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business
business statistics for contemporary

Questions and Answers of Business Statistics For Contemporary

Given an arrival process with l = 3.0, what is the probability that an arrival occurs in the first t = 2 time units?
Given an arrival process with l = 5.0, what is the probability that an arrival occurs after t = 5 time units?
Given an arrival process with l = 5.0, what is the probability that an arrival occurs after t = 7 time units?
Given an arrival process with l = 0.6, what is the probability that an arrival occurs in the first t = 8 time units?
Given an arrival process with l = 1.0, what is the probability that an arrival occurs in the first t = 2 time units?
Bags of a chemical produced by a company have impurity weights that can be represented by a normal distribution with a mean of 12.2 grams and a standard deviation of 2.8 grams. A random sample of 400
The tread life of tires from Nokian Tyres, a Finnish automobile company, can be modeled by a normal distribution with a mean of 35,000 miles and a standard deviation of 5,000 miles. A sample of 200
Suppose St. Vincent’s Hospital Melbourne, Australia, finds that 30% of its accounts are at least 1 month in arrears. A random sample of 500 accounts was taken.a. What is the probability that fewer
A random sample of 200 blue-collar employees at Ricci S.p.A, an Italian construction company, is surveyed to assess their attitudes toward a proposed new work schedule. If 65% of all blue-collar
It is known that 10% of all the items produced by a particular manufacturing process are defective. From the very large output of a single day, 100 items are selected at random.a. What is the
Avis Rent, a South African car-rental company, has determined that the probability a car will need service work in any given month is 0.15. Avis Rent has 1200 cars.a. What is the probability that
Given a random sample size of n = 400 from a binomial probability distribution with P = 0.20 do the following:a. Find the probability that the percentage of successes is greater than 0.25.b. Find the
Given a random sample size of n = 1, 600 from a binomial probability distribution with P = 0.40 do the following:a. Find the probability that the percentage of successes is greater than 0.45.b. Find
Given a random sample size of n = 9 0 0 from a binomial probability distribution with P = 0.30 do the following:a. Find the probability that the number of successes is greater than 305.b. Find the
Given a random sample size of n = 1, 600 from a binomial probability distribution with P = 0.40, do the following:a. Find the probability that the number of successes is greater than 1,650.b. Find
Given a random sample size of n = 4,900 from a binomial probability distribution with P = 0.50 do the following:a. Find the probability that the number of successes is greater than 2,545.b. Find the
The daily selling price per 100 pounds of buffalo meat is normally distributed with a mean of $70, and the probability that the daily price is less than $85 is 0.9332. Four days are chosen at random.
It is estimated that the time that a well-known rock band, the Living Ingrates, spends on stage at its concerts follows a normal distribution with a mean of 200 minutes and a standard deviation of 20
Scores on an achievement test are known to be normally distributed with a mean of 420 and a standard deviation of 80.a. For a randomly chosen person taking this test, what is the probability of a
A company services copiers. A review of its records shows that the time taken for a service call can be represented by a normal random variable with a mean of 75 minutes and a standard deviation of
A furniture manufacturer has found that the time spent by workers assembling a particular table follows a normal distribution with a mean of 150 minutes and a standard deviation of 40 minutes.a. The
Volvo Cars, a Swedish luxury vehicles company, purchases computer process chips from two suppliers, and the company is concerned about the percentage of defective chips. A review of the records for
Luca Alberti, a Hungarian florist, is considering two alternative investments. In both cases she is unsure about the percentage return but believes that her uncertainty can be represented by normal
The number of hits per day on the Web site of E-CommEx, Inc., is normally distributed with a mean of 510 and a standard deviation of 140.a. What proportion of days has more than 620 hits per day?b.
A broadcasting executive is reviewing the prospects for a new television series. According to his judgment, the probability is 0.25 that the show will achieve a rating higher than 17.8, and the
A new television series is to be shown. A broadcasting executive feels that his uncertainty about the rating that the show will receive in its first month can be represented by a normal distribution
Scores on an economics test follow a normal distribution.What is the probability that a randomly selected student will achieve a score that exceeds the mean score by more than 1.5 standard deviations?
A contractor has concluded from his experience that the cost of building a luxury home is a normally distributed random variable with a mean of $500,000 and a standard deviation of $50,000.a. What is
Southwest Co-op produces bags of fertilizer, and it is concerned about impurity content. It is believed that the weights of impurities per bag are normally distributed with a mean of 12.2 grams and a
An investment portfolio contains stocks of a large number of corporations. Over the last year the rates of return on these corporate stocks followed a normal distribution with mean 13.5% and standard
The tread life of Road Stone tires has a normal distribution with a mean of 35,000 miles and a standard deviation of 4,000 miles.a. What proportion of these tires has a tread life of more than 38,000
Anticipated consumer demand at a restaurant for free-range steaks next month can be modeled by a normal random variable with mean 1,500 pounds and standard deviation 110 pounds.a. What is the
It is known that amounts of money spent on clothing in a year by students on a particular campus follow a normal distribution with a mean of $380 and a standard deviation of $50.a. What is the
Let the random variable X follow a normal distribution with m = 0.2 and s2 = 0.0025.a. Find the probability that X is greater than 0.4.b. Find the probability that X is greater than 0.15 and less
Let the random variable X follow a normal distribution with m = 80 and s2 = 100.a. Find the probability that X is greater than 60.b. Find the probability that X is greater than 72 and less than 82.c.
Let the random variable X follow a normal distribution with m = 30 and s2 = 81.a. Find the probability that X is greater than 40.b. Find the probability that X is greater than 15 and less than 43.c.
Let the random variable Z follow a standard normal distribution.a. The probability is 0.70 that Z is less than what number?b. The probability is 0.25 that Z is less than what number?c. The
Let the random variable Z follow a standard normal distribution.a. Find P1Z 6 1.162.b. Find P1Z 7 1.732.c. Find P1Z 7 -2.292.d. Find P1Z 7 -1.352.e. Find P11.16 6 Z 6 1.732.f. Find P1 -2.29 6 Z 6
A salesperson receives an annual salary of $6,000 plus 8% of the value of the orders she takes. The annual value of these orders can be represented by a random variable with a mean of $600,000 and a
A charitable organization solicits donations by telephone.Employees are paid $60 plus 20% of the money their calls generate each week. The amount of money generated in a week can be viewed as a
A contractor submits a bid on a project for which more research and development work needs to be done. It is estimated that the total cost of satisfying the project specifications will be $20 million
A fashion house in London offers a designer a contract, according to which she is to be paid a fixed sum of £10,000 plus £1.75 for each unit of her design sold.Her uncertainty about total sales of
The profit for a production process is equal to $6,000 minus three times the number of units produced. The mean and variance for the number of units produced are 1,000 and 900, respectively. Find the
The profit for a production process is equal to $2,000 minus two times the number of units produced. The mean and variance for the number of units produced are 500 and 900, respectively. Find the
The profit for a production process is equal to $1,000 minus two times the number of units produced. The mean and variance for the number of units produced are 50 and 90, respectively. Find the mean
The total cost for a production process is equal to €500 plus two times the number of units produced. The mean and variance for the number of units produced are 700 and 600, respectively. Find the
At the beginning of winter, a homeowner estimates that the probability is 0.4 that his total heating bill for the three winter months will be less than $380. He also estimates that the probability is
The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the median income for all families in this suburb is £55,000 and that 40% of
An analyst has available two forecasts, F1 and F2, of earnings per share of a corporation next year. He intends to form a compromise forecast as a weighted average of the two individual forecasts. In
Using the uniform probability density function shown in Figure 5.7, find the probability that the random variable X is greater than 1.3.
Using the uniform probability density function shown in Figure 5.7, find the probability that the random variable X is less than 0.8.
Using the uniform probability density function shown in Figure 5.7, find the probability that the random variable X is between 0.5 and 1.6.
Using the uniform probability density function shown in Figure 5.7, find the probability that the random variable X is between 1.4 and 1.8.
Faschip, Ltd., is a new African manufacturer of notebook computers. Their quality target is that 99.999%of the computers they produce will perform exactly as promised in the descriptive literature.
Yoshida Toimi is a candidate for the mayor of a medium-sized Midwestern city. If he receives more than 50% of the votes, he will win the election. Prior to the election, his campaign staff is
A fresh fruit juice manufacturer finds a new ingredient that allows the juice to stay fresh for a longer duration than before. The old ingredient shows that 10% of the total quantity of juice
A fast-food restaurant located at a commercial area indicates that, on average, it receives 20 orders each morning from 7:00 a.m. to 8:00 a.m. Since this is a rush hour, the restaurant has to prepare
When buying property, one of the main considerations for a homebuyer is the reputation of a property developer, that is, if they follow good construction practices, offer financial security, and
Consider a country that imports coal and exports furniture. The value per unit of furniture exported is measured in units of thousands of euros per furniture by the random variable X. The value per
George Allen has asked you to analyze his stock portfolio, which contains 10 shares of stock D and 5 shares of stock C. The joint probability distribution of the stock prices is shown in Table 4.10.
A movie theater has 2 halls playing the latest movie 4 times per weekend on average based on Poisson distribution.Assume that the number of times a movie is played at these 2 halls is independent of
A recent study suggested that, of all current credit users of €100,000, 6.5% either paid no penalty interest rate or paid an effective rate of less than 12%. A random sample of 100 of those
On average, a receptionist at a local firm receives 3 packages per hour between 10:00 a.m. and 12:00 p.m.Assume that the distribution of receiving packages is Poisson.a. What is the probability that
A team of 5 analysts is about to examine the earnings prospects of 20 corporations. Each of the 5 analysts will study 4 of the corporations. These analysts are not equally competent. In fact, one of
Using data from different insurance companies and their income in the member countries of the European Union (EU), a researcher claims to be able to estimate candidates faced with impending financial
John and Steve are participating in an online game.The player who wins three rounds first is declared as the overall winner. Suppose that John is a better player with a probability of 0.7 for winning
Past booking records of a hotel show that 5% of its customers’ online booking will be canceled for a specific reason.a. For a random sample of 10 online bookings, what is the probability that
A food truck owner, Ayesha, sells each roll for €2.50.She finds that 70% of her customers prefer chicken rolls.Suppose she makes a random selection of 8 customers.State at the outset what
Suppose the students at the University of Amsterdam, the Netherlands, are classified according their school grades (X), and the number of daily hours spent watching shows on Netflix (Y = 0 for no
A long-distance taxi service owns four vehicles. These are of different ages and have different repair records.The probabilities that, on any given day, each vehicle will be available for use are
Develop realistic examples of pairs of random variables for which you would expect to find the following:a. Positive correlationb. Negative correlationc. Zero correlation
A multiple-choice test has nine questions. For each question there are four possible answers from which to select. One point is awarded for each correct answer, and points are not subtracted for
A car salesperson estimates the following probabilities for the number of cars that she will sell in the next week:Number of cars 0 1 2 3 4 5 Probability 0.10 0.20 0.35 0.16 0.12 0.07a. Find the
A contractor estimates the probabilities for the number of days required to complete a certain type of construction project as follows:Time (days) 1 2 3 4 5 Probability 0.05 0.20 0.35 0.30 0.10a.
As an insurance agent, you advise your client to first consider purchasing a health insurance plan rather than a home insurance plan. How would you respond to the following questions posed by your
A company has 5 representatives covering large territories and 10 representatives covering smaller territories.The probability distributions for the numbers of orders received by each of these types
Refer to the information in the previous exercise.Find the mean and standard deviation of the total number of complaints received in a week. Having reached this point, you are concerned that the
A restaurant manager receives occasional complaints about the quality of both the food and the service. The marginal probability distributions for the number of weekly complaints in each category are
A college bookseller makes calls at the offices of professors and forms the impression that professors are more likely to be away from their offices on Friday than any other working day. A review of
A market researcher wants to determine whether a new model of a personal computer that had been advertised on a late-night talk show had achieved more brand-name recognition among people who watched
The accompanying table shows, for credit-card holders with one to three cards, the joint probabilities for number of cards owned (X) and number of credit purchases made in a week (Y).Number of Cards
A real estate agent is interested in the relationship between the number of lines in a newspaper advertisement for an apartment and the volume of inquiries from potential renters. Let volume of
A researcher suspected that the number of betweenmeal snacks eaten by students in a day during final examinations might depend on the number of tests a student had to take on that day. The
Consider the following probability distribution:X 1 5 Y 1 0.32 0.15 3 0.24 0.29a. Compute the marginal probability distributions for X and Y.b. Compute the covariance and correlation for X and Y.c.
Consider the following probability distribution:X 1 2 Y 2 0.55 0.05 3 0.25 0.15a. Compute the marginal probability distributions for X and Y.b. Compute the covariance and correlation for X and Y.c.
Consider the joint probability distribution:X 1 2 Y 0 0.80 0.00 1 0.00 0.20a. Compute the marginal probability distributions for X and Y.b. Compute the covariance and correlation for X and Y.c.
Consider the following probability distribution:X 1 2 Y 0 0.1 0.2 1 0.4 0.3a. Compute the marginal probability distributions for X and Y.b. Compute the covariance and correlation for X and Y.c.
Consider the joint probability distribution:X 1 2 Y 0 0.15 0.35 1 0.30 0.20a. Compute the marginal probability distributions for X and Y.b. Compute the covariance and correlation for X and Y.c.
The average amount of money a person spends on lottery tickets each month is €9. By looking at the data, a Poisson discrete distribution is assumed for this variable.Calculate each of the
A bank executive is presented with loan applications from 10 people. The profiles of the applicants are similar, except that 5 are minorities and 5 are not minorities.In the end the executive
A bond analyst was given a list of 13 corporate bonds.From that list she selected 3 whose ratings she felt were in danger of being downgraded in the next year.In actuality, a total of 5 of the 13
A committee of 8 members is to be formed from a group of 8 men and 8 women. If the choice of committee members is made randomly, what is the probability that precisely half of these members will be
A company receives a shipment of 16 items. A random sample of 4 items is selected, and the shipment is rejected if any of these items proves to be defective.a. What is the probability of accepting a
Compute the probability of 5 successes in a random sample of size n = 12 obtained from a population of size N = 111 that contains 60 successes.
Compute the probability of 4 successes in a random sample of size n = 6 obtained from a population of size N = 30 that contains 20 successes.
Compute the probability of 9 successes in a random sample of size n = 25 obtained from a population of size N = 90 that contains 32 successes.
Compute the probability of 10 successes in a random sample of size n = 16 obtained from a population of size N = 70 that contains 24 successes.
A new warehouse is being designed and a decision concerning the number of loading docks is required. There are two models based on truckarrival assumptions for the use of this warehouse, given that
A state has a law requiring motorists to carry insurance.It was estimated that, despite this law, 6.0% of all motorists in the state are uninsured. A random sample of 100 motorists was taken. Use the
An insurance company holds fraud insurance policies on 6,000 firms. In any given year the probability that any single policy will result in a claim is 0.001. Find the probability that at least 3

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