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business
business statistics a first course

Questions and Answers of Business Statistics A First Course

You plan to invest $1,000 in a corporate bond fund or in a common stock fund. The following table presents the annual return (per $1,000) of each of these investments under various economic
Recently, a regional automobile dealership sent out fliers to perspective customers indicating that they had already won one of three different prizes: an automobile valued at $25,000, a $100 gas
A manufacturing company regularly conducts quality control checks at specified periods on the products it manufactures. Historically, the failure rate for LED light bulbs that the company
In Example 5.4 shown below you and two friends decided to go to Wendy’s. Now, suppose that instead you go to Burger King, which recently filled approximately 90.5% of orders correctly. What is the
In Example 5.4 shown below you and two friends decided to go to Wendy’s. Now, suppose that instead you go to McDonald’s, which recently filled approximately 92.2% of the orders correctly. What is
Assume a Poisson distribution with l = 5.0. What is the probability thata. X = 1?b. X < 1?c. X > 1?d. X ≤ 1?
Assume that the number of airline customer service complaints filed with the Department of Transportation’s Office of Aviation Enforcement and Proceedings (OAEP) in one day is distributed as a
The quality control manager of Marilyn’s Cookies is inspecting a batch of chocolate-chip cookies that has just been baked. If the production process is in control, the mean number of chocolate-chip
Refer to Problem 5.22. How many cookies in a batch of 100 should the manager expect to discard if company policy requires that all chocolate-chip cookies sold have at least four chocolate-chip
The U.S. Department of Transportation maintains statistics for mishandled bags per 1,000 airline passengers. In January 2017, Delta mishandled 3.08 bags per 1,000 passengers. What is the probability
The U.S. Department of Transportation maintains statistics for mishandled bags. In January 2017, the American Airlines rate of mishandled bags was 3.64 per 1,000 passengers. What is the probability
The Consumer Financial Protection Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of
J.D. Power and Associates calculates and publishes various statistics concerning car quality. The dependability score measures problems experienced during the past 12 months by owners of vehicles
What is the meaning of the expected value of a variable?
In 2016, the per capita consumption of bottled water in the United States was reported to be 39.3 gallons. Assume that the per capita consumption of bottled water in the United States is
Toby’s Trucking Company determined that the distance traveled per truck per year is normally distributed, with a mean of 50 thousand miles and a standard deviation of 12 thousand miles.a. What
Millennials spent a mean of $2,921 annually dining in 2016. Assume that the amount spent on annual dining is normally distributed and that the standard deviation is $12.a. What is the probability
A set of final examination grades in an introductory statistics course is normally distributed, with a mean of 73 and a standard deviation of 8.a. What is the probability that a student scored below
A Nielsen study indicates that 18- to 34-year olds spend a mean of 116 minutes watching video on their smartphones per week during the fourth quarter of 2016. Assume that the amount of time watching
In 2016, the per capita consumption of soft drinks in the United States was reported to be 642 eight-ounce servings. Assume that the per capita consumption of soft drinks in the United States is
Many manufacturing problems involve the matching of machine parts, such as shafts that fit into a valve hole. A particular design requires a shaft with a diameter of 22.000 mm, but shafts with
The annual NFL Super Bowl is the most widely watched sporting event in the United States each year. In recent years, there has been a great deal of interest in the ads that appear during the game.
The file Property Taxes contains the property taxes on a $176K home for the 50 states and the District of Columbia. Decide whether the data appear to be approximately normally distributed bya.
The file Utility contains the electricity costs, in dollars, during July of a recent year for a random sample of 50 one-bedroom apartments in a large city:Decide whether the data appear to be
Thirty companies comprise the DJIA. How big are these companies? One common method for measuring the size of a company is to use its market capitalization, which is computed by multiplying the number
The file CD Rate contains the yields for a one-year certificate of deposit (CD) and a five-year CD for 52 banks listed for West Palm Beach, Florida on December 29, 2017.For each type of investment,
How do you find the X value that corresponds to a given percentile of the normal distribution?
The fill amount in 2-liter soft drink bottles is normally distributed, with a mean of 2.0 liters and a standard deviation of 0.05 liter. If bottles contain less than 95% of the listed net content
In an effort to reduce the number of bottles that contain less than 1.90 liters, the bottler in Problem 6.30 sets the filling machine so that the mean is 2.02 liters. Under these circumstances, what
Webrooming, researching products online before buying them in store, has become the new norm for some consumers and contrasts with showrooming, researching products in a physical store before
The major stock market indexes had strong results in 2017. The mean one-year return for stocks in the S&P 500, a group of 500 very large companies, was +10.42%. The mean one-year return for the
Interns report that when deciding on where to work, career growth, salary and compensation, location and commute, and company culture and values are important factors to them. According to reports by
According to the same Glassdoor source mentioned in Problem 6.36, the mean monthly pay for interns at Facebook is $6,589. Suppose that the intern monthly pay is normally distributed, with a standard
Given a normal distribution with μ = 100 and σ = 10, if you select a sample of n = 25, what is the probability that X̅ isa. Less than 95?b. Between 95 and 97.5?c. Above 102.2?d. There is a 65%
Given a normal distribution with μ = 50 and σ = 5, if you select a sample of n = 100, what is the probability that X̅ isa. Less than 47?b. Between 47 and 49.5?c. Above 51.1?d. There is a 35%
For each of the following three populations, indicate what the sampling distribution for samples of 25 would consist of:a. Customer receipts for a supermarket for a year.b. Insurance payouts in a
The amount of water in a two-liter bottle is approximately normally distributed with a mean of 2.05 liters with a standard deviation of 0.025 liter.a. What is the probability that an individual
The weight of an energy bar is approximately normally distributed with a mean of 42.05 grams with a standard deviation of 0.025 gram.a. What is the probability that an individual energy bar contains
According to a report by App Annie, a business intelligence company that produces tools and reports for the apps and digital goods industry, smartphone owners are using an average of 30 apps per
The diameter of a brand of tennis balls is approximately normally distributed, with a mean of 2.63 inches and a standard deviation of 0.03 inch. If you select a random sample of nine tennis balls,a.
The following data represent the responses (Y for yes and N for no) from a sample of 40 college students to the question “Do you currently own shares in any stocks?”a. Determine the sample
In a random sample of 64 people, 48 are classified as “successful.”a. Determine the sample proportion, p, of “successful” people.b. If the population proportion is 0.70, determine the
A random sample of 50 households was selected for a phone (landline and cellphone) survey. The key question asked was, “Do you or any member of your household own an Apple product (iPhone, iPod,
What do millennials around the world want in a job? A Deloitte survey of millennials on work-life challenges found that millennials are looking for stability in an uncertain world, with 65% of
The goal of corporate sustainability is to manage the environmental, economic, and social effects of a corporation’s operations so it is profitable over the long-term while acting in a responsible
According to the MSCI 2016 Survey of Women on Boards, women hold 20% of director seats on U.S. corporate boards. This study also reports that 34% of U.S. companies have three or more female board
The topic of global warming increasingly appears in the news. It has the potential to impact companies’ operations through changes in governmental regulations, new reporting requirements, necessary
Original digital video is defined as professionally produced video only for ad-supported online distribution and viewing (not TV). An IAB study on the state of original digital video showed that
What is the difference between a population distribution and a sampling distribution?
Toss a coin 10 times and record the number of heads. If each student performs this experiment five times, a frequency distribution of the number of heads can be developed from the results of the
Why does widening the confidence interval (thereby making it less precise) increase confidence for a given sample size, n?
What is meant by the power of a test?
What is meant by a p-value?
What is the six-step critical value approach to hypothesis testing?
What is the six-step p-value approach to hypothesis testing?
Under what conditions should you use the F test to examine possible differences in the variances of two independent populations?
What are the assumptions of ANOVA?
What is the interpretation of the coefficient of determination?
When and how do you use the Durbin-Watson statistic?
The business problem facing a consumer products company is to measure the effectiveness of different types of advertising media in the promotion of its products. Specifically, the company is
Starbucks Coffee Co. uses a data-based approach for improving the quality and customer satisfaction of its products. When survey data indicated that Starbucks needed to improve its package sealing
Movie companies need to predict the gross receipts of individual movies once the movie has debuted. The following results, stored in PotterMovies , are the first weekend gross, the U.S. gross, and
The file Cereals contains the calories, carbohydrates, and sugar, in grams, in one serving of seven breakfast cereals.a. Perform a cluster analysis using the complete linkage method on the cereals
The file Protein contains calorie and cholesterol information for popular protein foods (fresh red meats, poultry, and fish) compiled by the U.S. Department of Agriculture.a. Perform a cluster
Movie companies need to predict the gross receipts of individual movies once the movie has debuted. The following results, stored in PotterMovies , are the first weekend gross, the U.S. gross, and
The file Cereals contains the calories, carbohydrates, and sugar, in grams, in one serving of seven breakfast cereals.a. Perform a multidimensional scaling analysis on the cereals based on the
The production of wine is a multibillion-dollar worldwide industry. In an attempt to develop a model of wine quality as judged by wine experts, data were collected from red and white wine variants of
The file FTMBA contains a sample of top-ranked full-time MBA programs. Variables included are mean starting salary upon graduation ($), percentage of students with job offers within three months of
Nassau County is located approximately 25 miles east of New York City. Data in GlenCove are from a sample of 30 single-family homes located in Glen Cove. Variables included are the fair market value,
In recent years, the share of Greek yogurts in the U.S. yogurt market has grown from 1% to over 50%, greatly increasing the variety of Greek yogurts available for sale. The file Yogurt contains the
For each of the following variables, determine whether the variable is categorical or numerical. If the variable is numerical, determine whether the variable is discrete or continuous.a. Number of
The following information is collected from students upon exiting the campus bookstore during the first week of classes.a. Amount of time spent shopping in the bookstoreb. Number of textbooks
For each of the following variables, determine whether the variable is categorical or numerical. If the variable is numerical, determine whether the variable is discrete or continuous.a. Name of
For each of the following variables, determine whether the variable is categorical or numerical. If the variable is numerical, determine whether the variable is discrete or continuous.a. Amount of
Suppose the following information is collected from Robert Keeler on his application for a home mortgage loan at the Metro County Savings and Loan Association.a. Monthly payments: $2,227b. Number of
One of the variables most often included in surveys is income. Sometimes the question is phrased, “What is your income (in thousands of dollars)?” In other surveys, the respondent is asked to
If two students both score 90 on the same examination, what arguments could be used to show that the underlying variable—test score—is continuous?
The director of market research at a large department store chain wanted to conduct a survey throughout a metropolitan area to determine the amount of time working women spend shopping for clothing
The registrar of a university with a population of N = 4,000 full-time students is asked by the president to conduct a survey to measure satisfaction with the quality of life on campus. The following
The American Community Survey (www.census.gov/acs) provides data every year about communities in the United States. Addresses are randomly selected, and respondents are required to supply answers to
Visit the home page of the Statistics Portal “Statista” at www .statista.com. Examine one of the “Popular infographic topics” in the Infographics section on that page. What type of data
For a population containing N = 902 individuals, what code number would you assign fora. The first person on the list?b. The fortieth person on the list?c. The last person on the list?
Given a population of N = 93, starting in row 29, column 01 of the table of random numbers (Table E.1), and reading across the row, select a sample of N = 15a. without replacement.b. with replacement.
The cell phone brands owned by a sample of 20 respondents were: Apple, Samsung, Appel, Nokia, Blackberry, HTC, Apple, Samsung, HTC, LG, Blueberry, Samsung, Samsung, APPLE, Motorola, Apple, Samsun,
An amusement park company owns three hotels on an adjoining site. A guest relations manager wants to study the time it takes for shuttle buses to travel from each of the hotels to the amusement park
A hotel management company runs 10 hotels in a resort area. The hotels have a mix of pricing—some hotels have budgetpriced rooms, some have moderate-priced rooms, and some have deluxe-priced rooms.
A simple random sample of n = 300 full-time employees is selected from a company list containing the names of all N = 5,000 full-time employees in order to evaluate job satisfaction.a. Give an
Results of a 2017 Computer Services, Inc. (CSI) survey of a sample of 163 bank executives reveal insights on banking priorities among financial institutions (goo.gl/ mniYMM). As financial
A recent PwC survey of 1,379 CEOs from a wide range of industries representing a mix of company sizes from Asia, Europe, and the Americas indicated that CEOs are firmly convinced that it is harder to
A recent survey points to tremendous revenue potential and consumer value in leveraging driver and vehicle data in the automobile industry. The 2017 KPMG Global Automotive Executive Study found that
What is the difference between a sample and a population?
What is the difference between a statistic and a parameter?
What is the difference between a discrete numerical variable and a continuous numerical variable?
What is the difference between unstacked and stacked variables?
What is the difference between sampling error and measurement error?
Visit the official website for Microsoft Excel (products.office.com/excel), Minitab (www.minitab.com), or JMP (www.jmp.com). Review the features of the program you chose and then state the ways the
Results of a 2017 Computer Services, Inc. (CSI) survey of a sample of 163 bank executives reveal insights on banking priorities among financial institutions (goo.gl/mniYMM). As financial institutions
The Gallup organization releases the results of recent polls on its website, www.gallup.com. Visit this site and read an article of interest.a. Describe the population of interest.b. Describe the
A recent PwC survey of 1,379 CEOs from a wide range of industries representing a mix of company sizes from Asia, Europe, and the Americas indicated that CEOs are firmly convinced that it is harder to
The American Community Survey (www.census.gov/acs) provides data every year about communities in the United States. Addresses are randomly selected and respondents are required to supply answers to a

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