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business
business statistics communicating

Questions and Answers of Business Statistics Communicating

The mileage (in 1,000s of miles) that car owners get with a certain kind of radial tire is a random variable Y having a lognormal distribution such that Y = eX, where X is normally distributed. Let
The relief time provided by a standard dose of a popular children’s allergy medicine averages six hours with a standard deviation of two hours.a. Determine the percentage of children who experience
It is well documented that a typical washing machine can last anywhere between 5 to 12 years. Let the life of a washing machine be represented by a log normal variable, Y = eX, where X is normally
The Bahamas is a tropical paradise made up of 700 islands sprinkled over 100,000 square miles of the Atlantic Ocean. According to the figures released by the government of the Bahamas, the mean
Let X be exponentially distributed with μ = 1.25. Compute the following values.a. P(X < 2.3)b. P(1.5 ≤ X ≤ 5.5)c. P(X > 7)
Let X be exponentially distributed with λ = 0.5. Compute the following values.a. P(X ≤ 1)b. P(2 < X < 4)c. P(X > 10)
On average, an American professional football game lasts about three hours, even though the ball is actually in play only 11 minutes (www.sportsgrid.com, January 14, 2014). Assume that game times are
Loans that are 60 days or more past due are considered seriously delinquent. The Mortgage Bankers Association reported that the rate of seriously delinquent loans has an average of 9.1% (The Wall
Assume that IQ scores follow a normal distribution with a mean of 100 and a standard deviation of 16.a. What is the probability that an individual scores between 84 and 116?b. What is the probability
Let X be normally distributed with μ = −15 and σ = 9.a. Find P(X > −12).b. Find P(0 ≤ X ≤ 5).c. Find x such that P(X ≤ x) = 0.25.d. Find x such that P(X > x) = 0.25.
Let X be normally distributed with μ = 254 and σ = 11.a. Find P(X ≤ 266).b. Find P(250 < X < 270).c. Find x such that P(X ≤ x) = 0.33.d. Find x such that P(X > x) = 0.33.
Find the following probabilities based on the standard normal variable Z.a. P(−0.67 ≤ Z ≤ −0.23)b. P(0 ≤ Z ≤ 1.96)c. P(−1.28 ≤ Z ≤ 0)d. P(Z > 4.2)
Find the following probabilities based on the standard normal variable Z.a. P(Z > 0.74)b. P(Z ≤ −1.92)c. P(0 ≤ Z ≤ 1.62)d. P(−0.90 ≤ Z ≤ 2.94)
For a continuous random variable X with an upper bound of 4, P (0 ≤ X ≤ 2.5) = 0.54 and P (2.5 ≤ X ≤ 4) = 0.16. Calculate the following probabilities.a. P(X < 0)b. P(X > 2.5)c. P(0 ≤
The cumulative probabilities for a continuous random variable X are P (X ≤ 10) = 0.42 and P (X ≤ 20) = 0.66. Calculate the following probabilities.a. P(X > 10)b. P(X > 20)c. P(10 < X
A portfolio has $200,000 invested in Asset X and $300,000 in Asset Y. Consider the summary measures in the following table.a. Calculate the portfolio weights for assets X and Y.b. Calculate the
A committee of 10 is to be chosen from 50 people, 25 of whom are Republicans and 25 Democrats. The committee is chosen at random.a. What is the probability that there will be five Republicans and
Find the probability that an Internal Revenue Service (IRS) auditor will catch only 4 income tax returns with illegitimate deductions if he randomly selects 5 returns from among 20 returns, of which
Consider the following information on the expected return for companies X and Y.a. Calculate the expected value and the standard deviation of returns for companies X and Y.b. Calculate the
Due to the advent of tablets, American adults are watching significantly less television than they did in previous decades. In 2016, Nielsen reported that American adults are watching an average of
Which of the following scenarios are likely to represent Poisson random variables?a. The number of violent crimes in New York over a six-week period.b. The number of customers of a bank manager who
Which of the following probabilities are likely to be found using a Poisson distribution?a. The probability that there will be six leaks in a specified stretch of a pipeline.b. The probability that
Approximately 45% of Baby Boomers—those born between 1946 and 1964—are still in the workforce (www.pewresearch.org, May 11, 2015). Six Baby Boomers are selected at random.a. What is the
In 2013, only 26% of Americans had confidence in U.S. banks, which is still far below the pre-recession level of 41% reported in June 2007 (www.gallup.com, June 26, 2014). a. What is the
According to a survey by Transamerica Center for Health Studies, 15% of Americans still have no health insurance even after passage of the Affordable Care Act, better known as Obamacare
An appliance store sells additional warranties on its refrigerators. Twenty percent of the buyers buy the limited warranty for $100 and 5% buy the extended warranty for $200. What is the expected
Calculate the expected numerical grade in Professor Underwood’s class using 4.0 for A, 3.0 for B, etc. Grade Probability 0.10 A B 0.30 0.40 0.10 0.10
After Donald Trump won the election, the consumer confidence index rose to 93.8, a sixmonth high (www.bloomberg.com, November 23, 2016). Given new economic data, an analyst believes that there is a
Jacqueline Fibbe manages 10 employees at a small ice cream store in Beverly Farms, MA. She assigns three employees for each eight-hour shift.a. If order is not important, in how many different ways
A horse-racing fan is contemplating the many different outcomes in an eight-horse race.a. How many different outcomes are possible if only the first three places are considered and ranking (first,
At a local elementary school, a principal is making random class assignments for her 8 teachers. Each teacher must be assigned to exactly one job. In how many ways can the assignments be made?
Consider the following scenarios to determine if the mentioned combination of attributes represents a union or an intersection.a. There are two courses that seem interesting to you, and you would be
Consider the following scenarios to determine if the mentioned combination of attributes represents a union or an intersection.a. A marketing firm is looking for a candidate with a business degree
Jane Peterson has taken Amtrak to travel from New York to Washington, DC, on six occasions, of which three times the train was late. Therefore, Jane tells her friends that the probability that this
Survey data, based on 65,000 mobile phone subscribers, shows that 44% of the subscribers use smartphones (Forbes, December 15, 2011). Based on this information, you infer that the probability that a
In a report, use the sample information to1. Summarize the growth rates in Western Europe and Greater China for Nike.2. Summarize the growth rates in Western Europe and Greater China for Adidas.3.
Calculate the average growth rate from the following growth rates. 2.5% 3.6% 1.8% 2.2% 5.2%
Given the following investment returns, calculate the geometric mean return. -3% 2% -5% 2.7% 3.1%
Given the following investment returns, calculate the geometric mean return. 4% 8% -5% 6%
Consider the following five-point summary that was obtained from a data set with 500 observations.a. Interpret Q1 and Q3.b. Calculate the interquartile range. Determine whether any outliers exist.c.
Consider the following five-point summary that was obtained from a data set with 200 observations.a. Interpret Q1 and Q3.b. Calculate the interquartile range. Determine whether any outliers exist.c.
The following table shows a portion of the sale price (in $1,000s) for 36 homes sold in Mission Viejo, CA, during June 2010.Number . . . . . . . . . . Price1 . . . . . . . . . .. . . . . . .
An investor bought common stock of Apple Inc. on three occasions at the following prices.Date Price . . . . . . . . . . . . . . . Per ShareJanuary 2016 . . . . . . . . . . . . . . .94.81July 2016. .
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%?
A survey conducted by CBS News asked 1,026 respondents: “What would you do with an unexpected tax refund?” The responses (in %) are summarized in the following table.a. Graph the bar chart.b. How
Construct a scatterplot with the following data. Describe the relationship between x and y. 2 6 8 х 22 20 18 10 4 3 У
Consider the following relative frequency distribution:a. Suppose this relative frequency distribution is based on a sample of 50 observations. Construct the frequency distribution. How many of the
The accompanying table shows a portion of the 30 companies that comprise the Dow Jones Industrial Average (DJIA). The second column shows the year that the company joined the DJIA (Year). The third
Conduct an online search for a weekly car rental in Seattle, Washington, and Portland, Oregon, for different car types and rental car companies for the year 2017. Are the data structured or
Ask your peers about their online social media usage. In particular collect information on (a) whether they use Facebook, Instagram, and Snapchat, (b) how often they use each social media service,
Conduct an online search to compare price and fuel economy of small hybrid vehicles such as Toyota Prius, Ford Fusion, and Chevrolet Volt. Would the resulting data be structured or unstructured?
Go to The New York Times website at www.nytimes.com/ and review the front page. Would you consider the data on the page to be structured or unstructured? Explain.
The Federal Reserve Bank of St. Louis is a good source for downloading economic data.Go to research.stlouisfed.org/fred2/ to extract quarterly data on gross private saving (GPSAVE) from 2012 to 2015
Go to www.finance.yahoo.com/ to get a current stock quote for General Electric, Co. (ticker symbol = GE). Then, click on historical prices to record the monthly adjusted close price of General
Business graduates in the United States with a marketing concentration earn high salaries. According to the Bureau of Labor Statistics, the average annual salary for marketing managers was $140,660

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