 2. The estimated regression equation for those data is...<blockquote>
a. Develop a point estimate of the mean value of <i>y</i> when <i>x</i><sub>1</sub> = 45 and <i>x</i><sub>2</sub> = 15.<br />b. Develop a 95% prediction interval for <i>y</i> when <i>x</i><sub>1</sub> = 45 and <i>x</i><sub>2</sub> = 15.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.29</b> In exercise 5, the owner of Showtime Movie Theaters, Inc., used multiple regression analysis to predict gross revenue (<i>y</i>) as a function of television advertising (<i>x</i><sub>1</sub>) and newspaper advertising (<i>x</i><sub>2</sub>). The estimated regression equation was...<blockquote>
a. What is the gross revenue expected for a week when $3500 is spent on television advertising (<i>x</i><sub>1</sub> = 3.5) and $1800 is spent on newspaper advertising (<i>x</i><sub>2</sub> = 1.8)?<br />b.
Provide a 95% prediction interval for next week’s revenue, assuming
that the advertising expenditures will be allocated as in part (a).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.30</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.31</b> The
American Association of Individual Investors (AAII) On-Line Discount
Broker Survey polls members on their experiences with electronic trades
handled by discount brokers. As part of the survey, members were asked
to rate their satisfaction with the trade price and the speed of
execution, as well as provide an overall satisfaction rating. Possible
responses (scores) were no opinion (0), unsatisfied (1), somewhat
satisfied (2), satisfied (3), and very satisfied (4). For each broker,
summary scores were calculated by computing a weighted average of the
scores provided by each respondent. A portion of the survey results
follows (AAII website, February 7, 2012)....<blockquote>
a.
Develop an estimated regression equation using trade price and speed of
execution to predict overall satisfaction with the broker.<br />b.
Finger Lakes Investments has developed a new electronic trading system
and would like to predict overall customer satisfaction assuming they
can provide satisfactory levels of service levels (3) for both trade
price and speed of execution. Use the estimated regression equation
developed in part (a) to predict overall satisfaction level for Finger
Lakes Investments if they can achieve these performance levels.<br />c.
Develop a 95% prediction interval of overall satisfaction for Finger
Lakes Investments assuming they achieve service levels of 3 for both
trade price and speed of execution.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.32</b> Consider a regression study involving a dependent variable <i>y</i>, a quantitative independent variable <i>x</i><sub>1</sub>, and a categorical independent variable with two levels (level 1 and level 2).<blockquote>
a. Write a multiple regression equation relating <i>x</i><sub>1</sub> and the categorical variable to <i>y</i>.<br />b. What is the expected value of <i>y</i> corresponding to level 1 of the categorical variable?<br />c. What is the expected value of <i>y</i> corresponding to level 2 of the categorical variable?<br />d. Interpret the parameters in your regression equation.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.33</b> Consider a regression study involving a dependent variable <i>y</i>, a quantitative independent variable <i>x</i><sub>1</sub>, and a categorical independent variable with three possible levels (level 1, level 2, and level 3).<blockquote>
a. How many dummy variables are required to represent the categorical variable?<br />b. Write a multiple regression equation relating <i>x</i><sub>1</sub> and the categorical variable to <i>y</i>.<br />c. Interpret the parameters in your regression equation.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.34</b> Management proposed the following regression model to predict sales at a fast-food outlet. <i>y</i> = <i>β</i><sub>0</sub> + <i>β</i><sub>1</sub><i>x</i><sub>1</sub> + <i>β</i><sub>2</sub><i>x</i><sub>2</sub> + <i>β</i><sub>3</sub><i>x</i><sub>3</sub> + <i>ϵ</i>where <i>x</i><sub>1</sub> = number of competitors within one mile <i>x</i><sub>2</sub> = population within one mile (1000s) ... <i>y</i> = sales ($1000s)The following estimated regression equation was developed after 20 outlets were surveyed....<blockquote>
a. What is the expected amount of sales attributable to the drive-up window?<br />b. Predict sales for a store with two competitors, a population of 8000 within 1 mile, and no drive-up window.<br />c. Predict sales for a store with one competitor, a population of 3000 within 1 mile, and a drive-up window.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.35</b> Refer
to the Johnson Filtration problem introduced in this section. Suppose
that in addition to information on the number of months since the
machine was serviced and whether a mechanical or an electrical repair
was necessary, the managers obtained a list showing which repairperson
performed the service. The revised data follow....<blockquote>
a. Ignore for now the months since the last maintenance service (<i>x</i><sub>1</sub>)
and the repairperson who performed the service. Develop the estimated
simple linear regression equation to predict the repair time (<i>y</i>) given the type of repair (<i>x</i><sub>2</sub>). Recall that <i>x</i><sub>2</sub> = 0 if the type of repair is mechanical and 1 if the type of repair is electrical.<br />b. Does the equation that you developed in part (a) provide a good fit for the observed data? Explain.<br />c.
Ignore for now the months since the last maintenance service and the
type of repair associated with the machine. Develop the estimated simple
linear regression equation to predict the repair time given the
repairperson who performed the service. Let <i>x</i><sub>3</sub> = 0 if Bob Jones performed the service and <i>x</i><sub>3</sub> = 1 if Dave Newton performed the service.<br />d. Does the equation that you developed in part (c) provide a good fit for the observed data? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.36</b> This problem is an extension of the situation described in exercise 35.<blockquote>
a.
Develop the estimated regression equation to predict the repair time
given the number of months since the last maintenance service, the type
of repair, and the repairperson who performed the service.<br />b.
At the .05 level of significance, test whether the estimated regression
equation developed in part (a) represents a significant relationship
between the independent variables and the dependent variable.<br />c. Is the addition of the independent variable <i>x</i><sub>3</sub>, the repairperson who performed the service, statistically significant? Use <i>α</i> = .05. What explanation can you give for the results observed?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.37</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.38</b> A
10-year study conducted by the American Heart Association provided data
on how age, blood pressure, and smoking relate to the risk of strokes.
Assume that the following data are from a portion of this study. Risk is
interpreted as the probability (times 100) that the patient will have a
stroke over the next 10-year period. For the smoking variable, define a
dummy variable with 1 indicating a smoker and 0 indicating a nonsmoker.......<blockquote>
a.
Develop an estimated regression equation that relates risk of a stroke
to the person’s age, blood pressure, and whether the person is a smoker.<br />b. Is smoking a significant factor in the risk of a stroke? Explain. Use <i>α</i> = .05.<br />c.
What is the probability of a stroke over the next 10 years for Art
Speen, a 68-year-old smoker who has blood pressure of 175? What action
might the physician recommend for this patient?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.39</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.40</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.41</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.42</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.43</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.44</b> The
admissions officer for Clearwater College developed the following
estimated regression equation relating the final college GPA to the
student’s SAT mathematics score and high-school GPA. ...where <i>x</i><sub>1</sub> = high-school grade point average <i>x</i><sub>2</sub> = SAT mathematics score <i>y</i> = final college grade point average<blockquote>
a. Interpret the coefficients in this estimated regression equation.<br />b.
Predict the final college GPA for a student who has a high-school
average of 84 and a score of 540 on the SAT mathematics test.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.45</b> The
personnel director for McCormick Publisher Services developed the
following estimated regression equation relating an employee’s score on a
job satisfaction test to his or her length of service and pay grade. ...where <i>x</i><sub>1</sub> = length of service (years) <i>x</i><sub>2</sub> = pay grade <i>y</i> = job satisfaction test score (higher scores indicate greater job satisfaction)<blockquote>
a. Interpret the coefficients in this estimated regression equation.<br />b. Predict the job satisfaction test score for an employee who has four years of service and has a pay grade of 6.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.46</b> A partial computer output from a regression analysis using Excel’s Regression tool follows.<blockquote>
a. Compute the missing entries in this output.<br />b. Using <i>α</i> = .05, test for overall significance.<br />c. Use the <i>t</i> test and <i>α</i> = .05 to test <i>H</i><sub>0</sub><i>:</i> <i>β</i><sub>1</sub> = 0 and <i>H</i><sub>0</sub>: <i>β</i><sub>2</sub> = 0....</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.47</b> Recall
that in exercise 44, the admissions officer for Clearwater College
developed the following estimated regression equation relating final
college GPA to the student’s SAT mathematics score and high-school GPA. ...where <i>x</i><sub>1</sub> = high-school grade point average <i>x</i><sub>2</sub> = SAT mathematics score <i>y</i> = final college grade point averageA portion of the Excel Regression tool output follows....<blockquote>
a. Complete the missing entries in this output.<br />b. Using <i>α</i> = .05, test for overall significance.<br />c. Did the estimated regression equation provide a good fit to the data? Explain.<br />d. Use the <i>t</i> test and <i>α</i> = .05 to test <i>H</i><sub>0</sub><i>:</i> = 0 and <i>H</i><sub>0</sub>: <i>β</i><sub>2</sub> = 0.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.48</b> Recall
that in exercise 45 the personnel director for McCormick Publisher
Services developed the following estimated regression equation relating
an employee’s score on a job satisfaction test to length of service and
pay grade. ...where <i>x</i><sub>1</sub> = length of service (years) <i>x</i><sub>2</sub> = pay grade <i>y</i>
= job satisfaction test score (higher scores indicate greater job
satisfaction)A portion of the Excel Regression tool output follows....<blockquote>
a. Complete the missing entries in this output.<br />b. Using <i>α</i> = .05, test for overall significance.<br />c. Did the estimated regression equation provide a good fit to the data? Explain.<br />d. Use the <i>t</i> test and <i>α</i> = .05 to test <i>H</i><sub>0</sub>: <i>β</i><sub>1</sub> = 0 and <i>H</i><sub>0</sub>: <i>β</i><sub>2</sub> = 0.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.48&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.48 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.49</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.49&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.49 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.50</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.50&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.50 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.51</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.51&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.51 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>15.52</b> The
National Basketball Association (NBA) records a variety of statistics
for each team. Five of these statistics are the percentage of games won
(Win%), the percentage of field goals made (FG%), the percentage of
three-point shots made (3P%), the percentage of free throws made (FT%),
the average number of offensive rebounds per game (RBOff), and the
average number of defensive rebounds per game (RBDef). The data
contained in the WEBfile named NBAStats show the values of these
statistics for the 30 teams in the NBA for the 2011-2012 season (ESPN
website, October 3, 2012). A portion of the data follows....<blockquote>
a.
Develop an estimated regression equation that can be used to predict
the percentage of games won given the percentage of field goals made. At
the .05 level of significance, test for a significant relationship.<br />b. Provide an interpretation for the slope of the estimated regression equation developed in part (a).<br />c.
Develop an estimated regression equation that can be used to predict
the percentage of games won given the percentage of field goals made,
the percentage of three-point shots made, the percentage of free throws
made, the average number of offensive rebounds per game, and the average
number of defensive rebounds per game.<br />d. For the
estimated regression equation developed in part (c), remove any
independent variables that are not significant at the .05 level of
significance and develop a new estimated regression equation using the
remaining independent variables.<br />e. Assuming the
estimated regression equation developed in part (d) can be used for the
2012-2013 season, predict the percentage of games won for a team with
the following values for the four independent variables: FG% = 45, 3P% =
35, RBOff = 12, and RBDef = 30.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=15.52&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 15.52 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-20665548153696102882019-09-29T20:33:00.001-05:002019-09-29T20:33:32.230-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 14
<b>14.1</b> Given are five observations for two variables, <i>x</i> and <i>y</i>....<br />
<blockquote>
a. Develop a scatter diagram for these data.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Try to approximate the relationship between <i>x</i> and <i>y</i> by drawing a straight line through the data.<br />d. Develop the estimated regression equation by computing the values of <i>b</i><sub>0</sub> and <i>b</i><sub>1</sub> using equations (12.6) and (12.7).<br />e. Use the estimated regression equation to predict the value of <i>y</i> when <i>x</i> = 4.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.2</b> Given are five observations for two variables, <i>x</i> and <i>y</i>....<blockquote>
a. Develop a scatter diagram for these data.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Try to approximate the relationship between <i>x</i> and <i>y</i> by drawing a straight line through the data.<br />d. Develop the estimated regression equation by computing the values of <i>b</i><sub>0</sub> and <i>b</i><sub>1</sub> using equations (12.6) and (12.7).<br />e. Use the estimated regression equation to predict the value of <i>y</i> when <i>x</i> = 10.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.3</b> Given are five observations collected in a regression study on two variables....<blockquote>
a. Develop a scatter diagram for these data.<br />b. Develop the estimated regression equation for these data.<br />c. Use the estimated regression equation to predict the value of <i>y</i> when <i>x</i> = 6.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.4</b> The
following data give the percentage of women working in five companies
in the retail and trade industry. The percentage of management jobs held
by women in each company is also shown....<blockquote>
a. Develop a scatter diagram for these data with the percentage of women working in the company as the independent variable.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c.
Try to approximate the relationship between the percentage of women
working in the company and the percentage of management jobs held by
women in that company.<br />d. Develop the estimated regression equation by computing the values of <i>b</i><sub>0</sub> and <i>b</i><sub>1</sub>.<br />e. Predict the percentage of management jobs held by women in a company that has 60% women employees.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.5</b> Brawdy
Plastics, Inc., produces plastic seat belt retainers for General Motors
at the Brawdy Plastics plant in Buffalo, New York. After final assembly
and painting, the parts are placed on a conveyor belt that moves the
parts past a final inspection station. How fast the parts move past the
final inspection station depends upon the line speed of the conveyor
belt (feet per minute). Although faster line speeds are desirable,
management is concerned that increasing the line speed too much may not
provide enough time for inspectors to identify which parts are actually
defective. To test this theory, Brawdy Plastics conducted an experiment
in which the same batch of parts, with a known number of defective
parts, was inspected using a variety of line speeds. The following data
were collected....<blockquote>
a. Develop a scatter diagram with the line speed as the independent variable.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Use the least squares method to develop the estimated regression equation.<br />d. Predict the number of defective parts found for a line speed of 25 feet per minute.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.6</b> The
National Football League (NFL) records a variety of performance data
for individuals and teams. To investigate the importance of passing on
the percentage of games won by a team, the following data show the
average number of passing yards per attempt (Yds/Att) and the percentage
of games won (WinPct) for a random sample of 10 NFL teams for the 2011
season (NFL website, February 12, 2012)....<blockquote>
a.
Develop a scatter diagram with the number of passing yards per attempt
on the horizontal axis and the percentage of games won on the vertical
axis.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c.
Develop the estimated regression equation that could be used to predict
the percentage of games won given the average number of passing yards
per attempt.<br />d. Provide an interpretation for the slope of the estimated regression equation.<br />e.
For the 2011 season, the average number of passing yards per attempt
for the Kansas City Chiefs was 6.2. Use the estimated regression
equation developed in part (c) to predict the percentage of games won by
the Kansas City Chiefs. (<i>Note:</i> For the 2011 season the Kansas
City Chiefs’ record was 7 wins and 9 losses.) Compare your prediction to
the actual percentage of games won by the Kansas City Chiefs.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.7</b> A
sales manager collected the following data on annual sales for new
customer accounts and the number of years of experience for a sample of
10 salespersons....<blockquote>
a. Develop a scatter diagram for these data with years of experience as the independent variable.<br />b. Develop an estimated regression equation that can be used to predict annual sales given the years of experience.<br />c. Use the estimated regression equation to predict annual sales for a salesperson with 9 years of experience</blockquote>
.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.8</b> The
American Association of Individual Investors (AAII) On-Line Discount
Broker Survey polls members on their experiences with discount brokers.
As part of the survey, members were asked to rate the quality of the
speed of execution with their broker as well as provide an overall
satisfaction rating for electronic trades. Possible responses (scores)
were no opinion (0), unsatisfied (1), somewhat satisfied (2), satisfied
(3), and very satisfied (4). For each broker, summary scores were
computed by calculating a weighted average of the scores provided by
each respondent. A portion of the survey results follows (AAII website,
February 7, 2012)....<blockquote>
a. Develop a scatter diagram for these data with the speed of execution as the independent variable.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Develop the least squares estimated regression equation.<br />d. Provide an interpretation for the slope of the estimated regression equation.<br />e.
Suppose Zecco.com developed new software to increase its speed of
execution rating. If the new software is able to increase Zecco.com’s
speed of execution rating from the current value of 2.5 to the average
speed of execution rating for the other 10 brokerage firms that were
surveyed, what value would you predict for the overall satisfaction
rating?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.9</b> Companies
in the U.S. car rental market vary greatly in terms of the size of the
fleet, the number of locations, and annual revenue. In 2011 Hertz had
320,000 cars in service and annual revenue of approximately $4.2
billion. The following data show the number of cars in service (1000s)
and the annual revenue ($ millions) for six smaller car rental companies
(<i>Auto Rental News</i> website, August 7, 2012)....<blockquote>
a. Develop a scatter diagram with the number of cars in service as the independent variable.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Use the least squares method to develop the estimated regression equation.<br />d. For every additional car placed in service, estimate how much annual revenue will change.<br />e.
Fox Rent A Car has 11,000 cars in service. Use the estimated regression
equation developed in part (c) to predict annual revenue for Fox Rent A
Car.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.10</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.11</b> To help consumers in purchasing a laptop computer, <i>Consumer Reports</i>
calculates an overall test score for each computer tested based upon
rating factors such as ergonomics, portability, performance, display,
and battery life. Higher overall scores indicate better test results.
The following data show the average retail price and the overall score
for ten 13-inch models (<i>Consumer Reports</i> website, October 25, 2012)....<blockquote>
a. Develop a scatter diagram with price as the independent variable.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Use the least squares method to develop the estimated regression equation.<br />d. Provide an interpretation of the slope of the estimated regression equation.<br />e. Another laptop that <i>Consumer Reports</i>
tested is the Acer Aspire S3-951-6646 Ultrabook; the price for this
laptop was $700. Predict the overall score for this laptop using the
estimated regression equation developed in part (c).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.12</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.13</b> A
large city hospital conducted a study to investigate the relationship
between the number of unauthorized days that employees are absent per
year and the distance (miles) between home and work for the employees. A
sample of 10 employees was selected and the following data were
collected....<blockquote>
a. Develop a scatter diagram for these data. Does a linear relationship appear reasonable? Explain.<br />b. Develop the least squares estimated regression equation that relates the distance to work to the number of days absent.<br />c. Predict the number of days absent for an employee who lives 5 miles from the hospital.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.14</b> Using
a global-positioning-system (GPS)–based navigator for your car, you
enter a destination and the system will plot a route, give spoken
turn-by-turn directions, and show your progress along the route. Today,
even budget units include features previously available only on more
expensive models. <i>Consumer Reports</i> conducted extensive tests of
GPS-based navigators and developed an overall rating based on factors
such as ease of use, driver information, display, and battery life. The
following data show the price and rating for a sample of 20 GPS units
with a 4.3-inch screen that <i>Consumer Reports</i> tested (<i>Consumer Reports</i> website, April 17, 2012)....<blockquote>
a. Develop a scatter diagram with price as the independent variable.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Use the least squares method to develop the estimated regression equation.<br />d. Predict the rating for a GPS system with a 4.3-inch screen that has a price of $200.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.15</b> The data from exercise 1 follow....The estimated regression equation for these data is ....<blockquote>
a. Compute SSE, SST, and SSR using equations (12.8), (12.9), and (12.10).<br />b. Compute the coefficient of determination <i>r</i><sup>2</sup>. Comment on the goodness of fit.<br />c. Compute the sample correlation coefficient.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.16</b> The data from exercise 2 follow....The estimated regression equation for these data is ....<blockquote>
a. Compute SSE, SST, and SSR.<br />b. Compute the coefficient of determination <i>r</i><sup>2</sup>. Comment on the goodness of fit.<br />c. Compute the sample correlation coefficient.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.17</b> The data from exercise 3 follow....The estimated regression equation for these data is ....
What percentage of the total sum of squares can be accounted for by the
estimated regression equation? What is the value of the sample
correlation coefficient?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.18</b> The following data show the brand, price ($), and the overall score for six stereo headphones that were tested by <i>Consumer Reports</i> (<i>Consumer Reports</i>
website, March 5, 2012). The overall score is based on sound quality
and effectiveness of ambient noise reduction. Scores range from 0
(lowest) to 100 (highest). The estimated regression equation for these
data is ..., where <i>x</i> = price ($) and <i>y</i> = overall score....<blockquote>
a. Compute SST, SSR, and SSE.<br />b. Compute the coefficient of determination <i>r</i><sup>2</sup>. Comment on the goodness of fit.<br />c. What is the value of the sample correlation coefficient?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.19</b> In exercise 7 a sales manager collected the following data on <i>x</i> = annual sales and <i>y</i> = years of experience. The estimated regression equation for these data is .......<blockquote>
a. Compute SST, SSR, and SSE.<br />b. Compute the coefficient of determination <i>r</i><sup>2</sup>. Comment on the goodness of fit.<br />c. What is the value of the sample correlation coefficient?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.20</b> <i>Bicycling,</i>
the world’s leading cycling magazine, reviews hundreds of bicycles
throughout the year. Its “Road-Race” category contains reviews of bikes
used by riders primarily interested in racing. One of the most important
factors in selecting a bike for racing is the weight of the bike. The
following data show the weight (pounds) and price ($) for 10 racing
bikes reviewed by the magazine (<i>Bicycling</i> website, March 8, 2012)....<blockquote>
a.
Use the data to develop an estimated regression equation that could be
used to estimate the price for a bike given the weight.<br />b. Compute <i>r</i><sup>2</sup>. Did the estimated regression equation provide a good fit?<br />c. Predict the price for a bike that weighs 15 pounds.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.21</b> An
important application of regression analysis in accounting is in the
estimation of cost. By collecting data on volume and cost and using the
least squares method to develop an estimated regression equation
relating volume and cost, an accountant can estimate the cost associated
with a particular manufacturing volume. Consider the following sample
of production volumes and total cost data for a manufacturing operation....<blockquote>
a.
Use these data to develop an estimated regression equation that could
be used to predict the total cost for a given production volume.<br />b. What is the variable cost per unit produced?<br />c.
Compute the coefficient of determination. What percentage of the
variation in total cost can be explained by production volume?<br />d. The company’s production schedule shows 500 units must be produced next month. Predict the total cost for this operation.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.22</b> Refer
to exercise 9, where the following data were used to investigate the
relationship between the number of cars in service (1000s) and the
annual revenue ($millions) for six smaller car rental companies (<i>Auto Rental News</i> website, August 7, 2012)....With <i>x</i> = cars in service (1000s) and <i>y</i> = annual revenue ($ millions), the estimated regression equation is .... For these data SSE = 1043.03.<blockquote>
a. Compute the coefficient of determination <i>r</i><sup>2</sup>.<br />b. Did the estimated regression equation provide a good fit? Explain.<br />c.
What is the value of the sample correlation coefficient? Does it
reflect a strong or weak relationship between the number of cars in
service and the annual revenue?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.23</b> The data from exercise 1 follow....<blockquote>
a. Compute the mean square error using equation (12.15).<br />b. Compute the standard error of the estimate using equation (12.16).<br />c. Compute the estimated standard deviation of <i>b</i><sub>1</sub> using equation (12.18).<br />d. Use the <i>t</i> test to test the following hypotheses (<i>α</i> = .05):...<br />e. Use the <i>F</i>
test to test the hypotheses in part (d) at a .05 level of significance.
Present the results in the analysis of variance table format.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.24</b> The data from exercise 2 follow....<blockquote>
a. Compute the mean square error using equation (12.15).<br />b. Compute the standard error of the estimate using equation (12.16).<br />c. Compute the estimated standard deviation of <i>b</i><sub>1</sub> using equation (12.18).<br />d. Use the <i>t</i> test to test the following hypotheses (<i>α</i> = .05):...<br />e. Use the <i>F</i>
test to test the hypotheses in part (d) at a .05 level of significance.
Present the results in the analysis of variance table format.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.25</b> The data from exercise 3 follow....<blockquote>
a. What is the value of the standard error of the estimate?<br />b. Test for a significant relationship by using the <i>t</i> test. Use <i>α</i> = .05.<br />c. Use the <i>F</i> test to test for a significant relationship. Use <i>α</i> = .05. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.26</b> In exercise 18 the data on price ($) and the overall score for six stereo headphones tested by <i>Consumer Reports</i> were as follows (<i>Consumer Reports</i> website, March 5, 2012)....<blockquote>
a. Does the <i>t</i> test indicate a significant relationship between price and the overall score? What is your conclusion? Use <i>α</i> = .05.<br />b. Test for a significant relationship using the <i>F</i> test. What is your conclusion? Use <i>α</i> = .05.<br />c. Show the ANOVA table for these data.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.27</b>
To
identify high-paying jobs for people who do not like stress, the
following data were collected showing the average annual salary ($1000s)
and the stress tolerance for a variety of occupations (Business
Insider, November 8, 2013)....The stress tolerance for each job is
rating on a scale from 0 to 100, where a lower rating indicates less
stress.<blockquote>
a.
Develop a scatter diagram for these data with average annual salary as
the independent variable. What does the scatter diagram indicate about
the relationship between the two variables?<br />b. Use
these data to develop an estimated regression equation that can be used
to predict stress tolerance given the average annual salary.<br />c. At the .05 level of significance, does there appear to be a significant statistical relationship between the two variables?<br />d.
Would you feel comfortable in predicting the stress tolerance for a
different occupation given the average annual salary for the occupation?
Explain.<br />e. Does the relationship between average annual salary and stress tolerance for these data seem reasonable to you? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.28</b> In exercise 8, ratings data on <i>x</i> = the quality of the speed of execution and <i>y</i> = overall satisfaction with electronic trades provided the estimated regression equation ... (AAII
website, February 7, 2012). At the .05 level of significance, test
whether speed of execution and overall satisfaction are related. Show
the ANOVA table. What is your conclusion?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.29</b> Refer
to exercise 21, where data on production volume and cost were used to
develop an estimated regression equation relating production volume and
cost for a particular manufacturing operation. Use <i>α</i> = .05 to
test whether the production volume is significantly related to the total
cost. Show the ANOVA table. What is your conclusion?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.30</b> Refer
to exercise 9, where the following data were used to investigate the
relationship between the number of cars in service (1000s) and the
annual revenue ($ millions) for six smaller car rental companies (<i>Auto Rental News</i> website, August 7, 2012)....With <i>x</i> = cars in service (1000s) and <i>y</i> = annual revenue ($ millions), the estimated regression equation is ....
For these data SSE = 1043.03 and SST = 10,568. Do these results
indicate a significant relationship between the number of cars in
service and the annual revenue?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.31</b> In exercise 20, data on <i>x</i> = weight (pounds) and <i>y</i> = price ($) for 10 road-racing bikes provided the estimated regression equation ... (<i>Bicycling</i> website, March 8, 2012). For these data SSE = 7,102,922.54 and SST = 52,120,800. Use the <i>F</i> test to determine whether the weight for a bike and the price are related at the .05 level of significance.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.32</b> The data from exercise 1 follow....<blockquote>
a. Use equation (12.23) to estimate the standard deviation of ... when <i>x</i> = 4.<br />b. Use expression (12.24) to develop a 95% confidence interval for the expected value of <i>y</i> when <i>x</i> = 4.<br />c. Use equation (12.26) to estimate the standard deviation of an individual value of <i>y</i> when <i>x</i> = 4.<br />d. Use expression (12.27) to develop a 95% prediction interval for <i>y</i> when <i>x</i> = 4.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.33</b> The data from exercise 2 follow....<blockquote>
a. Estimate the standard deviation of ... when <i>x</i> = 8.<br />b. Develop a 95% confidence interval for the expected value of <i>y</i> when <i>x</i> = 8.<br />c. Estimate the standard deviation of an individual value of <i>y</i> when <i>x</i> = 8.<br />d. Develop a 95% prediction interval for <i>y</i> when <i>x</i> = 8.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.34</b> The data from exercise 3 follow....Develop the 95% confidence and prediction intervals when <i>x</i> = 12. Explain why these two intervals are different.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.35</b> The following data are the monthly salaries <i>y</i> and the grade point averages <i>x</i>
for students who obtained a bachelor’s degree in business
administration....The estimated regression equation for these data is
... and MSE = 21,284.<blockquote>
a. Develop a point estimate of the starting salary for a student with a GPA of 3.0.<br />b. Develop a 95% confidence interval for the mean starting salary for all students with a 3.0 GPA.<br />c. Develop a 95% prediction interval for Ryan Dailey, a student with a GPA of 3.0.<br />d. Discuss the differences in your answers to parts (b) and (c).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.36</b> In exercise 7, the data on <i>y</i> = annual sales ($ 1000s) for new customer accounts and <i>x</i>
= number of years of experience for a sample of 10 salespersons
provided the estimated regression equation .... For these data ..., and <i>s</i> = 4.6098.<blockquote>
a. Develop a 95% confidence interval for the mean annual sales for all salespersons with nine years of experience.<br />b.
The company is considering hiring Tom Smart, a salesperson with nine
years of experience. Develop a 95% prediction interval of annual sales
for Tom Smart.<br />c. Discuss the differences in your answers to parts (a) and (b).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.37</b> In exercise 5, the following data on <i>x</i> = the number of defective parts found and <i>y</i>
= the line speed (feet per minute) for a production process at Brawdy
Plastics provided the estimated regression equation .......For
these data SSE = 16. Develop a 95% confidence interval for the mean
number of defective parts for a line speed of 25 feet per minute.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.38</b> Refer to exercise 21, where data on the production volume <i>x</i> and total cost <i>y</i> for a particular manufacturing operation were used to develop the estimated regression equation .......<blockquote>
a. The company’s production schedule shows that 500 units must be produced next month. Predict the total cost for next month.<br />b. Develop a 99% prediction interval for the total cost for next month.<br />c.
If an accounting cost report at the end of next month shows that the
actual production cost during the month was $6000, should managers be
concerned about incurring such a high total cost for the month? Discuss.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.39</b> In exercise 12, the following data on <i>x</i> = average daily hotel room rate and <i>y</i> = amount spent on entertainment (<i>The Wall Street Journal,</i> August 18, 2011) lead to the estimated regression equation .... For these data SSE = 1541.4....<blockquote>
a. Predict the amount spent on entertainment for a particular city that has a daily room rate of $89.<br />b.
Develop a 95% confidence interval for the mean amount spent on
entertainment for all cities that have a daily room rate of $89.<br />c. The average room rate in Chicago is $128. Develop a 95% prediction interval for the amount spent on entertainment in Chicago.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.40</b> The
commercial division of a real estate firm conducted a study to
determine the extent of the relationship between annual gross rents
($1000s) and the selling price ($1000s) for apartment buildings. Data
were collected on several properties sold, and Excel’s Regression tool
was used to develop an estimated regression equation. A portion of the
regression output follows....<blockquote>
a. How many apartment buildings were in the sample?<br />b. Write the estimated regression equation.<br />c. Use the <i>t</i> test to determine whether the selling price is related to annual gross rents. Use <i>α</i> = .05.<br />d. Use the <i>F</i> test to determine whether the selling price is related to annual gross rents. Use <i>α</i> = .05.<br />e. Predict the selling price of an apartment building with gross annual rents of $50,000.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.41</b> A
portion of the regression output for an application relating
maintenance expense (dollars per month) to usage (hours per week) for a
particular brand of computer terminal follows....<blockquote>
a. Write the estimated regression equation.<br />b. Use a <i>t</i> test to determine whether monthly maintenance expense is related to usage at the .05 level of significance.<br />c. Did the estimated regression equation provide a good fit? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.42</b> A
regression model relating the number of salespersons at a branch office
to annual sales at the office (in thousands of dollars) provided the
following regression output....<blockquote>
a. Write the estimated regression equation.<br />b. Compute the <i>F</i> statistic and test the significance of the relationship at the .05 level of significance.<br />c. Compute the <i>t</i> statistic and test the significance of the relationship at the .05 level of significance.<br />d. Predict the annual sales at the Memphis branch office. This branch employs 12 salespersons.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.43</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.44</b> Automobile
racing, high-performance driving schools, and driver education programs
run by automobile clubs continue to grow in popularity. All these
activities require the participant to wear a helmet that is certified by
the Snell Memorial Foundation, a not-for-profit organization dedicated
to research, education, testing, and development of helmet safety
standards. Snell “SA” (Sports Application) rated professional helmets
are designed for auto racing and provide extreme impact resistance and
high fire protection. One of the key factors in selecting a helmet is
weight, since lower weight helmets tend to place less stress on the
neck. The following data show the weight and price for 18 SA helmets
(SoloRacer website, April 20, 2008)....<blockquote>
a. Develop a scatter diagram with weight as the independent variable.<br />b. Does there appear to be any relationship between these two variables?<br />c. Develop the estimated regression equation that could be used to predict the price given the weight.<br />d. Test for the significance of the relationship at the .05 level of significance.<br />e. Did the estimated regression equation provide a good fit? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.45</b> Given are data for two variables, <i>x</i> and <i>y</i>....<blockquote>
a. Develop an estimated regression equation for these data.<br />b. Compute the residuals.<br />c. Develop a plot of the residuals against the independent variable <i>x</i>. Do the assumptions about the error terms seem to be satisfied?<br />d. Compute the standardized residuals.<br />e. Develop a plot of the standardized residuals against .... What conclusions can you draw from this plot?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.46</b> The following data were used in a regression study....<blockquote>
a. Develop an estimated regression equation for these data.<br />b. Construct a plot of the residuals. Do the assumptions about the error term seem to be satisfied?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.47</b> Data on advertising expenditures and revenue (in thousands of dollars) for the Four Seasons Restaurant follow....<blockquote>
a. Let <i>x</i> equal advertising expenditures and <i>y</i>
equal revenue. Use the method of least squares to develop a straight
line approximation of the relationship between the two variables.<br />b. Test whether revenue and advertising expenditures are related at a .05 level of significance.<br />c. Prepare a residual plot of ... versus .... Use the result from part (a) to obtain the values of ....<br />d. What conclusions can you draw from residual analysis? Should this model be used, or should we look for a better one?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.48</b> Refer to exercise 7, where an estimated regression equation relating years of experience and annual sales was developed.<blockquote>
a. Compute the residuals and construct a residual plot for this problem.<br />b. Do the assumptions about the error terms seem reasonable in light of the residual plot?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.48&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.48 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.49</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.49&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.49 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.50</b> Consider the following data for two variables, <i>x</i> and <i>y</i>....<blockquote>
a.
Develop a scatter diagram for these data. Does the scatter diagram
indicate any outliers in the data? In general, what implications does
this finding have for simple linear regression?<br />b. Compute the standardized residuals for these data. Do the data include any outliers? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.50&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.50 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.51</b> Consider the following data for two variables, <i>x</i> and <i>y</i>....<blockquote>
a. Develop a scatter diagram for these data. Does the scatter diagram indicate any influential observations? Explain.<br />b. Compute the standardized residuals for these data. Do the data include any outliers? Explain.<br />c. Do there appear to be any influential observations in these data? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.51&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.51 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.52</b> Charity
Navigator is America’s leading independent charity evaluator. The
following data show the total expenses ($), the percentage of the total
budget spent on administrative expenses, the percentage spent on
fundraising, and the percentage spent on program expenses for 10
supersized charities (Charity Navigator website, April 12, 2012).
Administrativ expenses include overhead, administrative staff and
associated costs, and organization; meetings. Fundraising expenses are
what a charity spends to raise money, and program expenses are what the
charity spends on the programs and services it exists to deliver. The
sum of the three percentages does not add to 100% because of rounding....<blockquote>
a.
Develop a scatter diagram with fundraising expenses (%) on the
horizontal axis and program expenses (%) on the vertical axis. Looking
at the data, do there appear to be any outliers and/or influential
observations?<br />b. Develop an estimated regression equation that could be used to predict program expenses (%) given fundraising expenses (%).<br />c. Does the value for the slope of the estimated regression equation make sense in the context of this problem situation?<br />d.
Use residual analysis to determine whether any outliers and/or
influential observations are present. Briefly summarize your findings
and conclusions.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.52&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.52 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.53</b> Many
countries, especially those in Europe, have significant gold holdings.
But many of these countries also have massive debts. The following data
show the total value of gold holdings in billions of U.S. dollars and
the debt as a percentage of the gross domestic product for nine
countries (WordPress and Trading Economics websites, February 24, 2012)....<blockquote>
a. Develop a scatter diagram for the total value of a country’s gold holdings ($ billions) as the independent variable.<br />b.
What does the scatter diagram developed in part (a) indicate about the
relationship between the two variables? Do there appear to be any
outliers and/or influential observations? Explain.<br />c.
Using the entire data set, develop the estimated regression equation
that can be used to predict the debt of a country given the total value
of its gold holdings.<br />d. Suppose that after looking at
the scatter diagram in part (a) that you were able to visually identify
what appears to be an influential observation. Drop this observation
from the data set and fit an estimated regression equation to the
remaining data. Compare the estimated slope for the new estimated
regression equation to the estimated slope obtained in part (c). Does
this approach confirm the conclusion you reached in part (d)? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.53&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.53 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.54</b> The
following data show the annual revenue ($ millions) and the estimated
team value ($ millions) for the 30 Major League Baseball teams (<i>Forbes</i> website, January 16, 2014).......<blockquote>
a.
Develop a scatter diagram with Revenue on the horizontal axis and Value
on the vertical axis. Looking at the scatter diagram, does it appear
that there are any outliers and/ or influential observations in the
data?<br />b. Develop the estimated regression equation that can be used to predict team value given the annual revenue.<br />c.
Use residual analysis to determine whether any outliers and/or
influential observations are present. Briefly summarize your findings
and conclusions.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.54&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.54 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.55</b> The
Dow Jones Industrial Average (DJIA) and the Standard & Poor’s 500
(S&P 500) indexes are used as measures of overall movement in the
stock market. The DJIA is based on the price movements of 30 large
companies; the S&P 500 is an index composed of 500 stocks. Some say
the S&P 500 is a better measure of stock market performance because
it is broader based. The closing price for the DJIA and the S&P 500
for 15 weeks, beginning with January 6, 2012, follow (<i>Barron’s</i> website, April 17, 2012)....<blockquote>
a. Develop a scatter diagram with DJIA as the independent variable.<br />b. Develop the estimated regression equation.<br />c. Test for a significant relationship. Use <i>α</i> = .05.<br />d. Did the estimated regression equation provide a good fit? Explain.<br />e. Suppose that the closing price for the DJIA is 13,500. Predict the closing price for the S&P 500.<br />f.
Should we be concerned that the DJIA value of 13,500 used to predict
the S&P 500 value in part (e) is beyond the range of the data used
to develop the estimated regression equation?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.55&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.55 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.56</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.56&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.56 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.57</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.57&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.57 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.58</b> Jensen
Tire & Auto is in the process of deciding whether to purchase a
maintenance contract for its new computer wheel alignment and balancing
machine. Managers feel that maintenance expense should be related to
usage, and they collected the following information on weekly usage
(hours) and annual maintenance expense (in hundreds of dollars)....<blockquote>
a. Develop the estimated regression equation that relates annual maintenance expense to weekly usage.<br />b. Test the significance of the relationship in part (a) at a .05 level of significance.<br />c.
Jensen expects to use the new machine 30 hours per week. Develop a 95%
prediction interval for the company’s annual maintenance expense.<br />d. If the maintenance contract costs $3000 per year, would you recommend purchasing it? Why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.58&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.58 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.59</b> The
regional transit authority for a major metropolitan area wants to
determine whether there is any relationship between the age of a bus and
the annual maintenance cost. A sample of 10 buses resulted in the
following data....<blockquote>
a. Develop the least squares estimated regression equation.<br />b. Test to see whether the two variables are significantly related with <i>α</i> = .05.<br />c. Did the least squares line provide a good fit to the observed data? Explain.<br />d. Develop a 95% prediction interval for the maintenance cost for a specific bus that is 4 years old.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.59&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.59 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.60</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.60&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.60 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>14.61</b> The
Toyota Camry is one of the best-selling cars in North America. The cost
of a previously owned Camry depends upon many factors, including the
model year, mileage, and condition. To investigate the relationship
between the car’s mileage and the sales price for a 2007 model year
Camry, the following data show the mileage and sale price for 19 sales
(PriceHub website, February 24, 2012)....<blockquote>
a. Develop a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Develop the estimated regression equation that could be used to predict the price ($1000s) given the miles (1000s).<br />d. Test for a significant relationship at the .05 level of significance.<br />e. Did the estimated regression equation provide a good fit? Explain.<br /><br />f. Provide an interpretation for the slope of the estimated regression equation.<br />g.
Suppose that you are considering purchasing a previously owned 2007
Camry that has been driven 60,000 miles. Using the estimated regression
equation developed in part (c), predict the price for this car. Is this
the price you would offer the seller?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=14.61&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 14.61 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-48711215244757808502019-09-29T20:31:00.002-05:002019-09-29T20:31:20.282-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 13
<b>13.1</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.2</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.3</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.4</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.5</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.6</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.7</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.8</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.9</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.10</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.11</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.12</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.13</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.14</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.15</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.16</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.17</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.18</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.19</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.20</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.21</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.22</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.23</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.24</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.25</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.26</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.27</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.28</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.29</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.30</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.31</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.32</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.33</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.34</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.35</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.36</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.37</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.38</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.39</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.40</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.41</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.42</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.43</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>13.44</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=13.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 13.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-41770023750555728392019-09-29T20:21:00.003-05:002019-09-29T20:21:34.058-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 12
<b>12.1</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.2</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.3</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.4</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.5</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.6</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.7</b> The
following table contains observed frequencies for a sample of 200. Test
for independence of the row and column variables using <i>α</i> = .05....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.8</b> The
following table contains observed frequencies for a sample of 240. Test
for independence of the row and column variables using <i>α</i> = .05....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.9</b> A <i>Bloomberg Businessweek</i>
subscriber study asked, “In the past 12 months, when traveling for
business, what type of airline ticket did you purchase most often?” A
second question asked if the type of airline ticket purchased most often
was for domestic or international travel. Sample data obtained are
shown in the following table....<br />
<blockquote>
a.
Using a .05 level of significance, is the type of ticket purchased
independent of the type of flight? What is your conclusion?<br />b. Discuss any dependence that exists between the type of ticket and type of flight.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.10</b> A
Deloitte employment survey asked a sample of human resource executives
how their company planned to change its workforce over the next 12
months (<i>INC. Magazine,</i> February 2012). A categorical response
variable showed three options: The company plans to hire and add to the
number of employees, the company plans no change in the number of
employees, or the company plans to lay off and reduce the number of
employees. Another categorical variable indicated if the company was
private or public. Sample data for 180 companies are summarized as
follows....<blockquote>
a.
Conduct a test of independence to determine if the employment plan for
the next 12 months is independent of the type of company. At a .05 level
of significance, what is your conclusion?<br />b. Discuss any differences in the employment plans for private and public companies over the next 12 months.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.11</b> Health insurance benefits vary by the size of the company (<i>Atlanta Business chronicle,</i>
December 31, 2010). The sample data below show the number of companies
providing health insurance for small, medium, and large companies. For
purposes of this study, small companies are companies that have fewer
than 100 employees. Medium-sized companies have 100 to 999 employees,
and large companies have 1000 or more employees. The questionnaire sent
to 225 employees asked whether or not the employee had company-sponsored
health insurance and then asked the employee to indicate the size of
the company....<blockquote>
a.
Conduct a test of independence to determine whether company-sponsored
health insurance coverage is independent of the size of the company.
What is the <i>p</i>-value? Using a .05 level of significance, what is your conclusion?<br />b.
A newspaper article indicated employees of small companies are more
likely to lack company-sponsored health insurance coverage. Use
percentages based on the above data to support this conclusion.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.12</b> A
vehicle quality survey asked new owners a variety of questions about
their recently purchased automobile (J.D. Power and Associates, March
2012). One question asked for the owner’s rating of the vehicle using
categorical responses of average, outstanding, and exceptional. Another
question asked for the owner’s education level with the categorical
responses some high school, high school graduate, some college, and
college graduate. Assume the sample data below are for 500 owners who
had recently purchased an automobile....<blockquote>
a.
Use a .05 level of significance and a test of independence to determine
if a new owner’s vehicle quality rating is independent of the owner’s
education. What is the <i>p</i>-value and what is your conclusion?<br />b.
Use the overall percentage of average, outstanding, and exceptional
ratings to comment upon how new owners rate the quality of their
recently purchased automobiles.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.13</b> <i>The Wall Street Journal</i>
Corporate Perceptions Study 2011 surveyed readers and asked how each
rated the quality of management and the reputation of the company for
over 250 worldwide corporations. Both the quality of management and the
reputation of the company were rated on an excellent, good, and fair
categorical scale. Assume the following sample data for 200 respondents
applies to this study....<blockquote>
a.
Use a .05 level of significance and test for independence of the
quality of management and the reputation of the company. What is the <i>p</i>-value and what is your conclusion?<br />b. If there is a dependence or association between the two ratings, discuss and use probabilities to justify your answer.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.14</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.15</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.16</b>
On
a syndicated television show the two hosts often create the impression
that they strongly disagree about which movies are best. Each movie
review is categorized as Pro (“thumbs up”), Con (“thumbs down”), or
Mixed. The results of 160 movie ratings by the two hosts are shown
here....Use a test of independence with a .01 level of significance to
analyze the data. What is your conclusion?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.17</b> Use the sample data below to test the hypotheses...where <i>p<sub>i</sub></i> is the population proportion of Yes responses for population <i>i</i>. Using a .05 level of significance, what is the <i>p</i>-value and what is your conclusion?...<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.18</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.19</b> The
following sample data represent the number of late and on time flights
for Delta, United, and US Airways (Bureau of Transportation Statistics,
March 2012)....<blockquote>
a.
Formulate the hypotheses for a test that will determine if the
population proportion of late flights is the same for all three
airlines.<br />b. Conduct the hypothesis test with a .05 level of significance. What is the <i>p</i>-value and what is your conclusion?<br />c.
Compute the sample proportion of late flights for each airline. What is
the overall proportion of late flights for the three airlines?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.20</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.21</b> Kate
Sanders, a researcher in the department of biology at IPFW University,
studied the effect of agriculture contaminants on the fish population
for streams in Northeastern Indiana (April 2012). Specially designed
traps collected samples of fish at each of four stream locations. A
research question was, Did the differences in agricultural contaminants
found at the four locations alter the proportion of the fish population
by gender? Observed frequencies were as follows....<blockquote>
a.
Focusing on the proportion of male fish at each location, test the
hypothesis that the population proportions are equal for all four
locations. Use a .05 level of significance. What is the <i>p</i>-value and what is your conclusion?<br />b.
Does it appear that differences in agricultural contaminants found at
the four locations altered the fish population by gender?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.22</b> A
tax preparation firm is interested in comparing the quality of work at
two of its regional offices. The observed frequencies showing the number
of sampled returns with errors and the number of sampled returns that
were correct are as follows....<blockquote>
a. What are the sample proportions of returns with errors at the two offices?<br />b.
Use the chi-square test procedure to see if there is a significant
difference between the population proportion of error rates for the two
offices. Test the null hypothesis <i>H</i><sub>0</sub>: <i>p</i><sub>1</sub> = <i>p</i><sub>2</sub> with a .10 level of significance. What is the <i>p</i>-value and what is your conclusion? <i>Note</i>:We
generally use the chi-square test of equal proportions when there are
three or more populations, but this example shows that the same
chi-square test can be used for testing equal proportions with two
populations.<br />c. In Section 11.1, a <i>z</i> test was used to conduct the above test. Either a <i>χ</i><sup>2</sup> test statistic or a <i>z</i>
test statistic may be used to test the hypothesis. However, when we
want to make inferences about the proportions for two populations, we
generally prefer the <i>z</i> test statistic procedure. Refer to the Notes and Comments at the end of this section and comment on why the <i>z</i> test statistic provides the user with more options for inferences about the proportions of two populations.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.23</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.24</b> A
manufacturer is considering purchasing parts from three different
suppliers. The parts received from the suppliers are classified as
having a minor defect, having a major defect, or being good. Test
results from samples of parts received from each of the three suppliers
are shown below. Note that any test with these data is no longer a test
of proportions for the three supplier populations because the
categorical response variable has three outcomes: minor defect, major
defect, and good....Using
the data above, conduct a hypothesis test to determine if the
distribution of defects is the same for the three suppliers. Use the
chi-square test calculations as presented in this section with the
exception that a table with <i>r</i> rows and <i>c</i> columns results in a chi-square test statistic with (<i>r</i> – 1)(<i>c</i> – 1) degrees of freedom. Using a .05 level of significance, what is the <i>p</i>-value and what is your conclusion?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.25</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.26</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.27</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.28</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.29</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.30</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.31</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.32</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>12.33</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=12.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 12.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-14728264564542001822019-09-29T20:20:00.001-05:002019-09-29T20:20:54.502-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 11<b>11.1</b> <br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=11.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 11.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>11.2</b> <br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=11.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 11.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>11.3</b> <br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=11.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 11.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>11.4</b> <br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=11.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 11.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>11.5</b> <br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=11.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 11.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>11.6</b> <br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=11.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 11.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>11.7</b> <br />
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<br />
<b>11.8</b> <br />
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<br />
<b>11.9</b> <br />
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<br />
<b>11.10</b> <br />
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<br />
<b>11.11</b> <br />
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<br />
<b>11.12</b> <br />
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<br />
<b>11.13</b> <br />
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<br />
<b>11.14</b> <br />
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<br />
<b>11.15</b> <br />
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<br />
<b>11.16</b> <br />
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<br />
<b>11.17</b> <br />
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<br />
<b>11.18</b> <br />
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<br />
<b>11.19</b> <br />
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<br />
<b>11.20</b> <br />
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<br />
<b>11.21</b> <br />
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<br />
<b>11.22</b> <br />
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<br />
<b>11.23</b> <br />
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<br />
<b>11.24</b> <br />
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<br />
<b>11.25</b> <br />
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<br />
<b>11.26</b> <br />
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<br />
<b>11.27</b> <br />
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<b>11.28</b> <br />
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<br />
<b>11.29</b> <br />
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<b>11.30</b> <br />
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<b>11.31</b> <br />
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<b>11.32</b> <br />
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<b>11.33</b> <br />
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<b>11.34</b> <br />
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<br />Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-82026551867475093872019-09-29T20:19:00.004-05:002019-09-29T20:19:49.179-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 10
<b>10.1</b> The following results come from two independent random samples taken of two populations....<br />
<blockquote>
a. What is the point estimate of the difference between the two population means?<br />b. Provide a 90% confidence interval for the difference between the two population means.<br />c. Provide a 95% confidence interval for the difference between the two population means.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.2</b>
Consider the following hypothesis test....The following results are for
two independent samples taken from the two populations....<blockquote>
a. What is the value of the test statistic?<br />b. What is the <i>p</i>-value?<br />c. With <i>α</i> = .05, what is your hypothesis testing conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.3</b> Consider the following hypothesis test.<i>...</i>The following results are for two independent samples taken from the two populations....<blockquote>
a. What is the value of the test statistic?<br />b. What is the <i>p</i>-value?<br />c. With <i>α</i> = .05, what is your hypothesis testing conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.4</b> <i>Condé Nast Traveler</i>
conducts an annual survey in which readers rate their favorite cruise
ship. All ships are rated on a 100-point scale, with higher values
indicating better service. A sample of 37 ships that carry fewer than
500 passengers resulted in an average rating of 85.36, and a sample of
44 ships that carry 500 or more passengers provided an average rating of
81.40 (<i>Condé Nast Traveler,</i> February 2008). Assume that the
population standard deviation is 4.55 for ships that carry fewer than
500 passengers and 3.97 for ships that carry 500 or more passengers.<blockquote>
a.
What is the point estimate of the difference between the population
mean rating for ships that carry fewer than 500 passengers and the
population mean rating for ships that carry 500 or more passengers?<br />b. At 95% confidence, what is the margin of error?<br />c. What is a 95% confidence interval estimate of the difference between the population mean ratings for the two sizes of ships?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.5</b> The average expenditure on Valentine’s Day was expected to be $100.89 (<i>USA Today,</i>
February 13, 2006). Do male and female consumers differ in the amounts
they spend? The average expenditure in a sample survey of 40 male
consumers was $135.67, and the average expenditure in a sample survey of
30 female consumers was $68.64. Based on past surveys, the standard
deviation for male consumers is assumed to be $35, and the standard
deviation for female consumers is assumed to be $20.<blockquote>
a.
What is the point estimate of the difference between the population
mean expenditure for males and the population mean expenditure for
females?<br />b. At 99% confidence, what is the margin of error?<br />c. Develop a 99% confidence interval for the difference between the two population means.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.6</b> Suppose
that you are responsible for making arrangements for a business
convention. Because of budget cuts due to the recent recession, you have
been charged with choosing a city for the convention that has the least
expensive hotel rooms. You have narrowed your choices to Atlanta and
Houston. The WEBfile named Hotel contains samples of prices for rooms in
Atlanta and Houston that are consistent with the results reported by
Smith Travel Research (<i>SmartMoney,</i> March 2009). Because
considerable historical data on the prices of rooms in both cities are
available, the population standard deviations for the prices can be
assumed to be $20 in Atlanta and $25 in Houston. Based on the sample
data, can you conclude that the mean price of a hotel room in Atlanta is
lower than one in Houston?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.7</b> <i>Consumer Reports</i> uses a survey of readers to obtain customer satisfaction ratings for the nation’s largest retailers (<i>Consumer Reports,</i>
March 2012). Each survey respondent is asked to rate a specified
retailer in terms of six factors: quality of products, selection, value,
checkout efficiency, service, and store layout. An overall satisfaction
score summarizes the rating for each respondent with 100 meaning the
respondent is completely satisfied in terms of all six factors. Sample
data representative of independent samples of Target and Walmart
customers are shown below....<blockquote>
a.
Formulate the null and alternative hypotheses to test whether there is a
difference between the population mean customer satisfaction scores for
the two retailers.<br />b. Assume that experience with the <i>Consumer Reports</i>
satisfaction rating scale indicates that a population standard
deviation of 12 is a reasonable assumption for both retailers. Conduct
the hypothesis test and report the <i>p</i>-value. At a .05 level of significance what is your conclusion?<br />c.
Which retailer, if either, appears to have the greater customer
satisfaction? Provide a 95% confidence interval for the difference
between the population mean customer satisfaction scores for the two
retailers.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.8</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.9</b> The following results are for independent random samples taken from two populations....<blockquote>
a. What is the point estimate of the difference between the two population means?<br />b. What is the degrees of freedom for the <i>t</i> distribution?<br />c. At 95% confidence, what is the margin of error?<br />d. What is the 95% confidence interval for the difference between the two population means?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.10</b> Consider the following hypothesis test....The following results are from independent samples taken from two populations....<blockquote>
a. What is the value of the test statistic?<br />b. What is the degrees of freedom for the <i>t</i> distribution?<br />c. What is the <i>p</i>-value?<br />d. At <i>a</i> = .05, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.11</b> Consider the following data for two independent random samples taken from two normal populations....<blockquote>
a. Compute the two sample means.<br />b. Compute the two sample standard deviations.<br />c. What is the point estimate of the difference between the two population means?<br />d. What is the 90% confidence interval estimate of the difference between the two population means?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.12</b> The
U.S. Department of Transportation provides the number of miles that
residents of the 75 largest metropolitan areas travel per day in a car.
Suppose that for a random sample of 50 Buffalo residents the mean is
22.5 miles a day and the standard deviation is 8.4 miles a day, and for
an independent random sample of 40 Boston residents the mean is 18.6
miles a day and the standard deviation is 7.4 miles a day.<blockquote>
a.
What is the point estimate of the difference between the mean number of
miles that Buffalo residents travel per day and the mean number of
miles that Boston residents travel per day?<br />b. What is the 95% confidence interval for the difference between the two population means?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.13</b> The
average annual cost (including tuition, room, board, books, and fees)
to attend a public college takes nearly a third of the annual income of a
typical family with college-age children (<i>Money,</i> April 2012). At
private colleges, the average annual cost is equal to about 60% of the
typical family’s income. The following random samples show the annual
cost of attending private and public colleges. Data are in thousands of
dollars....<blockquote>
a. Compute the sample mean and sample standard deviation for private and public colleges.<br />b.
What is the point estimate of the difference between the two population
means? Interpret this value in terms of the annual cost of attending
private and public colleges.<br />c. Develop a 95% confidence interval of the difference between the mean annual cost of attending private and pubic colleges.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.14</b> Are
nursing salaries in Tampa, Florida, lower than those in Dallas, Texas?
Salary data show staff nurses in Tampa earn less than staff nurses in
Dallas (<i>The Tampa Tribune,</i> January 15, 2007). Suppose that in a
follow-up study of 40 staff nurses in Tampa and 50 staff nurses in
Dallas you obtain the following results....<blockquote>
a.
Formulate a hypothesis so that, if the null hypothesis is rejected, we
can conclude that salaries for staff nurses in Tampa are significantly
lower than for those in Dallas. Use <i>α</i> = .05.<br />b. What is the value of the test statistic?<br />c. What is the <i>p</i>-value?d. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.15</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.16</b> The
College Board provided comparisons of Scholastic Aptitude Test (SAT)
scores based on the highest level of education attained by the test
taker’s parents. A research hypothesis was that students whose parents
had attained a higher level of education would on average score higher
on the SAT. The overall mean SAT math score was 514 (College Board
website, January 8, 2012). SAT math scores for independent samples of
students follow. The first sample shows the SAT math test scores for
students whose parents are college graduates with a bachelor’s degree.
The second sample shows the SAT math test scores for students whose
parents are high school graduates but do not have a college degree....<blockquote>
a.
Formulate the hypotheses that can be used to determine whether the
sample data support the hypothesis that students show a higher
population mean math score on the SAT if their parents attained a higher
level of education.<br />b. What is the point estimate of the difference between the means for the two populations?<br />c. Compute the <i>p</i>-value for the hypothesis test.<br />d. At <i>α</i> = .05, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.17</b> Periodically,
Merrill Lynch customers are asked to evaluate Merrill Lynch financial
consultants and services. Higher ratings on the client satisfaction
survey indicate better service, with 7 the maximum service rating.
Independent samples of service ratings for two financial consultants are
summarized here. Consultant A has 10 years of experience, whereas
consultant B has 1 year of experience. Use <i>α</i> = .05 and test to see whether the consultant with more experience has the higher population mean service rating....<blockquote>
a. State the null and alternative hypotheses.<br />b. Compute the value of the test statistic.<br />c. What is the <i>p</i>-value?<br />d. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.18</b> Researchers
at Purdue University and Wichita State University found that airlines
are doing a better job of getting passengers to their destinations on
time (Associated Press, April 2, 2012). AirTran Airways and Southwest
Airlines were among the leaders in on-time arrivals, with both having
88% of their flights arriving on time. But for the 12% of flights that
were delayed, how many minutes were these flights late? Sample data
showing the number of minutes that delayed flights were late are
provided in the WEBfile named AirDelay. Data are shown for both
airlines.<blockquote>
a. Formulate the hypotheses that can be used
to test for a difference between the population mean minutes late for
delayed flights by these two airlines.<br />b. What is the sample mean number of minutes late for delayed flights for each of these two airlines?<br />c. Using a .05 level of significance, what is the <i>p</i>-value and what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.19</b> Consider the following hypothesis test....The following data are from matched samples taken from two populations....<blockquote>
a. Compute the difference value for each element.<br />b. Compute ....<br />c. Compute the standard deviation <i>s<sub>d</sub>.</i><br />d. Conduct a hypothesis test using <i>α</i> = .05. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.20</b> The following data are from matched samples taken from two populations....<blockquote>
a. Compute the difference value for each element.<br />b. Compute ....<br />c. Compute the standard deviation <i>s<sub>d</sub>.</i><br />d. What is the point estimate of the difference between the two population means?<br />e. Provide a 95% confidence interval for the difference between the two population means.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.21</b> A
market research firm used a sample of individuals to rate the purchase
potential of a particular product before and after the individuals saw a
new television commercial about the product. The purchase potential
ratings were based on a 0 to 10 scale, with higher values indicating a
higher purchase potential. The null hypothesis stated that the mean
rating “after” would be less than or equal to the mean rating “before.”
Rejection of this hypothesis would show that the commercial improved the
mean purchase potential rating. Use <i>α</i> = .05 and the following data to test the hypothesis and comment on the value of the commercial....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.22</b> The
price per share of stock for a sample of 25 companies was recorded at
the beginning of 2012 and then again at the end of the 1st quarter of
2012 (<i>The Wall Street Journal,</i> April 2, 2012). How stocks perform
during the 1st quarter is an indicator of what is ahead for the stock
market and the economy. Use the sample data in the WEBfile named
StockPrices to answer the following.<blockquote>
a. Let <i>d<sub>i</sub></i> denote the change in price per share for company <i>i</i> where <i>d<sub>i</sub>=</i>
1st quarter of 2012 price per share minus the beginning of 2012 price
per share. Use the sample mean of these values to estimate the dollar
amount a share of stock has changed during the 1st quarter.<br />b.
What is the 95% confidence interval estimate of the population mean
change in the price per share of stock during the first quarter?
Interpret this result.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.23</b> Bank
of America’s Consumer Spending Survey collected data on annual credit
card charges in seven different categories of expenditures:
transportation, groceries, dining out, household expenses, home
furnishings, apparel, and entertainment. Using data from a sample of 42
credit card accounts, assume that each account was used to identify the
annual credit card charges for groceries (population 1) and the annual
credit card charges for dining out (population 2). Using the difference
data, the sample mean difference was ..., and the sample standard deviation was <i>s<sub>d</sub></i> = $1123.<blockquote>
a.
Formulate the null and alternative hypotheses to test for no difference
between the population mean credit card charges for groceries and the
population mean credit card charges for dining out.<br />b. Use a .05 level of significance. Can you conclude that the population means differ? What is the <i>p</i>-value?<br />c.
Which category, groceries or dining out, has a higher population mean
annual credit card charge? What is the point estimate of the difference
between the population means? What is the 95% confidence interval
estimate of the difference between the population means?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.24</b> The
Global Business Travel Association reported the domestic airfare for
business travel for the current year and the previous year (<i>Inc.</i> magazine, February 2012). Below is a sample of 12 flights with their domestic airfares shown for both years....<blockquote>
a.
Formulate the hypotheses and test for a significant increase in the
mean domestic airfare for business travel for the one-year period. What
is the <i>p</i>-value? Using a .05 level of significance, what is your conclusion?<br />b. What is the sample mean domestic airfare for business travel for each year?<br />c. What is the percentage change in the airfare for the one-year period?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.25</b> The College Board SAT college entrance exam consists of three parts: math, writing, and critical reading (<i>The World Almanac,</i> 2012). Sample data showing the math and writing scores for a sample of 12 students who took the SAT follow....<blockquote>
a.
Use a .05 level of significance and test for a difference between the
population mean for the math scores and the population mean for the
writing scores. What is the <i>p</i>-value and what is your conclusion?<br />b.
What is the point estimate of the difference between the mean scores
for the two tests? What are the estimates of the population mean scores
for the two tests? Which test reports the higher mean score?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.26</b> Scores
in the first and fourth (final) rounds for a sample of 20 golfers who
competed in PGA tournaments are shown in the following table (<i>Golfweek,</i>
February 14, 2009, and February 28, 2009). Suppose you would like to
determine if the mean score for the first round of a PGA Tour event is
significantly different than the mean score for the fourth and final
round. Does the pressure of playing in the final round cause scores to
go up? Or does the increased player concentration cause scores to come
down?...<blockquote>
a. Use <i>α</i>
= .10 to test for a statistically significantly difference between the
population means for first- and fourth-round scores. What is the <i>p</i>-value? What is your conclusion?<br />b.
What is the point estimate of the difference between the two population
means? For which round is the population mean score lower?<br />c.
What is the margin of error for a 90% confidence interval estimate for
the difference between the population means? Could this confidence
interval have been used to test the hypothesis in part (a)? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.27</b> A
manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained from a
sample of retail outlets follow....<blockquote>
a.
The manufacturer’s suggested retail prices for the two models show a
$10 price differential. Use a .05 level of significance and test that
the mean difference between the prices of the two models is $10.<br />b. What is the 95% confidence interval for the difference between the mean prices of the two models?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.28</b> Consider the following results for independent samples taken from two populations....<blockquote>
a. What is the point estimate of the difference between the two population proportions?<br />b. Develop a 90% confidence interval for the difference between the two population proportions.<br />c. Develop a 95% confidence interval for the difference between the two population proportions.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.29</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.30</b> A <i>Bloomberg Businessweek</i>/Harris
survey asked senior executives at large corporations their opinions
about the economic outlook for the future. One question was, “Do you
think that there will be an increase in the number of full-time
employees at your company over the next 12 months?” In the current
survey, 220 of 400 executives answered Yes, while in a previous year
survey, 192 of 400 executives had answered Yes. Provide a 95% confidence
interval estimate for the difference between the proportions at the two
points in time. What is your interpretation of the interval estimate?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.31</b> <i>Forbes</i> reports that women trust recommendations from Pinterest more than recommendations from any other social network platform (<i>Forbes</i>
website, April 10, 2012). But does trust in Pinterest differ by gender?
The following sample data show the number of women and men who stated
in a recent sample that they trust recommendations made on Pinterest....<blockquote>
a. What is the point estimate of the proportion of women who trust recommendations made on Pinterest?<br />b. What is the point estimate of the proportion of men who trust recommendations made on Pinterest?<br />c.
Provide a 95% confidence interval estimate of the difference between
the proportion of women and men who trust recommendations made on
Pinterest.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.32</b> Researchers
with Oceana, a group dedicated to preserving the ocean ecosystem,
reported finding that 33% of fish sold in retail outlets, grocery
stores, and sushi bars throughout the United States had been mislabeled (<i>San Francisco Chronicle</i>
website, February 21, 2013). Does this mislabeling differ for different
species of fish? The following data show the number labeled incorrectly
for samples of tuna and mahi mahi....<blockquote>
a. What is the point estimate of the proportion of tuna that is mislabeled?<br />b. What is the point estimate of the proportion of mahi mahi that is mislabeled?<br />c. Provide a 95% confidence interval estimate of the difference between the proportion of tuna and mahi mahi that is mislabeled.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.33</b> Minnesota
had the highest turnout rate of any state for the 2012 presidential
election (United States Election Project website, February 9, 2013).
Political analysts wonder if turnout in rural Minnesota was higher than
turnout in the urban areas of the state. A sample shows that 663 of 884
registered voters from rural Minnesota voted in the 2012 presidential
election, while 414 out of 575 registered voters from urban Minnesota
voted.<blockquote>
a. Formulate the null and alternative
hypotheses that can be used to test whether registered voters in rural
Minnesota were more likely than registered voters in urban Minnesota to
vote in the 2012 presidential election.<br />b. What is the proportion of sampled registered voters in rural Minnesota that voted in the 2012 presidential election?<br />c. What is the proportion of sampled registered voters in urban Minnesota that voted in the 2012 presidential election?<br />d. At <i>α</i> = .05, test the political analysts’ hypothesis. What is the <i>p</i>-value, and what conclusion do you draw from your results?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.34</b> Oil
wells are expensive to drill, and dry wells are a great concern to oil
exploration companies. The domestic oil and natural gas producer Aegis
Oil, LLC describes on its website how improvements in technologies such
as three-dimensional seismic imaging have dramatically reduced the
number of dry (nonproducing) wells it and other oil exploration
companies drill. The following sample data for wells drilled in 2005 and
2012 show the number of dry wells that were drilled in each year....<blockquote>
a.
Formulate the null and alternative hypotheses that can be used to test
whether the wells drilled in 2005 were more likely to be dry than wells
drilled in 2012.<br />b. What is the point estimate of the proportion of wells drilled in 2005 that were dry?<br />c. What is the point estimate of the proportion of wells drilled in 2012 that were dry?<br />d. What is the <i>p</i>-value of your hypothesis test? At <i>α</i> = .05, what conclusion do you draw from your results?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.35</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.36</b> Winter
visitors are extremely important to the economy of Southwest Florida.
Hotel occupancy is an often-reported measure of visitor volume and
visitor activity (<i>Naples Daily News</i>, March 22, 2012). Hotel occupancy data for February in two consecutive years are as follows....<blockquote>
a.
Formulate the hypothesis test that can be used to determine if there
has been an increase in the proportion of rooms occupied over the
one-year period.<br />b. What is the estimated proportion of hotel rooms occupied each year?<br />c. Using a .05 level of significance, what is your hypothesis test conclusion? What is the <i>p</i>-value?<br />d.
What is the 95% confidence interval estimate of the change in occupancy
for the one-year period? Do you think area officials would be pleased
with the results?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.37</b> The
Adecco Workplace Insights Survey sampled men and women workers and
asked if they expected to get a raise or promotion this year (<i>USA Today,</i>
February 16, 2012). Suppose the survey sampled 200 men and 200 women.
If 104 of the men replied Yes and 74 of the women replied Yes, are the
results statistically significant so that you can conclude a greater
proportion of men expect to get a raise or a promotion this year?<blockquote>
a. State the hypothesis test in terms of the population proportion of men and the population proportion of women.<br />b. What is the sample proportion for men? For women?<br />c. Use a .01 level of significance. What is the <i>p</i>-value and what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.38</b> Home
values tend to increase over time under normal conditions, but the
recession of 2008 and 2009 has reportedly caused the resale price of
existing homes to fall nationwide (<i>BusinessWeek,</i> March 9, 2009).
You would like to see if the data support this conclusion. The file
HomePrices contains data on 30 existing home sales in 2006 and 40
existing home sales in 2009.<blockquote>
a. Provide a point estimate of the difference between the population mean prices for the two years.<br />b. Develop a 99% confidence interval estimate of the difference between the resale prices of houses in 2006 and 2009.<br />c. Would you feel justified in concluding that resale prices of existing homes have declined from 2006 to 2009? Why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.39</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.40</b> Mutual funds are classified as <i>load</i> or <i>no-load</i>
funds. Load funds require an investor to pay an initial fee based on a
percentage of the amount invested in the fund. The no-load funds do not
require this initial fee. Some financial advisors argue that the load
mutual funds may be worth the extra fee because these funds provide a
higher mean rate of return than the no-load mutual funds. A sample of 30
load mutual funds and a sample of 30 no-load mutual funds were
selected. Data were collected on the annual return for the funds over a
five-year period. The data are contained in the data set Mutual. The
data for the first five load and first five no-load mutual funds are as
follows....<blockquote>
a. Formulate <i>H</i><sub>0</sub> and <i>H</i><sub>a</sub> such that rejection of <i>H</i><sub>0</sub> leads to the conclusion that the load mutual funds have a higher mean annual return over the five-year period.<br />b. Use the 60 mutual funds in the data set Mutual to conduct the hypothesis test. What is the <i>p</i>-value? At • = .05, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.41</b> The
National Association of Home Builders provided data on the cost of the
most popular home remodeling projects. Sample data on cost in thousands
of dollars for two types of remodeling projects are as follows....<blockquote>
a. Develop a point estimate of the difference between the population mean remodeling costs for the two types of projects.<br />b. Develop a 90% confidence interval for the difference between the two population means.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.42</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.43</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.44</b> A
large automobile insurance company selected samples of single and
married male policyholders and recorded the number who made an insurance
claim over the preceding three-year period....<blockquote>
a. Use <i>α</i> = .05. Test to determine whether the claim rates differ between single and married male policyholders.<br />b. Provide a 95% confidence interval for the difference between the proportions for the two populations.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.45</b> Medical
tests were conducted to learn about drug-resistant tuberculosis. Of 142
cases tested in New Jersey, 9 were found to be drug-resistant. Of 268
cases tested in Texas, 5 were found to be drug-resistant. Do these data
suggest a statistically significant difference between the proportions
of drug-resistant cases in the two states? Use a .02 level of
significance. What is the <i>p</i>-value, and what is your conclusion?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.46</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>10.47</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=10.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 10.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-59825923372087661422019-09-29T20:19:00.000-05:002019-09-29T20:19:00.652-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 9
<b>9.1</b> The
manager of the Danvers-Hilton Resort Hotel stated that the mean guest
bill for a weekend is $600 or less. A member of the hotel’s accounting
staff noticed that the total charges for guest bills have been
increasing in recent months. The accountant will use a sample of future
weekend guest bills to test the manager’s claim.<br />
<blockquote>
a. Which form of the hypotheses should be used to test the manager’s claim? Explain....<br />b. What conclusion is appropriate when <i>H</i><sub>0</sub> cannot be rejected?<br />c. What conclusion is appropriate when <i>H</i><sub>0</sub> can be rejected?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.2</b> The
manager of an automobile dealership is considering a new bonus plan
designed to increase sales volume. Currently, the mean sales volume is
14 automobiles per month. The manager wants to conduct a research study
to see whether the new bonus plan increases sales volume. To collect
data on the plan, a sample of sales personnel will be allowed to sell
under the new bonus plan for a one-month period.<blockquote>
a. Develop the null and alternative hypotheses most appropriate for this situation.<br />b. Comment on the conclusion when <i>H</i><sub>0</sub> cannot be rejected.<br />c. Comment on the conclusion when <i>H</i><sub>0</sub> can be rejected.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.3</b> A
production line operation is designed to fill cartons with laundry
detergent to a mean weight of 32 ounces. A sample of cartons is
periodically selected and weighed to determine whether underfilling or
overfilling is occurring. If the sample data lead to a conclusion of
underfilling or overfilling, the production line will be shut down and
adjusted to obtain proper filling.<blockquote>
a. Formulate the null and alternative hypotheses that will help in deciding whether to shut down and adjust the production line.<br />b. Comment on the conclusion and the decision when <i>H</i><sub>0</sub> cannot be rejected.<br />c. Comment on the conclusion and the decision when <i>H</i><sub>0</sub> can be rejected.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.4</b> Because
of high production-changeover time and costs, a director of
manufacturing must convince management that a proposed manufacturing
method reduces costs before the new method can be implemented. The
current production method operates with a mean cost of $220 per hour. A
research study will measure the cost of the new method over a sample
production period.<blockquote>
a. Develop the null and alternative hypotheses most appropriate for this study.<br />b. Comment on the conclusion when <i>H</i><sub>0</sub> cannot be rejected.<br />c. Comment on the conclusion when <i>H</i><sub>0</sub> can be rejected.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.5</b> Duke
Energy reported that the cost of electricity for an efficient home in a
particular neighborhood of Cincinnati, Ohio, was $104 per month (<i>Home Energy Report,</i>
Duke Energy, March 2012). A researcher believes that the cost of
electricity for a comparable neighborhood in Chicago, Illinois, is
higher. A sample of homes in this Chicago neighborhood will be taken and
the sample mean monthly cost of electricity will be used to test the
following null and alternative hypotheses....<blockquote>
a.
Assume the sample data lead to rejection of the null hypothesis. What
would be your conclusion about the cost of electricity in the Chicago
neighborhood?<br />b. What is the Type I error in this situation? What are the consequences of making this error?<br />c. What is the Type II error in this situation? What are the consequences of making this error?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.6</b> The
label on a 3-quart container of orange juice states that the orange
juice contains an average of 1 gram of fat or less. Answer the following
questions for a hypothesis test that could be used to test the claim on
the label.<blockquote>
a. Develop the appropriate null and alternative hypotheses.<br />b. What is the Type I error in this situation? What are the consequences of making this error?<br />c. What is the Type II error in this situation? What are the consequences of making this error?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.7</b> Carpetland
salespersons average $8000 per week in sales. Steve Contois, the firm’s
vice president, proposes a compensation plan with new selling
incentives. Steve hopes that the results of a trial selling period will
enable him to conclude that the compensation plan increases the average
sales per salesperson.<blockquote>
a. Develop the appropriate null and alternative hypotheses.<br />b. What is the Type I error in this situation? What are the consequences of making this error?<br />c. What is the Type II error in this situation? What are the consequences of making this error?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.8</b> Suppose
a new production method will be implemented if a hypothesis test
supports the conclusion that the new method reduces the mean operating
cost per hour.<blockquote>
a. State the appropriate null and alternative hypotheses if the mean cost for the current production method is $220 per hour.<br />b. What is the Type I error in this situation? What are the consequences of making this error?<br />c. What is the Type II error in this situation? What are the consequences of making this error?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.9</b>
Consider the following hypothesis test:...A sample of 50 provided a
sample mean of 19.4. The population standard deviation is 2.<blockquote>
a. Compute the value of the test statistic.<br />b. What is the <i>p-</i>value?<br />c. Using <i>α</i> = .05, what is your conclusion?<br />d. What is the rejection rule using the critical value? What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.10</b>
Consider the following hypothesis test:...A sample of 40 provided a
sample mean of 26.4. The population standard deviation is 6.<blockquote>
a. Compute the value of the test statistic.<br />b. What is the <i>p-</i>value?<br />c. At <i>α</i> = .01, what is your conclusion?<br />d. What is the rejection rule using the critical value? What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.11</b>
Consider the following hypothesis test:...A sample of 50 provided a
sample mean of 14.15. The population standard deviation is 3.<blockquote>
a. Compute the value of the test statistic.<br />b. What is the <i>p-</i>value?<br />c. At <i>α=</i> .05, what is your conclusion?<br />d. What is the rejection rule using the critical value? What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.12</b> Consider the following hypothesis test:...A sample of 100 is used and the population standard deviation is 12. Compute the <i>p-</i>value and state your conclusion for each of the following sample results. Use <i>α</i> = .01.<blockquote>
a. ...<br />b. ...<br />c. ...<br />d. ...</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.13</b> Consider the following hypothesis test:...A
sample of 60 is used and the population standard deviation is 8. Use
the critical value approach to state your conclusion for each of the
following sample results. Use <i>α</i> = .05.<blockquote>
a. ...<br />b. ...<br />c. ...</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.14</b> Consider the following hypothesis test:...A sample of 75 is used and the population standard deviation is 10. Compute the <i>p-</i>value and state your conclusion for each of the following sample results. Use <i>α</i> = .01.<blockquote>
a. ...<br />b. ...<br />c. ...</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.15</b> Individuals
filing federal income tax returns prior to March 31 received an average
refund of $1056. Consider the population of “last-minute” filers who
mail their tax return during the last five days of the income tax period
(typically April 10 to April 15).<blockquote>
a. A researcher
suggests that a reason individuals wait until the last five days is that
on average these individuals receive lower refunds than do early
filers. Develop appropriate hypotheses such that rejection of <i>H</i><sub>0</sub> will support the researcher’s contention.<br />b.
For a sample of 400 individuals who filed a tax return between April 10
and 15, the sample mean refund was $910. Based on prior experience, a
population standard deviation of σ = $1600 may be assumed. What is the <i>p-</i>value?<br />c. At <i>α</i> = .05, what is your conclusion?<br />d. Repeat the preceding hypothesis test using the critical value approach.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.16</b> In
a study entitled How Undergraduate Students Use Credit Cards, it was
reported that undergraduate students have a mean credit card balance of
$3173 (Sallie Mae, April 2009). This figure was an all-time high and had
increased 44% over the previous five years. Assume that a current study
is being conducted to determine if it can be concluded that the mean
credit card balance for undergraduate students has continued to increase
compared to the April 2009 report. Based on previous studies, use a
population standard deviation σ = $1000.<blockquote>
a. State the null and alternative hypotheses.<br />b. What is the <i>p-</i>value for a sample of 180 undergraduate students with a sample mean credit card balance of $3325?<br />c. Using a .05 level of significance, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.17</b> The
mean hourly wage for employees in goods-producing industries is
currently $24.57 (Bureau of Labor Statistics website, April, 12, 2012).
Suppose we take a sample of employees from the manufacturing industry to
see if the mean hourly wage differs from the reported mean of $24.57
for the goods-producing industries.<blockquote>
a. State the null
and alternative hypotheses we should use to test whether the population
mean hourly wage in the manufacturing industry differs from the
population mean hourly wage in the goods-producing industries.<br />b.
Suppose a sample of 30 employees from the manufacturing industry showed
a sample mean of $23.89 per hour. Assume a population standard
deviation of $2.40 per hour and compute the <i>p-</i>value.<br />c. With <i>α</i> =.05 as the level of significance, what is your conclusion?<br />d. Repeat the preceding hypothesis test using the critical value approach.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.18</b> Young
millennials, adults aged 18 to 34, are viewed as the future of the
restaurant industry. During 2011, this group consumed a mean of 192
restaurant meals per person (NPD Group website, November 7, 2012).
Conduct a hypothesis test to determine if the poor economy caused a
change in the frequency of consuming restaurant meals by young
millennials in 2012.<blockquote>
a. Formulate hypotheses that can
be used to determine whether the annual mean number of restaurant meals
per person has changed for young millennials in 2012.<br />b.
Based on a sample, the NPD Group stated that the mean number of
restaurant meals consumed by young millennials in 2012 was 182. Assume
the sample size was 150 and that, based on past studies, the population
standard deviation can be assumed to be σ = 55. Use the sample results
to compute the test statistic and <i>p-</i>value for your hypothesis test.<br />c. At <i>α</i> = .05, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.19</b> The
Internal Revenue Service (IRS) provides a toll-free help line for
taxpayers to call in and get answers to questions as they prepare their
tax returns. In recent years, the IRS has been inundated with taxpayer
calls and has redesigned its phone service as well as posting answers to
frequently asked questions on its website (<i>The Cincinnati Enquirer,</i>
January 7, 2010). According to a report by a taxpayer advocate, callers
using the new system can expect to wait on hold for an unreasonably
long time of 12 minutes before being able to talk to an IRS employee.
Suppose you select a sample of 50 callers after the new phone service
has been implemented; the sample results show a mean waiting time of 10
minutes before an IRS employee comes on line. Based upon data from past
years, you decide it is reasonable to assume that the standard deviation
of waiting times is 8 minutes. Using your sample results, can you
conclude that the actual mean waiting time turned out to be
significantly less than the 12-minute claim made by the taxpayer
advocate? Use <i>α</i> = .05.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.20</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.21</b> Fowle
Marketing Research, Inc., bases charges to a client on the assumption
that telephone surveys can be completed in a mean time of 15 minutes or
less. If a longer mean survey time is necessary, a premium rate is
charged. A sample of 35 surveys provided the survey times shown in the
WEBfile named Fowle. Based upon past studies, the population standard
deviation is assumed known with σ = 4 minutes. Is the premium rate
justified?<blockquote>
a. Formulate the null and alternative hypotheses for this application.<br />b. Compute the value of the test statistic.<br />c. What is the <i>p-</i>value?<br />d. At <i>α</i> = .01, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.22</b> CCN
and ActMedia provided a television channel targeted to individuals
waiting in supermarket checkout lines. The channel showed news, short
features, and advertisements. The length of the program was based on the
assumption that the population mean time a shopper stands in a
supermarket checkout line is 8 minutes. A sample of actual waiting times
will be used to test this assumption and determine whether actual mean
waiting time differs from this standard.<blockquote>
a. Formulate the hypotheses for this application.<br />b.
A sample of 120 shoppers showed a sample mean waiting time of 8.4
minutes. Assume a population standard deviation of σ = 3.2 minutes. What
is the <i>p-</i>value?<br />c. At <i>α</i> = .05, what is your conclusion?<br />d. Compute a 95% confidence interval for the population mean. Does it support your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.23</b> Consider the following hypothesis test:...A sample of 25 provided a sample mean <i>...</i> and a sample standard deviation <i>s</i> = 4.32.<blockquote>
a. Compute the value of the test statistic.<br />b. use the <i>t</i> distribution table (Table 2 in Appendix B) to compute a range for the <i>p-</i>value.<br />c. At <i>α</i> = .05, what is your conclusion?<br />d. what is the rejection rule using the critical value? what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.24</b> Consider the following hypothesis test:...A sample of 48 provided a sample mean ... and a sample standard deviation <i>s</i> = 4.5.<blockquote>
a. Compute the value of the test statistic.<br />b. use the <i>t</i> distribution table (Table 2 in Appendix B) to compute a range for the <i>p-</i>value.<br />c. At <i>α</i> = .05, what is your conclusion?<br />d. what is the rejection rule using the critical value? what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.25</b> Consider the following hypothesis test:...A sample of 36 is used. Identify the <i>p-</i>value and state your conclusion for each of the following sample results. Use <i>α</i> = .01.<blockquote>
a. ...<br />b. ...<br />c. ...</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.26</b> Consider the following hypothesis test:...A sample of 65 is used. Identify the <i>p-</i>value and state your conclusion for each of the following sample results. Use <i>α</i> = .05.<blockquote>
a. ...<br />b. ...<br />c. ...</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.27</b> Which
is cheaper: eating out or dining in? The mean cost of a flank steak,
broccoli, and rice bought at the grocery store is $13.04 (Money.msn
website, November 7, 2012). A sample of 100 neighborhood restaurants
showed a mean price of $12.75 and a standard deviation of $2 for a
comparable restaurant meal.<blockquote>
a. Develop appropriate
hypotheses for a test to determine whether the sample data support the
conclusion that the mean cost of a restaurant meal is less than fixing a
comparable meal at home.<br />b. Using the sample from the 100 restaurants, what is the <i>p-</i>value?<br />c. At <i>α</i> = .05, what is your conclusion?<br />d. Repeat the preceding hypothesis test using the critical value approach.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.28</b> A
shareholders’ group, in lodging a protest, claimed that the mean tenure
for a chief executive officer (CEO) was at least nine years. A survey
of companies reported in <i>The Wall Street Journal</i> found a sample mean tenure of ... years for CEOs with a standard deviation of <i>s</i> = 6.38 years (<i>The Wall Street Journal,</i> January 2, 2007).<blockquote>
a. Formulate hypotheses that can be used to challenge the validity of the claim made by the shareholders’ group.<br />b. Assume 85 companies were included in the sample. what is the <i>p-</i>value for your hypothesis test?<br />c. At <i>α</i> = .01, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.29</b> The national mean annual salary for a school administrator is $90,000 a year (<i>The Cincinnati Enquirer,</i>
April 7, 2012). A school official took a sample of 25 school
administrators in the state of Ohio to learn about salaries in that
state to see if they differed from the national average.<blockquote>
a.
Formulate hypotheses that can be used to determine whether the
population mean annual administrator salary in Ohio differs from the
national mean of $90,000.<br />b. The sample data for 25 Ohio administrators is contained in the WEBfile named Administrator. what is the <i>p-</i>value for your hypothesis test in part (a)?<br />c. At <i>α</i> = .05, can your null hypothesis be rejected? What is your conclusion?<br />d. Repeat the preceding hypothesis test using the critical value approach.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.30</b> The time married men with children spend on child care averages 6.4 hours per week (<i>Time,</i>
March 12, 2012). You belong to a professional group on family practices
that would like to do its own study to determine if the time married
men in your area spend on child care per week differs from the reported
mean of 6.4 hours per week. A sample of 40 married couples will be used
with the data collected showing the hours per week the husband spends on
child care. The sample data are contained in the WEBfile named
ChildCare.<blockquote>
a. What are the hypotheses if your group
would like to determine if the population mean number of hours married
men are spending in child care differs from the mean reported by <i>Time</i> in your area?<br />b. What is the sample mean and the <i>p-</i>value?<br />c. Select your own level of significance. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.31</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.32</b> According
to the National Automobile Dealers Association, the mean price for used
cars is $10,192. A manager of a Kansas City used car dealership
reviewed a sample of 50 recent used car sales at the dealership in an
attempt to determine whether the population mean price for used cars at
this particular dealership differed from the national mean. The prices
for the sample of 50 cars are shown in the WEBfile named UsedCars.<blockquote>
a.
Formulate the hypotheses that can be used to determine whether a
difference exists in the mean price for used cars at the dealership.<br />b. What is the <i>p-</i>value?<br />c. At <i>α</i> = .05, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.33</b> The
mean annual premium for automobile insurance in the United States is
$1503 (Insure.com website, March 6, 2014). Being from Pennsylvania, you
believe automobile insurance is cheaper there and wish to develop
statistical support for your opinion. A sample of 25 automobile
insurance policies from the state of Pennsylvania showed a mean annual
premium of $1440 with a standard deviation of <i>s</i> = $165.<blockquote>
a.
Develop a hypothesis test that can be used to determine whether the
mean annual premium in Pennsylvania is lower than the national mean
annual premium.<br />b. What is a point estimate of the difference between the mean annual premium in Pennsylvania and the national mean?<br />c. At <i>α</i> = .05, test for a significant difference. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.34</b> Joan’s
Nursery specializes in custom-designed landscaping for residential
areas. The estimated labor cost associated with a particular landscaping
proposal is based on the number of plantings of trees, shrubs, and so
on to be used for the project. For cost-estimating purposes, managers
use two hours of labor time for the planting of a medium-sized tree.
Actual times from a sample of 10 plantings during the past month follow
(times in hours)....With a .05 level of significance, test to see whether the mean tree-planting time differs from two hours.<blockquote>
a. State the null and alternative hypotheses.<br />b. Compute the sample mean.<br />c. Compute the sample standard deviation.<br />d. What is the <i>p-</i>value?<br />e. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.35</b> Consider the following hypothesis test:...A sample of 400 provided a sample proportion ...<blockquote>
a. Compute the value of the test statistic.<br />b. What is the <i>p-</i>value?<br />c. At <i>α</i> = .05, what is your conclusion?<br />d. What is the rejection rule using the critical value? What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.36</b> Consider the following hypothesis test:...A sample of 300 items was selected. Compute the <i>p-</i>value and state your conclusion for each of the following sample results. Use <i>α</i> = .05.<blockquote>
a. ...<br />b. ...<br />c. ...<br />d. ...</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.37</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.38</b> A study by <i>Consumer Reports</i>
showed that 64% of supermarket shoppers believe supermarket brands to
be as good as national name brands. To investigate whether this result
applies to its own product, the manufacturer of a national name-brand
ketchup asked a sample of shoppers whether they believed that
supermarket ketchup was as good as the national brand ketchup.<blockquote>
a.
Formulate the hypotheses that could be used to determine whether the
percentage of supermarket shoppers who believe that the supermarket
ketchup was as good as the national brand ketchup differed from 64%.<br />b. If a sample of 100 shoppers showed 52 stating that the supermarket brand was as good as the national brand, what is the <i>p-</i>value?<br />c. At <i>α</i> = .05, what is your conclusion?<br />d. Should the national brand ketchup manufacturer be pleased with this conclusion? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.39</b> What
percentage of the population live in their state of birth? According to
the U.S. Census Bureau’s American Community Survey, the figure ranges
from 25% in Nevada to 78.7% in Louisiana (<i>AARP Bulletin</i>,
March 2014). The average percentage across all states and the District
of Columbia is 57.7%. The data in the WEBfile Homestate are consistent
with the findings in the American Community Survey. The data are for a
random sample of 120 Arkansas residents and for a random sample of 180
Virginia residents.<blockquote>
a. Formulate hypotheses that can
be used to determine whether the percentage of stay-at-home residents in
the two states differs from the overall average of 57.7%.<br />b.
Estimate the proportion of stay-at-home residents in Arkansas. Does
this proportion differ significantly from the mean proportion for all
states? Use <i>α</i> = .05.<br />c. Estimate the proportion
of stay-at-home residents in virginia. Does this proportion differ
significantly from the mean proportion for all states? Use <i>α</i> = .05.<br />d.
Would you expect the proportion of stay-at-home residents to be higher
in Virginia than in Arkansas? Support your conclusion with the results
obtained in parts (b) and (c).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.40</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.41</b> Ten
years ago 53% of American families owned stocks or stock funds. Sample
data collected by the Investment Company Institute indicate that the
percentage is now 46% (<i>The Wall Street Journal</i>, October 5, 2012).<blockquote>
a. Develop appropriate hypotheses such that rejection of <i>H</i><sub>0</sub> will support the conclusion that a smaller proportion of American families own stocks or stock funds in 2012 than 10 years ago.<br />b.
Assume the Investment Company Institute sampled 300 American families
to estimate that the percent owning stocks or stock funds was 46% in
2012. what is the <i>p-</i>value for your hypothesis test?<br />c. At <i>α</i> = .01, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.42</b> According
to the University of Nevada Center for Logistics Management, 6% of all
merchandise sold in the United States gets returned (<i>BusinessWeek,</i> January 15, 2007). A Houston department store sampled 80 items sold in January and found that 12 of the items were returned.<blockquote>
a. Construct a point estimate of the proportion of items returned for the population of sales transactions at the Houston store.<br />b. Construct a 95% confidence interval for the porportion of returns at the Houston store.<br />c.
Is the proportion of returns at the Houston store significantly
different from the returns for the nation as a whole? Provide
statistical support for your answer.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.43</b> Eagle
Outfitters is a chain of stores specializing in outdoor apparel and
camping gear. It is considering a promotion that involves mailing
discount coupons to all its credit card customers. This promotion will
be considered a success if more than 10% of those receiving the coupons
use them. Before going national with the promotion, coupons were sent to
a sample of 100 credit card customers.<blockquote>
a. Develop
hypotheses that can be used to test whether the population proportion of
those who will use the coupons is sufficient to go national.<br />b. The WEBfile named Eagle contains the sample data. Develop a point estimate of the population proportion.<br />c. Use <i>α</i> = .05 to conduct your hypothesis test. Should Eagle go national with the promotion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.44</b> One
of the reasons health care costs have been rising rapidly in recent
years is the increasing cost of malpractice insurance for physicians.
Also, fear of being sued causes doctors to run more precautionary tests
(possibly unnecessary) just to make sure they are not guilty of missing
something (<i>Reader’s Digest</i>, October 2012). These precautionary
tests also add to health care costs. Data in the WEBfile named LawSuit
are consistent with findings in the <i>Reader’s Digest</i> article and can be used to estimate the proportion of physicians over the age of 55 who have been sued at least once.<blockquote>
a.
Formulate hypotheses that can be used to see if these data can support a
finding that more than half of physicians over the age of 55 have been
sued at least once.<br />b. Use Excel and the WEBfile named
LawSuit to compute the sample proportion of physicians over the age of
55 who have been sued at least once. what is the <i>p-</i>value for your hypothesis test?<br />c. At <i>α</i> = .01, what is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.45</b> The
American Association of Individual Investors conducts a weekly survey
of its members to measure the percent who are bullish, bearish, and
neutral on the stock market for the next six months. For the week ending
November 7, 2012, the survey results showed 38.5% bullish, 21.6%
neutral, and 39.9% bearish (AAII website, November 12, 2012). Assume
these results are based on a sample of 300 AAII members.<blockquote>
a.
Over the long term, the proportion of bullish AAII members is .39.
Conduct a hypothesis test at the 5% level of significance to see if the
current sample results show that bullish sentiment differs from its long
term average of .39. what are your findings?<br />b. Over
the long term, the proportion of bearish AAII members is .30. Conduct a
hypothesis test at the 1% level of significance to see if the current
sample results show that bearish sentiment is above its long term
average of .30. what are your findings?<br />c. would you feel comfortable extending these results to all investors? why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.46</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.47</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.48</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.48&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.48 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.49</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.49&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.49 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.50</b> A
production line operates with a mean filling weight of 16 ounces per
container. Overfilling or underfilling presents a serious problem and
when detected requires the operator to shut down the production line to
readjust the filling mechanism. From past data, a population standard
deviation <i>σ</i> = .8 ounces is assumed. A quality control inspector
selects a sample of 30 items every hour and at that time makes the
decision of whether to shut down the line for readjustment. The level of
significance is <i>α</i> =.05.<blockquote>
a. State the hypothesis test for this quality control application.<br />b. If a sample mean of ... ounces were found, what is the <i>p-</i>value? What action would you recommend?<br />c. If a sample mean of ... ounces were found, what is the <i>p-</i>value? What action would you recommend?<br />d.
Use the critical value approach. What is the rejection rule for the
preceding hypothesis testing procedure? Repeat parts (b) and (c). Do you
reach the same conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.50&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.50 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.51</b> At
Western University the historical mean of scholarship examination
scores for freshman applications is 900. A historical population
standard deviation <i>σ</i> = 180 is assumed known. Each year, the
assistant dean uses a sample of applications to determine whether the
mean examination score for the new freshman applications has changed.<blockquote>
a. State the hypotheses.<br />b.
What is the 95% confidence interval estimate of the population mean
examination score if a sample of 200 applications provided a sample mean
of <i>...</i>?<br />c. Use the confidence interval to conduct a hypothesis test. Using <i>α</i> =.05, what is your conclusion?<br />d. What is the <i>p-</i>value?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.51&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.51 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.52</b> Young
children in the United States are exposed to an average of 4 hours of
background television per day (CNN website, November 13, 2012). Having
the television on in the background while children are doing other
activities may have adverse consequences on a child’s wellbeing. You
have a research hypothesis that children from low-income families are
exposed to more than 4 hours of daily background television. In order to
test this hypothesis, you have collected a random sample of 60 children
from low-income families and found that these children were exposed to a
sample mean of 4.5 hours of daily background television.<blockquote>
a. Develop hypotheses that can be used to test your research hypothesis.<br />b. Based on a previous study, you are willing to assume that the population standard deviation is σ = 0.5 hours. What is the <i>p-</i>value based on your sample of 60 children from low-income families?<br />c. Use <i>α</i> =.01 as the level of significance. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.52&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.52 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.53</b> The <i>Wall Street Journal</i> reported that bachelor’s degree recipients with majors in business received average starting salaries of $53,900 in 2012 (<i>The Wall Street Journal,</i>
March 17, 2014). The results for a sample of 100 business majors
receiving a bachelor’s degree in 2013 showed a mean starting salary of
$55,144 with a sample standard deviation of $5200. Conduct a hypothesis
test to determine whether the mean starting salary for business majors
in 2013 is greater than the mean starting salary in 2012. Use <i>α</i> =.01 as the level of significance.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.53&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.53 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.54</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.54&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.54 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.55</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.55&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.55 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.56</b> The
chamber of commerce of a Florida Gulf Coast community advertises that
area residential property is available at a mean cost of $125,000 or
less per lot. Suppose a sample of 32 properties provided a sample mean
of $130,000 per lot and a sample standard deviation of $12,500. Use a
.05 level of significance to test the validity of the advertising claim.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.56&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.56 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.57</b> In
Hamilton County, Ohio, the mean number of days needed to sell a house
is 86 days (Cincinnati Multiple Listing Service, April, 2012). Data for
the sale of 40 houses in a nearby county showed a sample mean of 80 days
with a sample standard deviation of 20 days. Conduct a hypothesis test
to determine whether the mean number of days until a house is sold is
different than the Hamilton County mean of 86 days in the nearby county.
Use <i>α</i> = .05 for the level of significance, and state your conclusion.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.57&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.57 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.58</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.58&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.58 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.59</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.59&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.59 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.60</b> Members
of the millennial generation are continuing to be dependent on their
parents (either living with or otherwise receiving support from parents)
into early adulthood (<i>The Enquirer,</i> March 16, 2014). A family
research organization has claimed that, in past generations, no more
than 30% of individuals aged 18 to 32 continued to be dependent on their
parents. Suppose that a sample of 400 individuals aged 18 to 32 showed
that 136 of them continue to be dependent on their parents.<blockquote>
a.
Develop hypotheses for a test to determine whether the proportion of
millennials continuing to be dependent on their parents is higher than
for past generations.<br />b. what is your point estimate of the proportion of millennials that are continuing to be dependent on their parents?<br />c. What is the <i>p-</i>value provided by the sample data?<br />d. What is your hypothesis testing conclusion? Use <i>α</i> = .05 as the level of significance.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.60&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.60 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.61</b> The unemployment rate for 18-to 34-year-olds was reported to be 10.8% (<i>The Cincinnati Enquirer,</i> November 6, 2012). Assume that this report was based on a random sample of four hundred 18-to 34-year-olds.<blockquote>
a.
A political campaign manager wants to know if the sample results can be
used to conclude that the unemployment rate for 18-to 34-years-olds is
significantly higher than the unemployment rate for all adults.
According to the Bureau of Labor Statistics, the unemployment rate for
all adults was 7.9%. Develop a hypothesis test that can be used to see
if the conclusion that the unemployment rate is higher for 18-to
34-year-olds can be supported.<br />b. Use the sample data collected for the 18-to 34-year-olds to compute the <i>p-</i>value for the hypothesis test in part (a). Using <i>α</i> = .05, what is your conclusion?<br />c.
Explain to the campaign manager what can be said about the observed
level of significance for the hypothesis testing results using the <i>p-</i>value.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.61&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.61 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.62</b> A
radio station in Myrtle Beach announced that at least 90% of the hotels
and motels would be full for the Memorial Day weekend. The station
advised listeners to make reservations in advance if they planned to be
in the resort over the weekend. On Saturday night a sample of 58 hotels
and motels showed 49 with a no-vacancy sign and 9 with vacancies. What
is your reaction to the radio station’s claim after seeing the sample
evidence? Use <i>α</i> = .05 in making the statistical test. What is the <i>p-</i>value?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.62&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.62 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>9.63</b> In
recent years more people have been working past the age of 65. In 2005,
27% of people aged 65–69 worked. A recent report from the Organization
for Economic Co-operation and Development (OECD) claimed that the
percentage working had increased (<i>USA Today,</i> November 16, 2012).
The findings reported by the OECD were consistent with taking a sample
of 600 people aged 65–69 and finding that 180 of them were working.<blockquote>
a. Develop a point estimate of the proportion of people aged 65–69 who are working.<br />b. Set up a hypothesis test so that the rejection of <i>H</i><sub>0</sub> will allow you to conclude that the proportion of people aged 65–69 working has increased from 2005.<br />c. Conduct your hypothesis test using <i>α</i> = .05. What is your conclusion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=9.63&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 9.63 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-36495800987134112642019-09-29T20:18:00.001-05:002019-09-29T20:18:13.765-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 8
<b>8.1</b> A simple random sample of 40 items resulted in a sample mean of 25. The population standard deviation is <i>σ</i> = 5.<br />
<blockquote>
a. What is the standard error of the mean, ...?<br />b. At 95% confidence, what is the margin of error?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.2</b> A simple random sample of 50 items from a population with <i>σ</i> = 6 resulted in a sample mean of 32.<blockquote>
a. Provide a 90% confidence interval for the population mean.<br />b. Provide a 95% confidence interval for the population mean.<br />c. Provide a 99% confidence interval for the population mean.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.3</b> A simple random sample of 60 items resulted in a sample mean of 80. The population standard deviation is <i>σ</i> = 15.<blockquote>
a. Compute the 95% confidence interval for the population mean.<br />b.
Assume that the same sample mean was obtained from a sample of 120
items. Provide a 95% confidence interval for the population mean.<br />c. What is the effect of a larger sample size on the interval estimate?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.4</b> A 95% confidence interval for a population mean was reported to be 152 to 160. If <i>σ</i> = 15, what sample size was used in this study?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.5</b> Data
were collected on the amount spent by 64 customers for lunch at a major
Houston restaurant. These data are contained in the WEBfile named
Houston. Based upon past studies the population standard deviation is
known with <i>σ</i> = $6.<blockquote>
a. At 99% confidence, what is the margin of error?<br />b. Develop a 99% confidence interval estimate of the mean amount spent for lunch.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.6</b> In
an attempt to assess total daily travel taxes in various cities, the
Global Business Travel Association conducted a study of daily travel
taxes on lodging, rental car, and meals (GBTA Foundation website,
October 30, 2012). The data contained in the WEBfile named TravelTax are
consistent with the findings of that study for business travel to
Chicago. Assume the population standard deviation is known to be $8.50
and develop a 95% confidence interval of the population mean total daily
travel taxes for Chicago.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.7</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.8</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.9</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.10</b> Costs
are rising for all kinds of medical care. The mean monthly rent at
assisted-living facilities was reported to have increased 17% over the
last five years to $3486 (<i>The Wall Street Journal</i>, October 27,
2012). Assume this cost estimate is based on a sample of 120 facilities
and, from past studies, it can be assumed that the population standard
deviation is <i>σ</i> = $650.<blockquote>
a. Develop a 90% confidence interval estimate of the population mean monthly rent.<br />b. Develop a 95% confidence interval estimate of the population mean monthly rent.<br />c. Develop a 99% confidence interval estimate of the population mean monthly rent.<br />d.
What happens to the width of the confidence interval as the confidence
level is increased? Does this seem reasonable? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.11</b> For a <i>t</i> distribution with 16 degrees of freedom, find the area, or probability, in each region.<blockquote>
a. To the right of 2.120<br />b. To the left of 1.337<br />c. To the left of –1.746<br />d. To the right of 2.583<br />e. Between –2.120 and 2.120<br /><br />f. Between – 1.746 and 1.746</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.12</b> Find the <i>t</i> value(s) for each of the following cases.<blockquote>
a. Upper tail area of.025 with 12 degrees of freedom<br />b. Lower tail area of.05 with 50 degrees of freedom<br />c. Upper tail area of.01 with 30 degrees of freedom<br />d. Where 90% of the area falls between these two <i>t</i> values with 25 degrees of freedom<br />e. Where 95% of the area falls between these two <i>t</i> values with 45 degrees of freedom</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.13</b> The following sample data are from a normal population: 10, 8, 12, 15, 13, 11, 6, 5.<blockquote>
a. What is the point estimate of the population mean?<br />b. What is the point estimate of the population standard deviation?<br />c. With 95% confidence, what is the margin of error for the estimation of the population mean?<br />d. What is the 95% confidence interval for the population mean?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.14</b> A simple random sample with <i>n</i> = 54 provided a sample mean of 22.5 and a sample standard deviation of 4.4.<blockquote>
a. Develop a 90% confidence interval for the population mean.<br />b. Develop a 95% confidence interval for the population mean.<br />c. Develop a 99% confidence interval for the population mean.<br />d. What happens to the margin of error and the confidence interval as the confidence level is increased?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.15</b> Sales
personnel for Skillings Distributors submit weekly reports listing the
customer contacts made during the week. A sample of 65 weekly reports
showed a sample mean of 19.5 customer contacts per week. The sample
standard deviation was 5.2. Provide 90% and 95% confidence intervals for
the population mean number of weekly customer contacts for the sales
personnel.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.16</b> A sample containing years to maturity and yield for 40 corporate bonds is contained in the WEBfile named CorporateBonds (<i>Barron’s</i>, April 2, 2012).<blockquote>
a. What is the sample mean years to maturity for corporate bonds and what is the sample standard deviation?<br />b. Develop a 95% confidence interval for the population mean years to maturity.<br />c. What is the sample mean yield on corporate bonds and what is the sample standard deviation?<br />d. Develop a 95% confidence interval for the population mean yield on corporate bonds.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.17</b> The
International Air Transport Association surveys business travelers to
develop quality ratings for transatlantic gateway airports. The maximum
possible rating is 10. Suppose a simple random sample of 50 business
travelers is selected and each traveler is asked to provide a rating for
the Miami International Airport. The ratings obtained from the sample
of 50 business travelers follow....Develop a 95% confidence interval estimate of the population mean rating for Miami.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.18</b> Older
people often have a hard time finding work. AARP reported on the number
of weeks it takes a worker aged 55 plus to find a job. The data on
number of weeks spent searching for a job contained in the WEBfile named
JobSearch are consistent with the AARP findings (<i>AARP Bulletin,</i> April 2008).<blockquote>
a. Provide a point estimate of the population mean number of weeks it takes a worker aged 55 plus to find a job.<br />b. At 95% confidence, what is the margin of error?<br />c. What is the 95% confidence interval estimate of the mean?<br />d. Discuss the degree of skewness found in the sample data. What suggestion would you make for a repeat of this study?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.19</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.20</b> The
average annual premium for automobile insurance in the United States is
$1503 (Insure.com website, March 6, 2014). The following annual
premiums ($) are representative of the website’s findings for the state
of Michigan....Assume the population is approximately normal.<blockquote>
a.
Provide a point estimate of the mean annual automobile insurance
premium in Michigan.b. Develop a 95% confidence interval for the mean
annual automobile insurance premium in Michigan.c
Does the 95% confidence interval for the annual automobile insurance
premium in Michigan include the national average for the United States?
What is your interpretation of the relationship between auto insurance
premiums in Michigan and the national average?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.21</b> Health
insurers are beginning to offer telemedicine services online that
replace the common office visit. Wellpoint provides a video service that
allows subscribers to connect with a physician online and receive
prescribed treatments (<i>Bloomberg Businessweek,</i> March 4–9, 2014).
Wellpoint claims that users of its LiveHealth Online service saved a
significant amount of money on a typical visit. The data shown below
($), for a sample of 20 online doctor visits, are consistent with the
savings per visit reported by Wellpoint....Assuming
the population is roughly symmetric, construct a 95% confidence
interval for the mean savings for a televisit to the doctor as opposed
to an office visit.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.22</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.23</b> How
large a sample should be selected to provide a 95% confidence interval
with a margin of error of 10? Assume that the population standard
deviation is 40.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.24</b> The range for a set of data is estimated to be 36.<blockquote>
a. What is the planning value for the population standard deviation?<br />b. At 95% confidence, how large a sample would provide a margin of error of 3?<br />c. At 95% confidence, how large a sample would provide a margin of error of 2?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.25</b> Refer to the Scheer Industries example in Section 8.2. Use 6.84 days as a planning value for the population standard deviation.<blockquote>
a. Assuming 95% confidence, what sample size would be required to obtain a margin of error of 1.5 days?<br />b.
If the precision statement was made with 90% confidence, what sample
size would be required to obtain a margin of error of 2 days?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.26</b> The
U.S. Energy Information Administration (US EIA) reported that the
average price for a gallon of regular gasoline is $3.94 (US EIA website,
April 6, 2012). The US EIA updates its estimates of average gas prices
on a weekly basis. Assume the standard deviation is $.25 for the price
of a gallon of regular gasoline and recommend the appropriate sample
size for the US EIA to use if it wishes to report each of the following
margins of error at 95% confidence.<blockquote>
a. The desired margin of error is $.10.<br />b. The desired margin of error is $.07.<br />c. The desired margin of error is $.05.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.27</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.28</b> Many
medical professionals believe that eating too much red meat increases
the risk of heart disease and cancer (WebMD website, March 12, 2014).
Suppose you would like to conduct a survey to determine the yearly
consumption of beef by a typical American and want to use 3 pounds as
the desired margin of error for a confidence interval estimate of the
population mean amount of beef consumed annually. Use 25 pounds as a
planning value for the population standard deviation and recommend a
sample size for each of the following situations.<blockquote>
a. A 90% confidence interval is desired for the mean amount of beef consumed.<br />b. A 95% confidence interval is desired for the mean amount of beef consumed.<br />c. A 99% confidence interval is desired for the mean amount of beef consumed.<br />d.
When the desired margin of error is set, what happens to the sample
size as the confidence level is increased? Would you recommend using a
99% confidence interval in this case? Discuss.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.29</b> Customers
arrive at a movie theater at the advertised movie time only to find
that they have to sit through several previews and prepreview ads before
the movie starts. Many complain that the time devoted to previews is
too long (<i>The Wall Street Journal,</i> October 12, 2012). A preliminary sample conducted by <i>The Wall Street Journal</i>
showed that the standard deviation of the amount of time devoted to
previews was 4 minutes. Use that as a planning value for the standard
deviation in answering the following questions.<blockquote>
a. If
we want to estimate the population mean time for previews at movie
theaters with a margin of error of 75 seconds, what sample size should
be used? Assume 95% confidence.<br />b. If we want to
estimate the population mean time for previews at movie theaters with a
margin of error of 1 minute, what sample size should be used? Assume 95%
confidence.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.30</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.31</b> A simple random sample of 400 individuals provides 100 Yes responses.<blockquote>
a. What is the point estimate of the proportion of the population that would provide Yes responses?<br />b. What is your estimate of the standard error of the proportion, ... ?<br />c. Compute the 95% confidence interval for the population proportion.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.32</b> A simple random sample of 800 elements generates a sample proportion <i>...</i>.<blockquote>
a. Provide a 90% confidence interval for the population proportion.<br />b. Provide a 95% confidence interval for the population proportion.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.33</b> In a survey, the planning value for the population proportion is <i>p</i>* = .35. How large a sample should be taken to provide a 95% confidence interval with a margin of error of.05?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.34</b> At
95% confidence, how large a sample should be taken to obtain a margin
of error of.03 for the estimation of a population proportion? Assume
that past data are not available for developing a planning value for <i>p</i>*.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.35</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.36</b> According
to statistics reported on CNBC, a surprising number of motor vehicles
are not covered by insurance (CNBC, February 23, 2006). Sample results,
consistent with the CNBC report, showed 46 of 200 vehicles were not
covered by insurance.<blockquote>
a. What is the point estimate of the proportion of vehicles not covered by insurance?<br />b. Develop a 95% confidence interval for the population proportion.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.37</b> One
of the questions on a survey of 1000 adults asked if today’s children
will be better off than their parents (Rasmussen Reports website,
October 26, 2012). Representative data are shown in the WEBfile named
ChildOutlook. A response of Yes indicates that the adult surveyed did
think today’s children will be better off than their parents. A response
of No indicates that the adult surveyed did not think today’s children
will be better off than their parents. A response of Not Sure was given
by 23% of the adults surveyed.<blockquote>
a. What is the point
estimate of the proportion of the population of adults who do think that
today’s children will be better off than their parents?<br />b. At 95% confidence, what is the margin of error?<br />c.
What is the 95% confidence interval for the proportion of adults who do
think that today’s children will be better off than their parents?<br />d.
What is the 95% confidence interval for the proportion of adults who do
not think that today’s children will be better off than their parents?<br />e. Which of the confidence intervals in parts (c) and (d) has the smaller margin of error? Why?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.38</b> According to Thomson Financial, through January 25, 2006, the majority of companies reporting profits had beaten estimates (<i>BusinessWeek</i>, February 6, 2006). A sample of 162 companies showed that 104 beat estimates, 29 matched estimates, and 29 fell short.<blockquote>
a. What is the point estimate of the proportion that fell short of estimates?<br />b. Determine the margin of error and provide a 95% confidence interval for the proportion that beat estimates.<br />c. How large a sample is needed if the desired margin of error is.05?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.39</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.40</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.41</b> Fewer
young people are driving. In 1983, 87% of 19-year-olds had a driver’s
license. Twenty-five years later that percentage had dropped to 75%
(University of Michigan Transportation Research Institute website, April
7, 2012). Suppose these results are based on a random sample of 1200
19-year-olds in 1983 and again in 2008.<blockquote>
a. At 95% confidence, what is the margin of error and the interval estimate of the number of 19-year-old drivers in 1983?<br />b. At 95% confidence, what is the margin of error and the interval estimate of the number of 19-year-old drivers in 2008?<br />c. Is the margin of error the same in parts (a) and (b)? Why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.42</b> A
poll for the presidential campaign sampled 491 potential voters in
June. A primary purpose of the poll was to obtain an estimate of the
proportion of potential voters who favored each candidate. Assume a
planning value of <i>p*</i> =.50 and a 95% confidence level.<blockquote>
a. For <i>p</i>* =.50, what was the planned margin of error for the June poll?<br />b.
Closer to the November election, better precision and smaller margins
of error are desired. Assume the following margins of error are
requested for surveys to be conducted during the presidential campaign.
Compute the recommended sample size for each survey.</blockquote>
...<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.43</b> The
Pew Research Center Internet Project, conducted on the 25th anniversary
of the Internet, involved a survey of 857 Internet users (Pew Research
Center website, April 1, 2014). It provided a variety of statistics on
Internet users. For instance, in 2014, 87% of American adults were
Internet users. In 1995 only 14% of American adults used the Internet.<blockquote>
a.
The sample survey showed that 90% of respondents said the Internet has
been a good thing for them personally. Develop a 95% confidence interval
for the proportion of respondents who say the Internet has been a good
thing for them personally.<br />b. The sample survey showed
that 67% of Internet users said the Internet has generally strengthened
their relationship with family and friends. Develop a 95% confidence
interval for the proportion of respondents who say the Internet has
strengthened their relationship with family and friends.<br />c.
Fifty-six percent of Internet users have seen an online group come
together to help a person or community solve a problem, whereas only 25%
have left an online group because of unpleasant interaction. Develop a
95% confidence interval for the proportion of Internet users who say
online groups have helped solve a problem.<br />d. Compare
the margin of error for the interval estimates in parts (a), (b), and
(c). How is the margin of error related to the sample proportion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.44</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.45</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.46</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.47</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.48</b> A
sample survey of 54 discount brokers showed that the mean price charged
for a trade of 100 shares at $50 per share was $33.77 (<i>AAII Journal,</i>
February 2006). The survey is conducted annually. With the historical
data available, assume a known population standard deviation of $15.<blockquote>
a. Using the sample data, what is the margin of error associated with a 95% confidence interval?<br />b. Develop a 95% confidence interval for the mean price charged by discount brokers for a trade of 100 shares at $50 per share.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.48&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.48 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.49</b> A
survey conducted by the American Automobile Association (AAA) showed
that a family of four spends an average of $215.60 per day while on
vacation. Suppose a sample of 64 families of four vacationing at Niagara
Falls resulted in a sample mean of $252.45 per day and a sample
standard deviation of $74.50.<blockquote>
a. Develop a 95% confidence interval estimate of the mean amount spent per day by a family of four visiting Niagara Falls.<br />b.
Based on the confidence interval from part (a), does it appear that the
population mean amount spent per day by families visiting Niagara Falls
differs from the mean reported by the American Automobile Association?
Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.49&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.49 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.50</b> The 92 million Americans of age 50 and over control 50% of all discretionary income (<i>AARP Bulletin,</i>
March 2008). AARP estimated that the average annual expenditure on
restaurants and carryout food was $1873 for individuals in this age
group. Suppose this estimate is based on a sample of 80 persons and that
the sample standard deviation is $550.<blockquote>
a. At 95% confidence, what is the margin of error?<br />b. What is the 95% confidence interval for the population mean amount spent on restaurants and carryout food?<br />c. What is your estimate of the total amount spent by Americans of age 50 and over on restaurants and carryout food?<br />d.
If the amount spent on restaurants and carryout food is skewed to the
right, would you expect the median amount spent to be greater or less
than $1873?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.50&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.50 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.51</b> Russia
has recently started a push for stronger smoking regulations much like
those in Western countries concerning cigarette advertising, smoking in
public places, and so on. The WEBfile named Russia contains sample data
on smoking habits of Russians that are consistent with those reported by
<i>The Wall Street Journal</i> (<i>The Wall Street Journal,</i> October 16, 2012). Analyze the data using Excel and answer the following questions.<blockquote>
a. Develop a point estimate and a 95% confidence interval for the proportion of Russians who smoke.<br />b.
Develop a point estimate and a 95% confidence interval for the mean
annual per capita consumption (number of cigarettes) of a Russian.<br />c. For those Russians who do smoke, estimate the number of cigarettes smoked per day.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.51&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.51 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.52</b> The
Health Care Cost Institute tracks health care expenditures for
beneficiaries under the age of 65 who are covered by employer-sponsored
private health insurance (Health Care Cost Institute website, November
4, 2012). The data contained in the WEBfile named DrugCost are
consistent with the institute’s findings concerning annual prescription
costs per employee. Analyze the data using Excel and answer the
following questions.<blockquote>
a. Develop a 90% confidence interval for the annual cost of prescription drugs.<br />b. Develop a 90% confidence interval for the amount of out-of-pocket expense per employee.<br />c. What is your point estimate of the proportion of employees who incurred no prescription drug costs?<br />d. Which, if either, of the confidence intervals in parts (a) and (b) has a larger margin of error. Why?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.52&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.52 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.53</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.53&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.53 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.54</b> Mileage
tests are conducted for a particular model of automobile. If a 98%
confidence interval with a margin of error of 1 mile per gallon is
desired, how many automobiles should be used in the test? Assume that
preliminary mileage tests indicate the standard deviation is 2.6 miles
per gallon.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.54&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.54 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.55</b> In
developing patient appointment schedules, a medical center wants to
estimate the mean time that a staff member spends with each patient. How
large a sample should be taken if the desired margin of error is two
minutes at a 95% level of confidence? How large a sample should be taken
for a 99% level of confidence? Use a planning value for the population
standard deviation of eight minutes.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.55&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.55 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.56</b> Annual
salary plus bonus data for chief executive officers are presented in an
annual pay survey. A preliminary sample showed that the standard
deviation is $675 with data provided in thousands of dollars. How many
chief executive officers should be in a sample if we want to estimate
the population mean annual salary plus bonus with a margin of error of
$100,000? (<i>Note:</i> The desired margin of error would be <i>E</i> = 100 if the data are in thousands of dollars.) Use 95% confidence.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.56&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.56 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.57</b> The
National Center for Education Statistics reported that 47% of college
students work to pay for tuition and living expenses. Assume that a
sample of 450 college students was used in the study.<blockquote>
a.
Provide a 95% confidence interval for the population proportion of
college students who work to pay for tuition and living expenses.<br />b.
Provide a 99% confidence interval for the population proportion of
college students who work to pay for tuition and living expenses.<br />c. What happens to the margin of error as the confidence is increased from 95% to 99%?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.57&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.57 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.58</b> A <i>USA</i> <i>Today</i>/CNN/Gallup
survey of 369 working parents found 200 who said they spend too little
time with their children because of work commitments.<blockquote>
a.
What is the point estimate of the proportion of the population of
working parents who feel they spend too little time with their children
because of work commitments?<br />b. At 95% confidence, what is the margin of error?<br />c.
What is the 95% confidence interval estimate of the population
proportion of working parents who feel they spend too little time with
their children because of work commitments?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.58&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.58 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.59</b> The
Pew Research Center has conducted extensive research on the young adult
population (Pew Research website, November 6, 2012). One finding was
that 93% of adults aged 18 to 29 use the Internet. Another finding was
that 21% of those aged 18 to 28 are married. Assume the sample size
associated with both findings is 500.<blockquote>
a. Develop a 95% confidence interval for the proportion of adults aged 18 to 29 who use the Internet.<br />b. Develop a 99% confidence interval for the proportion of adults aged 18 to 28 who are married.<br />c. In which case, part (a) or part (b), is the margin of error larger? Explain why.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.59&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.59 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.60</b> A
survey of 750 likely voters in Ohio was conducted by the Rasmussen Poll
just prior to the general election (Rasmussen Reports website, November
4, 2012). The state of the economy was thought to be an important
determinant of how people would vote. Among other things, the survey
found that 165 of the respondents rated the economy as good or excellent
and 315 rated the economy as poor.<blockquote>
a. Develop a point estimate of the proportion of likely voters in Ohio who rated the economy as good or excellent.<br />b. Construct a 95% confidence interval for the proportion of likely voters in Ohio who rated the economy as good or excellent.<br />c. Construct a 95% confidence interval for the proportion of likely voters in Ohio who rated the economy as poor.<br />d. Which of the confidence intervals in parts (b) and (c) is wider? Why?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.60&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.60 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.61</b> The <i>2003 Statistical Abstract of the United States</i>
reported the percentage of people 18 years of age and older who smoke.
Suppose that a study designed to collect new data on smokers and
nonsmokers uses a preliminary estimate of the proportion who smoke
of.30.<blockquote>
a. How large a sample should be taken to
estimate the proportion of smokers in the population with a margin of
error of.02? Use 95% confidence.<br />b. Assume that the
study uses your sample size recommendation in part (a) and finds 520
smokers. What is the point estimate of the proportion of smokers in the
population?<br />c. What is the 95% confidence interval for the proportion of smokers in the population?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.61&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.61 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.62</b> A
well-known bank credit card firm wishes to estimate the proportion of
credit card holders who carry a nonzero balance at the end of the month
and incur an interest charge. Assume that the desired margin of error
is.03 at 98% confidence.<blockquote>
a. How large a sample should
be selected if it is anticipated that roughly 70% of the firm’s card
holders carry a nonzero balance at the end of the month?<br />b. How large a sample should be selected if no planning value for the proportion could be specified?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.62&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.62 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.63</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.63&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.63 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>8.64</b> Although airline schedules and cost are important factors for business travelers when choosing an airline carrier, a <i>USA Today</i> survey found that business travelers list an airline’s frequent flyer program as the most important factor. From a sample of <i>n</i> = 1993 business travelers who responded to the survey, 618 listed a frequent flyer program as the most important factor.<blockquote>
a.
What is the point estimate of the proportion of the population of
business travelers who believe a frequent flyer program is the most
important factor when choosing an airline carrier?<br />b. Develop a 95% confidence interval estimate of the population proportion.<br />c. How large a sample would be required to report the margin of error of.01 at 95% confidence? Would you recommend that <i>USA Today</i> attempt to provide this degree of precision? Why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=8.64&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 8.64 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-12254235793874248122019-09-29T20:17:00.002-05:002019-09-29T20:17:12.813-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 7
<b>7.1</b> Consider
a finite population with five elements labeled A, B, C, D, and E. Ten
possible simple random samples of size 2 can be selected.<br />
<blockquote>
a. List the 10 samples beginning with AB, AC, and so on.<br />b. Using simple random sampling, what is the probability that each sample of size 2 is selected?<br />c.
Suppose we use Excel’s RAND function to assign random numbers to the
five elements: A (.7266), B (.0476), C (.2459), D (.0957), E (.9408).
List the simple random sample of size 2 that will be selected by using
these random numbers.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.2</b> Assume
a finite population has 10 elements. Number the elements from 1 to 10
and use the following 10 random numbers to select a sample of size 4..7545 .0936 .0341 .3242 .1449 .9060 .2420 .9773 .5428 .0729<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.3</b> The
American League consists of 15 baseball teams. Suppose a sample of 5
teams is to be selected to conduct player interviews. The following
table lists the 15 teams and the random numbers assigned by Excel’s RAND
function. Use these random numbers to select a sample of size 5....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.4</b> The
U.S. Golf Association is considering a ban on long and belly putters.
This has caused a great deal of controversy among both amateur golfers
and members of the Professional Golf Association (PGA) (<i>Golfweek</i>, October 26, 2012). Shown below are the names of the top 10 finishers in the recent PGA Tour McGladrey Classic golf tournament.<blockquote>
1. Tommy Gainey<br />2. David Toms<br />3. Jim Furyk<br />4. Brendon de Jonge<br />5. D. J. Trahan<br />6. Davis Love III<br />7. Chad Campbell<br />8. Greg Owens<br />9. Charles Howell III<br />10. Arjun Atwal</blockquote>
Select a simple random sample of 3 of these players to assess their opinions on the use of long and belly putters.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.5</b> In
this section we used a two-step procedure to select a simple random
sample of 30 EAI employees. Use this procedure to select a simple random
sample of 50 EAI employees.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.6</b> Indicate
which of the following situations involve sampling from a finite
population and which involve sampling from an infinite population. In
cases where the sampled population is finite, describe how you would
construct a frame.<blockquote>
a. Select a sample of licensed drivers in the state of New York.<br />b. Select a sample of boxes of cereal off the production line for the Breakfast Choice Company.<br />c. Select a sample of cars crossing the Golden Gate Bridge on a typical weekday.<br />d. Select a sample of students in a statistics course at Indiana University.<br />e. Select a sample of the orders being processed by a mail-order firm.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.7</b> The following data are from a simple random sample.5 8 10 7 10 14<blockquote>
a. What is the point estimate of the population mean?<br />b. What is the point estimate of the population standard deviation?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.8</b> A survey question for a sample of 150 individuals yielded 75 Yes responses, 55 No responses, and 20 No Opinions.<blockquote>
a. What is the point estimate of the proportion in the population who respond Yes?<br />b. What is the point estimate of the proportion in the population who respond No?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.9</b> A simple random sample of 5 months of sales data provided the following information:...<blockquote>
a. Develop a point estimate of the population mean number of units sold per month.<br />b. Develop a point estimate of the population standard deviation.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.10</b> Morningstar
publishes ratings data on 1208 company stocks (Morningstar website,
October 24, 2012). A sample of 40 of these stocks is contained in the
WEB file named Morningstar. Use the Morningstar data set to answer the
following questions.<blockquote>
a. Develop a point estimate of the proportion of the stocks that receive Morningstar’s highest rating of 5 Stars.<br />b.
Develop a point estimate of the proportion of the Morningstar stocks
that are rated Above Average with respect to business risk.<br />c. Develop a point estimate of the proportion of the Morningstar stocks that are rated 2 Stars or less.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.11</b> The
National Football League (NFL) polls fans to develop a rating for each
football game (NFL website, October 24, 2012). Each game is rated on a
scale from 0 (forgettable) to 100 (memorable). The fan ratings for a
random sample of 12 games follow....<blockquote>
a. Develop a point estimate of mean fan rating for the population of NFL games.<br />b. Develop a point estimate of the standard deviation for the population of NFL games.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.12</b> A
sample of 426 U.S. adults age 50 and older were asked how important a
variety of issues were in choosing whom to vote for in the 2012
presidential election (<i>AARP Bulletin,</i> March, 2012).<blockquote>
a. What is the sampled population for this study?<br />b.
Social Security and Medicare were cited as “very important” by 350
respondents. Estimate the proportion of the population of U.S. adults
age 50 and over who believe this issue is very important.<br />c.
Education was cited as “very important” by 74% of the respondents.
Estimate the number of respondents who believe this issue is very
important.<br />d. Job Growth was cited as “very important”
by 354 respondents. Estimate the proportion of U.S. adults age 50 and
over who believe job growth is very important.<br />e. What
is the target population for the inferences being made in parts (b) and
(d)? Is it the same as the sampled population you identified in part
(a)? Suppose you later learn that the sample was restricted to members
of the AARP. Would you still feel the inferences being made in parts (b)
and (d) are valid? Why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.13</b> One
of the questions in the Pew Internet & American Life Project asked
adults if they used the Internet at least occasionally (Pew website,
October 23, 2012). The results showed that 454 out of 478 adults aged
18–29 answered Yes; 741 out of 833 adults aged 30–49 answered Yes; 1058
out of 1644 adults aged 50 and over answered Yes.<blockquote>
a. Develop a point estimate of the proportion of adults aged 18–29 who use the Internet.<br />b. Develop a point estimate of the proportion of adults aged 30–49 who use the Internet.<br />c. Develop a point estimate of the proportion of adults aged 50 and over who use the Internet.<br />d. Comment on any relationship between age and Internet use that seems apparent.<br />e.
Suppose your target population of interest is that of all adults (18
years of age and over). Develop an estimate of the proportion of that
population who use the Internet.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.14</b> In
this section we showed how a simple random sample of 30 EAI employees
can be used to develop point estimates of the population mean annual
salary, the population standard deviation for annual salary, and the
population proportion having completed the management training program.<blockquote>
a. Use Excel to select a simple random sample of 50 EAI employees.<br />b. Develop a point estimate of the mean annual salary.<br />c. Develop a point estimate of the population standard deviation for annual salary.<br />d. Develop a point estimate of the population proportion having completed the management training program.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.15</b>
A population has a mean of 200 and a standard deviation of 50. Suppose a
simple random sample of size 100 is selected and ... is used to
estimate <i>μ</i>.<blockquote>
a. What is the probability that the sample mean will be within ± 5 of the population mean?<br />b. What is the probability that the sample mean will be within ± 10 of the population mean?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.16</b> Assume the population standard deviation is <i>σ</i> = 25. Compute the standard error of the mean, ...,
for sample sizes of 50, 100, 150, and 200. What can you say about the
size of the standard error of the mean as the sample size is increased?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.17</b> Suppose
a random sample of size 50 is selected from a population with σ = 10.
Find the value of the standard error of the mean in each of the
following cases (use the finite population correction factor if
appropriate).<blockquote>
a. The population size is infinite.<br />b. The population size is <i>N</i> = 50,000.<br />c. The population size is <i>N</i> = 5000.<br />d. The population size is <i>N</i> = 500.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.18</b> Refer to the EAI sampling problem. Suppose a simple random sample of 60 employees is used.<blockquote>
a. Sketch the sampling distribution of ... when simple random samples of size 60 are used.<br />b. What happens to the sampling distribution of ... if simple random samples of size 120 are used?<br />c.
What general statement can you make about what happens to the sampling
distribution of ... as the sample size is increased? Does this
generalization seem logical? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.19</b> In the EAI sampling problem (see Figure 7.8), we showed that for <i>n</i> = 30, there was .5064 probability of obtaining a sample mean within ±$500 of the population mean.<blockquote>
a. What is the probability that ... is within $500 of the population mean if a sample of size 60 is used?<br />b. Answer part (a) for a sample of size 120.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.20</b> <i>Barron’s</i> reported that the average number of weeks an individual is unemployed is 17.5 weeks (<i>Barron’s,</i>
February 18, 2008). Assume that for the population of all unemployed
individuals the population mean length of unemployment is 17.5 weeks and
that the population standard deviation is 4 weeks. Suppose you would
like to select a random sample of 50 unemployed individuals for a
follow-up study.<blockquote>
a. Show the sampling distribution of ..., the sample mean average for a sample of 50 unemployed individuals.<br />b.
What is the probability that a simple random sample of 50 unemployed
individuals will provide a sample mean within 1 week of the population
mean?<br />c. What is the probability that a simple random
sample of 50 unemployed individuals will provide a sample mean within
1/2 week of the population mean?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.21</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.22</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.23</b> The
Economic Policy Institute periodically issues reports on wages of
entry-level workers. The institute reported that entry-level wages for
male college graduates were $21.68 per hour and for female college
graduates were $18.80 per hour in 2011 (Economic Policy Institute
website, March 30, 2012). Assume the standard deviation for male
graduates is $2.30, and for female graduates it is $2.05.<blockquote>
a.
What is the probability that a sample of 50 male graduates will provide
a sample mean within $.50 of the population mean, $21.68?<br />b.
What is the probability that a sample of 50 female graduates will
provide a sample mean within $.50 of the population mean, $18.80?<br />c.
In which of the preceding two cases, part (a) or part (b), do we have a
higher probability of obtaining a sample estimate within $.50 of the
population mean? Why?<br />d. What is the probability that a
sample of 120 female graduates will provide a sample mean more than
$.30 below the population mean?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.24</b> The
state of California has a mean annual rainfall of 22 inches, whereas
the state of New York has a mean annual rainfall of 42 inches (Current
Results website, October 27, 2012). Assume that the standard deviation
for both states is 4 inches. A sample of 30 years of rainfall for
California and a sample of 45 years of rainfall for New York has been
taken.<blockquote>
a. Show the probability distribution of the sample mean annual rainfall for California.<br />b. What is the probability that the sample mean is within 1 inch of the population mean for California?<br />c. What is the probability that the sample mean is within 1 inch of the population mean for New York?<br />d.
In which case, part (b) or part (c), is the probability of obtaining a
sample mean within 1 inch of the population mean greater? Why?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.25</b> The mean preparation fee H&R Block charged retail customers in 2012 was $183 (<i>The Wall Street Journal,</i> March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is $50.<blockquote>
a.
What is the probability that the mean price for a sample of 30 H&R
Block retail customers is within $8 of the population mean?<br />b.
What is the probability that the mean price for a sample of 50 H&R
Block retail customers is within $8 of the population mean?<br />c.
What is the probability that the mean price for a sample of 100 H&R
Block retail customers is within $8 of the population mean?<br />d.
Which, if any, of the sample sizes in parts (a), (b), and (c) would you
recommend to have at least a .95 probability that the sample mean is
within $8 of the population mean?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.26</b> To estimate the mean age for a population of 4000 employees, a simple random sample of 40 employees is selected.<blockquote>
a. Would you use the finite population correction factor in calculating the standard error of the mean? Explain.<br />b.
If the population standard deviation is σ = 8.2 years, compute the
standard error both with and without the finite population correction
factor. What is the rationale for ignoring the finite population
correction factor whenever <i>n/N</i> ≤ .05?<br />c. What is the probability that the sample mean age of the employees will be within ±2 years of the population mean age?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.27</b> A random sample of size 100 is selected from a population with <i>p</i> = .40.<blockquote>
a. What is the expected value of ...?<br />b. What is the standard error of ...?<br />c. Show the sampling distribution of ....<br />d. What does the sampling distribution of ... show?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.28</b>
A population proportion is .40. A random sample of size 200 will be
taken and the sample proportion ... will be used to estimate the
population proportion.<blockquote>
a. What is the probability that the sample proportion will be within ± .03 of the population proportion?<br />b. What is the probability that the sample proportion will be within ± .05 of the population proportion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.29</b> Assume that the population proportion is .55. Compute the standard error of the proportion, ...,
for sample sizes of 100, 200, 500, and 1000. What can you say about the
size of the standard error of the proportion as the sample size is
increased?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.30</b> The
population proportion is .30. What is the probability that a sample
proportion will be within ± .04 of the population proportion for each of
the following sample sizes?<blockquote>
a. <i>n</i> = 100<br />b. <i>n</i> = 200<br />c. <i>n</i> = 500<br />d. <i>n</i> = 1000<br />e. What is the advantage of a larger sample size?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.31</b> The
president of Doerman Distributors, Inc., believes that 30% of the
firm’s orders come from first-time customers. A random sample of 100
orders will be used to estimate the proportion of first-time customers.<blockquote>
a. Assume that the president is correct and <i>p</i> = .30. What is the sampling distribution of ... for this study?<br />b. What is the probability that the sample proportion ... will be between .20 and .40?<br />c. What is the probability that the sample proportion will be between .25 and .35?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.32</b> <i>The Wall Street Journal</i>
reported that the age at first startup for 55% of entrepreneurs was 29
years of age or less and the age at first startup for 45% of
entrepreneurs was 30 years of age or more (<i>The Wall Street Journal,</i> March 19, 2012).<blockquote>
a.
Suppose a sample of 200 entrepreneurs will be taken to learn about the
most important qualities of entrepreneurs. Show the sampling
distribution of ... where ... is the sample proportion of entrepreneurs whose first startup was at 29 years of age or less.<br />b. What is the probability that the sample proportion in part (a) will be within ±.05 of its population proportion?<br />c.
Suppose a sample of 200 entrepreneurs will be taken to learn about the
most important qualities of entrepreneurs. Show the sampling
distribution of ... where ... is now the sample proportion of entrepreneurs whose first startup was at 30 years of age or more.<br />d. What is the probability that the sample proportion in part (c) will be within ± .05 of its population proportion?<br />e. Is the probability different in parts (b) and (d)? Why?<br /><br />f. Answer part (b) for a sample of size 400. Is the probability smaller? Why?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.33</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.34</b> Forty-two percent of primary care doctors think their patients receive unnecessary medical care (<i>Reader’s Digest,</i> December 2011/January 2012).<blockquote>
a.
Suppose a sample of 300 primary care doctors was taken. Show the
sampling distribution of the proportion of the doctors who think their
patients receive unnecessary medical care.<br />b. What is the probability that the sample proportion will be within ±.03 of the population proportion?<br />c. What is the probability that the sample proportion will be within ± .05 of the population proportion?<br />d. What would be the effect of taking a larger sample on the probabilities in parts (b) and (c)? Why?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.35</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.36</b> The
Grocery Manufacturers of America reported that 76% of consumers read
the ingredients listed on a product’s label. Assume the population
proportion is <i>p</i> = .76 and a sample of 400 consumers is selected from the population.<blockquote>
a.
Show the sampling distribution of the sample proportion ..., where
... is the proportion of the sampled consumers who read the ingredients
listed on a product’s label.<br />b. What is the probability that the sample proportion will be within ± .03 of the population proportion?<br />c. Answer part (b) for a sample of 750 consumers.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.37</b> The
Food Marketing Institute shows that 17% of households spend more than
$100 per week on groceries. Assume the population proportion is <i>p</i> = .17 and a simple random sample of 800 households will be selected from the population.<blockquote>
a. Show the sampling distribution of ..., the sample proportion of households spending more than $100 per week on groceries.<br />b. What is the probability that the sample proportion will be within ± .02 of the population proportion?<br />c. Answer part (b) for a sample of 1600 households.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.38</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.39</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.40</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.41</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.42</b> Jack
Lawler, a financial analyst, wants to prepare an article on the Shadow
Stock portfolio developed by the American Association of Individual
Investors (AAII). A list of the 30 companies in the Shadow Stock
portfolio as of March 2014 is contained in the WEBfile named
ShadowStocks (AAII website March 27, 2014). Jack would like to select a
simple random sample of 5 of these companies for an interview concerning
management practices.<blockquote>
a. In the WEBfile the Shadow
Stock companies are listed in column A of an Excel worksheet. In column B
we have generated a random number for each of the companies. Use these
random numbers to select a simple random sample of 5 of these companies
for Jack.<br />b. Generate a new set of random numbers and use them to select a new simple random sample. Did you select the same companies?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.43</b> The
latest available data showed health expenditures were $8086 per person
in the United Statesor 17.6% of gross domestic product (Centers for
Medicare & Medicaid Services website, April 1, 2012). Use $8086 as
the population mean and suppose a survey research firm will take a
sample of 100 people to investigate the nature of their health
expenditures. Assume the population standard deviation is $2500.<blockquote>
a. Show the sampling distribution of the mean amount of health care expenditures for a sample of 100 people.<br />b. What is the probability the sample mean will be within ±$200 of the population mean?<br />c.
What is the probability the sample mean will be greater than $9000? If
the survey research firm reports a sample mean greater than $9000, would
you question whether the firm followed correct sampling procedures? Why
or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.44</b> Foot
Locker uses sales per square foot as a measure of store productivity.
Sales are currently running at an annual rate of $406 per square foot (<i>The Wall Street Journal,</i>
March 7, 2012). You have been asked by management to conduct a study of
a sample of 64 Foot Locker stores. Assume the standard deviation in
annual sales per square foot for the population of all 3400 Foot Locker
stores is $80.<blockquote>
a. Show the sampling distribution of ..., the sample mean annual sales per square foot for a sample of 64 Foot Locker stores.<br />b. What is the probability that the sample mean will be within $15 of the population mean?<br />c.
Suppose you find a sample mean of $380. What is the probability of
finding a sample mean of $380 or less? Would you consider such a sample
to be an unusually low performing group of stores?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.45</b> Allegiant
Airlines charges a mean base fare of $89. In addition, the airline
charges for making a reservation on its website, checking bags, and
inflight beverages. These additional charges average $39 per passenger (<i>Bloomberg Businessweek,</i>
October 8–14, 2012). Suppose a random sample of 60 passengers is taken
to determine the total cost of their flight on Allegiant Airlines. The
population standard deviation of total flight cost is known to be $40.<blockquote>
a. What is the population mean cost per flight?<br />b. What is the probability the sample mean will be within $10 of the population mean cost per flight?<br />c. What is the probability the sample mean will be within $5 of the population mean cost per flight?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.46</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.47</b> Three
firms carry inventories that differ in size. Firm A’s inventory
contains 2000 items, firm B’s inventory contains 5000 items, and firm
C’s inventory contains 10,000 items. The population standard deviation
for the cost of the items in each firm’s inventory is σ = 144. A
statistical consultant recommends that each firm take a sample of 50
items from its inventory to provide statistically valid estimates of the
average cost per item. Employees of the small firm state that because
it has the smallest population, it should be able to make the estimate
from a much smaller sample than that required by the larger firms.
However, the consultant states that to obtain the same standard error
and thus the same precision in the sample results, all firms should use
the same sample size regardless of population size.<blockquote>
a.
Using the finite population correction factor, compute the standard
error for each of the three firms given a sample of size 50.<br />b. What is the probability that for each firm the sample mean ... will be within ± 25 of the population mean <i>μ</i>?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.48</b> A
researcher reports survey results by stating that the standard error of
the mean is 20. The population standard deviation is 500.<blockquote>
a. How large was the sample used in this survey?<br />b. What is the probability that the point estimate was within ± 25 of the population mean?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.48&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.48 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.49</b>
A
production process is checked periodically by a quality control
inspector. The inspector selects simple random samples of 30 finished
products and computes the sample mean product weights .... If test
results over a long period of time show that 5% of the ... values
are over 2.1 pounds and 5% are under 1.9 pounds, what are the mean and
the standard deviation for the population of products produced with this
process?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.49&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.49 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.50</b> Fifteen
percent of Australians smoke. By introducing tough laws banning brand
labels on cigarette packages, Australia hopes to reduce the percentage
of people smoking to 10% by 2018 (Reuters website, October 23, 2012).
Answer the following questions based on a sample of 240 Australians.<blockquote>
a. Show the sampling distribution of ..., the proportion of Australians who are smokers.<br />b. What is the probability the sample proportion will be within ±.04 of the population proportion?<br />c. What is the probability the sample proportion will be within ±.02 of the population proportion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.50&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.50 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.51</b> A
market research firm conducts telephone surveys with a 40% historical
response rate. What is the probability that in a new sample of 400
telephone numbers, at least 150 individuals will cooperate and respond
to the questions? In other words, what is the probability that the
sample proportion will be at least 150/400 = .375?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.51&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.51 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.52</b> Advertisers
contract with Internet service providers and search engines to place
ads on websites. They pay a fee based on the number of potential
customers who click on their ad. Unfortunately, click fraud—the practice
of someone clicking on an ad solely for the purpose of driving up
advertising revenue—has become a problem. Forty percent of advertisers
claim they have been a victim of click fraud (<i>BusinessWeek,</i> March
13, 2006). Suppose a simple random sample of 380 advertisers will be
taken to learn more about how they are affected by this practice.<blockquote>
a.
What is the probability that the sample proportion will be within ± .04
of the population proportion experiencing click fraud?<br />b. What is the probability that the sample proportion will be greater than .45?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.52&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.52 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.53</b> The
proportion of individuals insured by the All-Driver Automobile
Insurance Company who received at least one traffic ticket during a
five-year period is .15.<blockquote>
a. Show the sampling distribution of
... if a random sample of 150 insured individuals is used to estimate
the proportion having received at least one ticket.<br />b. What is the probability that the sample proportion will be within ± .03 of the population proportion?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.53&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.53 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>7.54</b> Lori
Jeffrey is a successful sales representative for a major publisher of
college textbooks. Historically, Lori obtains a book adoption on 25% of
her sales calls. Viewing her sales calls for one month as a sample of
all possible sales calls, assume that a statistical analysis of the data
yields a standard error of the proportion of .0625.<blockquote>
a. How large was the sample used in this analysis? That is, how many sales calls did Lori make during the month?<br />b. Let ... indicate the sample proportion of book adoptions obtained during the month. Show the sampling distribution of ....<br />c.
Using the sampling distribution of ..., compute the probability that
Lori will obtain book adoptions on 30% or more of her sales calls during
a one-month period.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=7.54&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 7.54 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-37723609986436775192019-09-29T20:14:00.001-05:002019-09-29T20:14:43.269-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 6
<b>6.1</b> The random variable <i>x</i> is known to be uniformly distributed between 1.0 and 1.5.<br />
<blockquote>
a. Show the graph of the probability density function.<br />b. Compute <i>P</i>(<i>x</i> = 1.25).<br />c. Compute <i>P</i>(1.0 ≤ <i>x</i> ≤ 1.25).<br />d. Compute <i>P</i>(1.20 < <i>x</i> < 1.5).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.2</b> The random variable <i>x</i> is known to be uniformly distributed between 10 and 20.<blockquote>
a. Show the graph of the probability density function.<br />b. Compute <i>P</i>(<i>x</i> < 15).<br />c. Compute <i>P</i>(12 ≤ <i>x</i> ≤ 18).<br />d. Compute <i>E</i>(<i>x</i>).<br />e. Compute <i>Var</i>(<i>x</i>).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.3</b> Delta
Airlines quotes a flight time of 2 hours, 5 minutes for its flights
from Cincinnati to Tampa. Suppose we believe that actual flight times
are uniformly distributed between 2 hours and 2 hours, 20 minutes.<blockquote>
a. Show the graph of the probability density function for flight time.<br />b. What is the probability that the flight will be no more than 5 minutes late?<br />c. What is the probability that the flight will be more than 10 minutes late?<br />d. What is the expected flight time?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.4</b> Most
computer languages include a function that can be used to generate
random numbers. In Excel, the RAND function can be used to generate
random numbers between 0 and 1. If we let <i>x</i> denote a random number generated using RAND, then <i>x</i> is a continuous random variable with the following probability density function....<blockquote>
a. Graph the probability density function.<br />b. What is the probability of generating a random number between .25 and .75?<br />c. What is the probability of generating a random number with a value less than or equal to .30?<br />d. What is the probability of generating a random number with a value greater than .60?<br />e. Generate 50 random numbers by entering = RAND() into 50 cells of an Excel worksheet.<br /><br />f. Compute the mean and standard deviation for the random numbers in part (e).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.5</b> In
October 2012, Apple introduced a much smaller variant of the Apple
iPad, known as the iPad Mini. Weighing less than 11 ounces, it was about
50% lighter than the standard iPad. Battery tests for the iPad Mini
showed a mean life of 10.25 hours (<i>The Wall Street Journal,</i> October 31, 2012). Assume that battery life of the iPad Mini is uniformly distributed between 8.5 and 12 hours.<blockquote>
a. Give a mathematical expression for the probability density function of battery life.<br />b. What is the probability that the battery life for an iPad Mini will be 10 hours or less?<br />c. What is the probability that the battery life for an iPad Mini will be at least 11 hours?<br />d. What is the probability that the battery life for an iPad Mini will be between 9.5 and 11.5 hours?<br />e. In a shipment of 100 iPad Minis, how many should have a battery life of at least 9 hours?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.6</b> A
Gallup Daily Tracking Survey found that the mean daily discretionary
spending by Americans earning over $90,000 per year was $136 per day (<i>USA Today</i>, July 30, 2012). The discretionary spending excluded home purchases, vehicle purchases, and regular monthly bills. Let <i>x</i> = the discretionary spending per day and assume that a uniform probability density function applies with <i>f</i> (<i>x</i>) = .00625 for <i>a</i> ≤ <i>x</i> ≤ <i>b.</i><blockquote>
a. Find the values of <i>a</i> and <i>b</i> for the probability density function.<br />b. What is the probability that consumers in this group have daily discretionary spending between $100 and $200?<br />c. What is the probability that consumers in this group have daily discretionary spending of $150 or more?<br />d. What is the probability that consumers in this group have daily discretionary spending of $80 or less?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.7</b> Suppose we are interested in bidding on a piece of land and we know one other bidder is interested.<sup>1</sup> The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor’s bid <i>x</i> is a random variable that is uniformly distributed between $10,000 and $15,000.<blockquote>
a. Suppose you bid $12,000. What is the probability that your bid will be accepted?<br />b. Suppose you bid $14,000. What is the probability that your bid will be accepted?<br />c. What amount should you bid to maximize the probability that you get the property?<br />d.
Suppose you know someone who is willing to pay you $16,000 for the
property. Would you consider bidding less than the amount in part (c)?
Why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.8</b> Using Figure 6.4 as a guide, sketch a normal curve for a random variable <i>x</i> that has a mean of <i>μ</i> = 100 and a standard deviation of <i>σ</i> = 10. Label the horizontal axis with values of 70, 80, 90, 100, 110, 120, and 130.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.9</b> A random variable is normally distributed with a mean of <i>μ</i> = 50 and a standard deviation of <i>σ</i> = 5.<blockquote>
a.
Sketch a normal curve for the probability density function. Label the
horizontal axis with values of 35, 40, 45, 50, 55, 60, and 65. Figure
6.4 shows that the normal curve almost touches the horizontal axis at
three standard deviations below and at three standard deviations above
the mean (in this case at 35 and 65).<br />b. What is the probability that the random variable will assume a value between 45 and 55?<br />c. What is the probability that the random variable will assume a value between 40 and 60?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.10</b> Draw
a graph for the standard normal distribution. Label the horizontal axis
at values of – 3, – 2, – 1, 0, 1, 2, and 3. Then compute the following
probabilities.<blockquote>
a. <i>P</i>(<i>z</i> ≤ 1.5)<br />b. <i>P</i>(<i>z</i> ≤ 1)<br />c. <i>P</i>(1 ≤ <i>z</i> ≤ 1.5)<br />d. <i>P</i>(0 < <i>z</i> < 2.5)</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.11</b> Given that <i>z</i> isa standard normal random variable, compute the following probabilities.<blockquote>
a. <i>P</i>(<i>z</i> ≤ –1.0)<br />b. <i>P</i>(<i>z</i> ≥ – 1)<br />c. <i>P</i>(<i>z</i> ≥ –1.5)<br />d. <i>P</i>(–2.5 ≤ <i>z</i>)<br />e. <i>P</i>(–3 < <i>z</i> ≤ 0)</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.12</b> Given that <i>z</i> isa standard normal random variable, compute the following probabilities.<blockquote>
a. <i>P</i>(0 ≤ <i>z</i> ≤ .83)<br />b. <i>P</i>(–1.57 ≤ <i>z</i> ≤ 0)<br />c. <i>P</i>(<i>z</i> > .44)<br />d. <i>P</i>(<i>z</i> ≥ –.23)<br />e. <i>P</i>(<i>z</i> < 1.20)<br /><br />f. <i>P</i>(<i>z</i> ≤ –.71)</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.13</b> Given that <i>z</i> is a standard normal random variable, compute the following probabilities.<blockquote>
a. <i>P</i>(–1.98 ≤ <i>z</i> ≤ .49)<br />b. <i>P</i>(.52 ≤ <i>z</i> ≤ 1.22)<br />c. <i>P</i>(–1.75 ≤ <i>z</i> ≤ –1.04)</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.14</b> Given that <i>z</i> isa standard normal random variable, find <i>z</i> for each situation.<blockquote>
a. The area to the left of <i>z</i> is .9750.<br />b. The area between 0 and <i>z</i> is .4750.<br />c. The area to the left of <i>z</i> is .7291.<br />d. The area to the right of <i>z</i> is .1314.<br />e. The area to the left of <i>z</i> is .6700.<br /><br />f. The area to the right of <i>z</i> is .3300.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.15</b> Given that <i>z</i> is a standard normal random variable, find <i>z</i> for each situation.<blockquote>
a. The area to the left of <i>z</i> is .2119.<br />b. The area between –<i>z</i> and <i>z</i> is .9030.<br />c. The area between – <i>z</i> and <i>z</i> is .2052.<br />d. The area to the left of <i>z</i> is .9948.<br />e. The area to the right of <i>z</i> is .6915.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.16</b> Given that <i>z</i> is a standard normal random variable, find <i>z</i> for each situation.<blockquote>
a. The area to the right of <i>z</i> is .01.<br />b. The area to the right of <i>z</i> is .025.<br />c. The area to the right of <i>z</i> is .05.<br />d. The area to the right of <i>z</i> is .10.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.17</b> The
mean cost of domestic airfares in the United States rose to an all-time
high of $385 per ticket (Bureau of Transportation Statistics website,
November 2, 2012). Airfares were based on the total ticket value, which
consisted of the price charged by the airlines plus any additional taxes
and fees. Assume domestic airfares are normally distributed with a
standard deviation of $110.<blockquote>
a. What is the probability that a domestic airfare is $550 or more?<br />b. What is the probability that a domestic airfare is $250 or less?<br />c. What if the probability that a domestic airfare is between $300 and $500?<br />d. What is the cost for the 3% highest domestic airfares?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.18</b> The average return for large-cap domestic stock funds over the three years 2009–2011 was 14.4% (<i>AAII Journal,</i> February, 2012). Assume the three-year returns were normally distributed across funds with a standard deviation of 4.4%.<blockquote>
a. What is the probability an individual large-cap domestic stock fund had a three-year return of at least 20%?<br />b. What is the probability an individual large-cap domestic stock fund had a three-year return of 10% or less?<br />c. How big does the return have to be to put a domestic stock fund in the top 10% for the three-year period?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.19</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.20</b> The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40 (<i>Bloomberg Businessweek,</i>
March 5–March 11, 2012). Assume these averages are the population means
in the two countries and that the probability distributions are
normally distributed with a standard deviation of $.25 in the United
States and a standard deviation of $.20 in Russia.<blockquote>
a. What is the probability that a randomly selected gas station in the United States charges less than $3.50 per gallon?<br />b. What percentage of the gas stations in Russia charge less than $3.50 per gallon?<br />c. What is the probability that a randomly selected gas station in Russia charged more than the mean price in the United States?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.21</b> A
person must score in the upper 2% of the population on an IQ test to
qualify for membership in Mensa, the international high-IQ society.
There are 110,000 Mensa members in 100 countries throughout the world
(Mensa International website, January 8, 2013). If IQ scores are
normally distributed with a mean of 100 and a standard deviation of 15,
what score must a person have to qualify for Mensa?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.22</b> Television viewing reached a new high when the Nielsen Company reported a mean daily viewing time of 8.35 hours per household (<i>USA Today,</i>
November 11, 2009). Use a normal probability distribution with a
standard deviation of 2.5 hours to answer the following questions about
daily television viewing per household.<blockquote>
a. What is the probability that a household views television between 5 and 10 hours a day?<br />b. How many hours of television viewing must a household have in order to be in the top 3% of all television viewing households?<br />c. What is the probability that a household views television more than 3 hours a day?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.23</b> The
time needed to complete a final examination in a particular college
course is normally distributed with a mean of 80 minutes and a standard
deviation of 10 minutes. Answer the following questions.<blockquote>
a. What is the probability of completing the exam in one hour or less?<br />b. What is the probability that a student will complete the exam in more than 60 minutes but less than 75 minutes?<br />c.
Assume that the class has 60 students and that the examination period
is 90 minutes in length. How many students do you expect will be unable
to complete the exam in the allotted time?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.24</b> The
American Automobile Association (AAA) reported that families planning
to travel over the Labor Day weekend would spend an average of $749 (The
Associated Press, August 12, 2012). Assume that the amount spent is
normally distributed with a standard deviation of $225.<blockquote>
a. What the probability of family expenses for the weekend being less that $400?<br />b. What is the probability of family expenses for the weekend being $800 or more?<br />c. What is the probability that family expenses for the weekend will be between $500 and $1000?<br />d. What would the Labor Day weekend expenses have to be for the 5% of the families with the most expensive travel plans?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.25</b> New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night (<i>USA Today,</i> April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55.<blockquote>
a. What is the probability that a hotel room costs $225 or more per night?<br />b. What is the probability that a hotel room costs less than $140 per night?<br />c. What is the probability that a hotel room costs between $200 and $300 per night?<br />d. What is the cost of the 20% most expensive hotel rooms in New York City?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.26</b> Consider the following exponential probability density function....<blockquote>
a. Find <i>P</i>(<i>x</i> ≤ 6).<br />b. Find <i>P</i>(<i>x</i> ≤ 4).<br />c. Find <i>P</i>(<i>x</i> ≥ 6).<br />d. Find <i>P</i>(4 ≤ <i>x</i> ≤ 6).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.27</b> Consider the following exponential probability density function....<blockquote>
a. Write the formula for <i>P</i>(<i>x</i> ≤ <i>x</i><sub>0</sub>).<br />b. Find <i>P</i>(<i>x</i> ≤ 2).<br />c. Find <i>P</i>(<i>x</i> ≥ 3).<br />d. Find <i>P</i>(<i>x</i> ≤ 5).<br />e. Find <i>P</i>(2 ≤ <i>x</i> ≤ 5).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.28</b> Battery life between charges for the Motorola Droid Razr Maxx is 20 hours when the primary use is talk time (<i>The Wall Street Journal,</i>
March 7, 2012). The battery life drops to 7 hours when the phone is
primarily used for Internet applications over cellular. Assume that the
battery life in both cases follows an exponential distribution.<blockquote>
a. Show the probability density function for battery life for the Droid Razr Maxx phone when its primary use is talk time.<br />b.
What is the probability that the battery charge for a randomly selected
Droid Razr Maxx phone will last no more than 15 hours when its primary
use is talk time?<br />c. What is the probability that the
battery charge for a randomly selected Droid Razr Maxx phone will last
more than 20 hours when its primary use is talk time?<br />d.
What is the probability that the battery charge for a randomly selected
Droid Razr Maxx phone will last no more than 5 hours when its primary
use is Internet applications?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.29</b> The
time between arrivals of vehicles at a particular intersection follows
an exponential probability distribution with a mean of 12 seconds.<blockquote>
a. Sketch this exponential probability distribution.<br />b. What is the probability that the arrival time between vehicles is 12 seconds or less?<br />c. What is the probability that the arrival time between vehicles is 6 seconds or less?<br />d. What is the probability of 30 or more seconds between vehicle arrivals?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.30</b> Comcast
Corporation is the largest cable television company, the second largest
Internet service provider, and the fourth largest telephone service
provider in the United States. Generally known for quality and reliable
service, the company periodically experiences unexpected service
interruptions. On January 14, 2014, such an interruption occurred for
the Comcast customers living in southwest Florida. When customers called
the Comcast office, a recorded message told them that the company was
aware of the service outage and that it was anticipated that service
would be restored in two hours. Assume that two hours is the mean time
to do the repair and that the repair time has an exponential probability
distribution.<blockquote>
a. What is the probability that the cable service will be repaired in one hour or less?<br />b. What is the probability that the repair will take between one hour and two hours?<br />c.
For a customer who calls the Comcast office at 1:00 P.M., what is the
probability that the cable service will not be repaired by 5:00 P.M.?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.31</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.32</b> The
Boston Fire Department receives 911 calls at a mean rate of 1.6 calls
per hour (Mass.gov website, November 2012). Suppose the number of calls
per hour follows a Poisson probability distribution.<blockquote>
a. What is the mean time between 911 calls to the Boston Fire Department in minutes?<br />b. Using the mean in part (a), show the probability density function for the time between 911 calls in minutes.<br />c. What is the probability that there will be less than one hour between 911 calls?<br />d. What is the probability that there will be 30 minutes or more between 911 calls?<br />e. What is the probability that there will be more than 5 minutes, but less than 20 minutes between 911 calls?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.33</b> A
business executive, transferred from Chicago to Atlanta, needs to sell
her house in Chicago quickly. The executive’s employer has offered to
buy the house for $210,000, but the offer expires at the end of the
week. The executive does not currently have a better offer but can
afford to leave the house on the market for another month. From
conversations with her realtor, the executive believes the price she
will get by leaving the house on the market for another month is
uniformly distributed between $200,000 and $225,000.<blockquote>
a.
If she leaves the house on the market for another month, what is the
mathematical expression for the probability density function of the
sales price?<br />b. If she leaves it on the market for another month, what is the probability that she will get at least $215,000 for the house?<br />c. If she leaves it on the market for another month, what is the probability that she will get less than $210,000?<br />d. Should the executive leave the house on the market for another month? Why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.34</b> The NCAA estimates that the yearly value of a full athletic scholarship at in-state public universities is $19,000 (<i>The Wall Street Journal,</i> March 12, 2012). Assume the scholarship value is normally distributed with a standard deviation of $2100.<blockquote>
a. For the 10% of athletic scholarships of least value, how much are they worth?<br />b. What percentage of athletic scholarships are valued at $22,000 or more?<br />c. For the 3% of athletic scholarships that are most valuable, how much are they worth?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.35</b> Motorola
used the normal distribution to determine the probability of defects
and the number of defects expected in a production process. Assume a
production process produces items with a mean weight of 10 ounces.
Calculate the probability of a defect and the expected number of defects
for a 1000-unit production run in the following situations.<blockquote>
a.
The process standard deviation is .15, and the process control is set
at plus or minus one standard deviation. Units with weights less than
9.85 or greater than 10.15 ounces will be classified as defects.<br />b.
Through process design improvements, the process standard deviation can
be reduced to .05. Assume the process control remains the same, with
weights less than 9.85 or greater than 10.15 ounces being classified as
defects.<br />c. What is the advantage of reducing process
variation, thereby causing process control limits to be at a greater
number of standard deviations from the mean?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.36</b> During
early 2012, economic hardship was stretching the limits of France’s
welfare system. One indicator of the level of hardship was the increase
in the number of people bringing items to a Paris pawnbroker; the number
of people bringing items to the pawnbroker had increased to 658 per day
(<i>Bloomberg Businessweek,</i> March 5–March 11, 2012). Assume the
number of people bringing items to the pawnshop per day in 2012 is
normally distributed with a mean of 658.<blockquote>
a. Suppose
you learn that on 3% of the days, 610 or fewer people brought items to
the pawnshop. What is the standard deviation of the number of people
bringing items to the pawnshop per day?<br />b. On any given day, what is the probability that between 600 and 700 people bring items to the pawnshop?<br />c. How many people bring items to the pawnshop on the busiest 3% of days?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.37</b> The
port of South Louisiana, located along 54 miles of the Mississippi
River between New Orleans and Baton Rouge, is the largest bulk cargo
port in the world. The U.S. Army Corps of Engineers reports that the
port handles a mean of 4.5 million tons of cargo per week (<i>USA Today,</i>
September 25, 2012). Assume that the number of tons of cargo handled
per week is normally distributed with a standard deviation of .82
million tons.<blockquote>
a. What is the probability that the port handles less than 5 million tons of cargo per week?<br />b. What is the probability that the port handles 3 or more million tons of cargo per week?<br />c. What is the probability that the port handles between 3 million and 4 million tons of cargo per week?<br />d.
Assume that 85% of the time the port can handle the weekly cargo volume
without extending operating hours. What is the number of tons of cargo
per week that will require the port to extend its operating hours?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.38</b> Ward
Doering Auto Sales is considering offering a special service contract
that will cover the total cost of any service work required on leased
vehicles. From experience, the company manager estimates that yearly
service costs are approximately normally distributed, with a mean of
$150 and a standard deviation of $25.<blockquote>
a. If the
company offers the service contract to customers for a yearly charge of
$200, what is the probability that any one customer’s service costs will
exceed the contract price of $200?<br />b. What is Ward’s expected profit per service contract?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.39</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.40</b> Assume
that the test scores from a college admissions test are normally
distributed, with a mean of 450 and a standard deviation of 100.<blockquote>
a. What percentage of the people taking the test score between 400 and 500?<br />b.
Suppose someone receives a score of 630. What percentage of the people
taking the test score better? What percentage score worse?<br />c.
If a particular university will not admit anyone scoring below 480,
what percentage of the persons taking the test would be acceptable to
the university?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.41</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.42</b> A
machine fills containers with a particular product. The standard
deviation of filling weights is known from past data to be .6 ounce. If
only 2% of the containers hold less than 18 ounces, what is the mean
filling weight for the machine? That is, what must <i>μ</i> equal? Assume the filling weights have a normal distribution.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.43</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.44</b> A
website for bed and breakfast inns gets approximately seven visitors
per minute. Suppose the number of website visitors per minute follows a
Poisson probability distribution.<blockquote>
a. What is the mean time between visits to the website?<br />b. Show the exponential probability density function for the time between website visits.<br />c. What is the probability that no one will access the website in a 1-minute period?<br />d. What is the probability that no one will access the website in a 12-second period?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.45</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>6.46</b> The
time (in minutes) between telephone calls at an insurance claims office
has the following exponential probability distribution....<blockquote>
a. What is the mean time between telephone calls?<br />b. What is the probability of having 30 seconds or less between telephone calls?<br />c. What is the probability of having 1 minute or less between telephone calls?<br />d. What is the probability of having 5 or more minutes without a telephone call?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=6.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 6.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-4199013479570723882019-09-29T20:11:00.001-05:002019-09-29T20:11:59.585-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter 5
<b>5.1</b> Consider the random experiment of tossing a coin twice.<br />
<blockquote>
a. List the experimental outcomes.<br />b. Define a random variable that represents the number of heads occurring on the two tosses.<br />c. Show what value the random variable would assume for each of the experimental outcomes.<br />d. Is this random variable discrete or continuous?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.2</b> Consider the random experiment of a worker assembling a product.<blockquote>
a. Define a random variable that represents the time in minutes required to assemble the product.<br />b. What values may the random variable assume?<br />c. Is the random variable discrete or continuous?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.3</b> Three
students scheduled interviews for summer employment at the Brookwood
Institute. In each case the interview results in either an offer for a
position or no offer. Experimental outcomes are defined in terms of the
results of the three interviews.<blockquote>
a. List the experimental outcomes.<br />b. Define a random variable that represents the number of offers made. Is the random variable continuous?<br />c. Show the value of the random variable for each of the experimental outcomes.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.4</b> In
January the U.S. unemployment rate dropped to 8.3% (U.S. Department of
Labor website, February 10, 2012). The Census Bureau includes nine
states in the Northeast region. Assume that the random variable of
interest is the number of Northeastern states with an unemployment rate
in January that was less than 8.3%. What values may this random variable
assume?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.5</b> To
perform a certain type of blood analysis, lab technicians must perform
two procedures. The first procedure requires either one or two separate
steps, and the second procedure requires either one, two, or three
steps.<blockquote>
a. List the experimental outcomes associated with performing the blood analysis.<br />b.
If the random variable of interest is the total number of steps
required to do the complete analysis (both procedures), show what value
the random variable will assume for each of the experimental outcomes.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.6</b> Listed
is a series of random experiments and associated random variables. In
each case, identify the values that the random variable can assume and
state whether the random variable is discrete or continuous....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.7</b> The probability distribution for the random variable <i>x</i> follows....<blockquote>
a. Is this probability distribution valid? Explain.<br />b. What is the probability that <i>x</i> = 30?<br />c. What is the probability that <i>x</i> is less than or equal to 25?<br />d. What is the probability that <i>x</i> is greater than 30?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.8</b> The
following data were collected by counting the number of operating rooms
in use at Tampa General Hospital over a 20-day period: On three of the
days only one operating room was used, on five of the days two were
used, on eight of the days three were used, and on four days all four of
the hospital’s operating rooms were used.<blockquote>
a. Use the
relative frequency approach to construct an empirical discrete
probability distribution for the number of operating rooms in use on any
given day.<br />b. Draw a graph of the probability distribution.<br />c. Show that your probability distribution satisfies the required conditions for a valid discrete probability distribution.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.9</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.10</b> The
percent frequency distributions of job satisfaction scores for a sample
of information systems (IS) senior executives and middle managers are
as follows. The scores range from a low of 1 (very dissatisfied) to a
high of 5 (very satisfied)....<blockquote>
a. Develop a probability distribution for the job satisfaction score of a randomly selected senior executive.<br />b. Develop a probability distribution for the job satisfaction score of a randomly selected middle manager.<br />c. What is the probability a randomly selected senior executive will report a job satisfaction score of 4 or 5?<br />d. What is the probability a randomly selected middle manager is very satisfied?<br />e. Compare the overall job satisfaction of senior executives and middle managers.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.11</b> A
technician services mailing machines at companies in the Phoenix area.
Depending on the type of malfunction, the service call can take 1, 2, 3,
or 4 hours. The different types of malfunctions occur at about the same
frequency.<blockquote>
a. Develop a probability distribution for the duration of a service call.<br />b. Draw a graph of the probability distribution.<br />c. Show that your probability distribution satisfies the conditions required for a discrete probability function.<br />d. What is the probability a randomly selected service call will take three hours?<br />e.
A service call has just come in, but the type of malfunction is
unknown. It is 3:00 P.M. and service technicians usually get off at 5:00
P.M. What is the probability the service technician will have to work
overtime to fix the machine today?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.12</b> Time
Warner Cable provides television and Internet service to over 15
million people (Time Warner Cable website, October 24, 2012). Suppose
that the management of Time Warner Cable subjectively assesses a
probability distribution for the number of new subscribers next year in
the state of New York as follows....<blockquote>
a. Is this probability distribution valid? Explain.<br />b. What is the probability Time Warner will obtain more than 400,000 new subscribers?<br />c. What is the probability Time Warner will obtain fewer than 200,000 new subscribers?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.13</b> A psychologist determined that the number of sessions required to obtain the trust of a new patient is either 1, 2, or 3. Let <i>x</i>
be a random variable indicating the number of sessions required to gain
the patient’s trust. The following probability function has been
proposed....<blockquote>
a. Is this probability function valid? Explain.<br />b. What is the probability that it takes exactly 2 sessions to gain the patient’s trust?<br />c. What is the probability that it takes at least 2 sessions to gain the patient’s trust?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.14</b> The following table is a partial probability distribution for the MRA Company’s projected profits (<i>x</i> = profit in $1000s) for the first year of operation (the negative value denotes a loss)....<blockquote>
a. What is the proper value for <i>f</i>(200)? What is your interpretation of this value?<br />b. What is the probability that MRA will be profitable?<br />c. What is the probability that MRA will make at least $100,000?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.15</b> The following table provides a probability distribution for the random variable <i>x</i>....<blockquote>
a. Compute <i>E</i>(<i>x</i>), the expected value of <i>x</i>.<br />b. Compute <i>σ</i><sup>2</sup>, the variance of <i>x</i>.<br />c. Compute <i>σ</i>, the standard deviation of <i>x</i>.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.16</b> The following table provides a probability distribution for the random variable <i>y</i>....<blockquote>
a. Compute <i>E</i>(<i>y</i>).<br />b. Compute <i>Var</i>(<i>y</i>) and <i>σ</i>.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.17</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.18</b> The
American Housing Survey reported the following data on the number of
times that owner-occupied and renter-occupied units had a water supply
stoppage lasting 6 or more hours in the past 3 months (U.S. Census
Bureau website, October 2012)....<blockquote>
a. Define a random variable <i>x</i>
= number of times that owner-occupied units had a water supply stoppage
lasting 6 or more hours in the past 3 months and develop a probability
distribution for the random variable. (Let <i>x</i> = 4 represent 4 or more times.)<br />b. Compute the expected value and variance for <i>x</i>.<br />c. Define a random variable <i>y</i>
= number of times that renter-occupied units had a water supply
stoppage lasting 6 or more hours in the past 3 months and develop a
probability distribution for the random variable. (Let <i>y</i> = 4 represent 4 or more times.)<br />d. Compute the expected value and variance for <i>y</i>.<br />e.
What observations can you make from a comparison of the number of water
supply stoppages reported by owner-occupied units versus
renter-occupied units?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.19</b> West
Virginia has one of the highest divorce rates in the nation, with an
annual rate of approximately 5 divorces per 1000 people (Centers for
Disease Control and Prevention website, January 12, 2012). The Marital
Counseling Center, Inc. (MCC) thinks that the high divorce rate in the
state may require them to hire additional staf<br />f. Working with a
consultant, the management of MCC has developed the following
probability distribution for <i>x</i> = the number of new clients for marriage counseling for the next year....<blockquote>
a. Is this probability distribution valid? Explain.<br />b. What is the probability MCC will obtain more than 30 new clients?<br />c. What is the probability MCC will obtain fewer than 20 new clients?<br />d. Compute the expected value and variance of <i>x</i>.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.20</b>
The probability distribution for damage claims paid by the Newton
Automobile Insurance Company on collision insurance follows....<blockquote>
a. Use the expected collision payment to determine the collision insurance premium that would enable the company to break even.<br />b.
The insurance company charges an annual rate of $520 for the collision
coverage. What is the expected value of the collision policy for a
policyholder? (<i>Hint:</i> It is the expected payments from the company
minus the cost of coverage.) Why does the policyholder purchase a
collision policy with this expected value?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.21</b> The
following probability distributions of job satisfaction scores for a
sample of information systems (IS) senior executives and middle managers
range from a low of 1 (very dissatisfied) to a high of 5 (very
satisfied)....<blockquote>
a. What is the expected value of the job satisfaction score for senior executives?<br />b. What is the expected value of the job satisfaction score for middle managers?<br />c. Compute the variance of job satisfaction scores for executives and middle managers.<br />d. Compute the standard deviation of job satisfaction scores for both probability distributions.<br />e. Compare the overall job satisfaction of senior executives and middle managers.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.22</b> The
demand for a product of Carolina Industries varies greatly from month
to month. The probability distribution in the following table, based on
the past two years of data, shows the company’s monthly demand....<blockquote>
a.
If the company bases monthly orders on the expected value of the
monthly demand, what should Carolina’s monthly order quantity be for
this product?<br />b. Assume that each unit demanded
generates $70 in revenue and that each unit ordered costs $50. How much
will the company gain or lose in a month if it places an order based on
your answer to part (a) and the actual demand for the item is 300 units?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.23</b> In
Gallup’s Annual Consumption Habits Poll, telephone interviews were
conducted for a random sample of 1014 adults aged 18 and over. One of
the questions was, “How man; cups of coffee, if any, do you drink on an
average day?” The following table shows the results obtained (Gallup
website, August 6, 2012)....Define a random variable <i>x</i> = number of cups of coffee consumed on an average day. Let <i>x</i> = 4 represent four or more cups.<blockquote>
a. Develop a probability distribution for <i>x</i>.<br />b. Compute the expected value of <i>x</i>.<br />c. Compute the variance of <i>x</i>.<br />d. Suppose we are only interested in adults who drink at least one cup of coffee on an average day. For this group, let <i>y</i> = the number of cups of coffee consumed on an average day. Compute the expected value of <i>y</i> and compare it to the expected value of <i>x</i>.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.24</b> The
J. R. Ryland Computer Company is considering a plant expansion to
enable the company to begin production of a new computer product. The
company’s president must determine whether to make the expansion a
medium-or large-scale project. Demand for the new product is uncertain,
which for planning purposes may be low demand, medium demand, or high
demand. The probability estimates for demand are .20, .50, and .30,
respectively. Letting <i>x</i> and <i>y</i> indicate the annual profit
in thousands of dollars, the firm’s planners developed the following
profit forecasts for the medium-and large-scale expansion projects....<blockquote>
a.
Compute the expected value for the profit associated with the two
expansion alternatives. Which decision is preferred for the objective of
maximizing the expected profit?<br />b. Compute the
variance for the profit associated with the two expansion alternatives.
Which decision is preferred for the objective of minimizing the risk or
uncertainty?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.25</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.26</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.26</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.28</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.29</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.30</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.31</b> Consider a binomial experiment with two trials and <i>p</i> =.4.<blockquote>
a. Draw a tree diagram for this experiment (see Figure 5.3).<br />b. Compute the probability of one success, <i>f</i>(1).<br />c. Compute <i>f</i>(0).<br />d. Compute <i>f</i>(2).<br />e. Compute the probability of at least one success.<br /><br />f. Compute the expected value, variance, and standard deviation.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.32</b> Consider a binomial experiment with <i>n</i> = 10 and <i>p</i> =.10.<blockquote>
a. Compute <i>f</i>(0).<br />b. Compute <i>f</i>(2).<br />c. Compute <i>P</i>(<i>x</i> ≤ 2).<br />d. Compute <i>P</i>(<i>x</i> ≥ 1).<br />e. Compute <i>E</i>(<i>x</i>).<br /><br />f. Compute <i>Var</i>(<i>x</i>)and <i>σ</i>.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.33</b> Consider a binomial experiment with <i>n</i> = 20 and <i>p</i> = .70.<blockquote>
a. Compute <i>f</i>(12).<br />b. Compute <i>f</i>(16).<br />c. Compute <i>P</i>(<i>x</i> ≥ 16).<br />d. Compute <i>P</i>(<i>x</i> ≤ 15).<br />e. Compute <i>E</i>(<i>x</i>).<br /><br />f. Compute <i>Var</i> (<i>x</i>) and <i>σ</i>.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.34</b> For
its Music 360 survey, Nielsen Co. asked teenagers and adults how each
group has listened to music in the past 12 months. Nearly two-thirds of
U.S. teenagers under the age of 18 say they use Google Inc.’s
video-sharing site to listen to music and 35% of the teenagers said they
use Pandora Media Inc.’s custom online radio service (<i>The Wall Street Journal,</i> August 14, 2012). Suppose 10 teenagers are selected randomly to be interviewed about how they listen to music.<blockquote>
a.
Is randomly selecting 10 teenagers and asking whether or not they use
Pandora Media Inc.’s online service a binomial experiment?<br />b. What is the probability that none of the 10 teenagers use Pandora Media Inc.’s online radio service?<br />c. What is the probability that 4 of the 10 teenagers use Pandora Media Inc.’s online radio service?<br />d. What is the probability that at least 2 of the 10 teenagers use Pandora Media Inc.’s online radio service?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.35</b> The
Center for Medicare and Medical Services reported that there were
295,000 appeals for hospitalization and other Part A Medicare service.
For this group, 40% of first-round appeals were successful (<i>The Wall Street Journal</i>, October 22, 2012). Suppose 10 first-round appeals have just been received by a Medicare appeals office.<blockquote>
a. Compute the probability that none of the appeals will be successful.<br />b. Compute the probability that exactly one of the appeals will be successful.<br />c. What is the probability that at least two of the appeals will be successful?<br />d. What is the probability that more than half of the appeals will be successful?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.36</b> When
a new machine is functioning properly, only 3% of the items produced
are defective. Assume that we will randomly select two parts produced on
the machine and that we are interested in the number of defective parts
found.<blockquote>
a. Describe the conditions under which this situation would be a binomial experiment.<br />b. Draw a tree diagram similar to Figure 5.4 showing this problem as a two-trial experiment.<br />c. How many experimental outcomes result in exactly one defect being found?<br />d. Compute the probabilities associated with finding no defects, exactly one defect, and two defects.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.37</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.38</b> Military
radar and missile detection systems are designed to warn a country of
an enemy attack. A reliability question is whether a detection system
will be able to identify an attack and issue a warning. Assume that a
particular detection system has a .90 probability of detecting a missile
attack. Use the binomial probability distribution to answer the
following questions.<blockquote>
a. What is the probability that a single detection system will detect an attack?<br />b.
If two detection systems are installed in the same area and operate
independently, what is the probability that at least one of the systems
will detect the attack?<br />c. If three systems are installed, what is the probability that at least one of the systems will detect the attack?<br />d. Would you recommend that multiple detection systems be used? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.39</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.40</b> A
study conducted by the Pew Research Center showed that 75% of 18-to
34-year-olds living with their parents say they contribute to household
expenses (<i>The Wall Street Journal</i>, October 22, 2012). Suppose
that a random sample of fifteen 18-to 34-year-olds living with their
parents is selected and asked if they contribute to household expenses.<blockquote>
a. Is the selection of the fifteen 18-to 34-year-olds living with their parents a binomial experiment? Explain.<br />b.
If the sample shows that none of the fifteen 18-to 34-year-olds living
with their parents contribute to household expenses, would you question
the results of the Pew Research Study? Explain.<br />c. What
is the probability that at least 10 of the fifteen 18-to 34-year-olds
living with their parents contribute to household expenses?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.41</b> A
university found that 20% of its students withdraw without completing
the introductory statistics course. Assume that 20 students registered
for the course.<blockquote>
a. Compute the probability that 2 or fewer will withdraw.<br />b. Compute the probability that exactly 4 will withdraw.<br />c. Compute the probability that more than 3 will withdraw.<br />d. Compute the expected number of withdrawals.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.42</b> A
Gallup Poll showed that 30% of Americans are satisfied with the way
things are going in the United States (Gallup website, September 12,
2012). Suppose a sample of 20 Americans is selected as part of a study
of the state of the nation.<blockquote>
a. Compute the probability
that exactly 4 of the 20 Americans surveyed are satisfied with the way
things are going in the United States.<br />b. Compute the
probability that at least 2 of the Americans surveyed are satisfied with
the way things are going in the United States.<br />c. For
the sample of 20 Americans, compute the expected number of Americans who
are satisfied with the way things are going in the United States.<br />d.
For the sample of 20 Americans, compute the variance and standard
deviation of the number of Americans who are satisfied with the way
things are going in the United States.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.43</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.44</b> Consider a Poisson distribution with <i>μ</i> = 3.<blockquote>
a. Write the appropriate Poisson probability function.<br />b. Compute <i>f</i>(2).<br />c. Compute <i>f</i>(1).<br />d. Compute <i>P</i>(<i>x</i> ≥2).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.45</b> Consider a Poisson distribution with a mean of two occurrences per time period.<blockquote>
a. Write the appropriate Poisson probability function.<br />b. What is the expected number of occurrences in three time periods?<br />c. Write the appropriate Poisson probability function to determine the probability of <i>x</i> occurrences in three time periods.<br />d. Compute the probability of two occurrences in one time period.<br />e. Compute the probability of six occurrences in three time periods.<br /><br />f. Compute the probability of five occurrences in two time periods.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.46</b> Phone calls arrive at the rate of 48 per hour at the reservation desk for Regional Airways.<blockquote>
a. Compute the probability of receiving three calls in a 5-minute interval of time.<br />b. Compute the probability of receiving exactly 10 calls in 15 minutes.<br />c.
Suppose no calls are currently on hold. If the agent takes 5 minutes to
complete the current call, how many callers do you expect to be waiting
by that time? What is the probability that none will be waiting?<br />d.
If no calls are currently being processed, what is the probability that
the agent can take 3 minutes for personal time without being
interrupted by a call?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.47</b> During
the period of time that a local university takes phone-in
registrations, calls come in at the rate of one every two minutes.<blockquote>
a. What is the expected number of calls in one hour?<br />b. What is the probability of three calls in five minutes?<br />c. What is the probability of no calls in a five-minute period?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.48</b> In
2011, New York City had a total of 11,232 motor vehicle accidents that
occurred on Monday through Friday between the hours of 3 <small>P.M.</small> and 6 <small>P.M.</small> (New York State Department of Motor Vehicles website, October 24, 2012). This corresponds to mean of 14.4 accidents per hour.<blockquote>
a. Compute the probability of no accidents in a 15-minute period.<br />b. Compute the probability of at least one accident in a 15-minute period.<br />c. Compute the probability of four or more accidents in a 15-minute period.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.48&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.48 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.49</b> Airline
passengers arrive randomly and independently at the passenger-screening
facility at a major international airport. The mean arrival rate is 10
passengers per minute.<blockquote>
a. Compute the probability of no arrivals in a one-minute period.<br />b. Compute the probability that three or fewer passengers arrive in a one-minute period.<br />c. Compute the probability of no arrivals in a 15-second period.<br />d. Compute the probability of at least one arrival in a 15-second period.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.49&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.49 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.50</b> According
to the National Oceanic and Atmospheric Administration (NOAA), the
state of Colorado averages 18 tornadoes every June (NOAA website,
November 8, 2012). (<i>Note</i>: There are 30 days in June.)<blockquote>
a. Compute the mean number of tornadoes per day.<br />b. Compute the probability of no tornadoes during a day.<br />c. Compute the probability of exactly one tornado during a day.<br />d. Compute the probability of more than one tornado during a day.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.50&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.50 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.51</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.51&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.51 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.52</b> Suppose <i>N</i> = 10 and <i>r</i> = 3. Compute the hypergeometric probabilities for the following values of <i>n</i> and <i>x</i>.<blockquote>
a. <i>n</i> = 4, <i>x</i> = 1.<br />b. <i>n</i> = 2, <i>x</i> = 2.<br />c. <i>n</i> = 2, <i>x</i> = 0.<br />d. <i>n</i> = 4, <i>x</i> = 2.<br />e. <i>n</i> = 4, <i>x</i> = 4.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.52&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.52 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.53</b> Suppose <i>N</i> = 15 and <i>r</i> = 4. What is the probability of <i>x</i> = 3 for <i>n</i> = 10?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.53&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.53 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.54</b> A
recent survey showed that a majority of Americans plan on doing their
holiday shopping online because they don’t want to spend money on gas
driving from store to store (SOASTA website, October 24, 2012). Suppose
we have a group of 10 shoppers; 7 prefer to do their holiday shopping
online and 3 prefer to do their holiday shopping in stores. A random
sample of 3 of these 10 shoppers is selected for a more in-depth study
of how the economy has impacted their shopping behavior.<blockquote>
a. What is the probability that exactly 2 prefer shopping online?<br />b. What is the probability that the majority (either 2 or 3) prefer shopping online?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.54&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.54 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.55</b> Blackjack,
or twenty-one as it is frequently called, is a popular gambling game
played in Las Vegas casinos. A player is dealt two cards. Face cards
(jacks, queens, and kings) and tens have a point value of 10. Aces have a
point value of 1 or 11. A 52-card deck contains 16 cards with a point
value of 10 (jacks, queens, kings, and tens) and four aces.<blockquote>
a. What is the probability that both cards dealt are aces or 10-point cards?<br />b. What is the probability that both of the cards are aces?<br />c. What is the probability that both of the cards have a point value of 10?<br />d.
A blackjack is a 10-point card and an ace for a value of 21. Use your
answers to parts (a), (b), and (c) to determine the probability that a
player is dealt blackjack. (<i>Hint:</i> Part (d) is not a
hypergeometric problem. Develop your own logical relationship as to how
the hypergeometric probabilities from parts (a), (b), and (c) can be
combined to answer this question.)</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.55&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.55 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.56</b> Axline
Computers manufactures personal computers at two plants, one in Texas
and the other in Hawaii. The Texas plant has 40 employees; the Hawaii
plant has 20. A random sample of 10 employees is to be asked to fill out
a benefits questionnaire.<blockquote>
a. What is the probability that none of the employees in the sample work at the plant in Hawaii?<br />b. What is the probability that 1 of the employees in the sample works at the plant in Hawaii?<br />c. What is the probability that 2 or more of the employees in the sample work at the plant in Hawaii?<br />d. What is the probability that 9 of the employees in the sample work at the plant in Texas?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.56&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.56 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.57</b> The
Zagat Restaurant Survey provides food, decor, and service ratings for
some of the top restaurants across the United States. For 15 restaurants
located in Boston, the average price of a dinner, including one drink
and tip, was $48.60. You are leaving on a business trip to Boston and
will eat dinner at three of these restaurants. Your company will
reimburse you for a maximum of $50 per dinner. Business associates
familiar with these restaurants have told you that the meal cost at
one-third of these restaurants will exceed $50. Suppose that you
randomly select three of these restaurants for dinner.<blockquote>
a. What is the probability that none of the meals will exceed the cost covered by your company?<br />b. What is the probability that one of the meals will exceed the cost covered by your company?<br />c. What is the probability that two of the meals will exceed the cost covered by your company?<br />d. What is the probability that all three of the meals will exceed the cost covered by your company?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.57&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.57 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.58</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.58&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.58 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.59</b> The
U.S. Coast guard (USCg) provides a wide variety of information on
boating accidents including the wind condition at the time of the
accident. The following table shows the results obtained for 4401
accidents (USCg website, November 8, 2012)....Let <i>x</i> be a random variable reflecting the known wind condition at the time of each accident. Set <i>x</i> = 0 for none, <i>x</i> = 1 for light, <i>x</i> = 2 for moderate, <i>x</i> = 3 for strong, and <i>x</i> = 4 for storm.<blockquote>
a. Develop a probability distribution for <i>x</i>.<br />b. Compute the expected value of <i>x</i>.<br />c. Compute the variance and standard deviation for <i>x</i>.<br />d. Comment on what your results imply about the wind conditions during boating accidents.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.59&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.59 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.60</b> The
Car Repair Ratings website provides consumer reviews and ratings for
garages in the United States and Canada. The time customers wait for
service to be completed is one of the categories rated. The following
table provides a summary of the wait-time ratings (1 = Slow/Delays; 10 =
Quick/On Time) for 40 randomly selected garages located in the province
of Ontario, Canada (Car Repair Ratings website, November 14, 2012)....<blockquote>
a. Develop a probability distribution for <i>x</i> = wait-time rating.<br />b.
Any garage that receives a wait-time rating of at least 9 is considered
to provide outstanding service. If a consumer randomly selects one of
the 40 garages for their next car service, what is the probability the
garage selected will provide outstanding wait-time service?<br />c. What is the expected value and variance for <i>x</i>?<br />d.
Suppose that 7 of the 40 garages reviewed were new car dealerships. Of
the 7 new car dealerships, two were rated as providing outstanding
wait-time service. Compare the likelihood of a new car dealership
achieving an outstanding wait-time service rating as compared to other
types of service providers.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.60&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.60 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.61</b> The
budgeting process for a midwestern college resulted in expense
forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and
$13. Because the actual expenses are unknown, the following respective
probabilities are assigned: .3, .2, .25, .05, and .2.<blockquote>
a. Show the probability distribution for the expense forecast.<br />b. What is the expected value of the expense forecast for the coming year?<br />c. What is the variance of the expense forecast for the coming year?<br />d. If income projections for the year are estimated at $12 million, comment on the financial position of the college.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.61&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.61 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.62</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.62&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.62 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.63</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.63&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.63 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.64</b> The
Pew Research Center surveyed adults who own/use the following
technologies: Internet, smartphone, email, and land-line phone (<i>USA</i> <i>Today</i>,
March 26, 2014) and asked which of these technologies would be “very
hard” to give up. The following responses were obtained: Internet 53%,
smartphone 49%, email 36%, and land-line phone 28%.<blockquote>
a.
If 20 adult Internet users are surveyed, what is the probability that 3
users will report that it would be very hard to give it up?<br />b.
If 20 adults who own a land-line phone are surveyed, what is the
probability that 5 or fewer will report that it would be very hard to
give it up?<br />c. If 2000 owners of smartphones were
surveyed, what is the expected number that will report that it would be
very hard to give it up?<br />d. If 2000 users of email were
surveyed, what is expected number that will report that it would be
very hard to give it up? What is the variance and standard deviation?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.64&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.64 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.65</b> The
following table shows the percentage of individuals in each age group
who use an online tax program to prepare their federal income tax return
(CompleteTax website, November 9, 2012)....Suppose
a follow-up study consisting of personal interviews is to be conducted
to determine the most important factors in selecting a method for filing
taxes.<blockquote>
a. How many 18–34-year-olds must be sampled to
find an expected number of at least 25 who use an online tax program to
prepare their federal income tax return?<br />b. How many
35–44-year-olds must be sampled to find an expected number of at least
25 who use an online tax program to prepare their federal income tax
return?<br />c. How many 65+-year-olds must be sampled to
find an expected number of at least 25 who use an online tax program to
prepare their federal income tax return?<br />d. If the
number of 18–34-year-olds sampled is equal to the value identified in
part (a), what is the standard deviation of the percentage who use an
online tax program?<br />e. If the number of 35–44-year-olds
sampled is equal to the value identified in part (b), what is the
standard deviation of the percentage who use an online tax program?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.65&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.65 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.66</b> Many
companies use a quality control technique called acceptance sampling to
monitor incoming shipments of parts, raw materials, and so on. In the
electronics industry, component parts are commonly shipped from
suppliers in large lots. Inspection of a sample of <i>n</i> components can be viewed as the <i>n</i>
trials of a binomial experiment. The outcome for each component tested
(trial) will be that the component is classified as good or defective.
Reynolds Electronics accepts a lot from a particular supplier if the
defective components in the lot do not exceed 1%. Suppose a random
sample of five items from a recent shipment is tested.<blockquote>
a. Assume that 1% of the shipment is defective. Compute the probability that no items in the sample are defective.<br />b. Assume that 1% of the shipment is defective. Compute the probability that exactly one item in the sample is defective.<br />c. What is the probability of observing one or more defective items in the sample if 1% of the shipment is defective?<br />d. Would you feel comfortable accepting the shipment if one item was found to be defective? Why or why not?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.66&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.66 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.67</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.67&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.67 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.68</b> Mahoney
Custom Home Builders, Inc. of Canyon Lake, Texas, asked visitors to
their website what is most important when choosing a home builder.
Possible responses were quality, price, customer referral, years in
business, and special features. Results showed that 23.5% of the
respondents chose price as the most important factor (Mahoney Custom
Homes website, November 13, 2012). Suppose a sample of 200 potential
home buyers in the Canyon Lake area was selected.<blockquote>
a. How many people would you expect to choose price as the most important factor when choosing a home builder?<br />b.
What is the standard deviation of the number of respondents who would
choose price as the most important factor in selecting a home builder?<br />c.
What is the standard deviation of the number of respondents who do not
list price as the most important factor in selecting a home builder?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.68&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.68 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.69</b> Cars
arrive at a car wash randomly and independently; the probability of an
arrival is the same for any two time intervals of equal length. The mean
arrival rate is 15 cars per hour. What is the probability that 20 or
more cars will arrive during any given hour of operation?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.69&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.69 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.70</b> A
new automated production process averages 1.5 breakdowns per day.
Because of the cost associated with a breakdown, management is concerned
about the possibility of having 3 or more breakdowns during a day.
Assume that breakdowns occur randomly, that the probability of a
breakdown is the same for any two time intervals of equal length, and
that breakdowns in one period are independent of breakdowns in other
periods. What is the probability of having 3 or more breakdowns during a
day?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.70&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.70 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.71</b> A
regional director responsible for business development in the state of
Pennsylvania is concerned about the number of small business failures.
If the mean number of small business failures per month is 10, what is
the probability that exactly 4 small businesses will fail during a given
month? Assume that the probability of a failure is the same for any two
months and that the occurrence or nonoccurrence of a failure in any
month is independent of failures in any other month.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.71&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.71 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.72</b> Customer
arrivals at a bank are random and independent; the probability of an
arrival in any one-minute period is the same as the probability of an
arrival in any other one-minute period. Answer the following questions,
assuming a mean arrival rate of three customers per minute.<blockquote>
a. What is the probability of exactly three arrivals in a one-minute period?<br />b. What is the probability of at least three arrivals in a one-minute period?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.72&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.72 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-26459906430947292702019-09-29T20:05:00.001-05:002019-09-29T20:05:54.368-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter4<b>4.1</b> A
random experiment has three steps with three outcomes possible for the
first step, two outcomes possible for the second step, and four outcomes
possible for the third step. How many experimental outcomes exist for
the entire experiment?<br />
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<br />
<b>4.2</b> How
many ways can three items be selected from a group of six items? Use
the letters A, B, C, D, E, and F to identify the items, and list each of
the different combinations of three items.<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.3</b> How
many permutations of three items can be selected from a group of six?
Use the letters A, B, C, D, E, and F to identify the items, and list
each of the permutations of items B, D, and F.<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.4</b> Consider the random experiment of tossing a coin three times.<br />
<blockquote>
a. Develop a tree diagram for the experiment.<br />
b. List the experimental outcomes.<br />
c. What is the probability for each experimental outcome?</blockquote>
<br />
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<br />
<b>4.5</b> Suppose a random experiment has five equally likely outcomes: <i>E</i><sub>1</sub>, <i>E</i><sub>2</sub>, <i>E</i><sub>3</sub>, <i>E</i><sub>4</sub>, <i>E</i><sub>5</sub>.
Assign probabilities to each outcome and show that the requirements in
equations (4.3) and (4.4) are satisfied. What method did you use?<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.6</b> A random experiment with three outcomes has been repeated 50 times, and it was learned that <i>E</i><sub>1</sub> occurred 20 times, <i>E</i><sub>2</sub> occurred 13 times, and <i>E</i><sub>3</sub> occurred 17 times. Assign probabilities to the outcomes. What method did you use?<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.7</b> A decision maker subjectively assigned the following probabilities to the four outcomes of a random experiment: <i>P</i>(<i>E</i><sub>1</sub>) =.10, <i>P</i>(<i>E</i><sub>2</sub>) =.15, <i>P</i>(<i>E</i><sub>3</sub>) =.40, and <i>P</i>(<i>E</i><sub>4</sub>) =.20. Are these probability assignments valid? Explain.<br />
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<br />
<b>4.8</b> In
the city of Milford, applications for zoning changes go through a
two-step process: a review by the planning commission and a final
decision by the city council. At step 1 the planning commission reviews
the zoning change request and makes a positive or negative
recommendation concerning the change. At step 2 the city council reviews
the planning commission’s recommendation and then votes to approve or
to disapprove the zoning change. Suppose the developer of an apartment
complex submits an application for a zoning change. Consider the
application process as a random experiment.<br />
<blockquote>
a. How many sample points are there for this experiment? List the sample points.<br />
b. Construct a tree diagram for the experiment.</blockquote>
<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.9</b> Simple random sampling uses a sample of size <i>n</i> from a population of size <i>N</i>
to obtain data that can be used to make inferences about the
characteristics of a population. Suppose that, from a population of 50
bank accounts, we want to take a random sample of four accounts in order
to learn about the population. How many different random samples of
four accounts are possible?<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.10</b> The
following table shows the percentage of on-time arrivals, the number of
mishandled baggage reports per 1000 passengers, and the number of
customer complaints per 1000 passengers for ten airlines (<i>Forbes</i> website, February 12, 2014)....<br />
<blockquote>
a. If you randomly choose a Delta Air Lines flight, what is the probability that this individual flight has an on-time arrival?<br />
b.
If you randomly choose one of the ten airlines for a follow-up study on
airline quality ratings, what is the probability that you will choose
an airline with less than two mishandled baggage reports per 1000
passengers?<br />
c. If you randomly choose one of the ten
airlines for a follow-up study on airline quality ratings, what is the
probability that you will choose an airline with more than one customer
complaint per 1000 passengers?<br />
d. What is the probability that a randomly selected AirTran Airways flight will not arrive on time?</blockquote>
<br />
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<br />
<b>4.11</b> <br />
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<br />
<b>4.12</b> The
Powerball lottery is played twice each week in 31 states, the District
of Columbia, and the Virgin Islands. To play Powerball, a participant
must purchase a $2 ticket, select five numbers from the digits 1 through
59, and then select a Powerball number from the digits 1 through 35. To
determine the winning numbers for each game, lottery officials draw 5
white balls out a drum of 59 white balls numbered 1 through 59 and 1 red
ball out of a drum of 35 red balls numbered 1 through 35. To win the
Powerball jackpot, a participant’s numbers must match the numbers on the
5 white balls in any order and must also match the number on the red
Powerball. The numbers 5–16–22–23–29 with a Powerball number of 6
provided the record jackpot of $580 million (Powerball website, November
29, 2012).<br />
<blockquote>
a. How many Powerball lottery outcomes are possible? (<i>Hint</i>: Consider this a two-step random experiment. Select the 5 white ball numbers and then select the 1 red Powerball number.)<br />
b. What is the probability that a $2 lottery ticket wins the Powerball lottery?</blockquote>
<br />
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<br />
<b>4.13</b> A
company that manufactures toothpaste is studying five different package
designs. Assuming that one design is just as likely to be selected by a
consumer as any other design, what selection probability would you
assign to each of the package designs? In an actual study, 100 consumers
were asked to pick the design they preferred. The following data were
obtained. Do the data confirm the belief that one design is just as
likely to be selected as another? Explain....<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.14</b> A random experiment has four equally likely outcomes: <i>E</i><sub>1</sub>, <i>E</i><sub>2</sub>, <i>E</i><sub>3</sub>, and <i>E</i><sub>4</sub>.<br />
<blockquote>
a. What is the probability that <i>E</i><sub>2</sub> occurs?<br />
b. What is the probability that any two of the outcomes occur (e.g., <i>E</i><sub>1</sub> or <i>E</i><sub>3</sub>)?<br />
c. What is the probability that any three of the outcomes occur (e.g., <i>E</i><sub>1</sub> or <i>E</i><sub>2</sub> or <i>E</i><sub>4</sub>)?</blockquote>
<br />
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<br />
<b>4.15</b> Consider
the random experiment of selecting a playing card from a deck of 52
playing cards. Each card corresponds to a sample point with a 1/52
probability.<br />
<blockquote>
a. List the sample points in the event an ace is selected.<br />
b. List the sample points in the event a club is selected.<br />
c. List the sample points in the event a face card ( jack, queen, or king) is selected.<br />
d. Find the probabilities associated with each of the events in parts (a), (b), and (c).</blockquote>
<br />
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<br />
<b>4.16</b> Consider
the random experiment of rolling a pair of dice. Suppose that we are
interested in the sum of the face values showing on the dice.<br />
<blockquote>
a. How many sample points are possible? (<i>Hint</i>: Use the counting rule for multiple-step random experiments.)<br />
b. List the sample points.<br />
c. What is the probability of obtaining a value of 7?<br />
d. What is the probability of obtaining a value of 9 or greater?<br />
e.
Because each roll has six possible even values (2, 4, 6, 8, 10, and 12)
and only five possible odd values (3, 5, 7, 9, and 11), the dice should
show even values more often than odd values. Do you agree with this
statement? Explain.<br />
<br />
f. What method did you use to assign the probabilities requested?</blockquote>
<br />
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<br />
<b>4.17</b> Refer to the KP&L sample points and sample point probabilities in Tables 4.2 and 4.3.<br />
<blockquote>
a.
The design stage (stage 1) will run over budget if it takes 4 months to
complete. List the sample points in the event the design stage is over
budget.<br />
b. What is the probability that the design stage is over budget?<br />
c.
The construction stage (stage 2) will run over budget if it takes 8
months to complete. List the sample points in the event the construction
stage is over budget.<br />
d. What is the probability that the construction stage is over budget?<br />
e. What is the probability that both stages are over budget?</blockquote>
<br />
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<br />
<b>4.18</b> <i>Fortune</i>
magazine publishes an annual list of the 500 largest companies in the
United States. The corporate headquarters for the 500 companies are
located in 38 different states The following table shows the 8 states
with the largest number of <i>Fortune</i> 500 companies (<i>Money</i>/CNN website, May 12, 2012)....Suppose one of the 500 companies is selected at random for a follow-up questionnaire.<br />
<blockquote>
a. What is the probability that the company selected has its corporate headquarters in California?<br />
b. What is the probability that the company selected has its corporate headquarters in California, New York, or Texas?<br />
c. What is the probability that the company selected has its corporate headquarters in one of the 8 states listed above?</blockquote>
<br />
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<br />
<b>4.19</b> <br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.20</b> Junior
Achievement USA and the Allstate Foundation surveyed teenagers aged 14
to 18 and asked at what age they think that they will become financially
independent (<i>USA</i> Today, April 30, 2012). The responses of 944
teenagers who answered this survey question are as follows....Consider
the experiment of randomly selecting a teenager from the population of
teenagers aged 14 to 18.<br />
<blockquote>
a. Compute the probability of being financially independent for each of the four age categories.<br />
b. What is the probability of being financially independent before the age of 25?<br />
c. What is the probability of a being financially independent after the age of 24?<br />
d.
Do the probabilities suggest that the teenagers may be somewhat
unrealistic in their expectations about when they will become
financially independent?</blockquote>
<br />
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<br />
<b>3.21</b> If
an asset declines in value from $5000 to $3500 over nine years, what is
the mean annual growth rate in the asset’s value over these nine years?<br />
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<br />
<b>3.22</b> The
current value of a company is $25 million. If the value of the company
six years ago was $10 million, what is the company’s mean annual growth
rate over the past six years?<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>3.23</b> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the range and interquartile range.<br />
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<br />
<b>3.24</b> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the variance and standard deviation.<br />
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<br />
<b>3.25</b> Consider
a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25.
Compute the range, interquartile range, variance, and standard
deviation.<br />
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<br />
<b>3.26</b> Data
collected by the Oil Price Information Service from more than 90,000
gasoline and convenience stores throughout the U.S. showed that the
average price for a gallon of unleaded gasoline was $3.28 (MSN Auto
website, February 2, 2014). The following data show the price per gallon
($) for a sample of 20 gasoline and convenience stores located in San
Francisco....<br />
<blockquote>
a. Use the sample data to estimate the mean price for a gallon of unleaded gasoline in San Francisco.<br />
b. Compute the sample standard deviation.<br />
c.
Compare the mean price per gallon for the sample data to the national
average price. What conclusions can you draw about the cost living in
San Francisco?</blockquote>
<br />
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<br />
<b>3.27</b> The
results of a search to find the least expensive round-trip flights to
Atlanta and Salt Lake City from 14 major U.S. cities are shown in the
following table. The departure date was June 20, 2012, and the return
date was June 27, 2012....<br />
<blockquote>
a.
Compute the mean price for a round-trip flight into Atlanta and the
mean price for a round-trip flight into Salt Lake City. Is Atlanta less
expensive to fly into than Salt Lake City? If so, what could explain
this difference?<br />
b. Compute the range, variance, and
standard deviation for the two samples. What does this information tell
you about the prices for flights into these two cities?</blockquote>
<br />
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<br />
<b>3.28</b> The
Australian Open is the first of the four Grand Slam professional tennis
events held each year. Victoria Azarenka beat Maria Sharapova to win
the 2012 Australian Open women’s title <i>(Washington Post,</i> January
27, 2012). During the tournament Ms. Azarenka’s serve speed reached 178
kilometers per hour. A list of the 20 Women’s Singles serve speed
leaders for the 2012 Australian Open is provided in the following table....<br />
<blockquote>
a. Compute the mean, variance, and standard deviation for the serve speeds.<br />
b.
A similar sample of the 20 Women’s Singles serve speed leaders for the
2011 Wimbledon tournament showed a sample mean serve speed of 182.5
kilometers per hour. The variance and standard deviation were 33.3 and
5.77, respectively. Discuss any difference between the serve speeds in
the Australian Open and the Wimbledon women’s tournaments.</blockquote>
<br />
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<br />
<b>3.29</b> The <i>LosAngeles Times</i>
regularly reports the air quality index for various areas of Southern
California. A sample of air quality index values for Pomona provided the
following data: 28, 42, 58, 48, 45, 55, 60, 49, and 50.<br />
<blockquote>
a. Compute the range and interquartile range.<br />
b. Compute the sample variance and sample standard deviation.<br />
c.
A sample of air quality index readings for Anaheim provided a sample
mean of 48.5, a sample variance of 136, and a sample standard deviation
of 11.66. What comparisons can you make between the air quality in
Pomona and that in Anaheim on the basis of these descriptive statistics?</blockquote>
<br />
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<br />
<b>3.30</b> The
following data were used to construct the histograms of the number of
days required to fill orders for Dawson Supply, Inc., and J.C. Clark
Distributors (see Figure 3.5)....Use
the range and standard deviation to support the previous observation
that Dawson Supply provides the more consistent and reliable delivery
times.<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>3.31</b> The
results of Accounting Principals’ latest Workonomix survey indicate the
average American worker spends $1092 on coffee annually <i>(The Consumerist,</i>
January 20, 2012). To determine if there are any differences in coffee
expenditures by age group, samples of 10 consumers were selected for
three age groups (18-34, 35-44, and 45 and Older). The dollar amount
each consumer in the sample spent last year on coffee is provided below....<br />
<blockquote>
a. Compute the mean, variance, and standard deviation for each of these three samples.<br />
b. What observations can be made based on these data?</blockquote>
<br />
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<br />
<b>3.32</b> <i>Advertising Age</i>
annually compiles a list of the 100 companies that spend the most on
advertising. Consumer-goods company Procter & Gamble has often
topped the list, spending billions of dollars annually <i>(Advertising Age</i>
website, March 12, 2013). Consider the data found in the file
Advertising. It contains annual advertising expenditures for a sample of
20 companies in the automotive sector and 20 companies in the
department store sector.<br />
<blockquote>
a. What is the mean advertising spent for each sector?<br />
b. What is the standard deviation for each sector?<br />
c. What is the range of advertising spent for each sector?<br />
d. What is the interquartile range for each sector?<br />
e.
Based on this sample and your answers to parts (a) to (d), comment on
any differences in the advertising spending in the automotive companies
versus the department store companies.</blockquote>
<br />
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<br />
<b>3.33</b> <br />
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<br />
<b>3.34</b>
The following times were recorded by the quarter-mile and mile runners
of a university track team (times are in minutes)....After
viewing this sample of running times, one of the coaches commented that
the quarter-milers turned in the more consistent times. Use the
standard deviation and the coefficient of variation to summarize the
variability in the data. Does the use of the coefficient of variation
indicate that the coach’s statement should be qualified?<br />
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<br />
<b>3.35</b> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the z-score for each of the five observations.<br />
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<br />
<b>3.36</b> Consider
a sample with a mean of 500 and a standard deviation of 100. What are
the z-scores for the following data values: 520, 650, 500, 450, and 280?<br />
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<br />
<b>3.37</b> Consider
a sample with a mean of 30 and a standard deviation of 5. Use
Chebyshev’s theorem to determine the percentage of the data within each
of the following ranges:<br />
<blockquote>
a. 20 to 40<br />
b. 15 to 45<br />
c. 22 to 38<br />
d. 18 to 42<br />
e. 12 to 48</blockquote>
<br />
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<br />
<b>3.38</b> Suppose
the data have a bell-shaped distribution with a mean of 30 and a
standard deviation of 5. Use the empirical rule to determine the
percentage of data within each of the following ranges:<br />
<blockquote>
a. 20 to 40<br />
b. 15 to 45<br />
c. 25 to 35</blockquote>
<br />
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<br />
<b>3.39</b> The
results of a national survey showed that on average, adults sleep 6.9
hours per night. Suppose that the standard deviation is 1.2 hours.<br />
<blockquote>
a. Use Chebyshev’s theorem to calculate the percentage of individuals who sleep between 4.5 and 9.3 hours.<br />
b. Use Chebyshev’s theorem to calculate the percentage of individuals who sleep between 3.9 and 9.9 hours.<br />
c.
Assume that the number of hours of sleep follows a bell-shaped
distribution. Use the empirical rule to calculate the percentage of
individuals who sleep between 4.5 and 9.3 hours per day. How does this
result compare to the value that you obtained using Chebyshev’s theorem
in part (a)?</blockquote>
<br />
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<br />
<b>3.40</b> The
Energy Information Administration reported that the mean retail price
per gallon of regular grade gasoline was $3.43 (Energy Information
Administration, July 2012). Suppose that the standard deviation was $.10
and that the retail price per gallon has a bellshaped distribution.<br />
<blockquote>
a. What percentage of regular grade gasoline sold between $3.33 and $3.53 per gallon?<br />
b. What percentage of regular grade gasoline sold between $3.33 and $3.63 per gallon?<br />
c. What percentage of regular grade gasoline sold for more than $3.63 per gallon?</blockquote>
<br />
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<br />
<b>3.41</b> <br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>3.42</b> Many
families in California are using backyard structures for home offices,
art studios, and hobby areas as well as for additional storage. Suppose
that the mean price for a customized wooden, shingled backyard structure
is $3100. Assume that the standard deviation is $1200.<br />
<blockquote>
a. What is the z-score for a backyard structure costing $2300?<br />
b. What is the z-score for a backyard structure costing $4900?<br />
c. Interpret the z-scores in parts (a) and (b). Comment on whether either should be considered an outlier.<br />
d.
If the cost for a backyard shed-office combination built in Albany,
California, is $13,000, should this structure be considered an outlier?
Explain.</blockquote>
<br />
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<br />
<b>3.43</b> According to a <i>Los Angeles Times</i>
study of more than 1 million medical dispatches from 2007 to 2012, the
911 response time for medical aid varies dramatically across Los Angeles
<i>(LA Times</i> website, November 2012). Under national standards
adopted by the Los Angeles Fire Department, rescuers are supposed to
arrive within six minutes to almost all medical emergencies. But the <i>Times</i>
analysis found that in affluent hillside communities stretching from
Griffith Park to Pacific Palisades, firefighters failed to hit that mark
nearly 85% of the time.The following data show the response times, in
minutes, for 10 emergency calls in the Griffith Park
neighborhood....Based
on this sample of ten response times, compute the descriptive
statistics in parts (a) and (b) and then answer the questions in parts
(c) and (d):<br />
<blockquote>
a. Mean, median, and mode<br />
b. Range and standard deviation<br />
c. Should the response time of 8.3 minutes be considered an outlier in comparison to the other response times?<br />
d.
Do the response times indicate that the city is meeting the national
standards? Should the city consider making changes to its response
strategies? Would adding more stations to areas in the city be a
practical solution? Discuss.</blockquote>
<br />
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<br />
<b>3.44</b> A sample of 10 NCAA college basketball game scores provided the following data....<br />
<blockquote>
a. Compute the mean and standard deviation for the points scored by the winning team.<br />
b.
Assume that the points scored by the winning teams for all NCAA games
follow a bell-shaped distribution. Using the mean and standard deviation
found in part (a), estimate the percentage of all NCAA games in which
the winning team scores 84 or more points. Estimate the percentage of
NCAA games in which the winning team scores more than 90 points.<br />
c. Compute the mean and standard deviation for the winning margin. Do the data contain outliers? Explain.</blockquote>
<br />
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<br />
<b>3.45</b> <i>The Wall Street Journal</i>
reported that Walmart Stores Inc. is planning to lay off 2300 employees
at its Sam’s Club warehouse unit. Approximately half of the layoffs
will be hourly employees <i>(The Wall Street Journal,</i> January 25-26,
2014). Suppose the following data represent the percentage of hourly
employees laid off for 15 Sam’s Club stores....<br />
<blockquote>
a. Compute the mean and median percentage of hourly employees being laid off at these stores.<br />
b. Compute the first and third quartiles.<br />
c. Compute the range and interquartile range.<br />
d. Compute the variance and standard deviation.<br />
e. Do the data contain any outliers?<br />
<br />
f. Based on the sample data, does it appear that Walmart is meeting its goal for reducing the number of hourly employees?</blockquote>
<br />
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<br />
<b>4.46</b> A
survey of adults aged 18 and older conducted by Princess Cruises asked
how many days into your vacation does it take until you feel truly
relaxed (<i>USA</i> Today, August 24, 2011). The responses were as
follows: 422—a day or less; 181—2 days; 80—3 days; 121—4 or more days;
and 201—never feel relaxed.<br />
<blockquote>
a. How many adults participated in the Princess Cruises survey?<br />
b. What response has the highest probability? What is the probability of this response?<br />
c. What is the probability a respondent never feels truly relaxed on a vacation?<br />
d. What is the probability it takes a respondent 2 or more days to feel truly relaxed?</blockquote>
<br />
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<br />
<b>4.47</b> A
financial manager made two new investments—one in the oil industry and
one in municipal bonds. After a one-year period, each of the investments
will be classified as either successful or unsuccessful. Consider the
making of the two investments as a random experiment.<br />
<blockquote>
a. How many sample points exist for this experiment?<br />
b. Show a tree diagram and list the sample points.<br />
c. Let <i>O</i> = the event that the oil industry investment is successful and <i>M</i> = the event that the municipal bond investment is successful. List the sample points in <i>O</i> and in <i>M</i>.<br />
d. List the sample points in the union of the events ....<br />
e. List the sample points in the intersection of the events (<i>O</i> ∩ <i>M</i>).<br />
<br />
f. Are events <i>O</i> and <i>M</i> mutually exclusive? Explain.</blockquote>
<br />
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<br />
<b>4.48</b> Forty-three percent of Americans use social media and other websites to voice their opinions about television programs (<i>The Huffington Post</i>,
November 23, 2011). Below are the results of a survey of 1364
individuals who were asked if they use social media and other websites
to voice their opinions about television programs....<br />
<blockquote>
a. Show a joint probability table.<br />
b. What is the probability a respondent is female?<br />
c.
What is the conditional probability a respondent uses social media and
other websites to voice opinions about television programs given the
respondent is female?<br />
d. Let <i>F</i> denote the event
that the respondent is female and A denote the event that the respondent
uses social media and other websites to voice opinions about television
programs. Are events F and A independent?</blockquote>
<br />
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<br />
<b>4.49</b> A
study of 31,000 hospital admissions in New York State found that 4% of
the admissions led to treatment-caused injuries. One-seventh of these
treatment-caused injuries resulted in death, and one-fourth were caused
by negligence. Malpractice claims were filed in one out of 7.5 cases
involving negligence, and payments were made in one out of every two
claims.<br />
<blockquote>
a. What is the probability a person admitted to the hospital will suffer a treatment-caused injury due to negligence?<br />
b. What is the probability a person admitted to the hospital will die from a treatment-caused injury?<br />
c. In the case of a negligent treatment-caused injury, what is the probability a malpractice claim will be paid?</blockquote>
<br />
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<br />
<b>4.50</b> A telephone survey to determine viewer response to a new television show obtained the following data....<br />
<blockquote>
a. What is the probability that a randomly selected viewer will rate the new show as average or better?<br />
b. What is the probability that a randomly selected viewer will rate the new show below average or worse?</blockquote>
<br />
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<br />
<b>4.51</b> The
U.S. Census Bureau serves as the leading source of quantitative data
about the nation’s people and economy. The following crosstabulation
shows the number of households (1000s) and the household income by the
highest level of education for the head of household (U.S. Census Bureau
website, 2013). Only households in which the head has a high school
diploma or more are included....<br />
<blockquote>
a. Develop a joint probability table.<br />
b. What is the probability of the head of one of these household having a master’s degree or more education?<br />
c. What is the probability of a household headed by someone with a high school diploma earning $100,000 or more?<br />
d. What is the probability of one of these households having an income below $25,000?<br />
e. What is the probability of a household headed by someone with a bachelor’s degree earning less than $25,000?<br />
<br />
f. Is household income independent of educational level?</blockquote>
<br />
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<br />
<b>4.52</b> An MBA new-matriculants survey provided the following data for 2018 students....<br />
<blockquote>
a.
For a randomly selected MBA student, prepare a joint probability table
for the random experiment consisting of observing the student’s age and
whether the student applied to one or more schools.<br />
b. What is the probability that a randomly selected applicant is 23 or under?<br />
c. What is the probability that a randomly selected applicant is older than 26?<br />
d. What is the probability that a randomly selected applicant applied to more than one school?</blockquote>
<br />
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<br />
<b>4.53</b> Refer again to the data from the MBA new-matriculants survey in exercise 52.<br />
<blockquote>
a. Given that a person applied to more than one school, what is the probability that the person is 24–26 years old?<br />
b. Given that a person is in the 36-and-over age group, what is the probability that the person applied to more than one school?<br />
c. What is the probability that a person is 24–26 years old or applied to more than one school?<br />
d.
Suppose a person is known to have applied to only one school. What is
the probability that the person is 31 or more years old?<br />
e. Is the number of schools applied to independent of age? Explain.</blockquote>
<br />
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<br />
<b>4.54</b> In
February 2012, the Pew Internet & American Life project conducted a
survey that included several questions about how Internet users feel
about search engines and other websites collecting information about
them and using this information either to shape search results or target
advertising to them (Pew Research Center, March 9, 2012). In one
question, participants were asked, “If a search engine kept track of
what you search for, and then used that information to personalize your
future search results, how would you feel about that?” Respondents could
indicate either “Would <i>not</i> be okay with it because you feel it
is an invasion of your privacy” or “Would be okay with it, even if it
means they are gathering information about you.” Joint probabilities of
responses and age groups are summarized in the following table....<br />
<blockquote>
a. What is the probability a respondent will <i>not be okay</i> with this practice?<br />
b. Given a respondent is 30–49 years old, what is the probability the respondent will be okay with this practice?<br />
c. Given a respondent is <i>not okay</i> with this practice, what is the probability the respondent is 50+ years old?<br />
d. Is the attitude about this practice independent of the age of the respondent? Why or why not?<br />
e. Do attitudes toward this practice for respondents who are 18–29 years old and respondents who are 50+ years old differ?</blockquote>
<br />
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<br />
<b>4.55</b> A
large consumer goods company ran a television advertisement for one of
its soap products. On the basis of a survey that was conducted,
probabilities were assigned to the following events....The probabilities assigned were <i>P</i>(<i>B</i>) =.20, <i>P</i>(<i>S</i>) =.40, and <i>P</i>(<i>B</i> ∩ <i>S</i>) =.12.<br />
<blockquote>
a.
What is the probability of an individual’s purchasing the product given
that the individual recalls seeing the advertisement? Does seeing the
advertisement increase the probability that the individual will purchase
the product? As a decision maker, would you recommend continuing the
advertisement (assuming that the cost is reasonable)?<br />
b.
Assume that individuals who do not purchase the company’s soap product
buy from its competitors. What would be your estimate of the company’s
market share? Would you expect that continuing the advertisement will
increase the company’s market share? Why or why not?<br />
c. The company also tested another advertisement and assigned it values of <i>P</i>(<i>S</i>) =.30 and <i>P</i>(<i>B</i> ∩ <i>S</i>) =.10. What is <i>P</i>(<i>B</i> | <i>S</i>) for this other advertisement? Which advertisement seems to have had the bigger effect on customer purchases?</blockquote>
<br />
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<br />
<b>4.56</b> Cooper
Realty is a small real estate company located in Albany, New York,
specializing primarily in residential listings. The company recently
became interested in determining the likelihood of one of its listings
being sold within a certain number of days. An analysis of company sales
of 800 homes in previous years produced the following data....<br />
<blockquote>
a. If <i>A</i> is defined as the event that a home is listed for more than 90 days before being sold, estimate the probability of <i>A</i>.<br />
b. If <i>B</i> is defined as the event that the initial asking price is under $150,000, estimate the probability of <i>B</i>.<br />
c. What is the probability of <i>A</i> ∩ <i>B</i>?<br />
d.
Assuming that a contract was just signed to list a home with an initial
asking price of less than $150,000, what is the probability that the
home will take Cooper Realty more than 90 days to sell?<br />
e. Are events <i>A</i> and <i>B</i> independent?</blockquote>
<br />
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<br />
<b>4.57</b> A
company studied the number of lost-time accidents occurring at its
Brownsville, Texas, plant. Historical records show that 6% of the
employees suffered lost-time accidents last year. Management believes
that a special safety program will reduce such accidents to 5% during
the current year. In addition, it estimates that 15% of employees who
had lost-time accidents last year will experience a lost-time accident
during the current year.<br />
<blockquote>
a. What percentage of the employees will experience lost-time accidents in both years?<br />
b. What percentage of the employees will suffer at least one lost-time accident over the two-year period?</blockquote>
<br />
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<br />
<b>4.58</b> According
to the Open Doors Report, 9.5% of all full-time U.S. undergraduate
students study abroad (Institute of International Education, November
14, 2011). Assume that 60% of the undergraduate students who study
abroad are female and that 49% of the undergraduate students who do not
study abroad are female.<br />
<blockquote>
a. Given a female undergraduate student, what is the probability that she studies abroad?<br />
b. Given a male undergraduate student, what is the probability that he studies abroad?<br />
c.
What is the overall percentage of full-time female undergraduate
students? What is the overall percentage of full-time male undergraduate
students?</blockquote>
<br />
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<br />
<b>4.59</b>
An oil company purchased an option on land in Alaska. Preliminary
geologic studies assigned the following prior probabilities....<br />
<blockquote>
a. What is the probability of finding oil?<br />
b.
After 200 feet of drilling on the first well, a soil test is taken. The
probabilities of finding the particular type of soil identified by the
test follow.<br />
...</blockquote>
How should the firm interpret the soil test? What are the revised probabilities, and what is the new probability of finding oil?<br />
<a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=4.59&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 4.59 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br />
<br />
<b>4.60</b> The five most common words appearing in spam emails are <i>shipping!, today!, here!, available,</i> and <i>fingertips!</i>
(Andy Greenberg, “The Most Common Words in Spam Email,” Forbes website,
March 17, 2010). Many spam filters separate spam from ham (email not
considered to be spam) through application of Bayes’ theorem. Suppose
that for one email account, 1 in every 10 messages is spam and the
proportions of spam messages that have the five most common words in
spam email are given below....Also suppose that the proportions of ham messages that have these words are...<br />
<blockquote>
a. If a message includes the word <i>shipping!</i>, what is the probability the message is spam? If a message includes the word <i>shipping!</i>, what is the probability the message is ham? Should messages that include the word <i>shipping!</i> be flagged as spam?<br />
b. If a message includes the word <i>today!</i>, what is the probability the message is spam? If a message includes the word <i>here!</i>, what is the probability the message is spam? Which of these two words is a stronger indicator that a message is spam? Why?<br />
c. If a message includes the word <i>available</i>, what is the probability the message is spam? If a message includes the word <i>fingertips!</i>, what is the probability the message is spam? Which of these two words is a stronger indicator that a message is spam? Why?<br />
d.
What insights do the results of parts (b) and (c) yield about what
enables a spam filter that uses Bayes’ theorem to work effectively?</blockquote>
<br />
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<br />Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-59166850857737142542019-09-29T20:02:00.001-05:002019-09-29T20:02:32.960-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter3
<b>3.1</b> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the mean and median.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>5.2</b> Consider the random experiment of a worker assembling a product.<br />
<blockquote>
a. Define a random variable that represents the time in minutes required to assemble the product.<br />b. What values may the random variable assume?<br />c. Is the random variable discrete or continuous?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=5.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 5.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.3</b> Consider the following data and corresponding weights....<blockquote>
a. Compute the weighted mean.<br />b.
Compute the sample mean of the four data values without weighting. Note
the difference in the results provided by the two computations.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.4</b> Consider the following data....What is the mean growth rate over these five periods?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.5</b> Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Compute the 20th, 25th, 65th, and 75th percentiles.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.6</b> Consider a sample with data values of 53, 55, 70, 58, 64, 57, 53, 69, 57, 68, and 53. Compute the mean, median, and mode.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.7</b> The average number of minutes Americans commute to work is 27.7 minutes (<i>Sterling’s Best Places,</i> April 13, 2012). The average commute time in minutes for 48 cities are as follows:...<blockquote>
a. What is the mean commute time for these 48 cities?<br />b. Compute the median commute time.<br />c. Compute the mode.<br />d. Compute the third quartile.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.8</b> <i>The Wall Street Journal</i> reported that the median salary for middle-level manager jobs was approximately $85,000 (<i>The Wall Street Journal,</i>
August 6, 2013). Suppose that an independent study of middle-level
managers employed at companies located in Atlanta, Georgia, was
conducted to compare the salaries of managers working at firms in
Atlanta to the national average. The following data show the salary, in
thousands of dollars, for a sample of 15 middle-level managers....<blockquote>
a.
Compute the median salary for the sample of 15 middle-level managers.
How does the median for this group compare to the median reported by <i>The Wall Street Journal</i>?<br />b. Compute the mean annual salary and discuss how and why it differs from the median computed in part (a).<br />c. Compute the first and third quartiles.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.9</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.10</b> Over
a nine-month period, OutdoorGearLab tested hardshell jackets designed
for ice climbing, mountaineering, and backpacking. Based on the
breathability, durability, versatility, features, mobility, and weight
of each jacket, an overall rating ranging from 0 (lowest) to 100
(highest) was assigned to each jacket tested. The following data show
the results for 20 top-of-the-line jackets (OutdoorGearLab website,
February 27, 2013)....<blockquote>
a. Compute the mean, median, and mode.<br />b. Compute the first and third quartiles.<br />c. Compute and interpret the 90th percentile.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.11</b> According
to the National Education Association (NEA), teachers generally spend
more than 40 hours each week working on instructional duties (NEA
website, April 2012). The following data show the number of hours worked
per week for a sample of 13 high school science teachers and a sample
of 11 high school English teachers....<blockquote>
a. What is the median number of hours worked per week for the sample of 13 high school science teachers?<br />b. What is the median number of hours worked per week for the sample of 11 high school English teachers?<br />c.
Which group has the highest median number of hours worked per week?
What is the difference between the median number of hours worked per
week?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.12</b> <i>The Big Bang Theory,</i>
a situation comedy featuring Johnny Galecki, Jim Parsons, and Kaley
Cuoco, is one of the most watched programs on network television. The
first two episodes for the 2011-2012 season premiered on September 22,
2011; the first episode attracted 14.1 million viewers and the second
episode attracted 14.7 million viewers. The following table shows the
number of viewers in millions for the first 21 episodes of the 2011-2012
season <i>(The Big Bang Theory</i> website, April 17, 2012)....<blockquote>
a. Compute the minimum and maximum number of viewers.<br />b. Compute the mean, median, and mode.<br />c. Compute the first and third quartiles.<br />d. Has viewership grown or declined over the 2011-2012 season? Discuss.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.13</b>
In
automobile mileage and gasoline-consumption testing, 13 automobiles
were road tested for 300 miles in both city and highway driving
conditions. The following data were recorded for miles-per-gallon
performance....Use the mean, median, and mode to make a statement about
the difference in performance for city and highway driving.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.14</b> The
data contained in the WEBfile named StateUnemp show the unemployment
rate in March 2011 and the unemployment rate in March 2012 for every
state and the District of Columbia (Bureau of Labor Statistics website,
April 20, 2012). To compare unemployment rates in March 2011 with
unemployment rates in March 2012, compute the first quartile, the
median, and the third quartile for the March 2011 unemployment data and
the March 2012 unemployment data. What do these statistics suggest about
the change in unemployment rates across the states?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.15</b> Martinez
Auto Supplies has retail stores located in eight cities in California.
The price they charge for a particular product in each city varies
because of differing competitive conditions. For instance, the price
they charge for a case of a popular brand of motor oil in each city
follows. Also shown are the number of cases that Martinez Auto sold last
quarter in each city....Compute the average sales price per case for this product during the last quarter.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.16</b> The grade point average for college students is based on a weighted mean computation.For
most colleges, the grades are given the following data values: A (4), B
(3), C (2), D (1), and F (0). After 60 credit hours of course work, a
student at State University earned 9 credit hours of A, 15 credit hours
of B, 33 credit hours of C, and 3 credit hours of D.<blockquote>
a. Compute the student’s grade point average.<br />b.
Students at State University must maintain a 2.5 grade point average
for their first 60 credit hours of course work in order to be admitted
to the business college. Will this student be admitted?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.17</b> The following table shows the total return and the number of funds for four categories of mutual funds....<blockquote>
a. Using the number of funds as weights, compute the weighted average total return for these mutual funds.<br />b.
Is there any difficulty associated with using the “number of funds” as
the weights in computing the weighted average total return in part (a)?
Discuss. What else might be used for weights?<br />c.
Suppose you invested $10,000 in this group of mutual funds and
diversified the investment by placing $2000 in Domestic Equity funds,
$4000 in International Equity funds, $3000 in Specialty Stock funds, and
$1000 in Hybrid funds. What is the expected return on the portfolio?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.18</b> Based on a survey of 425 master’s programs in business administration, <i>U.S. News & World Report</i> ranked the Indiana University Kelley Business School as the 20th best business program in the country (<i>America’s Best Graduate Schools,</i>
2009). The ranking was based in part on surveys of business school
deans and corporate recruiters. Each survey respondent was asked to rate
the overall academic quality of the master’s program on a scale from 1
“marginal” to 5 “outstanding.” Use the sample of responses shown in the
following table to compute the weighted mean score for the business
school deans and the corporate recruiters. Discuss....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.19</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.20</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.21</b> If
an asset declines in value from $5000 to $3500 over nine years, what is
the mean annual growth rate in the asset’s value over these nine years?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.22</b> The
current value of a company is $25 million. If the value of the company
six years ago was $10 million, what is the company’s mean annual growth
rate over the past six years?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.23</b> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the range and interquartile range.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.24</b> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the variance and standard deviation.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.25</b> Consider
a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25.
Compute the range, interquartile range, variance, and standard
deviation.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.26</b> Data
collected by the Oil Price Information Service from more than 90,000
gasoline and convenience stores throughout the U.S. showed that the
average price for a gallon of unleaded gasoline was $3.28 (MSN Auto
website, February 2, 2014). The following data show the price per gallon
($) for a sample of 20 gasoline and convenience stores located in San
Francisco....<blockquote>
a. Use the sample data to estimate the mean price for a gallon of unleaded gasoline in San Francisco.<br />b. Compute the sample standard deviation.<br />c.
Compare the mean price per gallon for the sample data to the national
average price. What conclusions can you draw about the cost living in
San Francisco?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.27</b> The
results of a search to find the least expensive round-trip flights to
Atlanta and Salt Lake City from 14 major U.S. cities are shown in the
following table. The departure date was June 20, 2012, and the return
date was June 27, 2012....<blockquote>
a.
Compute the mean price for a round-trip flight into Atlanta and the
mean price for a round-trip flight into Salt Lake City. Is Atlanta less
expensive to fly into than Salt Lake City? If so, what could explain
this difference?<br />b. Compute the range, variance, and
standard deviation for the two samples. What does this information tell
you about the prices for flights into these two cities?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.28</b> The
Australian Open is the first of the four Grand Slam professional tennis
events held each year. Victoria Azarenka beat Maria Sharapova to win
the 2012 Australian Open women’s title <i>(Washington Post,</i> January
27, 2012). During the tournament Ms. Azarenka’s serve speed reached 178
kilometers per hour. A list of the 20 Women’s Singles serve speed
leaders for the 2012 Australian Open is provided in the following table....<blockquote>
a. Compute the mean, variance, and standard deviation for the serve speeds.<br />b.
A similar sample of the 20 Women’s Singles serve speed leaders for the
2011 Wimbledon tournament showed a sample mean serve speed of 182.5
kilometers per hour. The variance and standard deviation were 33.3 and
5.77, respectively. Discuss any difference between the serve speeds in
the Australian Open and the Wimbledon women’s tournaments.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.29</b> The <i>LosAngeles Times</i>
regularly reports the air quality index for various areas of Southern
California. A sample of air quality index values for Pomona provided the
following data: 28, 42, 58, 48, 45, 55, 60, 49, and 50.<blockquote>
a. Compute the range and interquartile range.<br />b. Compute the sample variance and sample standard deviation.<br />c.
A sample of air quality index readings for Anaheim provided a sample
mean of 48.5, a sample variance of 136, and a sample standard deviation
of 11.66. What comparisons can you make between the air quality in
Pomona and that in Anaheim on the basis of these descriptive statistics?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.30</b> The
following data were used to construct the histograms of the number of
days required to fill orders for Dawson Supply, Inc., and J.C. Clark
Distributors (see Figure 3.5)....Use
the range and standard deviation to support the previous observation
that Dawson Supply provides the more consistent and reliable delivery
times.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.31</b> The
results of Accounting Principals’ latest Workonomix survey indicate the
average American worker spends $1092 on coffee annually <i>(The Consumerist,</i>
January 20, 2012). To determine if there are any differences in coffee
expenditures by age group, samples of 10 consumers were selected for
three age groups (18-34, 35-44, and 45 and Older). The dollar amount
each consumer in the sample spent last year on coffee is provided below....<blockquote>
a. Compute the mean, variance, and standard deviation for each of these three samples.<br />b. What observations can be made based on these data?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.32</b> <i>Advertising Age</i>
annually compiles a list of the 100 companies that spend the most on
advertising. Consumer-goods company Procter & Gamble has often
topped the list, spending billions of dollars annually <i>(Advertising Age</i>
website, March 12, 2013). Consider the data found in the file
Advertising. It contains annual advertising expenditures for a sample of
20 companies in the automotive sector and 20 companies in the
department store sector.<blockquote>
a. What is the mean advertising spent for each sector?<br />b. What is the standard deviation for each sector?<br />c. What is the range of advertising spent for each sector?<br />d. What is the interquartile range for each sector?<br />e.
Based on this sample and your answers to parts (a) to (d), comment on
any differences in the advertising spending in the automotive companies
versus the department store companies.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.33</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.34</b>
The following times were recorded by the quarter-mile and mile runners
of a university track team (times are in minutes)....After
viewing this sample of running times, one of the coaches commented that
the quarter-milers turned in the more consistent times. Use the
standard deviation and the coefficient of variation to summarize the
variability in the data. Does the use of the coefficient of variation
indicate that the coach’s statement should be qualified?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.35</b> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the z-score for each of the five observations.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.36</b> Consider
a sample with a mean of 500 and a standard deviation of 100. What are
the z-scores for the following data values: 520, 650, 500, 450, and 280?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.37</b> Consider
a sample with a mean of 30 and a standard deviation of 5. Use
Chebyshev’s theorem to determine the percentage of the data within each
of the following ranges:<blockquote>
a. 20 to 40<br />b. 15 to 45<br />c. 22 to 38<br />d. 18 to 42<br />e. 12 to 48</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.38</b> Suppose
the data have a bell-shaped distribution with a mean of 30 and a
standard deviation of 5. Use the empirical rule to determine the
percentage of data within each of the following ranges:<blockquote>
a. 20 to 40<br />b. 15 to 45<br />c. 25 to 35</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.39</b> The
results of a national survey showed that on average, adults sleep 6.9
hours per night. Suppose that the standard deviation is 1.2 hours.<blockquote>
a. Use Chebyshev’s theorem to calculate the percentage of individuals who sleep between 4.5 and 9.3 hours.<br />b. Use Chebyshev’s theorem to calculate the percentage of individuals who sleep between 3.9 and 9.9 hours.<br />c.
Assume that the number of hours of sleep follows a bell-shaped
distribution. Use the empirical rule to calculate the percentage of
individuals who sleep between 4.5 and 9.3 hours per day. How does this
result compare to the value that you obtained using Chebyshev’s theorem
in part (a)?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.40</b> The
Energy Information Administration reported that the mean retail price
per gallon of regular grade gasoline was $3.43 (Energy Information
Administration, July 2012). Suppose that the standard deviation was $.10
and that the retail price per gallon has a bellshaped distribution.<blockquote>
a. What percentage of regular grade gasoline sold between $3.33 and $3.53 per gallon?<br />b. What percentage of regular grade gasoline sold between $3.33 and $3.63 per gallon?<br />c. What percentage of regular grade gasoline sold for more than $3.63 per gallon?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.41</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.42</b> Many
families in California are using backyard structures for home offices,
art studios, and hobby areas as well as for additional storage. Suppose
that the mean price for a customized wooden, shingled backyard structure
is $3100. Assume that the standard deviation is $1200.<blockquote>
a. What is the z-score for a backyard structure costing $2300?<br />b. What is the z-score for a backyard structure costing $4900?<br />c. Interpret the z-scores in parts (a) and (b). Comment on whether either should be considered an outlier.<br />d.
If the cost for a backyard shed-office combination built in Albany,
California, is $13,000, should this structure be considered an outlier?
Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.43</b> According to a <i>Los Angeles Times</i>
study of more than 1 million medical dispatches from 2007 to 2012, the
911 response time for medical aid varies dramatically across Los Angeles
<i>(LA Times</i> website, November 2012). Under national standards
adopted by the Los Angeles Fire Department, rescuers are supposed to
arrive within six minutes to almost all medical emergencies. But the <i>Times</i>
analysis found that in affluent hillside communities stretching from
Griffith Park to Pacific Palisades, firefighters failed to hit that mark
nearly 85% of the time.The following data show the response times, in
minutes, for 10 emergency calls in the Griffith Park
neighborhood....Based
on this sample of ten response times, compute the descriptive
statistics in parts (a) and (b) and then answer the questions in parts
(c) and (d):<blockquote>
a. Mean, median, and mode<br />b. Range and standard deviation<br />c. Should the response time of 8.3 minutes be considered an outlier in comparison to the other response times?<br />d.
Do the response times indicate that the city is meeting the national
standards? Should the city consider making changes to its response
strategies? Would adding more stations to areas in the city be a
practical solution? Discuss.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.44</b> A sample of 10 NCAA college basketball game scores provided the following data....<blockquote>
a. Compute the mean and standard deviation for the points scored by the winning team.<br />b.
Assume that the points scored by the winning teams for all NCAA games
follow a bell-shaped distribution. Using the mean and standard deviation
found in part (a), estimate the percentage of all NCAA games in which
the winning team scores 84 or more points. Estimate the percentage of
NCAA games in which the winning team scores more than 90 points.<br />c. Compute the mean and standard deviation for the winning margin. Do the data contain outliers? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.45</b> <i>The Wall Street Journal</i>
reported that Walmart Stores Inc. is planning to lay off 2300 employees
at its Sam’s Club warehouse unit. Approximately half of the layoffs
will be hourly employees <i>(The Wall Street Journal,</i> January 25-26,
2014). Suppose the following data represent the percentage of hourly
employees laid off for 15 Sam’s Club stores....<blockquote>
a. Compute the mean and median percentage of hourly employees being laid off at these stores.<br />b. Compute the first and third quartiles.<br />c. Compute the range and interquartile range.<br />d. Compute the variance and standard deviation.<br />e. Do the data contain any outliers?<br /><br />f. Based on the sample data, does it appear that Walmart is meeting its goal for reducing the number of hourly employees?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.46</b> Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Provide the five-number summary for the data.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.47</b> Show the box plot for the data in exercise 46.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.48</b> Show the five-number summary and the box plot for the following data: 5, 15, 18, 10, 8, 12, 16, 10, 6.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.48&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.48 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.49</b> A
data set has a first quartile of 42 and a third quartile of 50. Compute
the lower and upper limits for the corresponding box plot. Should a
data value of 65 be considered an outlier?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.49&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.49 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.50</b> Naples,
Florida, hosts a half-marathon (13.1-mile race) in January each year.
The event attracts top runners from throughout the United States as well
as from around the world. In January 2009, 22 men and 31 women entered
the 19-24 age class. Finish times in minutes are as follows <i>(Naples Daily News,</i> January 19, 2009). Times are shown in order of finish....<blockquote>
a.
George Towett of Marietta, Georgia, finished in first place for the men
and Lauren Wald of Gainesville, Florida, finished in first place for
the women. Compare the first-place finish times for men and women. If
the 53 men and women runners had competed as one group, in what place
would Lauren have finished?<br />b. What is the median time for men and women runners? Compare men and women runners based on their median times.<br />c. Provide a five-number summary for both the men and the women.<br />d. Are there outliers in either group?<br />e. Show the box plots for the two groups. Did men or women have the most variation in finish times? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.50&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.50 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.51</b> Annual sales, in millions of dollars, for 21 pharmaceutical companies follow....<blockquote>
a. Provide a five-number summary.<br />b. Compute the lower and upper limits.<br />c. Do the data contain any outliers?<br />d.
Johnson & Johnson’s sales are the largest on the list at $14,138
million. Suppose a data entry error (a transposition) had been made and
the sales had been entered as $41,138 million. Would the method of
detecting outliers in part (c) identify this problem and allow for
correction of the data entry error?<br />e. Show a box plot.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.51&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.51 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.52</b> <i>Consumer Reports</i>
provided overall customer satisfaction scores for AT&T, Sprint,
T-Mobile, and Verizon cell-phone services in major metropolitan areas
throughout the United States. The rating for each service reflects the
overall customer satisfaction considering a variety of factors such as
cost, connectivity problems, dropped calls, static interference, and
customer support. A satisfaction scale from 0 to 100 was used with 0
indicating completely dissatisfied and 100 indicating completely
satisfied. The ratings for the four cell-phone services in 20
metropolitan areas are as shown (<i>Consumer Reports,</i> January 2009)....<blockquote>
a. Consider T-Mobile first. What is the median rating?<br />b. Develop a five-number summary for the T-Mobile service.<br />c. Are there outliers for T-Mobile? Explain.<br />d. Repeat parts (b) and (c) for the other three cell-phone services.<br />e.
Show the box plots for the four cell-phone services on one graph.
Discuss what a comparison of the box plots tells about the four
services. Which service did <i>Consumer Reports</i> recommend as being best in terms of overall customer satisfaction?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.52&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.52 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.53</b> <i>Fortune</i>
magazine's list of the world most admired companies for 2014 is
provided the data contained in the WEBfile named AdmiredCompanies (<i>Fortune</i>,
March 17, 2014). The data in the column labelled Return shows the
one-year total return (%) for the top ranked 50 companies. For the same
time period the S&P average return was 18.4%.<blockquote>
a. Compute the median return for the top ranked 50 companies.<br />b. What percentage of the top-ranked 50 companies had a one-year return greater than the S&P average return?<br />c. Develop the five-number summary for the data.<br />d. Are there any outliers?<br />e. Develop a box plot for the one-year total return.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.53&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.53 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.54</b> The
Bureau of Transportation Statistics keeps track of all border crossings
through ports of entry along the U.S.-Canadian and U.S.-Mexican
borders. The data contained in the WEBfile named BorderCrossings show
the most recently published figures for the number of personal vehicle
crossings (rounded to the nearest 1000) at the 50 busiest ports of entry
during the month of August (U.S. Department of Transportation website,
February 28, 2013).<blockquote>
a. What are the mean and median number of crossings for these ports of entry?<br />b. What are the first and third quartiles?<br />c. Provide a five-number summary.<br />d. Do the data contain any outliers? Show a box plot.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.54&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.54 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.55</b> Five observations taken for two variables follow....<blockquote>
a. Develop a scatter diagram with <i>x</i> on the horizontal axis.<br />b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?<br />c. Compute and interpret the sample covariance.<br />d. Compute and interpret the sample correlation coefficient.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.55&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.55 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.56</b> Five observations taken for two variables follow....<blockquote>
a. Develop a scatter diagram for these data.<br />b. What does the scatter diagram indicate about a relationship between <i>x</i> and y?<br />c. Compute and interpret the sample covariance.<br />d. Compute and interpret the sample correlation coefficient.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.56&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.56 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.57</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.57&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.57 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.58</b> A
department of transportation’s study on driving speed and miles per
gallon for midsize automobiles resulted in the following data:...Compute and interpret the sample correlation coefficient.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.58&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.58 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.59</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.59&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.59 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.60</b> The
Russell 1000 is a stock market index consisting of the largest U.S.
companies. The Dow Jones Industrial Average is based on 30 large
companies. The file Russell gives the annual percentage returns for each
of these stock indexes for the years 1988 to 2012 (1stock1 website).<blockquote>
a. Plot these percentage returns using a scatter plot.<br />b. Compute the sample mean and standard deviation for each index.<br />c. Compute the sample correlation.<br />d. Discuss similarities and differences in these two indexes.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.60&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.60 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.61</b> A
random sample of 30 colleges from Kiplinger’s list of the best values
in private college provided the data shown in the WEBfile named
BestPrivateColleges (Kiplinger, October 2013). The variable named Admit
Rate (%) shows the percentage of students that applied to the college
and were admitted, and the variable named 4-yr Grad. Rate (%) shows the
percentage of students that were admitted and graduated in four years.<blockquote>
a.
Develop a scatter diagram with Admit Rate (%) as the independent
variable. What does the scatter diagram indicate about the relationship
between the two variables?<br />b. Compute the sample
correlation coefficient. What does the value of the sample correlation
coefficient indicate about the relationship between the Admit Rate (%)
and the 4-yr Grad. Rate (%)?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.61&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.61 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.62</b> The
average number of times Americans dine out in a week fell from 4.0 in
2008 to 3.8 in 2012 (Zagat.com, April 1, 2012). The number of times a
sample of 20 families dined out last week provides the following data....<blockquote>
a. Compute the mean and median.<br />b. Compute the first and third quartiles.<br />c. Compute the range and interquartile range.<br />d. Compute the variance and standard deviation.<br />e.
The skewness measure for these data is 0.34. Comment on the shape of
this distribution. Is it the shape you would expect? Why or why not?<br /><br />f. Do the data contain outliers?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.62&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.62 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.63</b> <i>USA Today</i>
reports that NCAA colleges and universities are paying higher salaries
to a newly recruited football coach compared to what they paid their
previous football coach. <i>(USA Today,</i> February 12, 2013). The
annual base salaries for the previous head football coach and the new
head football coach at 23 schools are given in the file Coaches.<blockquote>
a. Determine the median annual salary for a previous head football coach and a new head football coach.<br />b. Compute the range for salaries for both previous and new head football coaches.<br />c. Compute the standard deviation for salaries for both previous and new head football coaches.<br />d.
Based on your answers to (a) to (c), comment on any differences between
the annual base salary a school pays a new head football coach compared
to what it paid its pervious head football coach.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.63&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.63 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.64</b> The
average waiting time for a patient at an El Paso physician’s office is
just over 29 minutes, well above the national average of 21 minutes. In
fact, El Paso has the longest physician’s office waiting times in the
United States <i>(El Paso Times,</i> January 8, 2012). In order to
address the issue of long patient wait times, some physicians’ offices
are using wait tracking systems to notify patients of expected wait
times. Patients can adjust their arrival times based on this information
and spend less time in waiting rooms. The following data show wait
times (minutes) for a sample of patients at offices that do not have an
office tracking system and wait times for a sample of patients at
offices with an office tracking system....<blockquote>
a.
What are the mean and median patient wait times for offices with a wait
tracking system? What are the mean and median patient wait times for
offices without a wait tracking system?<br />b. What are the
variance and standard deviation of patient wait times for offices with a
wait tracking system? What are the variance and standard deviation of
patient wait times for visits to offices without a wait tracking system?<br />c. Do offices with a wait tracking system have shorter patient wait times than offices without a wait tracking system? Explain.<br />d. Considering only offices without a wait tracking system, what is the z-score for the tenth patient in the sample?<br />e.
Considering only offices with a wait tracking system, what is the
z-score for the sixth patient in the sample? How does this z-score
compare with the z-score you calculated for part (d)?<br /><br />f. Based on <i>z</i>-scores,
do the data for offices without a wait tracking system contain any
outliers? Based on z-scores, do the data for offices with a wait
tracking system contain any outliers?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.64&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.64 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.65</b> U.S.
companies lose $63.2 billion per year from workers with insomnia.
Workers lose an average of 7.8 days of productivity per year due to lack
of sleep <i>(Wall Street Journal,</i> January 23, 2013). The following
data show the number of hours of sleep attained during a recent night
for a sample of 20 workers....<blockquote>
a. What is the mean number of hours of sleep for this sample?<br />b. What is the variance? Standard deviation?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.65&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.65 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.66</b> A
study of smartphone users shows that 68% of smartphone use occurs at
home and a user spends an average of 410 minutes per month using a
smartphone to interact with other people <i>(Harvard Business Review,</i>
January-February 2013). Consider the following data indicating the
number of minutes in a month spent interacting with others via a
smartphone for a sample of 50 smartphone users....<blockquote>
a.
What is the mean number of minutes spent interacting with others for
this sample? How does it compare to the mean reported in the study?<br />b. What is the standard deviation for this sample?<br />c. Are there any outliers in this sample?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.66&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.66 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.67</b> Public
transportation and the automobile are two methods an employee can use
to get to work each day. Samples of times recorded for each method are
shown. Times are in minutes....<blockquote>
a. Compute the sample mean time to get to work for each method.<br />b. Compute the sample standard deviation for each method.<br />c. On the basis of your results from parts (a) and (b), which method of transportation should be preferred? Explain.<br />d. Develop a box plot for each method. Does a comparison of the box plots support your conclusion in part (c)?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.67&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.67 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.68</b> In 2007 the <i>New York Times</i> reported that the median annual household income in the United States was $55,500 <i>(New York Times</i>
website, August, 21, 2013). Answer the following questions based on the
following sample of 14 household incomes for 2013 ($1000s)....<blockquote>
a. What is the median household income for the sample data for 2013?<br />b. Based on the sample data, estimate the percentage change in the median household income from 2007 to 2013.<br />c. Compute the first and third quartiles.<br />d. Provide a five-number summary.<br />e. Using the <i>z</i>-score
approach, do the data contain any outliers? Does the approach that uses
the values of the first and third quartiles and the interquartile range
to detect outliers provide the same results?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.68&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.68 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.69</b> The
data contained in the WEBfile named FoodIndustry show the company/chain
name, the average sales per store ($ 1000s), and the food segment
industry for 47 restaurant chains <i>(Quick Service Restaurant Magazine</i> website, August 2013).<blockquote>
a. What was the mean U.S. sales per store for the 47 restaurant chains?<br />b. What are the first and third quartiles? What is your interpretation of the quartiles?<br />c. Show a box plot for the level of sales and discuss if there are any outliers in terms of sales that would skew the results.<br />d. Develop a frequency distribution showing the average sales per store for each segment. Comment on the results obtained.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.69&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.69 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.70</b> <i>Travel + Leisure</i> magazine presented its annual list of the 500 best hotels in the world (<i>Travel + Leisure,</i>
January 2009). The magazine provides a rating for each hotel along with
a brief description that includes the size of the hotel, amenities, and
the cost per night for a double room. A sample of 12 of the top-rated
hotels in the United States follows....<blockquote>
a. What is the mean number of rooms?<br />b. What is the mean cost per night for a double room?<br />c.
Develop a scatter diagram with the number of rooms on the horizontal
axis and the cost per night on the vertical axis. Does there appear to
be a relationship between the number of rooms and the cost per night?
Discuss.<br />d. What is the sample correlation coefficient?
What does it tell you about the relationship between the number of
rooms and the cost per night for a double room? Does this appear
reasonable? Discuss.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.70&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.70 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.71</b> The
32 teams in the National Football League (NFL) are worth, on average,
$1.17 billion, 5% more than last year. The following data show the
annual revenue ($ millions) and the estimated team value ($ millions)
for the 32 NFL teams <i>(Forbes</i> website, February 28, 2014)....<blockquote>
a.
Develop a scatter diagram with Revenue on the horizontal axis and Value
on the vertical axis. Does there appear that there are any relationship
between the two variables?<br />b. What is the sample
correlation coefficient? What can you say about the strength of the
relationship between Revenue and Value?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.71&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.71 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.72</b> Does
a major league baseball team’s record during spring training indicate
how the team will play during the regular season? Over the last six
years, the correlation coefficient between a team’s winning percentage
in spring training and its winning percentage in the regular season is
.18 <i>(The Wall Street Journal,</i> March 30, 2009)....Shown are the winning percentages for the 14 American League teams during the 2008 season.<blockquote>
a. What is the correlation coefficient between the spring training and the regular season winning percentages?<br />b.
What is your conclusion about a team’s record during spring training
indicating how the team will play during the regular season? What are
some of the reasons why this occurs? Discuss.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.72&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.72 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.73</b> The
days to maturity for a sample of five money market funds are shown
here. The dollar amounts invested in the funds are provided. Use the
weighted mean to determine the mean number of days to maturity for
dollars invested in these five money market funds....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.73&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.73 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.74</b> Automobiles
traveling on a road with a posted speed limit of 55 miles per hour are
checked for speed by a state police radar system. Following is a
frequency distribution of speeds....<blockquote>
a. What is the mean speed of the automobiles traveling on this road?<br />b. Compute the variance and the standard deviation.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.74&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.74 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>3.75</b> The
Panama Railroad Company was established in 1850 to construct a railroad
across the isthmus that would allow fast and easy access between the
Atlantic and Pacific Oceans. The following table provides annual returns
for Panama Railroad stock from 1853 through 1880 <i>(The Big Ditch,</i> Mauer and Yu, 2011).<blockquote>
a.
Create a graph of the annual returns on the stock. The New York Stock
Exchange earned an annual average return of 8.4% from 1853 through 1880.
Can you tell from the graph if the Panama Railroad Company stock
outperformed the New York Stock Exchange?<br />b. Calculate
the mean annual return on Panama Railroad Company stock from 1853
through 1880. Did the stock outperform the New York Stock Exchange over
the same period?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=3.75&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 3.75 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-31938752464073973902019-09-29T19:54:00.003-05:002019-09-29T20:00:54.541-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter2
<b>2.1</b> The
response to a question has three alternatives: A, B, and C. A sample of
120 responses provides 60 A, 24 B, and 36 C. Show the frequency and
relative frequency distributions.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.2</b> A partial relative frequency distribution is given....<blockquote>
a. What is the relative frequency of class D?<br />b. The total sample size is 200. What is the frequency of class D?<br />c. Show the frequency distribution.<br />d. Show the percent frequency distribution.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.3</b> A questionnaire provides 58 Yes, 42 No, and 20 No-Opinion answers.<blockquote>
a. In the construction of a pie chart, how many degrees would be in the section of the pie showing the Yes answers?<br />b. How many degrees would be in the section of the pie showing the No answers?<br />c. Construct a pie chart.<br />d. Construct a bar chart.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.4</b> For the 2010–2011 viewing season, the top five syndicated programs were <i>Wheel of Fortune</i> (WoF), <i>Two and Half Men</i> (THM), <i>Jeopardy</i> (Jep), <i>Judge Judy</i> (JJ), and the <i>Oprah Winfrey Show</i>
(OWS) (Nielsen Media Research website, April 16, 2012). Data indicating
the preferred shows for a sample of 50 viewers follow....<blockquote>
a. Are these data categorical or quantitative?<br />b. Provide frequency and percent frequency distributions.<br />c. Construct a bar chart and a pie chart.<br />d. On the basis of the sample, which television show has the largest viewing audience? Which one is second?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.5</b> In
alphabetical order, the six most common last names in the United States
are Brown, Johnson, Jones, Miller, Smith, and Williams (<i>The World Almanac,</i>
2012). Assume that a sample of 50 individuals with one of these last
names provided the following data....Summarize the data by constructing
the following:<blockquote>
a. Relative and percent frequency distributions<br />b. A bar chart<br />c. A pie chart<br />d. Based on these data, what are the three most common last names?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.6</b> Nielsen Media Research provided the list of the 25 top-rated single shows in television history (<i>The World Almanac,</i> 2012). The following data show the television network that produced each of these 25 top-rated shows....<blockquote>
a. Construct a frequency distribution, percent frequency distribution, and bar chart for the data.<br />b.
Which network or networks have done the best in terms of presenting
top-rated television shows? Compare the performance of ABC, CBS, and
NBC.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.7</b> The
Canmark Research Center Airport Customer Satisfaction Survey uses an
online questionnaire to provide airlines and airports with customer
satisfaction ratings for all aspects of the customers’ flight experience
(airportsurvey website, July, 2012). After completing a flight,
customers receive an e-mail asking them to go to the website and rate a
variety of factors, including the reservation process, the check-in
process, luggage policy, cleanliness of gate area, service by flight
attendants, food/beverage selection, on-time arrival, and so on. A
five-point scale, with Excellent (E), Very Good (V), Good (G), Fair (F),
and Poor (P), is used to record customer ratings. Assume that
passengers on a Delta Airlines flight from Myrtle Beach, South Carolina,
to Atlanta, Georgia, provided the following ratings for the question,
“Please rate the airline based on your overall experience with this
flight.” The sample ratings are shown below....<blockquote>
a.
Use a percent frequency distribution and a bar chart to summarize these
data. What do these summaries indicate about the overall customer
satisfaction with the Delta flight?<br />b. The online
survey questionnaire enabled respondents to explain any aspect of the
flight that failed to meet expectations. Would this be helpful
information to a manager looking for ways to improve the overall
customer satisfaction on Delta flights? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.8</b> Data
for a sample of 55 members of the Baseball Hall of Fame in Cooperstown,
New York, are shown here. Each observation indicates the primary
position played by the Hall of Famers: pitcher (P), catcher (H), 1st
base (1), 2nd base (2), 3rd base (3), shortstop (S), left field (L),
center field (C), and right field (R)....<blockquote>
a. Construct frequency and relative frequency distributions to summarize the data.<br />b. What position provides the most Hall of Famers?<br />c. What position provides the fewest Hall of Famers?<br />d. What outfield position (L, C, or R) provides the most Hall of Famers?<br />e. Compare infielders (1, 2, 3, and S) to outfielders (L, C, and R).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.9</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.10</b> VirtualTourist
provides ratings for hotels throughout the world. Ratings provided by
649 guests at the Sheraton Anaheim Hotel, located near the Disneyland
Resort in Anaheim, California, can be found in the WEBfile named
HotelRatings (VirtualTourist website, February 25, 2013). Possible
responses were Excellent, Very Good, Average, Poor, and Terrible.<blockquote>
a. Construct a frequency distribution.<br />b Construct a percent frequency distribution.<br />c Construct a bar chart for the percent frequency distribution.<br />d Comment on how guests rate their stay at the Sheraton Anaheim Hotel.<br />e Results for 1679 guests who stayed at Disney’s Grand Californian provided the following frequency distribution.</blockquote>
...Compare the ratings for Disney’s Grand Californian with the results obtained for the Sheraton Anaheim Hotel.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.11</b> Consider the following data....<blockquote>
a. Develop a frequency distribution using classes of 12–14, 15–17, 18–20, 21–23, and 24–26.<br />b. Develop a relative frequency distribution and a percent frequency distribution using the classes in part (a).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.12</b>
Consider the following frequency distribution....Construct a cumulative
frequency distribution and a cumulative relative frequency
distribution.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.13</b> Construct a histogram for the data in exercise 12.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.14</b> Consider the following data....<blockquote>
a. Construct a dot plot.<br />b. Construct a frequency distribution.<br />c. Construct a percent frequency distribution.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.15</b> Construct a stem-and-leaf display for the following data....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.16</b> Construct a stem-and-leaf display for the following data. Use a leaf unit of 10....<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.17</b> A
doctor’s office staff studied the waiting times for patients who arrive
at the office with a request for emergency service. The following data
with waiting times in minutes were collected over a one-month period....Use classes of 0–4, 5–9, and so on in the following:<blockquote>
a. Show the frequency distribution.<br />b. Show the relative frequency distribution.<br />c. Show the cumulative frequency distribution.<br />d. Show the cumulative relative frequency distribution.<br />e. What proportion of patients needing emergency service wait 9 minutes or less?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.18</b> CBSSports.com
developed the Total Player Ratings system to rate players in the
National Basketball Association (NBA) based upon various offensive and
defensive statistics. The following data show the average number of
points scored per game (PPG) for 50 players with the highest ratings for
a portion of the 2012–2013 NBA season (CBSSports.com website, February
25, 2013)....Use classes starting at 10 and ending at 30 in increments of 2 for PPG in the following.<blockquote>
a. Show the frequency distribution.<br />b. Show the relative frequency distribution.<br />c. Show the cumulative percent frequency distribution.<br />d. Develop a histogram for the average number of points scored per game.<br />e. Do the data appear to be skewed? Explain.<br /><br />f. What percentage of the players averaged at least 20 points per game?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.19</b> Based on the tons handled in a year, the ports listed below are the 25 busiest ports in the United States (<i>The 2013 World Almanac</i>)....<blockquote>
a. What is the largest number of tons handled? What is the smallest number of tons handled?<br />b. Using a class width of 25, develop a frequency distribution of the data starting with 25–49.9, 50–74.9, 75–99.9, and so on.<br />c. Prepare a histogram. Interpret the histogram.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.20</b> The
London School of Economics and the Harvard Business School conducted a
study of how chief executive officers (CEOs) spend their day. The study
found that CEOs spend on average about 18 hours per week in meetings,
not including conference calls, business meals, and public events (<i>The Wall Street Journal,</i> February 14, 2012). Shown below is the time spent per week in meetings (hours) for a sample of 25 CEOs....<blockquote>
a. What is the least amount of time spent per week on meetings? The highest?<br />b. Use a class width of two hours to prepare a frequency distribution and a percent frequency distribution for the data.<br />c. Prepare a histogram and comment on the shape of the distribution.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.21</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.22</b> <i>Entrepreneur</i>
magazine ranks franchises using performance measures such as growth
rate, number of locations, startup costs, and financial stability. The
number of locations for the top 20 U.S. franchises follow (<i>The World Almanac,</i> 2012)....Use classes 0–4999, 5000–9999, 10,000–14,999, and so forth to answer the following questions.<blockquote>
a.
Construct a frequency distribution and a percent frequency distribution
of the number of U.S. locations for these top-ranked franchises.<br />b. Construct a histogram of these data.<br />c. Comment on the shape of the distribution.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.23</b> The following data show the year to date percent change (YTD % Change) for 30 stockmarket indexes from around the word (<i>The Wall Street Journal,</i> August 26, 2013)....<blockquote>
a. What index has the largest positive YTD % Change?<br />b. Using a class width of 5 beginning with – 20 and going to 40, develop a frequency distribution for the data.<br />c. Prepare a histogram. Interpret the histogram, including a discussion of the general shape of the histogram.<br />d. Use <i>The Wall Street Journal</i>
or another media source to find the current percent changes for these
stock market indexes in the current year. What index has had the largest
percent increase? What index has had the smallest percent decrease?
Prepare a summary of the data.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.24</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.25</b> Each
year America.EdU ranks the best paying college degrees in America. The
following data show the median starting salary, the mid-career salary,
and the percentage increase from starting salary to mid-career salary
for the 20 college degrees with the highest midcareer salary
(America.EdU website, August 29, 2013).......<blockquote>
a. Using a class width of 10, construct a histogram for the percentage increase in the starting salary.<br />b. Comment on the shape of the distribution.<br />c. Develop a stem-and-leaf display for the percentage increase in the starting salary.<br />d. What are the primary advantages of the stem-and-leaf display as compared to the histogram?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.26</b> The
2011 Cincinnati Flying Pig Half-Marathon (13.1 miles) had 10,897
finishers (Cincinnati Flying Pig Marathon website). The following data
show the ages for a sample of 40 half-marathoners....<blockquote>
a. Construct a stretched stem-and-leaf display.<br />b. What age group had the largest number of runners?<br />c. What age occurred most frequently?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.26&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.26 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.27</b> The following data are for 30 observations involving two categorical variables, <i>x</i> and <i>y</i>. The categories for <i>x</i> are A, B, and C; the categories for <i>y</i> are 1 and 2....<blockquote>
a. Develop a crosstabulation for the data, with <i>x</i> as the row variable and <i>y</i> as the column variable.<br />b. Compute the row percentages.<br />c. Compute the column percentages.<br />d. What is the relationship, if any, between <i>x</i> and <i>y</i>?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.27&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.27 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.28</b> The following observations are for two quantitative variables, <i>x</i> and <i>y</i>....<blockquote>
a. Develop a crosstabulation for the data, with <i>x</i> as the row variable and <i>y</i> as the column variable. For <i>x</i> use classes of 10–29, 30–49, and so on; for <i>y</i> use classes of 40–59, 60–79, and so on.<br />b. Compute the row percentages.<br />c. Compute the column percentages.<br />d. what is the relationship, if any, between <i>x</i> and <i>y</i>?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.28&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.28 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.29</b> The
Daytona 500 is a 500-mile automobile race held annually at the Daytona
International Speedway in Daytona Beach, Florida. The following
crosstabulation shows the automobile make by average speed of the 25
winners from 1988 to 2012 (<i>The 2013 World Almanac</i>)....<blockquote>
a. Compute the row percentages.<br />b. What percentage of winners driving a Chevrolet won with an average speed of at least 150 miles per hour?<br />c. Compute the column percentages.<br />d. What percentage of winning average speeds 160–169.9 miles per hour were Chevrolets?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.29&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.29 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.30</b> The following crosstabulation shows the average speed of the 25 winners by year of the Daytona 500 automobile race (<i>The 2013 World Almanac</i>)....<blockquote>
a. Calculate the row percentages.<br />b.
What is the apparent relationship between average winning speed and
year? What might be the cause of this apparent relationship?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.30&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.30 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.31</b> Recently,
management at Oak Tree Golf Course received a few complaints about the
condition of the greens. Several players complained that the greens are
too fast. Rather than react to the comments of just a few, the Golf
Association conducted a survey of 100 male and 100 female golfers. The
survey results are summarized here....<blockquote>
a.
Combine these two crosstabulations into one with Male and Female as the
row labels and Too Fast and Fine as the column labels. Which group
shows the highest percentage saying that the greens are too fast?<br />b.
Refer to the initial crosstabulations. For those players with low
handicaps (better players), which group (male or female) shows the
highest percentage saying the greens are too fast?<br />c.
Refer to the initial crosstabulations. For those players with higher
handicaps, which group (male or female) shows the highest percentage
saying the greens are too fast?<br />d. What conclusions can
you draw about the preferences of men and women concerning the speed of
the greens? Are the conclusions you draw from part (a) as compared with
parts (b) and (c) consistent? Explain any apparent inconsistencies.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.31&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.31 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.32</b> The
following crosstabulation shows the number of households (1000s) in
each of the four regions of the United States and the number of
households at each income level (U.S. Census Bureau website, August
2013)....<blockquote>
a. Compute the row percentages and identify the percent frequency distributions of income for households in each region.<br />b.
What percentage of households in the West region have an income level
of $50,000 or more? What percentage of households in the South region
have an income level of $50,000 or more?<br />c. Construct
percent frequency histograms for each region of households. Do any
relationships between regions and income level appear to be evident in
your findings?<br />d. Compute the column percentages. What information do the column percentages provide?<br />e.
What percent of households with a household income of $100,000 and over
are from the South region? What percentage of households from the South
region have a household income of $100,000 and over? Why are these two
percentages different?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.32&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.32 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.33</b>
Each
year Forbes ranks the world’s most valuable brands. A portion of the
data for 82 of the brands in the 2013 Forbes list is shown in Table 2.12
(Forbes website, February 4, 2014). The data set includes the following
variables: Brand: The name of the brand. Industry: The
type of industry associated with the brand, labeled Automotive &
Luxury, Consumer Packaged Goods, Financial Services, Other, Technology.
Brand Value ($ billions): A measure of the brand’s value in billions of
dollars developed by Forbes based on a variety of financial information
about the brand. 1-Yr Value Change (%): The percentage change in the
value of the brand over the previous year. Brand Revenue ($ billions):
The total revenue in billions of dollars for the brand.<blockquote>
a.
Prepare a crosstabulation of the data on Industry (rows) and Brand
Value ($ billions). Use classes of 0–10, 10–20, 20–30, 30–40, 40–50, and
50–60 for Brand Value ($ billions).<br />b. Prepare a frequency distribution for the data on Industry.<br />c.
Prepare a frequency distribution for the data on Brand Value ($
billions).TABLE 2.12 DATA FOR 82 OF THE MOST VALUABLE BRANDS...<br />d. How has the crosstabulation helped in preparing the frequency distributions in parts (b) and (c)?<br />e. What conclusions can you draw about the type of industry and the brand value?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.33&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.33 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.34</b> Refer to Table 2.12.<blockquote>
a.
Prepare a crosstabulation of the data on Industry (rows) and Brand
Revenue ($ billions). Use class intervals of 25 starting at 0 for Brand
Revenue ($ billions).<br />b. Prepare a frequency distribution for the data on Brand Revenue ($ billions).<br />c. What conclusions can you draw about the type of industry and the brand revenue?<br />d.
Prepare a crosstabulation of the data on Industry (rows) and the 1-Yr
Value Change (%). Use class intervals of 20 starting at –60 for 1-Yr
Value Change (%).<br />e. Prepare a frequency distribution for the data on 1-Yr Value Change (%).<br /><br />f. what conclusions can you draw about the type of industry and the 1-year change in value?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.34&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.34 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.35</b>
The
U.S. Department of Energy’s Fuel Economy Guide provides fuel efficiency
data for cars and trucks (Fuel Economy website, September 8, 2012). A
portion of the data for 149 compact, midsize, and large cars is shown in
Table 2.13. The data set contains the following variables:Size:
Compact, Midsize, and LargeDisplacement: Engine size in litersCylinders:
Number of cylinders in the engineDrive: All wheel (A), front wheel (F),
and rear wheel (R)Fuel Type: Premium (P) or regular (R) fuelCity MPG:
Fuel efficiency rating for city driving in terms of miles per gallonHwy
MPG: Fuel efficiency rating for highway driving in terms of miles per
gallonThe complete data set is contained in the file named FuelData2012.<blockquote>
a.
Prepare a crosstabulation of the data on Size (rows) and Hwy MPG
(columns). Use classes of 15–19, 20–24, 25–29, 30–34, 35–39, and 40–44
for Hwy MPG.<br />b. Comment on the relationship beween Size and Hwy MPG.<br />c.
Prepare a crosstabulation of the data on Drive (rows) and City MPG
(columns). Use classes of 10–14, 15–19, 20–24, 25–29, 30–34, and 35–39,
and 40–44 for City MPG.<br />d. Comment on the relationship between Drive and City MPG.<br />e.
Prepare a crosstabulation of the data on Fuel Type (rows) and City MPG
(columns). Use classes of 10–14, 15–19, 20–24, 25–29, 30–34, 35–39, and
40–44 for City MPG.<br /><br />f. Comment on the relationship between Fuel Type and City MPG.</blockquote>
TABLE 2.13 FUEL EFFICIENCY DATA...<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.35&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.35 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.36</b> The following 20 observations are for two quantitative variables, <i>x</i> and <i>y</i>....<blockquote>
a. Develop a scatter diagram for the relationship between <i>x</i> and <i>y</i>.<br />b. What is the relationship, if any, between <i>x</i> and <i>y</i>?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.36&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.36 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.37</b> Consider the following data on two categorical variables. The first variable, <i>x</i>, can take on values A, B, C, or D. The second variable, <i>y</i>, can take on values I or II. The following table gives the frequency with which each combination occurs....<blockquote>
a. Construct a side-by-side bar chart with <i>x</i> on the horizontal axis.<br />b. Comment on the relationship between <i>x</i> and <i>y</i>.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.37&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.37 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.38</b> The following crosstabulation summarizes the data for two categorical variables, <i>x</i> and <i>y</i>. The variable <i>x</i> can take on values Low, Medium, or High and the variable <i>y</i> can take on values Yes or No....<blockquote>
a. Compute the row percentages.<br />b. Construct a stacked percent frequency bar chart with <i>x</i> on the horizontal axis.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.38&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.38 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.39</b> A
study on driving speed (miles per hour) and fuel efficiency (miles per
gallon) for midsize automobiles resulted in the following data:...<blockquote>
a. Construct a scatter diagram with driving speed on the horizontal axis and fuel efficiency on the vertical axis.<br />b. Comment on any apparent relationship between these two variables.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.39&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.39 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.40</b> The
Current Results website lists the average annual high and low
temperatures (degrees Fahrenheit) and average annual snowfall (inches)
for 51 major U.S. cities, based on data from 1981 to 2010. The data are
contained in the WEBfile named Snow. For example, the average low
temperature for Columbus, Ohio, is 44 degrees and the average annual
snowfall is 27.5 inches.<blockquote>
a. Construct a scatter
diagram with the average annual low temperature on the horizontal axis
and the average annual snowfall on the vertical axis.<br />b. Does there appear to be any relationship between these two variables?<br />c. Based on the scatter diagram, comment on any data points that seem to be unusual.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.40&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.40 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.41</b> People
often wait until middle age to worry about having a healthy heart.
However, recent studies have shown that earlier monitoring of risk
factors such as blood pressure can be very beneficial (<i>The Wall Street Journal,</i>
January 10, 2012). Having higher than normal blood pressure, a
condition known as hypertension, is a major risk factor for heart
disease. Suppose a large sample of individuals of various ages and
gender was selected and that each individual’s blood pressure was
measured to determine if they have hypertension. For the sample data,
the following table shows the percentage of individuals with
hypertension....<blockquote>
a.
Develop a side-by-side bar chart with age on the horizontal axis, the
percentage of individuals with hypertension on the vertical axis, and
side-by-side bars based on gender.<br />b. What does the display you developed in part (a), indicate about hypertension and age?<br />c. Comment on differences by gender.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.41&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.41 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.42</b> Smartphones
are advanced mobile phones with Internet, photo, music, and video
capability (The Pew Research Center, Internet & American Life
Project, 2011). The following survey results show smartphone ownership
by age....<blockquote>
a.
Construct a stacked bar chart to display the above survey data on type
of mobile phone ownership. Use age category as the variable on the
horizontal axis.<br />b. Comment on the relationship between age and smartphone ownership.<br />c. How would you expect the results of this survey to be different if conducted in 2021?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.42&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.42 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.43</b> The
Northwest regional manager of an outdoor equipment retailer conducted a
study to determine how managers at three store locations are using
their time. A summary of the results is shown in the following table....<blockquote>
a.
Create a stacked bar chart with store location on the horizontal axis
and percentage of time spent on each task on the vertical axis.<br />b.
Create a side-by-side bar chart with store location on the horizontal
axis and side-by-side bars of the percentage of time spent on each task.<br />c. Which type of bar chart (stacked or side-by-side) do you prefer for these data? Why?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.43&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.43 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.44</b> Approximately
1.5 million high school students take the SAT each year and nearly 80%
of the college and universities without open admissions policies use SAT
scores in making admission decisions (College Board, March 2009). The
current version of the SAT includes three parts: reading comprehension,
mathematics, and writing. A perfect combined score for all three parts
is 2400. A sample of SAT scores for the combined three-part SAT is as
follows....<blockquote>
a. Show a frequency distribution and histogram. Begin with the first class starting at 800 and use a class width of 200.<br />b. Comment on the shape of the distribution.<br />c. What other observations can be made about the SAT scores based on the tabular and graphical summaries?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.44&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.44 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.45</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.45&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.45 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.46</b> Data showing the population by state in millions of people follow (<i>The World Almanac,</i> 2012)....<blockquote>
a. Develop a frequency distribution, a percent frequency distribution, and a histogram. Use a class width of 2.5 million.<br />b. Does there appear to be any skewness in the distribution? Explain.<br />c. What observations can you make about the population of the 50 states?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.46&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.46 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.47</b> A
startup company’s ability to gain funding is a key to success. The
funds raised (in millions of dollars) by 50 startup companies follow (<i>The Wall Street Journal,</i> March 10, 2011)....<blockquote>
a. Construct a stem-and-leaf display.<br />b. Comment on the display.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.47&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.47 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.48</b> Consumer
complaints are frequently reported to the Better Business Bureau. In
2011, the industries with the most complaints to the Better Business
Bureau were banks; cable and satellite television companies; collection
agencies; cellular phone providers; and new car dealerships (<i>USA Today,</i> April 16, 2012). The results for a sample of 200 complaints are contained in the WEBfile named BBB.<blockquote>
a. Show the frequency and percent frequency of complaints by industry.<br />b. Construct a bar chart of the percent frequency distribution.<br />c. Which industry had the highest number of complaints?<br />d. Comment on the percentage frequency distribution for complaints.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.48&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.48 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.49</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.49&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.49 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.50</b> The
U.S. Census Bureau serves as the leading source of quantitative data
about the nation’s people and economy. The following crosstabulation
shows the number of households (1000s) and the household income by the
level of education for heads of household having received a high school
degree or more education (U.S. Census Bureau website, 2013)....<blockquote>
a.
Construct a percent frequency distribution for the level of education
variable. What percentage of heads of households have a master’s or
doctoral degree?<br />b. Construct a percent frequency
distribution for the household income variable. What percentage of
households have an income of $50,000 or more?<br />c.
Convert the entries in the crosstabulation into column percentages.
Compare the level of education of households with a household income of
under $25,000 to the level of education of households with a household
income of $100,000 or more. Comment on any other items of interest when
reviewing the crosstabulation showing column percentages.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.50&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.50 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.51</b> Western
University has only one women’s softball scholarship remaining for the
coming year. The final two players that Western is considering are
Allison Fealey and Emily Janson. The coaching staff has concluded that
the speed and defensive skills are virtually identical for the two
players, and that the final decision will be based on which player has
the best batting average. Crosstabulations of each player’s batting
performance in their junior and senior years of high school are as
follows:...A
player’s batting average is computed by dividing the number of hits a
player has by the total number of at-bats. Batting averages are
represented as a decimal number with three places after the decimal.<blockquote>
a.
Calculate the batting average for each player in her junior year. Then
calculate the batting average of each player in her senior year. Using
this analysis, which player should be awarded the scholarship? Explain.<br />b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows:...Calculate
each player’s batting average for the combined two years. Using this
analysis, which player should be awarded the scholarship? Explain.<br />c. Are the recommendations you made in parts (a) and (b) consistent? Explain any apparent inconsistencies.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.51&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.51 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.52</b> <i>Fortune</i>
magazine publishes an annual survey of the 100 best companies to work
for. The data in the WEBfile named FortuneBest100 shows the rank,
company name, the size of the company, and the percentage job growth for
full-time employees for 98 of the <i>Fortune</i> 100 companies for which percentage job growth data were available (<i>Fortune</i> magazine website, February 25, 2013). The column labeled Rank shows the rank of the company in the <i>Fortune</i>
100 list; the column labeled Size indicates whether the company is a
small company (less than 2500 employees), a midsized company (2500 to
10,000 employees), or a large company (more than 10,000 employees); and
the column labeled Growth Rate (%) shows the percentage growth rate for
full-time employees.<blockquote>
a. Construct a crosstabulation
with Job Growth (%) as the row variable and Size as the column variable.
Use classes starting at – 10 and ending at 70 in increments of 10 for
Growth Rate (%).<br />b. Show the frequency distribution for Job Growth (%) and the frequency distribution for Size.<br />c. Using the crosstabulation constructed in part (a), develop a crosstabulation showing column percentages.<br />d. Using the crosstabulation constructed in part (a), develop a crosstabulation showing row percentages.<br />e. Comment on the relationship between the percentage job growth for full-time employees and the size of the company.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.52&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.52 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.53</b> Table
2.18 shows a portion of the data for a sample of 103 private colleges
and universities. The complete data set is contained in the WEBfile
named Colleges. The data include the name of the college or university,
the year the institution was founded, the tuition and fees (not
including room and board) for the most recent academic year, and the
percentage of full time, first-time bachelor’s degree-seeking
undergraduate students who obtain their degree in six years or less (<i>The World Almanac,</i> 2012).<blockquote>
a.
Construct a crosstabulation with Year Founded as the row variable and
Tuition & Fees as the column variable. Use classes starting with
1600 and ending with 2000 in increments of 50 for Year Founded. For
Tuition & Fees, use classes starting with 1 and ending 45000 in
increments of 5000.<br />b. Compute the row percentages for the crosstabulation in part (a).<br />c. What relationship, if any, do you notice between Year Founded and Tuition & Fees?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.53&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.53 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.54</b> Refer to the data set in Table 2.18.<blockquote>
a.
Construct a crosstabulation with Year Founded as the row variable and %
Graduate as the column variable. Use classes starting with 1600 and
ending with 2000 in increments of 50 for Year Founded. For % Graduate,
use classes starting with 35% and ending with 100% in increments of 5%.<br />b. Compute the row percentages for your crosstabulation in part (a).<br />c. Comment on any relationship between the variables.</blockquote>
TABLE 2.18 DATA FOR A SAMPLE OF PRIVATE COLLEGES AND UNIVERSITIES...<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.54&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.54 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.55</b> Refer to the data set in Table 2.18.<blockquote>
a. Construct a scatter diagram to show the relationship between Year Founded and Tuition & Fees.<br />b. Comment on any relationship between the variables.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.55&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.55 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.56</b> Refer to the data set in Table 2.18.<blockquote>
a. Prepare a scatter diagram to show the relationship between Tuition & Fees and % Graduate.<br />b. Comment on any relationship between the variables.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.56&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.56 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.57</b> Google
has changed its strategy with regard to how much and over which media
it invests in advertising. The following table shows Google’s marketing
budget in millions of dollars for 2008 and 2011 (<i>The Wall Street Journal,</i> March 27, 2012)....<blockquote>
a. Construct a side-by-side bar chart with year as the variable on the horizontal axis. Comment on any trend in the display.<br />b.
Convert the above table to percentage allocation for each year.
Construct a stacked bar chart with year as the variable on the
horizontal axis.<br />c. Is the display in part (a) or part (b) more insightful? Explain.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.57&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.57 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>2.58</b> A
zoo has categorized its visitors into three categories: member, school,
and general. The member category refers to visitors who pay an annual
fee to support the zoo. Members receive certain benefits such as
discounts on merchandise and trips planned by the zoo. The school
category includes faculty and students from day care and elementary and
secondary schools; these visitors generally receive a discounted rate.
The general category includes all other visitors. The zoo has been
concerned about a recent drop in attendance. To help better understand
attendance and membership, a zoo staff member has collected the
following data:...<blockquote>
a. Construct a bar chart of total attendance over time. Comment on any trend in the data.<br />b. Construct a side-by-side bar chart showing attendance by visitor category with year as the variable on the horizontal axis.<br />c. Comment on what is happening to zoo attendance based on the charts from parts (a) and (b).</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=2.58&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 2.58 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
Phttp://www.blogger.com/profile/00256067993955329795noreply@blogger.comtag:blogger.com,1999:blog-120837887427333361.post-43238567559562340402019-09-29T19:51:00.001-05:002019-09-29T19:58:40.116-05:00Solutions Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition - Chapter1
<b>1.1</b> Discuss the differences between statistics as numerical facts and statistics as a discipline or field of study.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.1&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.1 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.2</b> Tablet
PC Comparison provides a wide variety of information about tablet
computers. The company’s website enables consumers to easily compare
different tablets using factors such as cost, type of operating system,
display size, battery life, and CPU manufacturer. A sample of 10 tablet
computers is shown in Table 1.6 (Tablet PC Comparison website, February
28, 2013).<blockquote>
a. How many elements are in this data set?<br />b. How many variables are in this data set?<br />c. Which variables are categorical and which variables are quantitative?<br />d. What type of measurement scale is used for each of the variables?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.2&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.2 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.3</b> Refer to Table 1.6.<blockquote>
a. What is the average cost for the tablets ?<br />b.
Compare the average cost of tablets with a Windows operating system to
the average cost of tablets with an Android operating system.TABLE 1.6 PRODUCT INFORMATION FOR 10 TABLET COMPUTERS...<br />c. What percentage of tablets use a CPU manufactured by TI OMAP?<br />d. What percentage of tablets use an Android operating system?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.3&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.3 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.4</b> Table 1.7 shows data for eight cordless telephones (<i>Consumer Reports,</i>
November 2012). The Overall Score, a measure of the overall quality for
the cordless telephone, ranges from 0 to 100. Voice Quality has
possible ratings of poor, fair, good, very good, and excellent. Talk
Time is the manufacturer’s claim of how long the handset can be used
when it is fully charged.<blockquote>
a. How many elements are in this data set ?<br />b.
For the variables Price, Overall Score, Voice Quality, Handset on Base,
and Talk Time, which variables are categorical and which variables are
quantitative ?<br />c. What scale of measurement is used for each variable ?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.4&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.4 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.5</b> Refer to the data set in Table 1.7.<blockquote>
a. What is the average price for the cordless telephones?<br />b. What is the average talk time for the cordless telephones?<br />c. What percentage of the cordless telephones have a voice quality of excellent?<br />d. What percentage of the cordless telephones have a handset on the base?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.5&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.5 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.6</b> J.D.
Power and Associates surveys new automobile owners to learn about the
quality of recently purchased vehicles. The following questions were
asked in the J.D. Power Initial Quality Survey, May 2012.TABLE 1.7 DATA FOR EIGHT CORDLESS TELEPHONES...<blockquote>
a. Did you purchase or lease the vehicle ?<br />b. What price did you pay ?<br />c. What is the overall attractiveness of your vehicle’s exterior? (Unacceptable, Average, Outstanding, or Truly Exceptional)<br />d. What is your average miles-per-gallon ?<br />e. What is your overall rating of your new vehicle? (1- to 10-point scale with 1 Unacceptable and 10 Truly Exceptional)</blockquote>
Comment on whether each question provides categorical or quantitative data.<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.6&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.6 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.7</b> The
Kroger Company is one of the largest grocery retailers in the United
States, with over 2000 grocery stores across the country. Kroger uses an
online customer opinion questionnaire to obtain performance data about
its products and services and learn about what motivates its customers
(Kroger website, April 2012). In the survey, Kroger customers were asked
if they would be willing to pay more for products that had each of the
following four characteristics. The four questions were: Would you pay
more for<blockquote>
products that have a brand name?products that are
environmentally friendly?products that are organic?products that have
been recommended by others?</blockquote>
For each question, the customers had the option of responding Yes if they would pay more or No if they would not pay more.<blockquote>
a. Are the data collected by Kroger in this example categorical or quantitative?<br />b. What measurement scale is used?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.7&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.7 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.8</b> <i>The Tennessean,</i>
an online newspaper located in Nashville, Tennessee, conducts a daily
poll to obtain reader opinions on a variety of current issues. In a
recent poll, 762 readers responded to the following question: “If a
constitutional amendment to ban a state income tax is placed on the
ballot in Tennessee, would you want it to pass?” Possible responses were
Yes, No, or Not Sure (<i>The Tennessean</i> website, February 15, 2013).<blockquote>
a. What was the sample size for this poll?<br />b. Are the data categorical or quantitative?<br />c. Would it make more sense to use averages or percentages as a summary of the data for this question?<br />d. Of the respondents, 67% said Yes, they would want it to pass. How many individuals provided this response?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.8&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.8 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.9</b> The
Commerce Department reported receiving the following applications for
the Malcolm Baldrige National Quality Award: 23 from large manufacturing
firms, 18 from large service firms, and 30 from small businesses.<blockquote>
a. Is type of business a categorical or quantitative variable?<br />b. What percentage of the applications came from small businesses?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.9&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.9 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.10</b> The
Bureau of Transportation Statistics Omnibus Household Survey is
conducted annually and serves as an information source for the U.S.
Department of Transportation. In one part of the survey the person being
interviewed was asked to respond to the following statement: “Drivers
of motor vehicles should be allowed to talk on a hand-held cell phone
while driving.” Possible responses were strongly agree, somewhat agree,
somewhat disagree, and strongly disagree. Forty-four respondents said
that they strongly agree with this statement, 130 said that they
somewhat agree, 165 said they somewhat disagree, and 741 said they
strongly disagree with this statement (Bureau of Transportation website,
August 2010).<blockquote>
a. Do the responses for this statement provide categorical or quantitative data?<br />b. Would it make more sense to use averages or percentages as a summary of the responses for this statement?<br />c.
What percentage of respondents strongly agree with allowing drivers of
motor vehicles to talk on a hand-held cell phone while driving?<br />d.
Do the results indicate general support for or against allowing drivers
of motor vehicles to talk on a hand-held cell phone while driving?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.10&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.10 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.11</b> In
a Gallup telephone survey conducted on April 9–10, 2013, the person
being interviewed was asked if he would vote for a law in his state that
would increase the gas tax up to 20 cents a gallon, with the new gas
tax money going to improve roads and bridges and build more mass
transportation in his state. Possible responses were vote for, vote
against, and no opinion. Two hundred ninety five respondents said they
would vote for the law, 672 said they would vote against the law, and 51
said they had no opinion (Gallup website, June 14, 2013).<blockquote>
a. Do the responses for this question provide categorical or quantitative data?<br />b. What was the sample size for this Gallup poll?<br />c. What percentage of respondents would vote for a law increasing the gas tax?<br />d.
Do the results indicate general support for or against increasing the
gas tax to improve roads and bridges and build more mass transportation?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.11&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.11 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.12</b> The
Hawaii Visitors Bureau collects data on visitors to Hawaii. The
following questions were among 16 asked in a questionnaire handed out to
passengers during incoming airline flights.<blockquote>
• This trip to
Hawaii is my: 1st, 2nd, 3rd, 4th, etc. • The primary reason for this
trip is: (10 categories, including vacation, convention, honeymoon) •
Where I plan to stay: (11 categories, including hotel, apartment,
relatives, camping) • Total days in Hawaii</blockquote>
<blockquote>
a. What is the population being studied?<br />b. Is the use of a questionnaire a good way to reach the population of passengers on incoming airline flights?<br />c. Comment on each of the four questions in terms of whether it will provide categorical or quantitative data.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.12&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.12 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.13</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.13&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.13 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.14</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.14&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.14 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.15</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.15&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.15 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.16</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.16&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.16 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.17</b> A
manager of a large corporation recommends a $10,000 raise be given to
keep a valued subordinate from moving to another company. What internal
and external sources of data might be used to decide whether such a
salary increase is appropriate?<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.17&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.17 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.18</b> A
random telephone survey of 1021 adults (aged 18 and older) was
conducted by Opinion Research Corporation on behalf of CompleteTax, an
online tax preparation and e-filing service. The survey results showed
that 684 of those surveyed planned to file their taxes electronically
(CompleteTax Tax Prep Survey 2010).<blockquote>
a. Develop a descriptive statistic that can be used to estimate the percentage of all taxpayers who file electronically.<br />b.
The survey reported that the most frequently used method for preparing
the tax return is to hire an accountant or professional tax preparer. If
60% of the people surveyed had their tax return prepared this way, how
many people used an accountant or professional tax preparer?<br />c.
Other methods that the person filing the return often used include
manual preparation, use of an online tax service, and use of a software
tax program. Would the data for the method for preparing the tax return
be considered categorical or quantitative?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.18&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.18 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.19</b> A <i>Bloomberg Businessweek</i>
North American subscriber study collected data from a sample of 2861
subscribers. Fifty-nine percent of the respondents indicated an annual
income of $75,000 or more, and 50% reported having an American Express
credit card.<blockquote>
a. What is the population of interest in this study?<br />b. Is annual income a categorical or quantitative variable?<br />c. Is ownership of an American Express card a categorical or quantitative variable?<br />d. Does this study involve cross-sectional or time series data?<br />e. Describe any statistical inferences <i>Bloomberg Businessweek</i> might make on the basis of the survey.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.19&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.19 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.20</b> A survey of 131 investment managers in <i>Barron’s</i> Big Money poll revealed the following:<blockquote>
• 43% of managers classified themselves as bullish or very bullish on the stock market.<br />• The average expected return over the next 12 months for equities was 11.2%.<br />• 21% selected health care as the sector most likely to lead the market in the next 12 months.<br />•
When asked to estimate how long it would take for technology and
telecom stocks to resume sustainable growth, the managers’ average
response was 2.5 years.</blockquote>
<blockquote>
a. Cite two descriptive statistics.<br />b.
Make an inference about the population of all investment managers
concerning the average return expected on equities over the next 12
months.<br />c. Make an inference about the length of time it will take for technology and telecom stocks to resume sustainable growth.</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.20&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.20 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.21</b> A
seven-year medical research study reported that women whose mothers
took the drug DES during pregnancy were twice as likely to develop
tissue abnormalities that might lead to cancer as were women whose
mothers did not take the drug.<blockquote>
a. This study compared two populations. What were the populations?<br />b. Do you suppose the data were obtained in a survey or an experiment?<br />c.
For the population of women whose mothers took the drug DES during
pregnancy, a sample of 3980 women showed that 63 developed tissue
abnormalities that might lead to cancer. Provide a descriptive statistic
that could be used to estimate the number of women out of 1000 in this
population who have tissue abnormalities.<br />d. For the
population of women whose mothers did not take the drug DES during
pregnancy, what is the estimate of the number of women out of 1000 who
would be expected to have tissue abnormalities?<br />e. Medical studies often use a relatively large sample (in this case, 3980). Why?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.21&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.21 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.22</b> A
survey conducted by Better Homes and Gardens Real Estate LLC showed
that one in five U.S. homeowners have either moved from their home or
would like to move because their neighborhood or community isn’t ideal
for their lifestyle (Better Homes and Gardens Real Estate website,
September 26, 2013). The top lifestyle priorities of respondents when
searching for their next home include ease of commuting by car, access
to health and safety services, family-friendly neighborhood,
availability of retail stores, access to cultural activities, public
transportation access, and nightlife and restaurant access. Suppose a
real estate agency in Denver, Colorado, hired you to conduct a similar
study to determine the top lifestyle priorities for clients that
currently have a home listed for sale with the agency or have hired the
agency to help them locate a new home.<blockquote>
a. What is the population for the survey you will be conducting?<br />b. How would you collect the data for this study?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.22&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.22 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.23</b> <br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.23&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.23 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.24</b> A
sample of midterm grades for five students showed the following
results: 72, 65, 82, 90, 76. Which of the following statements are
correct, and which should be challenged as being too generalized?<blockquote>
a. The average midterm grade for the sample of five students is 77.<br />b. The average midterm grade for all students who took the exam is 77.<br />c. An estimate of the average midterm grade for all students who took the exam is 77.<br />d. More than half of the students who take this exam will score between 70 and 85.<br />e. If five other students are included in the sample, their grades will be between 65 and 90.</blockquote>
TABLE 1.8 DATA SET FOR 25 SHADOW STOCKS...<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.24&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.24 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br /><b>1.25</b> Table
1.8 shows a data set containing information for 25 of the shadow stocks
tracked by the American Association of Individual Investors. Shadow
stocks are common stocks of smaller companies that are not closely
followed by Wall Street analysts. The data set is also on the website
that accompanies the text in the WEBfile named Shadow02.<blockquote>
a. How many variables are in the data set?<br />b. Which of the variables are categorical and which are quantitative?<br />c.
For the Exchange variable, show the frequency and the percent frequency
for AMEX, NYSE, and OTC. Construct a bar graph similar to Figure 1.4
for the Exchange variable.<br />d. Show the frequency
distribution for the Gross Profit Margin using the five intervals:
0–14.9, 15–29.9, 30–44.9, 45–59.9, and 60–74.9. Construct a histogram
similar to Figure 1.5.<br />e. What is the average price/earnings ratio?</blockquote>
<br /> <a href="http://www.vipserver.info/solutionsdt/excercise.asp?id=1.25&idb=EssentialsofModernBusinessStatistics7ed&type=p" target="_blank" title="Solutions 1.25 Essentials of Modern Business Statistics with Microsoft Office Excel - 7th Edition"> Get solution</a> <br /><br />
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