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business
business statistics communicating

Questions and Answers of Business Statistics Communicating

Calculate and interpret probabilities for a random variable that follows the exponential distribution. LO5
Calculate and interpret probabilities for a random variable that follows the normal distribution. LO5
Use the standard normal table or the z table. LO5
Explain the characteristics of the normal distribution. LO5
Describe a continuous uniform distribution and calculate associated probabilities. LO5
Describe a continuous random variable. LO5
Discuss point estimators and their desirable properties. P-69
Explain an interval estimator. P-69
Calculate a confidence interval for the population mean when the population standard deviation is known. P-69
Describe the factors that influence the width of a confidence interval. P-69
Discuss features of the t distribution. P-69
Calculate a confidence interval for the population mean when the population standard deviation is not known. P-69
Calculate a confidence interval for the population proportion. P-69
Select a sample size to estimate the population mean and the population proportion. P-69
A random sam ple produced th e follow ing data: P-69Calculate th e point estim ate of th e population m ean. 135 120 127 132 123 130
A random sam ple produced th e following data: P-69Calculate th e point e stim ate of th e population m ean. 0 -10 -8 2 6
A random sam ple of 50 observations results in 20 successes.a. Calculate th e point estim ate of th e population proportion of successes.b. Calculate th e point estim ate of th e population
A random sam ple of 400 observations results in 300 successes.a. Calculate th e point estim ate of th e population proportion of successes.b. Calculate th e point estim ate of th e population
A random sam ple of eig h t drugstores show s th e following prices (in $) of a popular pain reliever:Calculate th e point estim ate of th e population m ean price for th e pain reliever. P-69 2.99
As reported by tradingeconom ics.com in 2011, the unem ploym ent rates (in %) in m ajor econom ies around the world are as follows: P-69Calculate th e point estim ate of th e u nem ploym ent rate in
A recent survey asked 5,324 individuals: What's most important to you when choosing where to live? The responses are shown by the following frequency distribution. P-69a. Calculate the point estimate
A survey conducted by CBS News asked 1,026 respondents: "What would you do with an unexpected tax refund?" The responses are summarized in the following table. P-69a. Calculate the point estimate of
Find zα /2 for each of the following confidence levels used in estimating the population mean. P-69a. 90%b. 98%c. 88%
Find zα /2 for each of the following confidence levels used in estimating the population mean. P-69a. 89%b. 92%c. 96%
Consider a population with a known standard deviation of 26.8. In order to compute an interval estimate of the population mean, a sample of 64 observations is drawn,a. Is the condition that is
Discuss the factors that influence the margin of error of the confidence interval of the population mean.What can a practitioner do to reduce the margin of error? P-69
The average life expectancy for Bostonians is 78.1 years(The Boston Globe, August 1 6 , 2010). Assume that this average was based on a sample of 50 Bostonians and that the population standard
A family is relocating from St. Louis, Missouri, to California.Due to an increasing inventory of houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants
U.S. consumers are increasingly viewing debit cards as a convenient substitute for cash and checks. The average amount spent annually on a debit card is $7,790 (Kiplinger's, August 2007). Assume that
Find tα,df from the following information. P-69a. α = 0.025 and d f = 12b. α = 0 .1 0 and d f = 12c. α = 0.025 and d f = 25d. α = 0.10 and d f = 25
A random sample of 24 observations is used to estimate the population mean. The sample mean and the sample standard deviation are calculated as 104.6 and 28.8, respectively.Assume that the population
Consider a normal population with an unknown population standard deviation. A random sample results in and s2 = 33.64.a. Compute a 95% confidence interval for μ if and s2 were obtained from a sample
Let the following sample of 8 observations be drawn from a normal population with unknown mean and standard deviation: 2 2 , 1 8 , 1 4 , 2 5 , 1 7 , 2 8 , 1 5 , 20.a. Calculate the sample mean and
The manager of The Cheesecake Factory in Boston reports that on six randomly selected weekdays, the number of customers served was 1 2 0 , 130, 9 0 , 2 0 5 , 185, and 220. She believes that the
The Sudoku puzzle has recently becom e very popular all over the world. It is based on a 9 × 9 grid and the challenge is to fill in the grid so that every row, every column, and every 3 × 3 box
Executive compensation has risen dramatically beyond the rising levels of an average worker's w age over the years.Sarah is an MBA student who decides to use her statistical skills to estimate the
A price-earnings ratio or P/E ratio is calculated as a firm's share price compared to the income or profit earned by the firm per share. Generally, a high P/E ratio suggests that investors are
The monthly closing stock prices (rounded to the nearest dollar) for Panera Bread Co. for the first six months of 2010 are reported in the following table.a. Calculate the sample mean and the sample
A recent study found that consumers are making average monthly debt payments of $983 (Experian.com, November 11 , 2010). The accompanying table shows a portion of average debt payments for 26
A random sample of 100 observations results in 40 successes.a. What is the point estimate of the population proportion of successes?b. Construct a 90% confidence interval of the population
A random sample of 80 observations results in 50 successes.a. Construct a 95% confidence interval of the population proportion of successes.b. Construct a 95% confidence interval of the population
Assume in a sample size of n = 50.a. Construct a 95% confidence interval of the population proportion.b. What happens to the margin of error if the above sample proportion is based on n = 200 instead
A sample of 80 results in 30 successes.a. Calculate the point estimate of the population proportion of successes.b. Construct a 90% and a 99% confidence interval of the population proportion.c. Can w
In a sample of 30 observations the number of successes equals 18.a. Construct an 88% confidence interval of the population proportion of successes.b. Construct a 98% confidence interval of the
A survey of 1,026 people asked: "What would you do with an unexpected tax refund?" Forty-seven percent responded that they would pay off debts (Vanity Fair, June 2010).a. At 95% confidence, what is
A recent poll of 1,079 adults finds that 51% of Americans support Arizona's stringent new immigration enforcement law, even though it may lead to racial profiling (New York Times/CBS News, April
An economist reports that 560 out of a sample of 1,200 middle-income American households actively participate in the stock market.a. Construct a 90% confidence interval of the proportion of
In a CNNMoney.com poll conducted on July 1 3 , 2010, a sample of 5,324 Americans were asked about what matters most to them in a place to live. Thirty-seven percent of the respondents felt job
In a recent poll of 760 homeowners in the United States, one in five homeowners report having a home equity loan that they are currently paying off. Using a confidence coefficient of 0.90, derive an
In an NBC News/Wall Street Journal poll of 1,000 American adults conducted on August 5–9 , 2 0 1 0 , 44% of respondents approved of the job that Barack Obama was doing in handling the economy.a.
Obesity is generally defined as 30 or more pounds over a healthy weight. A recent study of obesity reports 27.5% of a random sample of 400 adults in the United States to be obese.a. Use this sample
An accounting professor is notorious for being stingy in giving out good letter grades. In a large section of 140 students in the fall semester, she gave out only 5% As, 23% Bs, 42% Cs, and 30% Ds
One in five 18-year-old Americans has not graduated from high school (The Wall Street Journal, April 19 , 2007). A mayor of a northeastern city comments that its residents do not have the same
What is the minimum sample size n required to estimateµ with 90% confidence if the desired margin of error is D = 1.2? The population standard deviation is estimated What happens to n if the desired
The lowest and highest observations in a population are 20 and 80, respectively. What is the minimum sample size n required to estimate µ with 80% confidence if the desired margin of error is D =
You need to compute a 99% confidence interval of the population mean. How large a sample should you draw to ensure that the sample mean does not deviate from the population mean by more than 1.2?
What is the minimum sample size n required to estimate p with 95% confidence if the desired margin of error D = 0.08?The population proportion is estimated as prior studies. What happens to n if the
In the planning stage, a sample proportion is estimated as Use this information to compute the minimum sample size n required to estimate p with 99% confidence if the desired margin of error D =
You wish to compute a 95% confidence interval of the population proportion. How large a sample should you draw to ensure that the sample proportion does not deviate from the population proportion by
An analyst from an energy research institute in California wishes to precisely estimate a 99% confidence interval of the average price of unleaded gasoline in the state. In particular, she does not
An analyst would like to construct 95% confidence intervals of the mean returns of two mutual funds. Fund A is a highrisk fund with a known population standard deviation of 20.6%, whereas the Fund B
The manager of a pizza chain in Albuquerque, New Mexico, wants to determine the average size of their advertised 16-inch pizzas. She takes a random sample of 25 pizzas and records their mean and
Mortgage lenders often use FICO® scores to check the credit worthiness of consumers applying for real estate loans.In general, FICO scores range between 300 and 850 with higher scores representing a
A student of business is interested in estimating a 99%confidence interval of the proportion of students who bring laptops to campus. He wishes a precise estimate and is willing to draw a large
Over a 10-year sample period, the mean return and standard deviation of annual returns on a portfolio you are analyzing were 10% and 15%, respectively. You assume that returns are normally
A realtor in Mission Viejo, California, wants to estimate the average price of a house in the city.a. Open the Mission Viejo (raw) data from the text website into an Excel spreadsheet (data are in
A hair salon in Cambridge, Massachusetts, reports that on seven randomly selected weekdays, the number of customers who visited the salon were 40, 3 0 , 2 8 , 2 2 , 3 6 , 16, and 50. It can be
Recently, six single-family homes in San Luis Obispo County in California sold at the following prices (in $1,000s): $549,$449, $705, $529, $639, $609.a. Construct a 95% confidence interval for the
According to data from the Organization for Economic Cooperation and Development, the average U.S. worker takes 16 days of vacation each year (The Wall Street Journal, June 2 0 , 2007). Assume that
A machine that is programmed to package 1.20 pounds of cereal is being tested for its accuracy. In a sample of 36 cereal boxes, the sample mean filling weight is calculated as 1.22 pounds. The
A recent study by Allstate Insurance Co. finds that 82% of teenagers have used cell phones while driving (The Wall Street Journal, May 5 , 2010). Suppose this study was based on a random sample of 50
The following table shows the annual returns (in percent)for the Vanguard Energy Fund.a. Calculate the point estimate for µ .b. Construct a 95% confidence interval for µ .c. What assumption did you
While the housing market is in the tank and is not likely to emerge anytime soon, real estate investment in college towns continues to promise good returns (The Wall Street Journal, September 2 4 ,
According to a survey of 1,235 businesses by IDC, a marketresearch concern in Framingham, Massachusetts, 12.1% of sole proprietors are engaging in e-commerce (The Wall Street Journal, July 2 6 ,
A Monster.com poll of 3,057 individuals asked: "What's the longest vacation you plan to take this summer?" The following relative frequency distribution summarizes the results.Response Relative
The precision of a confidence interval is directly linked with the width of the interval:the wider the interval, the lower is its precision. A confidence interval is wider (a) the greater the
The t distribution is a family of distributions that are similar to the z distribution, in that they are all symmetric and bell-shaped around zero with asymptotic tails.However, the t distribution
Over a 10-year sample period, the mean return and standard deviation of annual returns on a portfolio you are analyzing were 10% and 15%, respectively. You assume that returns are normally
A realtor in Mission Viejo, California, wants to estimate the average price of a house in the city.a. Open the Mission Viejo (raw) data from the text website into an Excel spreadsheet (data are in
Percentiles provide detailed information about how the data are spread over the interval from the smallest value to the largest value. In general, the pth percentile divides the data set into two
You score 90 on the midterm, 60 on the final, and 80 on the class project. What is your average score if the midterm is worth 30%, the final is worth 50% and the class project is worth 20%? R-96
Average talk time between charges of a given cell phone is advertised as 4 hours. Let the standard deviation be 0.8 hours.a. Use Chebyshev's Theorem to approximate the proportion of cell phones that
An investment strategy has an expected return of 8 percent and a standard deviation of 6 percent. Assume investment returns are bell shaped.a. How likely is it to earn a return between 2 percent and
It is often assumed that IQ scores follow a bell-shaped distribution with a mean of 100 and a standard deviation of 16.a. What percentage of scores are between 84 and 116?b. What percentage of scores
The historical returns on a portfolio had an average return of 8 percent and a standard deviation of 12 percent. Assume that returns on this portfolio follow a bell-shaped distribution.a. What
A sample of the salaries of assistant professors on the business faculty at a local university revealed a mean income of $72,000 with a standard deviation of $3,000.a. Using Chebyshev's Theorem, what
Data with 250 observations are drawn from a relatively symmetric and bell-shaped distribution with a mean of 50 and a range of 48.a. What is the rough estimate of the standard deviation?b.
A hair salon in Cambridge, Massachusetts, reports that on seven randomly selected weekdays, the number of customers who visited the salon were 40, 3 0 , 2 8 , 2 2 , 3 6 , 16, and 50. It can be
Data are drawn from a relatively symmetric and bell-shaped distribution with a mean of 5 and a range of 10.a. What is the rough estimate of the standard deviation?b. What percentage of the
There are 500 observations in the data set.a. What percentage of the observations are less than 700?b. Approximately how many observations are less than 700?50. Data are drawn from a symmetric and
Consider a symmetric and bell-shaped distribution with a mean of 750 and a standard deviation of? R-96
Data are drawn from a relatively symmetric and bell-shaped distribution with a mean of 20 and a standard deviation of 2.a. What percentage of the observations fall between 18 and 22?b. What
A data set has a mean of 500 and a standard deviation of 25.a. Using Chebyshev's Theorem, find the interval that encompasses at least 75% of the data.b. Using Chebyshev's Theorem, find the interval
A data set has a mean of 1500 and a standard deviation of 100.a. Using Chebyshev's Theorem, what percentage of the observations fall between 1300 and 1700?b. Using Chebyshev's Theorem, what
A data set has a mean of 80 and a standard deviation of 5.a. Using Chebyshev's Theorem, what percentage of the observations fall between 70 and 90?b. Using Chebyshev's Theorem, what percentage of the
FILE Go to the text website and access the data labeled Largest Corporations. It shows the Fortune 500 rankings of America's largest corporations for 2010. Next to each corporation are its market
The returns for an auto firm are 5% in Year 1 and 3% in the first quarter o f Year 2. Calculate the annualized return for the period. R-96
Recently, six single-family homes in San Luis Obispo County in California sold at the following prices (in $1,000s): $549,$449, $705, $529, $639, $609.a. Construct a 95% confidence interval for the
The returns from an investment are 2% in Year 1,5% in Year 2, and 1.8% in the first half o f Year 3. Calculate the annualized return for the entire period. R-96
The returns for a pharmaceutical firm are 10% in Year 1,5%in Year 2, and – 15% in Year 3. What is the annualized return for the period? R-96

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