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Chapter: 15 -Problem: 44 >> Latest statistics show that 34 million people took a cruise in 2019, spending more than $60 billion. One of the most profitable parts of a cruise for the cruise companies is shore excursions. However, recent data indicate that about one-third of passengers never leave the ship! A survey of people who recently took a cruise yielded the following results:Using the hypothesis-testing procedure, can w
Answer Preview: (a) To test if the proportion of passengers staying on the ship is greater in the Mediterranean regi…

, Chapter: 13 -Problem: 17 >> Bloomberg Intelligence listed 50 companies to watch in 2019 (www.bloomberg.com/features/companies-to-watch-2019). Twelve of the companies are listed here with their total assets and 12-month salesLet sales be the dependent variable and total assets the independent variable.a. Draw a scatter diagram.b. Compute the correlation coefficient.c. Determine the regression equation.d. For a company with $1
Answer Preview: a. Here is the scatter plot for the data: b. To compute the correlation coefficient, we first calcul…

, Chapter: 15 -Problem: 16 >> The null hypothesis and the alternate hypothesis are:H0: The frequencies are equal.H1: The frequencies are not equal.Category .......................fo A........................................10B ........................................20C........................................ 30D....................................... 20 a, State the decision rule, using the .05 significance level.b. Compute t
Answer Preview: a. The decision rule is to reject H0 if the observed frequency of category C is less than expected 1…

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, Chapter: 12 -Problem: 1 >> What is the critical F-value when the sample size for the numerator is six and the sample size for the denominator is four? Use a two-tailed test and the .10 significance level.
Answer Preview: We have: Sample size for the numerator, n=4 Sample size for the denominator, n=7 …

, Chapter: 12 -Problem: 34 >> Refer to the Baseball 2019 data, which report information on the 30 Major League Baseball teams for the 2019 season.At the .10 significance level, is there a difference in the variation in team salary among the American and National League teams? Create a variable that classifies a team’s total attendance into three groups: less than 2.0 (million), 2.0 up to 3.0, and 3.0 or more. At the .05 signif
Answer Preview: To analyze the given questions, we need to perform several statistical tests. Let's break down each question and solve them step by step. Question 1: At the .10 significance level, is there a differen…

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, Chapter: 15 -Problem: 28 >> The use of cellular phones in automobiles has increased dramatically in the last few years. Of concern to traffic experts, as well as manufacturers of cellular phones, is the effect on accident rates. Is someone who is using a cellular phone more likely to be involved in a traffic accident? What is your conclusion from the following sample information? Use the .05 significance level.
Answer Preview: We can set up a hypothesis test to determine whether there is a significant association between cell …

, Chapter: 15 -Problem: 59 >> Refer to the Baseball 2019 data, which report information on the 30 Major League Baseball teams for the 2019 season. Set up a variable that divides the teams into two groups, those that had a winning season and those that did not. There are 162 games in the season, so define a winning season as having won 81 or more games. Next, find the median team salary and divide the teams into two salary grou
Answer Preview: Yes, there is a relationship between salaries and winning at the .05 sign…

, Chapter: 9 -Problem: 15 >> The owner of the West End Kwick Fill Gas Station wishes to determine the proportion of customers who pay at the pump using a credit card or debit card. He surveys 100 customers and finds that 85 paid at the pump. Estimate the value of the population proportion. Develop a 95% confidence interval for the population proportion. Interpret your findings.
Answer Preview: First, let's establish the population of interest. Since the population is customers using a credit …

, Chapter: 15 -Problem: 50 >> Banner Mattress and Furniture Company wishes to study the number of credit applications received per day for the last 300 days. The sample information is reported here. Number of Credit........................... Applications Frequency (Number of Days) 0............................................................. 501 772............................................................. 813............
Answer Preview: No, it would not be reasonable to conclude that the population distribution is Poisson with …

, Chapter: 11 -Problem: 9 >> Following are the 29 players on the opening-day roster of the 2019 Boston Red Sox Major League Baseball team, fielding positions, and salaries Sort the players into two groups, all pitchers (relief and starting) and position players (all others). Assume equal population standard deviations for the pitchers and the position players. Test the hypothesis that mean salaries of pitchers and position pl
Answer Preview: ANSWER To test the hypothesis that the mean salaries of pitchers and position players are equal, we …

, Chapter: 9 -Problem: 62 >> Refer to the Baseball 2019 data, which report information on the 30 Major League Baseball teams for the 2019 season. Assume the 2019 data represent a sample. a. Develop a 95% confidence interval for the mean number of home runs per team. b. Develop a 95% confidence interval for the mean batting average by each team. Develop a 95% confidence interval for the mean earned run average (ERA) for each t
Answer Preview: a. To develop a 95% confidence interval for the mean number of home runs per team, we first need to calculate the sample mean and sample standard devi…

, Chapter: 3 -Problem: 21 >> The unemployment rate in the state of Alaska by month is given in the table below:a. What is the arithmetic mean of the Alaska unemployment rates?b. Find the median and the mode for the unemployment rates.c. Compute the arithmetic mean and median for just the winter (Dec–Mar) months. Is it much different? Transcribed Image
Answer Preview: a. The arithmetic mean of the Alaska unemployment ra…

, Chapter: 15 -Problem: 29 >> A coin toss is used to decide which team gets the ball first in most sports. It involves little effort and is believed to give each side the same chance. In 54 Super Bowl games, the coin toss resulted in 25 heads and 29 tails. However, the National Football Conference has correctly called the coin flip 37 times. Meanwhile, the American Football Conference has correctly called the flip only 17 time
Answer Preview: a. The null and alternate hypotheses is : "There is no difference between the coin flip calling meth…

, Chapter: 7 -Problem: 53 >> Refer to the data set that reports information on the 30 Major League Baseball teams for the 2019 season. a. For the variable salary, compute the mean, median, range, standard deviation, and coefficient of skewness. Also, make a box plot for the variable, salary. Does it seem reasonable that salary is normally distributed? Explain.b. Compute a new variable, stadium age, by subtracting the year the
Answer Preview: a. To compute the statistics for the variable salary, we can use the following formulas: Mean = (sum of all values) / (number of values) Median = the …

, Chapter: 1 -Problem: 17 >> Mark Lines is an online portal (www.marklines.com) that reports automotive industry data. The table below shows the number of cars sold in the United States in 2018 and 2019. The top 22 manufacturers, plus others, are listed here. Sales data often are reported in this way to compare current sales to last year’s sales.Using computer software, compare 2018 sales to the 2019 sales for each manufactur
Answer Preview: To compare 2018 sales to 2019 sales for each manufacturer, the difference between the two values can …

, Chapter: 1 -Problem: 8 >> For the following situations, would you collect information using a sample or a population? Why? Statistics 201 is a course taught at a university. Professor Rauch has taught nearly 1,500 students in the course over the past 5 years. You would like to know the average grade for the course. As part of a research project, you need to report the average profit as a percentage of revenue for the #1-ra
Answer Preview: The correct approach is to use a sample. The model for …

, Chapter: 2 -Problem: 43 >> Merrill Lynch recently completed a study regarding the size of online investment portfolios (stocks, bonds, mutual funds, and certificates of deposit) for a sample of clients in the 40 up to 50 years old age group. Listed below is the value of all the investments in thousands of dollars for the 70 participants in the study.a. Organize the data into a frequency distribution. How many classes would
Answer Preview: ANSWER a. To organize the data into a frequency distribution, we need to group the data into intervals or classes. The number of classes to use can va…

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, Chapter: 5 -Problem: 25 >> Compute the mean and variance of the following discrete probability distribution.x                                        P(x) 2.................................        .58.................................        .310...............................        .2
Answer Preview: Mean = E(X) = 2*0 5 + 8*0 3 …

, Chapter: 3 -Problem: 2 >> Compute the mean of the following population values: 7, 5, 7, 3, 7, 4.
Answer Preview: Given, Population values (X n ): 7…

, Chapter: 11 -Problem: 48 >> Refer to the Baseball 2019 data, which report information on the 30 Major League Baseball teams for the 2019 season. At the .05 significance level, can we conclude that there is a difference in the mean salary of teams in the American League versus teams in the National League? At the .05 significance level, can we conclude that there is a difference in the mean home attendance of teams in the Ame
Answer Preview: (A Null Hypothesis HO = There is no difference in the mean salary of teams in the American League versus teams in the National League Alternative Hypo…

, Chapter: 3 -Problem: 64 >> The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 2000, their margin of victory, the winning time, and the payoff on a $2 bet. a. Determine the mean and median for the variables winning time and payoff on a $2 bet.b. Determine the range and standard deviation of t
Answer Preview: a. To determine the mean and median for the variables winning time and payoff on a $2 bet, we can use the following formulas: Mean = (sum of all value…

, Chapter: 9 -Problem: 48 >> A website dedicated to issues related to health care and health care costs surveyed 20 of its subscribers. It found that the annual health insurance premiums for a family with coverage through an employer averaged $10,979. The standard deviation of the sample was $1,000. Based on this sample information, develop a 90% confidence interval for the population mean yearly premium. How large a sample i
Answer Preview: a. The confidence interval is calculated as: Mean t(/2) * st de…

, Chapter: 3 -Problem: 9 >> The Grand City Water and Sewer Company selected a random sample of 20 residential customers. Following are the amounts, to the nearest dollar, the customers were charged for water and sewer last month: (a) compute the arithmetic mean and (b) indicate whether it is a statistic or a parameter.(a) compute the arithmetic mean and (b) indicate whether it is a statistic or a parameter.
Answer Preview: (a) Arithmetic mean = (88 + 54 + 67 + 48 + 5…

, Chapter: 9 -Problem: 22 >> The estimate of the population proportion should have a margin of error of 0.10, with a 99% level of confidence. The best estimate of the population proportion is .45. How large a sample is required?
Answer Preview: Given that, 1) = 0 45 1 - = 0 55 margin of error = E = …

, Chapter: 4 -Problem: 24 >> Listed below are the 30 companies that make up the Dow Jones Industrial Average (DJIA) and the percent return in their stock price between January 1, 2019, and December 27, 2019. Make a boxplot for the return in stock price for these companies. Write a brief report describing the information represented by the box plot. Tr
Answer Preview: ANSWER To create a box plot, we first need to sort the data in ascending order. Then we can find the …

, Chapter: 2 -Problem: 44 >> According to Pizza Today magazine (https://www.pizzatoday.com/pizzeriarankings/ 2019-top-100-pizza-companies/), an estimate of pizza sales in the United States for the top 100 pizza companies was $45,654 million in 2019. Below are the top 5 companies with the number of franchise units and total gross sales in $ millions.To complete this exercise, please access the data set in Connect with the top
Answer Preview: a. To compute the sales per unit, we need to divide the total sales of each company by the number of …

, Chapter: 5 -Problem: 45 >> Refer to the Baseball 2019 data. Compute the mean number of home runs per game. To do this, first find the mean number of home runs per team for 2019. Next, divide this value by 162 (a season comprises 162 games). Then multiply by 2 because there are two teams in each game. Use the Poisson distribution to estimate the number of home runs that will be hit in a game. Find the probability that:a. The
Answer Preview: ANSWER To compute the mean number of home runs per game, we first need to find the mean number of ho…

, Chapter: 2 -Problem: 52 >> Refer to the Baseball 2019 data that report information on the 30 Major League Baseball teams for the 2019 season. Create a frequency distribution for the Team Salary variable and answer the following questions. a. What is the typical salary for a team? b. What is the range of the salaries?c. Comment on the shape of the distribution. Does it appear that any of the teams have a salary that is out o
Answer Preview: To create a frequency distribution for the Team Salary variable, we can first sort the data by team salary and then count how many teams fall into eac…

, Chapter: 5 -Problem: 26 >> Compute the mean and variance of the following probability distribution.x..................................   P(x) 5.................................         .1 10...............................         .3 15...............................         .2 20...............................         .4
Answer Preview: mean = E[X] = 5*.1+10*.3+15*.…

, Chapter: 6 -Problem: 3 >> Compute the mean and variance of the following probability distribution.x                                        P(x) 5.................................         .110...............................         .315...............................         .220...............................         .4
Answer Preview: X P(X) X * P(X) X 2 * P(X) 5 0 1 0 5 2 5 10 0 3 3 30 15 0 2 3 45 …

, Chapter: 1 -Problem: 6 >> Explain the difference between a sample and a population.
Answer Preview: The term "population" in statistics refers to the full collection or group of objects from which …

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, Chapter: 4 -Problem: 16 >> Listed below are the year-end salaries for the 2019 World Champion Washington Nationals Major League Baseball team.a. Determine the mean, median, and the standard deviation. b. Determine the coefficient of skewness using Pearson’s method. c. Determine the coefficient of skewness using the software method. Transcribed Image
Answer Preview: a. To find the mean, median, and standard deviation, we first need to organize the given data in ascending order: $555,000 $557,800 $559,100 $562,500 …

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13 Reviews for Basic Statistics In Business And Economics Textbook Questions And Answers