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business
business statistics communicating

Questions and Answers of Business Statistics Communicating

An issue that faces individuals investing for retirement is allocating assets among different investment choices.Suppose a study conducted 10 years ago showed that 65% of investors preferred stocks
Suppose a recent random sample of employees nationwide that have a 401(k) retirement plan found that 18% of them had borrowed against it in the last year. A random sample of 100 employees from a
A sample of size 25 was obtained to test the hypotheses H0: p 0.30 HA: p 0.30 Calculate the p-value for each of the following sample results:a. p 0.12b. p 0.35c. p 0.42d. p 0.5 Business
A test of hypothesis has the following hypotheses:H0: p 0.45 HA: p 0.45 For a sample size of 30, and a sample proportion of 0.55,a. For an a 0.025, determine the critical value.b. Calculate the
For the following hypothesis test H0: p 0.75 HA: p 0.75 a 0.025 with n 100 and p 0.66, statea. the decision rule in terms of the critical value of the test statisticb. the calculated value of
For the following hypothesis test:H0: p 0.40 HA: p 0.40 a 0.01 with n 64 and p 0.42, statea. the decision rule in terms of the critical value of the test statisticb. the calculated value of
Given the following null and alternative hypotheses H0: p 0.60 HA: p 0.60 test the hypothesis using a 0.01 assuming that a sample of n 200 yielded x 105 items with the desired attribute.
Calculate the z-test statistic for a hypothesis test in which the null hypothesis states that the population proportion, p, equals 0.40 if the following sample information is present:n 150, x 30
Determine the appropriate critical value(s) for each of the following tests concerning the population proportion:a. upper-tailed test: a 0.025, n 48b. lower-tailed test: a 0.05, n 30c.
Hono Golf is a manufacturer of golf products in Taiwan and China. One of the golf accessories it produces at its plant in Tainan Hsing, Taiwan, is plastic golf tees. The injector molder produces golf
A key factor in the world’s economic condition is the population growth of the countries in the world. The file called Countries contains data for 74 countries in alphabetical order. Consider these
The Center on Budget and Policy Priorities (www.cbpp.org) reported that average out-of-pocket medical expenses for prescription drugs for privately insured adults with incomes over 200% of the
The U.S. Bureau of Labor Statistics (www.bls.gov)released its Consumer Expenditures in 2006 report in October 2008. Among its findings is that average annual household spending on food at home for
At a recent meeting, the manager of a national call center for a major Internet bank made the statement that the average past-due amount for customers who have been called previously about their
Starting in 2008 an increasing number of people found themselves facing mortgages that were worth more than the value of their homes. A fund manager who had invested in debt obligations involving
The makers of Mini-Oats Cereal have an automated packaging machine that can be set at any targeted fill level between 12 and 32 ounces. Every box of cereal is not expected to contain exactly the
A recent internal report issued by the marketing manager for a national oil-change franchise indicated that the mean number of miles between oil changes for franchise customers is at least 3,600
A mail-order business prides itself in its ability to fill customers’ orders in six calendar days or less on the average. Periodically, the operations manager selects a random sample of customer
The director of a state agency believes that the average starting salary for clerical employees in the state is less than $30,000 per year. To test her hypothesis, she has collected a simple random
The National Club Association does periodic studies on issues important to its membership. The 2008 Executive Summary of the Club Managers Association of America reported that the average country
For each of the following scenarios, indicate which type of statistical error could have been committed or, alternatively, that no statistical error was made.When warranted, provide a definition for
A sample taken from a population yields a sample mean of 58.4. Calculate the p-value for each of the following circumstances:a. HA: m 58, n 16, s 0.8b. HA: m 45, n 41, s 35.407c. HA: m
For the following hypothesis:H0: m 70 HA: m 70 with n 20, 71.2, s 6.9, and a 0.1, statea. the decision rule in terms of the critical value of the test statisticb. the calculated value of
For the following hypothesis test:H0: m 60.5 HA: m 60.5 a 0.05 with n 15, s 7.5, and 62.2, statea. the decision rule in terms of the critical value of the test statisticb. the calculated
For the following hypothesis test:H0: m 23 HA: m 23 a 0.025 with n 25, s 8, and 20, statea. the decision rule in terms of the critical value of the test statisticb. the calculated value of
For the following hypothesis test:H0: m 45 HA: m 45 a 0.02 with n 80, s 9, and 47.1, statea. the decision rule in terms of the critical value of the test statisticb. the calculated value
For the following hypothesis test:H0: m 200 HA: m 200 a 0.01 with n 64, s 9, and 196.5, statea. the decision rule in terms of the critical value of the test statisticb. the calculated
For each of the following z-test statistics, compute the p-value assuming that the hypothesis test is a onetailed test:a. z 1.34b. z 2.09c. z1.55
Provide the relevant critical value(s) for each of the following circumstances:a. HA: m 13, n 15, s 10.3, a 0.05b. HA: m 21, n 23, s 35.40, a 0.02c. HA: m 35, n 41, s 35.407, a
For each of the following pairs of hypotheses, determine whether each pair represents valid hypotheses for a hypothesis test. Explain reasons for any pair that is indicated to be invalid.a. H0: m
Determine the appropriate critical value(s) for each of the following tests concerning the population mean:a. upper-tailed test: a 0.025; n 25; s 3.0b. lower-tailed test: a 0.05; n 30; s
Paper-R-Us is a national distributor of printer and copier paper for commercial use. The data file called Sales contains the annual, year-to-date sales values for each of the company’s customers.
The Jordeen Bottling Company recently did an extensive sampling of its soft-drink inventory in which 5,000 cans were sampled. Employees weighed each can and used these weights to determine the fluid
The NPD Group recently released its annual U.S.Video Game Industry Retail Sales Report. The report contained the NPD Group’s selection of the top 10 video games based on units sold. The top-selling
The quality manager for a major automobile manufacturer is interested in estimating the mean number of paint defects in cars produced by the company. She wishes to have her estimate be within 0.10 of
The Future-Vision Company is considering applying for a franchise to market satellite television dish systems in a Florida market area. As part of the company’s research into this opportunity,
On its first day on the stock market, the Chinese Internet search engine, Baidu, increased its share price from $27.00 to $122.54, an increase of 354%. This was larger than any other Chinese initial
In an article entitled “Airport Screeners’ Strains, Sprains Highest among Workers,” Thomas Frank reported that the injury rate for airport screeners was 29%, far exceeding the 4.5% injury rate
A random sample of 25 sport utility vehicles (SUVs)of the same year and model revealed the following miles per gallon (mpg) values:12.4 13.0 12.6 12.1 13.1 13.0 12.0 13.1 11.4 12.6 9.5 13.25 12.4
Arco Manufacturing makes electronic pagers. As part of its quality efforts, the company wishes to estimate the mean number of days the pager is used before repair is needed. A pilot sample of 40
According to an investigative reporter (Jim Drinkard,“Legislators Want to Ground ‘Fact-Finding’ Trips,”USA Today, January 19, 2006), members of Congress are coming under scrutiny for
A random sample of 441 shoppers revealed that 76% made at least one purchase at a discount store last month.a. Based on this sample information, what is the 90%confidence interval for the population
Examine the equation for the margin of error when estimating a population meanIndicate the effect on the margin of error resulting from an increase in each of the following items:a. confidence
An insurance company in Iowa recently conducted a survey of its automobile policy customers to estimate the mean miles these customers commute to work each day. The result based on a random sample of
When we need to estimate the population mean, and the population standard deviation is unknown, we are hit with a “double whammy” when it comes to the margin of error. Explain what the “double
Explain why the critical value for a given confidence level when the population variance is not known is always greater than the critical value for the same confidence level when the population
The Emerging Workforce Study conducted by Harris Interactive on behalf of Spherion, a leader in providing value-added staffing, recruiting, and workforce solutions, utilized a random sample of 502
A survey by Frank N. Magid Associates Inc. concluded that men, of any age, are twice as likely as women to play console video games. The survey was based on a sample of men and women ages 12 and
Neverslip, Inc., produces belts for industrial use. As part of its continuous process improvement program, Neverslip has decided to monitor on-time shipments of its products. Suppose a random sample
A study by the Investment Company Institute (ICI), which randomly surveyed 3,500 households and drew on information from the Internal Revenue Service, found that 72% of households have conducted at
According to the Employee Benefit Research Institute(www.ebri.org) 34% of workers between the ages of 35 and 44 owned a 401(k)-type retirement plan. Suppose a recent survey was conducted by the
A report released by the College Board asserted the percentage of students who took and passed Advanced Placement (AP) courses in all subjects has increased in every state and the District of
The MainStay Investments of New York Life Investment Management survey of respondents between the ages of 26 to 82 indicated that 66% of seniors, 61%of baby boomers, and 58% of Generation X expect
A survey of 777 teenagers between the ages of 13 and 18 conducted by JA Worldwide/Deloitte & Touche USA LLP found that 69% agree that people who practice good business ethics are more successful than
A multinational corporation employing several thousand workers at its campus in a large city in the southwestern United States would like to estimate the proportion of its employees who commute to
An Associated Press article written by Rukmini Callimachi pointed out that Nike, the world’s largest maker of athletic shoes, has started to feature female models who are not the traditional
Suppose the Akron Chamber of Commerce has decided to conduct a survey to estimate the proportion of adults between the ages of 25 and 35 living in the metropolitan area who have a college degree in a
Most major airlines allow passengers to carry two pieces of luggage (of a certain maximum size) onto the plane. However, their studies show that the more carry-on baggage passengers have, the longer
The television landscape has certainly been changing in recent years as satellite and cable television providers compete for old-line television networks’viewers. In fact, prior to 2005, the
A survey of 499 women for the American Orthopedic Foot and Ankle Society revealed that 38% wear flats to work.a. Use this sample information to develop a 99%confidence interval for the population
As the automobile accident rate increases, insurers are forced to increase their premium rates. Companies such as Allstate have recently been running a campaign they hope will result in fewer
A random sample of 40 television viewers was asked if they had watched the current week’s Lost episode. The following data represent their responses:no no no yes no no no yes no yes no no no yes no
A random sample of 200 items reveals that 144 of the items have the attribute of interest.a. What is the point estimate for the population proportion for all items having this attribute?b. Use the
A random sample of size 150 taken from a population yields a proportion equal to 0.35.a. Determine if the sample size is large enough so that the sampling distribution can be approximated by a normal
A magazine company is planning to survey customers to determine the proportion who will renew their subscription for the coming year. The magazine wants to estimate the population proportion with
At issue is the proportion of people in a particular county who do not have health care insurance coverage.A simple random sample of 240 people was asked if they have insurance coverage, and 66
A decision maker is interested in estimating a population proportion. A sample of size n 150 yields 115 successes. Based on these sample data, construct a 90% confidence interval estimate for the
A pilot sample of 75 items was taken, and the number of items with the attribute of interest was found to be 15.How many more items must be sampled to construct a 99% confidence interval estimate for
Compute the 90% confidence interval estimate for the population proportion, p, based on a sample size of 100 when the sample proportion, p, is equal to 0.40.
Phone Solutions, Inc., specializes in providing call center services for companies that wish to outsource their call center activities. There are two main ways that Phone Solutions has historically
The Bureau of Labor Statistics, U.S. Office of Personnel Management, indicated that the average hourly compensation (salary plus benefits) for federal workers (not including military or postal
Suppose a random sample of 137 households in Detroit was selected to determine the average annual household spending on food at home for Detroit residents. The sample results are contained in the
Bruce Leichtman is president of Leichtman Research Group, Inc. (LRG), which specializes in research and consulting on broadband, media, and entertainment industries. In a recent survey, the company
A regional chain of fast-food restaurants would like to estimate the mean time required to serve its drive-thru customers. Because speed of service is a critical factor in the success of its
Business Week reports that film production companies are gravitating toward Eastern Europe. Studios there have a reputation of skilled technical work at a relatively low cost. But Bulgaria is even
The Federal Communications Commission released a report (Leslie Cauley, USA Today, “Study: A la Carte Cable Would Be Cheaper,” February 10, 2006) refuting an earlier report released in 2004 by
The Longmont Computer Leasing Company leases computers and peripherals like laser printers. The printers have a counter that keeps track of the number of pages printed. The company wishes to estimate
An Associated Press article by Eileen Alt Powell discussed the changes that banks are making to the way they calculate the minimum payment due on credit card balances. The changes are being pushed by
The Northwest Pacific Phone Company wishes to estimate the average number of minutes its customers spend on long-distance calls per month. The company wants the estimate made with 99% confidence and
With the high cost of fuel and intense competition, the major airline companies have had a very difficult time financially in recent years. Many carriers are now charging for checked bags. One
A public policy research group is conducting a study of health care plans and would like to estimate the average dollars contributed annually to health savings accounts by participating employees. A
A production process that fills 12-ounce cereal boxes is known to have a population standard deviation of 0.009 ounces. If a consumer protection agency would like to estimate the mean fill, in
A decision maker is interested in estimating the mean of a population based on a random sample. She wants the confidence level to be 90% and the margin of error to be 0.30. She does not know what the
Calculate the smallest sample size required to estimate the population mean under the following specifications:a. confidence level 95%, s 16, and e 4b. confidence level 90%, s 23, and e 0.5c.
Determine the smallest sample size required to estimate the population mean under the following specifications:a. e 2.4, confidence level 80%, data between 50 and 150b. e 2.4, confidence level
Suppose a study estimated the population mean for a variable of interest using a 99% confidence interval.If the width of the estimated confidence interval (the difference between the upper limit and
A sample size must be determined for estimating a population mean given that the confidence level is 90%and the desired margin of error is 0.30. The largest value in the population is thought to be
A manager wishes to estimate a population mean using a 95% confidence interval estimate that has a margin of error of 44.0. If the population standard deviation is thought to be 680, what is the
An advertising company wishes to estimate the mean household income for all single working professionals who own a foreign automobile. If the advertising company wants a 90% confidence interval
What sample size is needed to estimate a population mean within 50 of the true mean value using a confidence level of 95%, if the true population variance is known to be 122,500?
The per capita consumption of chicken has risen from 28 pounds in 1960 to 90.6 pounds in 2007, according to the U.S. Department of Agriculture. That constitutes an average increase of approximately
The Transportation Security Administration (TSA) has examined the possibility of a Registered Traveler program. This program is intended to be a way to shorten security lines for “trusted
The manager at a new tire and repair shop in Hartford, Connecticut, wants to establish guidelines for the time it should take to put new brakes on vehicles. In particular, he is interested in
The file German Coffee contains a random sample of 144 German coffee drinkers and measures the annual coffee consumption in kilograms for each sampled coffee drinker. A marketing research firm wants
One of the reasons for multiple car accidents on highways is thought to be poor visibility. Recently, the National Transportation Agency (NTA) of the federal government sponsored a study of one rural
Suppose a study of 196 randomly sampled privately insured adults with incomes over 200% of the current poverty level is to be used to measure out-of-pocket medical expenses for prescription drugs for
The concession managers for the Arkansas Travelers(a minor league baseball team located in Little Rock)are interested in estimating the average amount spent on food by fans attending the team’s
Nielsen Media Research reported that the average American home watched more television in 2007 than in any previous season. From September 2006 to September 2007 (the official start and end of
A regional U.S. commercial bank issues both Visa credit cards and MasterCard credit cards. As a part of its annual review of the profitability of each type of credit card, the bank randomly samples
In a study conducted by American Express, corporate clients were surveyed to determine the extent to which hotel room rates quoted by central reservation systems differ from the rates negotiated by

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