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business
business statistics for contemporary

Questions and Answers of Business Statistics For Contemporary

A corporation has 280 personal computers. The probability that any 1 of them will require repair in a given week is 0.01. Find the probability that fewer than 3 of the personal computers will require
Blue Cross Health Insurance reported that 4.5% of claims forms submitted for payment after a complex surgical procedure contain errors. If 100 of these forms are chosen at random, what is the
Records indicate that, on average, 3.2 breakdowns per day occur on an urban highway during the morning rush hour. Assume that the distribution is Poisson.a. Find the probability that on any given day
A customer service center in India receives, on average, 2.5 telephone calls per minute. If the distribution of calls is Poisson, what is the probability of receiving at least 3 calls during a
The number of accidents in a production facility has a Poisson distribution with a mean of 2.6 per month.a. For a given month what is the probability there will be fewer than 2 accidents?b. For a
People arrive at an ATM vestibule to withdraw cash at an average rate of two people per minute. If the distribution of arrivals is Poisson, find the probability that in any given minute there will be
Determine the probability of fewer than or equal to five successes for a random variable with a Poisson distribution with parameter l = 9.0.
Determine the probability of fewer than five successes for a random variable with a Poisson distribution with parameter l = 9.0.
Determine the probability of more than 7 successes for a random variable with a Poisson distribution with parameter . l = 4.2.
Determine the probability of exactly four successes for a random variable with a Poisson distribution with parameter l = 2.4.
A company receives large shipments of parts from two sources. Seventy percent of the shipments come from a supplier whose shipments typically contain 10%defectives, while the remainder are from a
The following two acceptance rules are being considered for determining whether to take delivery of a large shipment of components:• A random sample of 10 components is checked, and the shipment is
A company receives a very large shipment of mobile phones. A random sample of 22 of these mobile phones will be checked, and the shipment will be accepted if only one or none of these components do
A campus finance officer finds that, for all parking tickets issued, fines are paid for 78% of the tickets. The fine is $2. In the most recent week, 620 parking tickets have been issued.a. Find the
We have seen that for a binomial distribution with n trials, each with probability of success P, the mean is as follows:mX = E3X4 = nP Verify this result for the random variable “number of heads”
A family of mutual funds maintains a service that allows clients to switch money among accounts through a telephone call. It was estimated that 3.2%of callers either get a busy signal or are kept on
A local car dealer in Germany is mounting a new crossdivisional promotional campaign. Purchasers of new caes may, if dissatisfied for any reason, return the vehicle within 2 days of purchase and
A football fan is analyzing the number of people interested in purchasing tickets for Europe’s biggest football championship, the UEFA Euro 2020. The fan’s survey tells her that out of 10
A small commuter airline flies planes that can seat up to 8 passengers. The airline has determined that the probability that a ticketed passenger will not show up for a flight is 0.2. For each flight
The rise of cultured pearls or pearl farms have made natural pearls are very rare and have limited pearl fishing. However, a significant number of natural pearls can still be found in the Australian
SparkSolutions, a video surveillance systems producer in Italy, installs new security cameras and has found that for 17% of all installations, a return visit is needed to make some modifications.
À la Mère de Famille had opened in 1761 and is the oldest chocolate store in Paris, France. Suppose you visit the store and find that 30% of the truffles are made of white chocolate, 25% of a dark
A public interest group in Belgium hires students to solicit donations by telephone. After a brief training period, the students call potential donors and are paid on a commission basis. Experience
A state senator believes that 25% of all senators on the Finance Committee will strongly support the tax proposal she wishes to advance. Suppose that this belief is correct and that 5 senators are
A production manager knows that 5% of components produced by a particular manufacturing process have some defect. Six of these components, whose characteristics can be assumed to be independent of
For a binomial probability distribution with P = 0.7 and n = 18, find the probability that the number of successes is equal to 12 and the probability that the number of successes is fewer than 6.
For a binomial distribution probability with P = 0.87 and n = 23, find the probability that:a. The number of successes is equal to 11.b. The number of successes is fewer than 15.
For a binomial distribution probability with P = 0.42 and n = 18, find the probability that:a. The number of successes is equal to 7.b. The number of successes is fewer than 10.
For a binomial probability distribution with P = 0.4 and n = 10, find the probability that the number of successes is equal to 5 and the probability that the number of successes is fewer than 2.
For a Bernoulli random variable with probability of success P = 0.8, compute the mean and variance.
An investor is considering three strategies for a €1,200 investment. The probable returns are estimated as follows:• Strategy 1: A certain profit of €200.• Strategy 2: A profit of €12,000
A factory manager is considering whether to replace a temperamental machine. A review of past records indicates the following probability distribution for the number of breakdowns of this machine in
A store owner stocks an out-of-town newspaper that is sometimes requested by a small number of customers.Each copy of this newspaper costs her 70 cents, and she sells them for 90 cents each. Any
The manager at a firm in Tokyo wants to organize a trip for his team in the summer of 2020, but some employees have already applied for leave. To be better prepared, he estimates the probabilities of
One of the leading retail banks in China is the Postal Savings Bank of China, located in Beijing. Suppose the number of arrivals per minute at the bank, which has around 40,000 outlets, was recorded
Amazon’s third-largest market is the United Kingdom.In 2019, the employees at a local firm in London received their salary and decided to spend a portion of it on making online purchases from
A student needs to know details of a class assignment that is due the next day and decides to call fellow class members for this information. She believes that for any particular call, the
a. A very large shipment of parts contains 10% defectives.Two parts are chosen at random from the shipment and checked. Let the random variable X denote the number of defectives found.Find the
A municipal bus company has started operations in a new subdivision. Records were kept on the numbers of riders on one bus route during the early-morning weekday service. The accompanying table shows
Forest Green Brown, Inc., produces bags of cypress mulch. The weight in pounds per bag varies, as indicated in the accompanying table.Weight in pounds 44 45 46 47 48 49 50 Proportion of bags 0.04
A company specializes in installing and servicing central-heating furnaces. In the prewinter period, service calls may result in an order for a new furnace. The following table shows estimated
An automobile dealer calculates the proportion of new cars sold that have been returned a various numbers of times for the correction of defects during the warranty period. The results are shown in
Consider the probability distribution function.X 0 1 Probability 0.40 0.60a. Graph the probability distribution function.b. Calculate the cumulative probability distribution function.c. Find the mean
Given the probability distribution function:x 0 1 2 Probability 0.25 0.50 0.25a. Graph the probability distribution function.b. Calculate and graph the cumulative probability distribution.c. Find the
Consider the probability distribution function.x 0 1 Probability 0.30 0.70a. Graph the probability distribution function.b. Calculate and graph the cumulative probability distribution.c. Find the
A local grocery store has asked you to examine the probability of choosing a product based on the height of shelf on which the product is placed. The random variable X is the height of the shelf from
The number of computers sold per day at Dan’s Computer Works is defined by the following probability distribution:x 0 1 2 3 4 5 6 P(x) 0.03 0.11 0.15 0.22 0.19 0.26 0.04a. P(3 … x 6 6) = ?b. P(x
Let the random variable represent the number of flight delays during a day at the large airport. Prepare a table that shows the probability distribution and the cumulative probability distribution?
Show the probability distribution function of the number of heads when three fair coins are tossed independently.
Show the probability distribution function of the face values of a single die when a fair die is rolled.
What is the probability distribution function of the number of prime numbers when a number between 1 and 25, inclusive, is randomly selected?
The Embassy of Vietnam in India receives a number of visa applications. Should the number of visas issued per day be analyzed using discrete or continuous probability models?
A presidential election poll contacts 2,000 randomly selected people. Should the number of people that support candidate A be analyzed using discrete or continuous probability models?
List three continuous random variables that a portfolio manager at an investment firm should regularly examine.
List four examples of discrete random variables that could be observed in education.
After studying the queueing theory, Samara learnt that messages in a network are broken into packets that are routed to a destination server. Is the waiting time until the next packet arrives at the
For each of the following, indicate if a discrete or a continuous random variable provides the best definition:a. The amount of oil exported by Saudi Arabia in January 2019b. The number of newspapers
As a part of the school health services offered at Alderwood Primary School, London, the weight of students are recorded. Is the weight of students a discrete or continuous random variable?
An ornithologist is studying and recording the number of boreal owl eggs found in south-central Sweden.Is the number of eggs a discrete or continuous random variable?
Robert Smith uses either regular plowing or minimal plowing to prepare the cornfields on his Minnesota farm. Regular plowing was used for 40% of the field acreage. Analysis after the crop was
Sally Firefly purchases hardwood lumber for a custom furniture-building shop. She uses three suppliers, Northern Hardwoods, Mountain Top, and Spring Valley.Lumber is classified as either clear or has
After meeting with the regional sales managers, Lauretta Anderson, president of Cowpie Computers, Inc., you find that she believes that the probability that sales will grow by 10% in the next year is
Several insurance companies are trying to promote additional health insurance coverage. In order to offer complete information, insurance providers connect with customers via phone or email. It is
A survey of auto consumers shows the buying preferences of consumers in Asia. Out of 120 cars included in the survey, 75 are brand new and the rest are used cars. Of the new cars, 12 are MAZDAs, 25
Note that this exercise represents a completely imaginary situation. Suppose that a tourist agency wants to offer four free trips aboard a Caribbean cruise line. The Agency considers 10 women and 7
A record-store owner assesses customers entering the store as high school age, college age, or older, and finds that of all customers 30%, 50%, and 20%, respectively, fall into these categories. The
A restaurant manager classifies customers as regular, occasional, or new, and finds that of all customers 50%, 40%, and 10%, respectively, fall into these categories. The manager found that wine was
A market-research group specializes in providing assessments of the prospects of sites for new children’s toy stores in shopping centers. The group assesses prospects as good, fair, or poor. The
A furniture manufacturer in Sweden indicates that 55% of the tables and 30% of the chairs produced are supplied to retailer A. Of the total units produced, 65% are chairs and the remainder are
The accompanying table shows, for 1,000 forecasts of earnings per share made by financial analysts, the numbers of forecasts and outcomes in particular categories(compared with the previous
A traffic safety service found that only 30% of drivers take the highway to coastal destinations due to the costly highway toll. Of those who do take the highway, 80% use the central traffic
A life insurance salesman finds that, of all the sales he makes, 70% are to people who already own policies.He also finds that, of all contacts for which no sale is made, 50% already own life
In a large city, 8% of the inhabitants have contracted a particular disease. A test for this disease is positive in 80% of people who have the disease and is negative in 80% of people who do not have
An economist is analyzing the amount of gasoline (in millions of liters) a producer is willing to supply at each price level (in € per gallon). Long-term analysis indicates that 90% of the gasoline
Subscriptions to a particular magazine are classified as gift, previous renewal, direct mail, and subscription service. In January 8% of expiring subscriptions were gifts; 41%, previous renewal; 6%,
Of 100 patients with a certain disease, 10 were chosen at random to undergo a drug treatment that increases the cure rate from 50% for those not given the treatment to 75% for those given the drug
A Turkish blogger posts many diabetic-friendly and gluten-free recipes on his “Healthy Cooking” blog. As the blog administrator, he decides which healthy food advertisements should be allowed on
An 8-page document contains one page with typographical errors. Two pages are chosen randomly from the document.a. How many different combinations of two pages could be chosen?b. What is the
A manager at a toy store makes a random selection of 10 balls from a box containing 7 yellow balls and 6 green balls.a. How many different selections are possible?b. What is the probability that a
A large corporation organized a ballot for all its workers on a new bonus plan. It was found that 65% of all night-shift workers favored the plan and that 40%of all female workers favored the plan.
In a large corporation, 80% of the employees are men and 20% are women. The highest levels of education obtained by the employees are graduate training for 10% of the men, undergraduate training for
Suppose in Greece it is known that 75% of all properties in the country is privately held and 35% is located along the coast. Of all the properties located along the coast, 57% is privately owned.a.
In a campus restaurant it was found that 35% of all customers order vegetarian meals and that 50% of all customers are students. Further, 25% of all customers who are students order vegetarian
Staff, Inc., a management consulting company, is surveying the personnel of Acme Ltd. It determined that 35% of the analysts have an MBA and that 40% of all analysts are over age 35. Further, of
Suppose a student needs to apply for a loan to enroll at the University of Melbourne, Australia. She believes that there is a 0.8 probability that the loan will be approved within the next three
An insurance company estimated that 30% of all automobile accidents were partly caused by weather conditions and that 20% of all automobile accidents involved bodily injury. Further, of those
Show that the probability of an event A can be written as follows:P1A2 = P1A < B2 - P1B231 - P1AuB24
State with evidence, whether each of the following statements is true or false:a. If events A and B are mutually exclusive, the conditional probability of A, given B, is equal to the probability that
What is the relationship between the joint probability, marginal probability, and conditional probability?Provide an example to illustrate the relationship.
State with evidence, whether each of the following statements is true or false:a. If two events are mutually exclusive, the probability of their union is the sum of their probabilities.b. The sum of
Bayes’ theorem is important because it provides a rule for moving from a prior probability to a posterior probability. Elaborate on this statement so that it would be well understood by a fellow
What is conditional probability? Explain using a suitable real-life example.
State, with evidence, whether each of the following statements is true or false:a. The complement of the union of two events is the intersection of their complements.b. The sum of the probabilities
After attending a statistics lecture on probability, your classmate is unclear on the difference between mutually exclusive events and independent events. Explain the differences between the two
You are evaluating the player selection process used by a major league baseball team. The team gives a bonus to 10% of the players that it signs to a contract, 30% of the players who were obtained
You are the meat products manager for Gigantic Foods, a large retail supermarket food distributor who is studying the characteristics of its whole chicken product mix. Chickens are purchased from
The Watts New Lightbulb Corporation ships large consignments of lightbulbs to big industrial users.When the production process is functioning correctly, which is 90% of the time, 10% of all bulbs
A cryptocurrency market analyst investigated the performance of a large number of cryptocurrencies listed on CoinMarketCap, a website that tracks cryptocurrencies by market captialization. The
A publisher sends advertising material for an accounting text to 60% of all the professors teaching the appropriate accounting course in the Netherlands.Twenty percent of the professors who received
Given P1B12 = 0.65, P1A2 uB12 = 0.15, and P1A2 uB22 = 0.45, what is the probability of P1B2 uA22?

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