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Chapter: 5 -Problem: 64 >> A Pew Research Survey asked adults in the United States which technologies would be “very hard” to give up. The following responses were obtained: Internet 53%, smartphone 49%, email 36%, and land line phone 28% (USA Today website).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?b. If 20 adults who own a land-lin
Answer Preview: a. Since the probability of an adult Internet user reporting that it would be very hard to give up the Internet is 0 53, the probability that 3 out of …

, Chapter: 2 -Problem: 40 >> The file Snow contains temperature and snowfall data for 51 major U.S. cities over 30 years. For example, the average low temperature for Columbus, Ohio, is 44 degrees and the average annual snowfall is 27.5 inches.a. Construct a scatter diagram with the average annual low temperature on the horizontal axis and the average annual snowfall on the vertical axis.b. Does there appear to be any relatio
Answer Preview: a. A scatter diagram can be constructed by plotting the average annual low temperatur…

, Chapter: 3 -Problem: 17 >> The following table shows the total return and the number of funds for four categories of mutual funds. a. Using the number of funds as weights, compute the weighted average total return for these mutual funds.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
Answer Preview: A…

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, Chapter: 5 -Problem: 3 >> Several years ago, management at Tuglar Corporation established a grievance committee composed of employees who volunteered to work toward the amicable resolution of disputes between Tuglar management and its employees. Each year management issue a call for volunteers to serve on the grievance committee, and 10 of the respondents are randomly selected to serve on the committee for the upcoming yea
Answer Preview: 1 . The number of members of the Accounting Department who are selected to serve on the grievance co…

, Chapter: 1 -Problem: 7 >> Many service companies collect data via a follow- up survey of their customers. For example, to ascertain customer sentiment, Delta Air Lines sends an email to customers immediately following a flight. Among other questions, Delta asks: How likely are you to recommend Delta Air Lines to others? The possible responses are: a. Are the data collected by Delta in this example quantitative or categoric
Answer Preview: Answer: a) categorical Explanation: Categori…

, Chapter: 3 -Problem: 63 >> A 2017 USA Today article reports that NCAA football coaches’ salaries have continued to increase in recent years (USA Today). 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.a. Determine the median annual salary for a previous head football coach and a new head football coach.b. Compute the range for salaries
Answer Preview: ANSWER. a. To find the median annual salary for a previous head football coach and a new head footba…

, Chapter: 3 -Problem: 68 >> The following data represent a sample of 14 household incomes ($1000s). Answer the following questions based on this sample. a. What is the median household income for these sample data?b. According to a previous survey, the median annual household income five years ago was $55,000. Based on the sample data above, estimate the percentage change in the median household income from five years ago to
Answer Preview: a. To find the median, we need to first order the data set: 46 5, 48 7, 49 4, 51 2, 51 3, 51 6, 52 1, 52 1, 52 2, 52 4, 52 5, 52 9, 53 4, 64 5 The median is the middle value of the ordered data set, which is 52 1. b. To estimate the percentage change in median household income from five years ago to today, we can use the formula: percent change = ((new value - old value) / old value) x 100% Using the sample median of 52 1 and the previous survey median of $55,000, we have: percent change = ((52 1 - 55) / 55) x 100% = -5 09% Therefore, we estimate that the median household income has decreased by 5 09% from five years ago to today. c. To find the first and third quartiles, we can use the formula: Q1 = median of the lower half of the data set Q3 = median of the upper half of the data set Ordering the data set as before, we can split it into lower and upper halves: Lower half: 46 5, 48 7, 49 4, 51 2, 51 3, 51 6, 52 1 …

, Chapter: 8 -Problem: 47 >> In 2017, ABC News reported that 58% of U.S. drivers admit to speeding. Suppose that a new satellite technology can instantly measure the speed of any vehicle on a U.S. road and determine whether the vehicle is speeding, and this satellite technology was used to take a sample of 20,000 vehicles at 6:00 p.m. EST on a recent Tuesday afternoon. Of these 20,000 vehicles, 9,252 were speeding.a. What is
Answer Preview: a. Sample proportion: The sample proportion of vehicles that speed can be calculated as the number o…

, Chapter: 12 -Problem: 3 >> Fresno Board Games manufactures and sells several different board games online and through department stores nationwide. Fresno’s most popular game, ¡Cabestrillo Cinco!, is played with 5 six-sided dice. Fresno has purchased dice for this game from FuentesChipsBox Cars, Ltd., for twenty-five years, but the company is now considering a move to Big Boss Gaming, Inc. (BBG), a new supplier that has off
Answer Preview: I hope that helps Preliminary studies reveal that sum of 5 is highest, whereas, sum of 4 …

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, Chapter: 5 -Problem: 18 >> The following data has been collected 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. a. Define a random variable x = 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 x =
Answer Preview: a . The probability distribution for the random variable x = number of times that owne…

, Chapter: 3 -Problem: 70 >> Travel + Leisure magazine provides an annual list of the 500 best hotels in the world. 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. a. What is the mean number of rooms?b. What is the mean cost per night for a
Answer Preview: a. To find the mean number of rooms, we sum up the number of rooms for all the hotels and divide by the total number of hotels in the sample: (220 + 4…

, 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. Talk Time 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, Over
Answer Preview: ANSWER a. There are 8 rows of data, one for each phone. b. Price and Overall Score are quanti…

, Chapter: 6 -Problem: 29 >> According to a Yale program on climate change communication survey, 71% of Americans think global warming is happening (American Psychological Association website).a. For a sample of 15 Americans, what is the probability that at least 12 believe global warming is occurring? Use the binomial distribution probability function discussed in Section 5.5 to answer this question.b. For a sample of 150 Am
Answer Preview: a. Using the binomial distribution with n=15 and p=0 71, the probability of at least 12 people believing global warming is occurring is: P(X 12) = 1 - …

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, Chapter: 12 -Problem: 11 >> A Bloomberg Businessweek 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.
Answer Preview: Total first class ticket= 29+22= 51 tickets. Total business clas…

, Chapter: 3 -Problem: 53 >> Fortune magazine’s list of the world’s most admired companies for 2014 is provided in the data contained in the file AdmiredCompanies (Fortune magazine website). The data in the column labeled   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%.a. Compute the median return for the top ranked 50 companies.b. What p
Answer Preview: a. The median return for the top ranked 50 companies is 12 9%. b…

, Chapter: 4 -Problem: 54 >> 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. In one question, participants were asked, “If a search engine kept track of what you search for, and then used that
Answer Preview: a. The probability a survey respondent will say she or he is not okay with this practice can be calculated as the sum of the frequencies for "Not Okay…

, Chapter: 5 -Problem: 33 >> Consider a binomial experiment with n = 20 and p = .70.a. Compute f (12).b. Compute f (16).c. Compute P(x ? 16).d. Compute P(x ? 15).e. Compute E(x).f. Compute Var (x) and s.
Answer Preview: Answers are below: Binomial distribution function is represented by P(X = x) = C p q n = total numbe…

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, Chapter: 12 -Problem: 33 >> A Financial Times/Harris Poll surveyed people in six countries to assess attitudes toward a variety of alternate forms of energy. The data in the following table are a portion of the poll’s findings concerning whether people favor or oppose the building of new nuclear power plants. a. How large was the sample in this poll?b. Conduct a hypothesis test to determine whether people’s attitude toward b
Answer Preview: Solution : step: 1 of 8 (a) The sample in this poll is the total response of the people participating in survey from six countries for different respo…

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, Chapter: 5 -Problem: 2 >> Harriet McNeil, proprietor of McNeil’s Auto Mall, believes that it is good business for her atuomobile dealership to have more customers on the lot than can be served, as she believes this creates an impression that demand for the automobiles on her lot is high. However, she also understands that if there are far more customers on the lot than can be served by her salespeople, her dealership may l
Answer Preview: ANSWER: 1. How is the number of customers who arrive on the lot on a Saturday morning d…

, Chapter: 5 -Problem: 30 >> In addition to the information in exercise 29 on the S&P 500 and core bonds, J.P. Morgan Asset Management reported that the expected return for real estate investment trusts (REITs) during the same time period was 13.07% with a standard deviation of 23.17% (J.P. Morgan Asset Management, Guide to the Markets). The correlation between the S&P 500 and REITs is .74 and the correlation between core bon
Answer Preview: ANSWER a. The covariance between the S&P 500 and REITs can be calculated as: Cov(S&P 500, REITs) = C…

, Chapter: 5 -Problem: 53 >> Suppose N = 15 and r = 4. What is the probability of x = 3 for n = 10?
Answer Preview: Let X be the number of units that are special in randomly selected n…

, Chapter: 5 -Problem: 54 >> More and more shoppers prefer to do their holiday shopping online from companies such as Amazon. Suppose we have a group of 10 shoppers; 7 prefer to do their holiday  hopping 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.a. What is the probability th
Answer Preview: a. The probability that exactly 2 prefer shopping online is 7/10 * 6/9 * 3…

, Chapter: 6 -Problem: 36 >> Comcast Corporation is a global telecommunications company headquartered in Philadelphia, PA. Generally known for reliable service, the company periodically experiences unexpected service interruptions. When service interruptions do occur, Comcast customers who call the office receive a message providing an estimate of when service will be restored. Suppose that for a particular outage, Comcast cu
Answer Preview: a. The probability that the cable service will be repaired in one hour or less is 0 3934. b. The pro…

, Chapter: 3 -Problem: 52 >> Consumer Reports provides 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
Answer Preview: The ratings for T-Mobile in those areas are as follows: 68, …

, Chapter: 5 -Problem: 40 >> 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.a. Is the selection of the fifteen 18- to 34-year-olds living with their parents a binomial experiment? Explain.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 q
Answer Preview: a. No, the selection of the fifteen 18- to 34-year-olds living with their parents is not a binomial …

, Chapter: 11 -Problem: 25 >> According to the 2017 Corporate Travel Index compiled by Business Travel News, the average daily cost for business travel in the United Statesrose to $321 per day (Executive Travel website, https://executivetravel.com/new-business-travel-study-says-average-per diem-is-now-321day/). The file Travel contains sample data for an analogous study on the estimated daily living costs for an executive trav
Answer Preview: The 2017 Corporate Travel Index compiled by Business Travel News showed that the average d…

, Chapter: 1 -Problem: 17 >> 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?
Answer Preview: The employer might have used internal data record's …

, Chapter: 15 -Problem: 1 >> Consumer Research, Inc., is an independent agency that conducts research on consumer attitudes and behaviors for a variety of firms. In one study, a client asked for an investigation of consumer characteristics that can be used to predict the amount charged by credit card users. Data were collected on annual income, household size, and annual credit card charges for a sample of 50 consumers. The f
Answer Preview: 1 . Use methods of descriptive statistics to summarize the data . Comment on the findings . The descriptive statistics used to summarize the data incl…

, Chapter: 3 -Problem: 30 >> 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.  Use the range and standard deviation to support the previous observation that Dawson Supply provides the more consistent and reliable delivery times. Transcribed Imag
Answer Preview: To compare the consistency and reliability of the delivery times for Dawson Supply and J C. Clark Di…

, Chapter: 5 -Problem: 32 >> Consider a binomial experiment with n = 10 and p = .10.a. Compute f (0).b. Compute f (2).c. Compute P(x ? 2).d. Compute P(x ? 1).e. Compute E(x).f. Compute Var(x) and s.
Answer Preview: Answers are below: Binomial distribution function is represented by P(X = x…

, 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 8.3%. What values may this random variable assume?
Answer Preview: Solution: The nine states are Connecticut, Maine, Massachusetts…

, Chapter: 3 -Problem: 19 >> Annual revenue for Corning Supplies grew by 5.5% in 2014, 1.1% in 2015, ?3.5% in 2016, ?1.1% in 2017, and 1.8% in 2018. What is the mean growth annual rate over this period?
Answer Preview: Step 1. Compute the growth factor for each financial year. T…

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, Chapter: 5 -Problem: 29 >> J.P. Morgan Asset Management publishes information about financial investments. Between 2002 and 2011, the expected return for the S&P 500 was 5.04% with a standard deviation of 19.45% and the expected return over that same period for a core bonds fund was 5.78% with a standard deviation of 2.13% (J.P. Morgan Asset Management, Guide to the Markets). The publication also reported that the correlati
Answer Preview: a. Answer: The covariance between the S&P 500 and the core bonds can be calculated using the following formula: Cov(X,Y) = XY X Y Given the correlation between the S&P 500 and core bonds of -.32 and t…

, 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 lowand then dies (Wall Street Journal, https://www.wsj.com/articles/your-phone-is-almost -out-of-battery-remain-calm-call-a-doctor-1525449283). Battery life between charges for th
Answer Preview: Based on the sample data, it is not possible to determine whether the variance in hours of usage …

, Chapter: 3 -Problem: 8 >> 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 salaries of middle-level managers across the nation. The following data show the salary, in thousands of dollars, for a sample of 15 middle-level managers employed at companies in the Atlanta area. a. Com
Answer Preview: a. The median salary for the sample of 15 middle-level managers can be found by ordering the salarie…

, Chapter: 6 -Problem: 30 >> Suppose that of those individuals who play video and computer games, 18% are under 18 years old, 53% are 18–59 years old, and 29% are over 59 years old. Use the normal approximation of the binomial distribution to answer the questions below.a. For a sample of 800 people who play these games, how many would you expect to be under 18 years of age?b. For a sample of 600 people who play these games, w
Answer Preview: a. The expected number of individuals under 18 years old in a sample of 800 people would be 0 18 * 8…

, Chapter: 3 -Problem: 48 >> Show the five-number summary and the boxplot for the following data: 5, 15, 18, 10, 8, 12, 16, 10, 6.
Answer Preview: The five-number summary in statistics are; maximum, …

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, Chapter: 11 -Problem: 26 >> Ball bearing manufacturing is a highly precise business in which minimal part variability is critical. Large variances in the size of the ball bearings cause bearing failure and rapid wearout. Production standards call for a maximum variance of .0001 inches2. Gerry Liddy has gathered a sample of 15 bearings that shows a sample standard deviation of .014 inches.a. Use ? = .10 to determine whether t
Answer Preview: a. To determine whether the sample indicates that the maximum acceptable variance is being exceeded, we can use a chi-square test for variance. The ch…

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, Chapter: 3 -Problem: 62 >> Americans tend to dine out multiple times per week. The number of times a sample of 20 families dined out last week provides the following data. a. Compute the mean and median.b. Compute the first and third quartiles.c. Compute the range and interquartile range.d. Compute the variance and standard deviation.e. The skewness measure for these data is .34. Comment on the shape of this distribution. I
Answer Preview: ANSWER a. To compute the mean, we add up all the values and divide by the number of families: Mean = (64+6+4+1+1+2+52+3+4+7+3+0+1005+36+13+31) / 20 = …

, 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 1.9 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 month
Answer Preview: a) Quantitative is the correct answer. Explanation: This is quantitative data because m…

, Chapter: 10 -Problem: 18 >> The success of an airline depends heavily on its ability to provide a pleasant customer experience. One dimension of customer service on which airlines compete is on-time arrival. The file LateFlights contains a sample of data from delayed flights showing the number of minutes each delayed flight was late for two different airlines, Delta and Southwest.a. Formulate the hypotheses that can be used
Answer Preview: a. Hypotheses: The null hypothesis (H0) is that there …

, Chapter: 5 -Problem: 24 >> 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 .
Answer Preview: a. To compute the expected value for the profit associated with the two expansion alternatives, we n…

, Chapter: 6 -Problem: 22 >> Suppose that the mean daily viewing time of television is 8.35 hours. Use a normal probability distribution with a standard deviation of 2.5 hours to answer the following questions about daily television viewing per household. a. What is the probability that a household views television between 5 and 10 hours a day?b. How many hours of television viewing must a household have in order to be in the
Answer Preview: We are given that…

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, Chapter: 5 -Problem: 74 >> According to U.S. News & World Reports, 7 of the top 10 graduate schools of business have students with an average undergraduate grade point average (GPA) of 3.50 or higher. Suppose that we randomly select 2 of the top 10 graduate schools of business.a. What is the probability that exactly one school has students with an average undergraduate GPA of 3.50 or higher?b. What is the probability that b
Answer Preview: a. 0 3 b. 0 49 c. 0 21 Explanation a. The probability of selecting exactly one school with an averag…

, Chapter: 14 -Problem: 5 >> Buckeye Creek Amusement Park is open from the beginning of May to the end of October. Buckeye Creek relies heavily on the sale of season passes. The sale of season passes brings in significant revenue prior to the park opening each season, and season pass holders contribute a substantial portion of the food, beverage, and novelty sales in the park. Greg Ross, director of marketing at Buckeye Creek
Answer Preview: Solution : step: 1 of 6 The following scatter diagram describe the relationship between number of se…

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12 Reviews for Essentials Of Statistics For Business & Economics Textbook Questions And Answers