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business
business statistics communicating

Questions and Answers of Business Statistics Communicating

Assume that the following represent a population of N 24 values:10 14 32 9 34 19 31 24 33 11 14 30 6 27 33 32 28 30 10 31 19 13 6 35a. If a random sample of n 10 items includes the following
Consider the following population:18 26 32 17 34 17 17 22 29 24 24 35 13 29 38 The following sample was drawn from this population:35 18 24 17 24 32 17 29a. Determine the sampling error for the
The following population is provided:17 15 8 12 9 7 9 11 12 14 16 9 5 10 14 13 12 12 11 9 14 8 14 12 Further, a simple random sample from this population gives the following values:12 9 5 10 14 11
The following data are the 16 values in a population:10 5 19 20 10 8 10 2 14 18 7 8 14 2 3 10a. Compute the population mean.b. Suppose a simple random sample of 5 values from the population is
A population has a mean of 125. If a random sample of 8 items from the population results in the following sampled values, what is the sampling error for the sample?103 123 99 107 121 100 100 99
Championship Billiards, owned by D & R Industries, in Lincolnwood, Illinois, provides some of the finest billiard fabrics, cushion rubber, and component parts in the industry. It sells billiard cloth
The Future-Vision Cable TV Company recently surveyed its customers. A total of 548 responses were received. Among other things, the respondents were asked to indicate their household income. The data
Team Marketing Report (TMR) produces the Fan Cost Index™ (FCI) survey, now in its 16th year, which tracks the cost of attendance for a family of four at National Football League (NFL) games. The
Midwest Fan Manufacturing Inc. was established in 1986 as a manufacturer and distributor of quality ventilation equipment. Midwest Fan’s products include the AXC range hood exhaust fans. The file
The Hydronics Company is in the business of developing health supplements. Recently, the company’s research and development department came up with two weight-loss products that included products
The Cozine Corporation runs the landfill operation outside Little Rock, Arkansas. Each day, each of the company’s trucks makes several trips from the city to the landfill. On each entry the truck
The personnel manager for a large company is interested in the distribution of sick-leave hours for employees of her company. A recent study revealed the distribution to be approximately normal, with
The St. Maries plywood plant is part of the Potlatch Corporation’s Northwest Division. The plywood superintendent organized a study of the tree diameters that are being shipped to the mill. After
One of the products of Pittsburg Plate Glass Industries(PPG) is laminated safety glass. It is made up of two pieces of glass 0.125 inch thick, with a thin layer of vinyl sandwiched between them. The
The Sea Pines Golf Course is preparing for a major LPGA golf tournament. Since parking near the course is extremely limited (room for only 500 cars), the course officials have contracted with the
An online article (http://beauty.about.com) by Julyne Derrick, “Shelf Lives: How Long Can You Keep Makeup,” suggests that eye shadow and eyeliner each have a shelf life of up to three years.
A small private ambulance service in Kentucky has determined that the time between emergency calls is exponentially distributed with a mean of 41 minutes.When a unit goes on call, it is out of
Two automatic dispensing machines are being considered for use in a fast-food chain. The first dispenses an amount of liquid that has a normal distribution with a mean of 11.9 ounces and a standard
The Three Sisters Lumber Company is considering buying a machine that planes lumber to the correct thickness. The machine is advertised to produce “6-inch lumber” having a thickness that is
The manager for Select-a-Seat, a company that sells tickets to athletic games, concerts, and other events, has determined that the number of people arriving at the Broadway location on a typical day
Revisit Problem 6-55, but examine whether it would matter when you started monitoring the 911 calls if the time between occurrences had a uniform distribution with a mean of 2 and a range of 4.a.
The exponential distribution has a characteristic that is called the “memoryless” property. This means P(X x) P(X x x0 X x0). To illustrate this, consider the calls coming into 911.
Suppose you tell one of your fellow students that when working with a continuous distribution, it does not make sense to try to compute the probability of any specific value since it will be zero.
The probability that a value from a normally distributed random variable will exceed the mean is 0.50. The same is true for the uniform distribution. Why is this not necessarily true for the
Recall the Empirical Rule from Chapter 3. It states that if the data distribution is bell-shaped, then the interval m s contains approximately 68% of the values, m 2s contains approximately 95%, and
Discuss the difference between discrete and continuous probability distributions. Discuss two situations where a variable of interest may be considered either continuous or discrete.
The San Luis Obispo, California, Transit Program provides daily fixed-route transit service to the general public within the city limits and to Cal Poly State University’s staff and students. The
Although some financial institutions do not charge fees for using ATMs, many do. A recent study found the average fee charged by banks to process an ATM transaction was $2.91. The file entitled ATM
Rolls-Royce PLC provides forecasts for the business jet market and covers the regional and major aircraft markets. In a recent release, Rolls-Royce indicated that in both North America and Europe the
A corrugated container company is testing whether a computer decision model will improve the uptime of its box production line. Currently, knives used in the production process are checked manually
The average amount spent on electronics each year in U.S. households is $1,250 according to an article in USA Today (Michelle Kessler, “Gadget Makers Make Mad Dash to Market,” January 4, 2006).
A delicatessen located in the heart of the business district of a large city serves a variety of customers.The delicatessen is open 24 hours a day every day of the week. In an effort to speed up
The time to failure for a power supply unit used in a particular brand of personal computer (PC) is thought to be exponentially distributed with a mean of 4,000 hours as per the contract between the
The time required to prepare a dry cappuccino using whole milk at the Daily Grind Coffee House is uniformly distributed between 25 and 35 seconds.Assuming a customer has just ordered a whole-milk dry
When only the value-added time is considered, the time it takes to build a laser printer is thought to be uniformly distributed between 8 and 15 hours.a. What are the chances that it will take more
Suppose you are traveling on business to a foreign country for the first time. You do not have a bus schedule or a watch with you. However, you have been told that buses stop in front of your hotel
The useful life of an electrical component is exponentially distributed with a mean of 2,500 hours.a. What is the probability the circuit will last more than 3,000 hours?b. What is the probability
Suppose a random variable, x, has a uniform distribution with a 5 and b 9.a. Calculate P(5.5 x 8).b. Determine P(x 7).c. Compute the mean, m, and standard deviation, s, of this random
Determine the following:a. the probability that a uniform random variable whose range is between 10 and 30 assumes a value in the interval (10 to 20) or (15 to 25)b. the quartiles for a uniform
USA Today’s annual survey of public flagship universities (Arienne Thompson and Breanne Gilpatrick, “Double-Digit Hikes Are Down,” October 5, 2005) indicates that the median increase in
A recent article in USA Today discussed prices for the 200 brand-name drugs most commonly used by Americans over age 50. Atrovent, a treatment for lung conditions such as emphysema, was one of the
The PricewaterhouseCoopers Human Capital Index Report indicated that the average cost for an American company to fill a job vacancy during the study period was $3,270. Sample data similar to that
A senior loan officer for Whitney National Bank has recently studied the bank’s real estate loan portfolio and found that the distribution of loan balances is approximately normally distributed
Georgia-Pacific is a major forest products company in the United States. In addition to timberlands, the company owns and operates numerous manufacturing plants that make lumber and paper products.
According to the Federal Reserve Board, the average credit card debt per U.S. household was $8,565 in 2008. Assume that the distribution of credit card debt per household has a normal distribution
MP-3 players, and most notably the Apple iPod, have become an industry standard for people who want to have access to their favorite music and videos in a portable format. The iPod can store massive
The Aberdeen Coca-Cola Bottling plant located in Aberdeen, North Carolina, is the bottler and distributor for Coca-Cola products in the Aberdeen area. The company’s product line includes 12-ounce
According to Business Week, Maternity Chic, a purveyor of designer maternity wear, sells dresses and pants priced around $150 each for an average total sale of $1,200. The total sale has a normal
No Leak Plumbing and Repair provides customers with firm quotes for a plumbing repair job before actually starting the job. To be able to do this, No Leak has been very careful to maintain time
J.J. Kettering & Associates is a financial planning group in Fresno, California. The company specializes in financial planning for schoolteachers in the Fresno area. As such, it administers a 403(b)
A private equity firm is evaluating two alternative investments. Although the returns are random, each investment’s return can be described using a normal distribution. The first investment has a
C&C Industries manufactures a wash-down motor that is used in the food processing industry. The motor is marketed with a warranty that guarantees it will be replaced free of charge if it fails within
An Internet retailer stocks a popular electronic toy at a central warehouse that supplies the eastern United States. Every week the retailer makes a decision about how many units of the toy to stock.
The average number of acres burned by forest and range fires in a large Wyoming county is 4,300 acres per year, with a standard deviation of 750 acres. The distribution of the number of acres burned
LaCrosse Technology is one of many manufacturers of atomic clocks. It makes an atomic digital watch that is radio-controlled and that maintains its accuracy by reading a radio signal from a WWVB
Canine Crunchies Inc. (CCI) sells large bags of dog food to warehouse clubs. CCI uses an automatic filling process to fill the bags. Weights of the filled bags are approximately normally distributed
A global financial institution transfers a large data file every evening from offices around the world to its London headquarters. Once the file is received, it must be cleaned and partitioned before
A random variable is normally distributed with a mean of 25 and a standard deviation of 5. If an observation is randomly selected from the distribution,a. What value will be exceeded 10% of the
A random variable is known to be normally distributed with the following parameters:m 5.5 and s 0.50a. Determine the value of x such that the probability of a value from this distribution
A population is normally distributed with m 100 and s 20.a. Find the probability that a value randomly selected from this population will have a value greater than 130.b. Find the probability
For the following normal distributions with parameters as specified, calculate the required probabilities:a. m 5, s 2; calculate P(0 x 8).b. m 5, s 4; calculate P(0 x 8).c. m 3, s 2;
A random variable, x, has a normal distribution with m 13.6 and s 2.90. Determine a value, x0, so thata. P(x x0) 0.05.b. P(x x0) 0.975.c. P(m - x0 x m + x0) 0.95.
Consider a random variable, z, that has a standardized normal distribution. Determine the following probabilities:a. P(0 z 1.96)b. P(z 1.645)c. P(1.28 z 2.33)d. P(-2 z 3)e. P(z -1)
For a standardized normal distribution, determine a value, say z0, so thata. P(0 z z0) 0.4772b. P(-z0 z 0) 0.45c. P(-z0 z z0) 0.95d. P(z > z0) 0.025e. P(z z0) 0.01
For a normally distributed population with m 200 and s 20, determine the standardized z-value for each of the following:a. x 225b. x 190c. x 240
35. A financial analyst maintains that the risk, measured by the variance, of investing in emerging markets is more than 280(% )2. Data on 20 stocks from emerging markets revealed the following
23. Cons ider th e fo l lowing c om p e t in g h y p o th e s e s and relevant summa r y statistics:H0: σ21/ σ22 = 1 HA: σ21/ σ22 ≠ 1As sume th a t th e tw o p o p u la t io n s are normal ly
21. Cons truct a 90% interval e s t ima t e o f th e ratio o f th e populat ion variances us ing th e fol lowing result s from tw o in d ep en d e n t ly drawn s amp l e s from normal ly dis tributed
20. Use th e F tab le to approximate th e fol lowing probabili tie s. a. P(F(10,8) 3.35) b. P(F(10.8)
19. Find th e v a lu e x for which: a. P(F(4.8)x) = 0.025 b. P(F(48) x) = 0.05 C. P(F(4.8)
6. In order to conduct a hypothesis test of the population variance, you compute s2 = 75 from a sample of 21 observations drawn from a normally distributed population.Use the critical value approach
2. Find the value x for which: a. PX20x) = 0.005 b. P(x20x) = 0.01 c. P(x20x)=0.005 d. P
1. Find the value x for which: a. P(x)=0.025 b. P(x)=0.05 c. P
An investor owns a portfolio consisting of two mutual funds, A and B, w ith 35% invested in A. The following table lists the inputs for these funds.a. Calculate the expected value of the portfolio
Consider the following information on the expected return of companies X and Y.a. Calculate the expected value and the standard deviation of returns of companies X and Y.b. Calculate the correlation
An analyst developed the following probability distribution for the rate of return for a common stock.a. Calculate the expected rate of return.b. Calculate the variance and the standard deviation of
You have $400,000 invested in a well-diversified portfolio.You inherit a house that is presently worth $200,000.Consider the summary measures in the following table:The correlation coefficient
A pension fund m anager is considering three m utual funds for investment. The first one is a stock fund, the second is a bond fund and the third is a m oney m arket fund. The m oney market fund
An analyst has predicted the follow ing returns for Stocks A and B in three possible states o f the economy.a. W hat is the probability o f a recession?b. Calculate the expected return o f Stocks A
A portfolio has $200,000 invested in Asset X and $300,000 in Asset Y. Consider the summary measures in the follow ing table.a. Calculate the portfolio weights for assets X and Y.b. Calculate the
Investment advisors recommend risk reduction through international diversification. International investing allows you to take advantage of the potential for growth in foreign economies, particularly
You are considering tw o m utual funds for your investment.The possible returns for the funds are dependent on the state of the economy and are given in the accompanying table.You believe that the
Four years ago, Victor Consuelo purchased a very reliable automobile (as rated by a reputable consumer advocacy publication). His warranty has just expired, but the manufacturer has just offered him
Mark Underwood is a professor of Economics at Indiana University. He has been teaching Principles of Economics for over 25 years. Professor Underwood uses the follow ing scale for grading.Calculate
An analyst has developed the following probability distribution o f the rate o f return for a com m on stock.a. Calculate the expected rate of return.b. Calculate the variance and standard deviation
Calculate the mean, variance, and standard deviation of the following discrete probability distribution. L05 -23 -17 -9 -3 P(X-x) 0.50 0.25 0.15 0.10
Calculate the mean, variance, and standard deviation o f the follow ing discrete probability distribution. L05 5 10 15 20 P(X=x) 0.35 0.30 0.20 0.15
Professor Sanchez has been tea ching Principles o f Economics for over 25 years. He uses the following scale for grading.a. Use A = 4, B = 3, C = 2, D = 1,and F = Oto depict the above probability
A financial analyst creates the following probability distribution for the performance of an equity income mutual fund.a. Use 1 = very poor, 2 = poor,... , 5 = very good to depict the above
India is the second most populous country in the world, with a population of over 1 billion people. Although the government has offered various incentives for population control, some argue that the
Consider the following cumulative probability distribution.a. Calculate P(X ≤ 0).b. Calculate P(X = 50).c. Is this a discrete uniform distribution? Explain. L05 -25 0 25 50 P(XX) 0.25 0.50 0.75 -
Consider the following cumulative probability distribution. L05 0 1 2 3 4 5 P(X x) 0.15 0.35 0.52 0.78 0.84 1
Consider the following discrete probability distribution.a. Complete the probability distribution.b. Graphically depict the probability distribution and comment on the symmetry of the distribution.c.
Consider the following discrete probability distribution.a. Is this a valid probability distribution? Explain.b. Graphically depict this probability distribution.c. What is the probability that the
F IL E American football is the highest paying sport on a per-game basis. Given that the quarterback is considered the most im portant player on an NFL team, he is typically well-compensated.
F IL E An econom ist wishes to summarize sample data from 26 m etropolitan areas in the U.S. The follow ing table lists each area's 2010–2011 m edian income as well as the m onthly unem ploym ent
A manager o f a local retail store analyzes the relationship between advertising and sales by reviewing the store's data fo r the previous six months.a. Calculate the mean o f advertising and the
The National Sporting Goods Association (NSGA)conducted a survey o f the ages o f individuals that purchased skateboarding footwear. The ages o f this survey are summarized in the follow ing relative
The manager at a water park constructed the follow ing frequency distribution to summarize attendance for 60 days in July and August.a. Calculate the mean attendance.b. Calculate the variance and the
M onthly stock prices for tw o com peting firm s are as follows.a. Calculate the sample mean, the sample variance, and the sample standard deviation for each firm's stock price.b. Which firm had the

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