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Chapter: 1 -Problem: 15 >> The U.S. Census Bureau tracks sales per month for various products and services through its Monthly Retail Trade Survey. Figure 1.12 shows monthly jewelry sales in millions of dollars for 2016. a. Are the data quantitative or categorical? b. Are the data cross-sectional or time series? c. Which four months have the highest sales? d. Why do you think the answers to part c might be the highest four
Answer Preview: a. Quantitative jewelry sales in millions of dollars b. …

, Chapter: 4 -Problem: 13 >> The Powerball lottery is played twice each week in 44 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 69, and then select a Powerball number from the digits 1 through 26. To determine the winning numbers for each game, lottery officials draw 5 white balls out a drum of 69 white balls
Answer Preview: a. Step 1: Use the counting rule for combinations: Step 2: There are 26 ways to …

, Chapter: 3 -Problem: 5 >> Although millions of elephants once roamed across Africa, by the mid-1980s elephant populations in African nations had been devastated by poaching. Elephants are important to African ecosystems. In tropical forests, elephants create clearings in the canopy that encourage new tree growth. In savannas, elephants reduce bush cover to create an environment that is favorable to browsing and grazing ani
Answer Preview: This case provides the student with the opportunity to use the geometric mean in conjunction with a graph (such as the boxplot) to analyze changes over time in the populations of elephants in several …

, Chapter: 7 -Problem: 51 >> Data made available through the Petersen-Kaiser Health System Tracker in May 2018 showed health expenditures were $10,348 per person in the United States. Use $10,348 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. a. Show the sampling distribution o
Answer Preview: a. b. c. With n = 100, we …

, Chapter: 3 -Problem: 1 >> Pelican Stores, a division of National Clothing, is a chain of women’s apparel stores operating throughout the country. The chain recently ran a promotion in which discount coupons were sent to customers of other National Clothing stores. Data collected for a sample of 100 in-store credit card transactions at Pelican Stores during one day while the promotion was running are contained in the file P
Answer Preview: 1. Descriptive statistics for all customers are shown followed by the same descriptive statistics for four subgroups of customers. Net Sales (All Cust…

, Chapter: 8 -Problem: 27 >> Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $45,000 and $60,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. a. What is the planning value for the population standard deviation? b. How large a sample should be taken if the desired margin of error is $500? $20
Answer Preview: a. b. c. Sampling 5403 college graduat…

, Chapter: 5 -Problem: 44 >> Consider a Poisson distribution with ? = 3. a. Write the appropriate Poisson probability function. b. Compute ? (2). c. Compute ? (1). d. Compute P(x ? 2).
Answer Preview: a. b. Using Excel: POISSON DIST(2,3…

, Chapter: 8 -Problem: 43 >> The Pew Research Center Internet Project provides a variety of statistics on Internet users. For instance, in 2018, 11% (or 220) of the 2002 American adults surveyed were not Internet users. In 2000, 48% of the American adults in the survey did not use the Internet. a. The 2018 sample survey showed that 34% of respondents who do not use the Internet said that they have no interest in doing so or d
Answer Preview: a. b. c. d. e. Margin of …

, Chapter: 2 -Problem: 42 >> 4K televisions (TVs) contain approximately four times as many pixels to display images as a 1080-display TV, and so they offer much higher picture resolution. Suppose that the following survey results show 4K TV ownership compared to ownership of 1080 TVs and other types of TVs by age.a. Construct a stacked bar chart to display the above survey data on type of television ownership. Use age categor
Answer Preview: a. b. After an increase in age 2534, 4K TV ownership decreases as age …

, Chapter: 7 -Problem: 13 >> In 2018, the Pew Internet & American Life Project asked 743 teens aged 13 to 17 several questions about their attitudes toward social media. The results showed that 602 say social media makes them feel more connected to what is going on in their friends’ lives; 513 say social media helps them interact with a more diverse group of people; and 275 feel pressure to post content that will get a lot of
Answer Preview: a. P = 602/743= …

, Chapter: 7 -Problem: 4 >> The U.S. Golf Association has instituted 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). Shown below are the names of the top 10 finishers in the recent PGA Tour RSM Classic golf tournament. (Note that two golfers tied for fourth place and four golfers tied for seventh place.)Select a si
Answer Preview: Charles Howell III, Patrick Rodgers, Webb Simpson ANALYSIS. We selected a sim…

, Chapter: 3 -Problem: 19 >> Annual revenue for Corning Supplies grew by 5.5% in 2014; 1.1% in 2015; 23.5% in 2016; 21.1% in 2017; and 1.8% in 2018. What is the mean growth annual rate over this period?
Answer Preview: To calculate the mean growth rate we must fir…

, Chapter: 8 -Problem: 22 >> According to Box Office Mojo, the film Black Panther achieved the top opening weekend gross domestic box office ticket sales in 2018 with $202,033,951. The ticket sales revenue in dollars for a sample of 30 theaters is provided in the file Black Panther. a. What is the 95% confidence interval estimate for the mean ticket sales revenue per theater? Interpret this result. b. Using the movie ticket p
Answer Preview: a. The Excel output from using the Descriptive Statistics analysis tool with the BlackPantherfile is …

, Chapter: 2 -Problem: 1 >> Pelican Stores, a division of National Clothing, is a chain of women’s apparel stores operating throughout the country. The chain recently ran a promotion in which discount coupons were sent to customers of other National Clothing stores. Data collected for a sample of 100 in-store credit card transactions at Pelican Stores during one day while the promotion was running are contained in the file P
Answer Preview: 1. There were 70 promotional customers and 30 regular customers. Because there are 100 observations …

, Chapter: 7 -Problem: 23 >> The Economic Policy Institute periodically issues reports on worker’s wages. The institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviation for male graduates is $4.60, and for female graduates it is $4.10. a. What is the probability that a sample of 50 male graduates will provide a
Answer Preview: a. b. c. In part (b) we have a higher probability of obtain…

, Chapter: 8 -Problem: 41 >> Fewer young people are driving. In 1995, 63.9% of people under 20 years old who were eligible had a driver’s license. Bloomberg reported that percentage had dropped to 41.7% in 2016. Suppose these results are based on a random sample of 1200 people under 20 years old who were eligible to have a driver’s license in 1995 and again in 2016. a. At 95% confidence, what is the margin of error and the in
Answer Preview: a. b. c. The margin of error is larger in part (b). This is b…

, Chapter: 11 -Problem: 21 >> Battery life is an important issue for many smartphone owners. Public health studies have examined “low-battery anxiety” and acute anxiety called “nomophobia” that results when a smartphone user’s phone battery charge runs low and then dies (Wall Street Journal, May 5, 2018). Battery life between charges for the Samsung Galaxy S9 averages 31 hours when the primary use is talk time and 10 hours whe
Answer Preview: a. Consider the talk …

, Chapter: 14 -Problem: 45 >> Given are data for two variables, x and y.a. Develop an estimated regression equation for these data. b. Compute the residuals. c. Develop a plot of the residuals against the independent variable x. Do the assumptions about the error terms seem to be satisfied? d. Compute the standardized residuals. e. Develop a plot of the standardized residuals against Y?. What conclusions can you draw from this
Answer Preview: a. b. c. With only 5 observations it is difficult to determine if the assumptions are satisfied. How…

, Chapter: 2 -Problem: 4 >> Jon Weideman, first shift foreman for Cut-Rate Machining, Inc., is attempting to decide on a vendor from whom to purchase a drilling machine. He narrows his alternatives to four vendors: The Hole-Maker, Inc. (HM); Shafts & Slips, Inc. (SS); Judge’s Jigs (JJ); and Drill-for-Bits, Inc. (DB). Each of these vendors is offering machines of similar capabilities at similar prices, so the effectiveness of
Answer Preview: Answer: 1. Scatter Plots of Measured Width of Each Hole (cm): Hole-Maker, Inc. (HM): ![alt text][logo] [logo]: https://i imgur com/g3uM1QH png Shafts …

, Chapter: 2 -Problem: 13 >> Construct a histogram for the data in exercise 12. Data from in Exercise 12Consider the following frequency distribution.Construct a cumulative frequency distribution and a cumulative relative frequency distribution. Transcribed Image Text: Class 10-19 20-29 30-39 40-49 50-59 Frequency 10 14 17 72
Answer Preview: Frequency 18 …

, Chapter: 11 -Problem: 28 >> Grubhub is a service that delivers food that its customers order online from participating restaurants. Grubhub claims consistent delivery times for its deliveries. A sample of 22 meal deliveries shows a sample variance of 1.5. Test to determine whether H0: ?2 ? 1 can be rejected. Use ? = .10.
Answer Preview: s2= 1 5, n=22, df = 21 Ho: 1 > 1 H: X 2 = (n-1)s (22-1…

, Chapter: 14 -Problem: 53 >> Retail chain Kroger has more than 2700 locations and is the largest supermarket in the United States based on revenue. Kroger has invested heavily in data, technology, and analytics. Feeding predictive models with data from an infrared sensor system called QueVision to anticipate when shoppers will reach the checkout counters, Kroger is able to alert workers to open more checkout lines as needed.
Answer Preview: Answer: a. The scatter diagram for arrival time as the independent variable can be seen below. b. Th…

, Chapter: 1 -Problem: 16 >> Skechers U.S.A., Inc., is a performance footwear company headquartered in Manhattan Beach, California. The sales revenue for Skechers over a four-year period are as follows:a. Are these cross-sectional or time-series data? b. Construct a bar graph similar to Figure 1.12.c. What can you say about how Skechers’ sales are changing over these four years?
Answer Preview: a. Time series b. c. Sales appe…

, Chapter: 9 -Problem: 33 >> Insure.com reports that the mean annual premium for automobile insurance in the United States was $1365 in 2018. 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 $1302 with a standard deviation of s = $165. a
Answer Preview: a. Null and Alternative hypothesis: Ho: 1365 Ha: < 1365 while; is Nationa…

, Chapter: 5 -Problem: 49 >> 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. a. Compute the probability of no arrivals in a one-minute period. b. Compute the probability that three or fewer passengers arrive in a one-minute period. c. Compute the probability of no arrivals in a 15-second period. d. Com
Answer Preview: a. b. c. 2 5 arrivals/15-sec…

, Chapter: 14 -Problem: 2 >> Given are five observations for two variables, x and y.a. Develop a scatter diagram for these data. b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? c. Try to approximate the relationship between x and y by drawing a straight line through the data. d. Develop the estimated regression equation by computing the values of b0 and b1 usin
Answer Preview: a. b. There appears to be a negative linear relationship between xandy. c. …

, Chapter: 9 -Problem: 41 >> In 2018, RAND Corporation researchers found that 71% of all individuals ages 66 to 69 are adequately prepared financially for retirement. Many financial planners have expressed concern that a smaller percentage of those in this age group who did not complete high school are adequately prepared financially for retirement. a. Develop appropriate hypotheses such that rejection of H0 will support the
Answer Preview: a. b. p -value is the lower-tail area at the test statistic Using normal table with z = 6 11: …

, Chapter: 1 -Problem: 4 >> Table 1.7 shows data for eight phones (Consumer Reports). The Overall Score, a measure of the overall quality for the phone, ranges from 0 to 100. Voice Quality has possible ratings of poor, fair, good, very good, and excellent. TalkTime is the manufacturer’s claim of how long the phone can be used when it is fully charged. a. How many elements are in this data set? b. For the variables Price, Ove
Answer Preview: a. There are eight elements in this data set; each element corresponds to one of the eight …

, Chapter: 3 -Problem: 4 >> Heavenly Chocolates manufactures and sells quality chocolate products at its plant and retail store located in Saratoga Springs, New York. Two years ago the company developed a website and began selling its products over the Internet. Website sales have exceeded the company’s expectations, and management is now considering strategies to increase sales even further. To learn more about the website
Answer Preview: 1. Descriptive statistics for the time spent on the website, number of pages viewed, and amount spent are shown below. The mean time a shopper is on the Heavenly Chocolates website is 12 8 minutes, wi…

, Chapter: 5 -Problem: 4 >> The Sagittarius Casino’s strategy for establishing a competitive advantage over its competitors is to periodically create unique and interesting new games for its customers to play. Sagittarius management feels it is time for the casino to once again introduce a new game to excite its customer base, and Sagittarius’s Director of Research and Development, Lou Zerbit, believes he and his staff have
Answer Preview: 1. There are two ways to win POSO! at least one die comes up 4 both dice come up 2 First consider the outcome that at least one of the die comes up 4. …

, Chapter: 9 -Problem: 37 >> The U.S. Bureau of Labor Statistics reports that 10.2% of U.S. workers belonged to unions in 2018. Suppose a sample of 400 U.S. workers is collected in 2019 to determine whether union efforts to organize have increased union membership. a. Formulate the hypotheses that can be used to determine whether union membership increased in 2019. b. If the sample results show that 48 of the workers belonged
Answer Preview: a. b. p -value is upper-tail area Using normal table with z = 1 19: p -value = 1 0…

, Chapter: 5 -Problem: 4 >> The Census Bureau includes nine states in what it defines as the Northeast region of the United States. Assume that the government is interested in tracking unemployment in these nine states and that the random variable of interest is the number of Northeastern states with an unemployment rate that is less than 3.5%. What values may this random variable assume?
Answer Preview: 0, 1,…

, Chapter: 9 -Problem: 45 >> The American Association of Individual Investors (AAII) 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 March 27, 2019, the survey results showed 33.2% bullish, 39.6% neutral, and 27.2% bearish. Assume these results are based on a sample of 300 AAII members. a. Over the long term,
Answer Preview: a. b. c. It would be dangerous to generalize these results. The target population for thi…

, Chapter: 10 -Problem: 27 >> A personal fitness company produces both a deluxe and a standard model of a smoothie blender for home use. Selling prices obtained from a sample of retail outlets follow.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. b. What is the 95% conf
Answer Preview: a. b. x=Deluxe price = Standard price Difference Deluxe price-…

, Chapter: 14 -Problem: 4 >> When trying to decide what car to buy, real value is not necessarily determined by how much you spend on the initial purchase. Instead, cars that are reliable and don’t cost much to own often represent the best values. But, no matter how reliable or inexpensive a car may cost to own, it must also perform well. To measure value, Consumer Reports developed a statistic referred to as a value score. T
Answer Preview: 1. Descriptive statistics follow. 2. A portion of the Excel output follows. 3. A portion of the Exce…

, Chapter: 2 -Problem: 47 >> According to The Wall Street Journal, 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.a. Construct a stem-and-leaf display. b. Comment on the display. Transcribed Image Text: 81 80 69 73 192 91 47 154 48 54 61
Answer Preview: a. b. The majority of the start-up companies in this set have l…

, Chapter: 3 -Problem: 33 >> Scores turned in by an amateur golfer at the Bonita Fairways Golf Course in Bonita Springs, Florida, during 2018 and 2019 are as follows:a. Use the mean and standard deviation to evaluate the golfer’s performance over the two-year period. b. What is the primary difference in performance between 2018 and 2019? What improvement, if any, can be seen in the 2019 scores?
Answer Preview: a. For 2018 b. The mean score is 76 for both years, but there is an increase in the …

, Chapter: 1 -Problem: 14 >> The following data show the number of rental cars in service for three rental car companies: Hertz, Avis, and Dollar, over a four-year period.a. Construct a time series graph for the years 1 to 4 showing the number of rental cars in service for each company. Show the time series for all three companies on the same graph. b. Comment on who appears to be the market share leader and how the market sh
Answer Preview: a. The graph of the time series follows: b. In Year 1 and Year 2 Hertz was the clear ma…

, Chapter: 10 -Problem: 34 >> 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 well
Answer Preview: Let p 1 = the population proportion of we…

, Chapter: 13 -Problem: 2 >> Suppose that a local chapter of sales professionals in the greater San Francisco area conducted a survey of its membership to study the relationship, if any, between the years of experience and salary for individuals employed in inside and outside sales positions. On the survey, respondents were asked to specify one of three levels of years of experience: low (1–10 years), medium (11–20 years), an
Answer Preview: 1. Descriptive statistics for Salary ($) 2. 3. 4. 5. The output using Excels Anova: Single Factor to…

, Chapter: 10 -Problem: 7 >> Consumer Reports uses a survey of readers to obtain customer satisfaction ratings for the nation’s largest supermarkets (Consumer Reports website). Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each re
Answer Preview: a. 1 = population mean satisfa…

, Chapter: 11 -Problem: 14 >> A sample of 16 items from population 1 has a sample variance s21 = 5.8 and a sample of 21 items from population 2 has a sample variance s22 = 2.4. Test the following hypotheses at the .05 level of significance.a. What is your conclusion using the p-value approach? b. Repeat the test using the critical value approach. Trans
Answer Preview: a. Population 1 is the one with the larger variance Upper Tail area test …

, Chapter: 2 -Problem: 44 >> The SAT is a standardized test used by many colleges and universities in admission decisions. More than 1.8 million high school students take the SAT each year. The 2019 version of the SAT is composed of two sections: evidence-based reading and writing, and math. A perfect combined score for the SAT is 1600. A sample of SAT scores for the combined SAT is as follows.a. Show a frequency distribution
Answer Preview: a. b. The distribution is nearly symmetrical. It could be approx…

, Chapter: 5 -Problem: 31 >> Consider a binomial experiment with two trials and p = .4. a. Draw a tree diagram for this experiment. b. Compute the probability of one success, f (1). c. Compute f (0). d. Compute f (2). e. Compute the probability of at least one success. f. Compute the expected value, variance, and standard deviation.
Answer Preview: a. b. Using Excel: BINOM DIST(1,…

, Chapter: 1 -Problem: 5 >> Refer to the data set in Table 1.7. a. What is the average price for the phones? b. What is the average talk time for the phones? c. What percentage of the phones have a voice quality of excellent? Transcribed Image Text: TABLE 1.7 DATA FOR EIGHT CORDLESS TELEPHONES Overall Score Model Price ($) Bra
Answer Preview: a. Average Price = 545/8 = $…

, Chapter: 1 -Problem: 2 >> Tablet PC Comparison provides a wide variety of information about tablet computers. Their 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).a. How many elements are in this data set? b. How many vari
Answer Preview: a. The ten elements are the ten tablet computers. b. Five variables: Cost ($), Operating Sy…

, Chapter: 5 -Problem: 17 >> During the summer of 2019, Coldstream Country Club in Cincinnati, Ohio, collected data on 443 rounds of golf played from its white tees. The data for each golfer’s score on the twelfth hole are contained in the file Coldstream12. a. Construct an empirical discrete probability distribution for the player scores on the 12th hole. b. A par is the score that a good golfer is expected to get for the ho
Answer Preview: a. b. P (4 or less) = (3) + (4) = .01 + .13 = .14 c. …

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14 Reviews for Essentials Of Modern Business Statistics With Microsoft Excel Textbook Questions And Answers