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business
business statistics for contemporary

Questions and Answers of Business Statistics For Contemporary

State whether each of the following variables is categorical or numerical. If categorical, give the level of measurement.If numerical, is it discrete or continuous?a. Size of a vanilla chai (small to
5.106 Consider a portfolio that contains stocks from the following firms: AB Volvo, Pentair, Inc., Reliant Energy, Inc., TCF Financial, 3M Company, and Restoration Hardware. Data for these stocks for
5.105 Deep Water Financial of Duluth, Minnesota, has asked you to evaluate the stock price growth for a portfolio containing the following firms: General Motors, International Business Machines,
5.104 You have been asked to evaluate the monthly stock price growth for a portfolio which contains the following firms: 3M Company, Alcoa, Inc., Intel Corporation, Potlatch Corp., General Motors,
5.103 Charles Thorson has asked you to determine the mean and variance for a portfolio that consists of 100 shares of stock from each of the following firms: 3M Company, Alcoa, Inc., Intel
5.102 Zafer Toprak is a developing a new mutual fund portfolio and in the process has asked you to develop the mean and variance for the stock price that consists of 10 shares of stocks from Alcoa
5.101 Shirley Johnson is developing a new mutual fund portfolio and in the process has asked you to develop the mean and variance for the stock price that consists of 10 shares of stocks from each of
5.100 An investment portfolio in Singapore specializes in airline stocks and contains two of them. One is Singapore Airlines (mean: 0.12; standard deviation: 0.02), and it accounts for 30% of the
5.99 Big Nail Construction Inc. is building a large, new student center for a famous Midwestern liberal arts college. During the project Christine Buildumbig, the project manager, requests that a
5.98 Financial Managers, Inc., buys and sells a large number of stocks routinely for the various accounts that it manages. Portfolio manager Sarah Bloom has asked for your assistance in the analysis
5.97 Financial Managers, Inc., buys and sells a large number of stocks routinely for the various accounts that it manages. Portfolio manager Andrea Colson has asked for your assistance in the
5.96 A management consultant found that the amount of time per day spent by executives performing tasks that could be done equally well by subordinates followed a normal distribution with a mean of
5.95 In a Godiva Chocolate Shop, there are different sizes and weights of boxes of truffles.a. Find the probability that a box of truffles weighs between 283 and 285.4 grams. The mean weight of a box
5.94 A fish market in Hong Kong offers a large variety of fresh fish on its stands. You have found out that the average chunk of tuna sushi on sale has a weight of 3.2 grams, with a standard
5.93 In a large department store a customer-complaints office handles an average of six complaints per hour about the quality of service. The distribution is Poisson.a. What is the probability that
5.92 An ambulance service receives an average of 15 calls per day during the time period 6 p.m. to 6 a.m. for assistance. For any given day what is the probability that fewer than 10 calls will be
5.91 An organization that gives regular seminars on sales motivation methods determines that 60% of its clients have attended previous seminars. From a sample of 400 clients what is the probability
5.90 A market research organization has found that 40%of all supermarket shoppers refuse to cooperate when questioned by its pollsters. If 1,000 shoppers are approached, what is the probability that
5.89 It is estimated that amounts of money spent on gasoline by customers at a gas station follow a normal distribution with a standard deviation of $2.50. It is also found that 10% of all customers
5.88 A video-rental chain estimates that annual expenditures of members on rentals follow a normal distribution with a mean of $100. It was also found that 10%of all members spend more than $130 in a
5.87 A pizza delivery service delivers to a campus dormitory.Delivery times follow a normal distribution with a mean of 20 minutes and a standard deviation of 4 minutes.a. What is the probability
5.86 It has been found that times taken by people to complete a particular tax form follow a normal distribution with a mean of 100 minutes and a standard deviation of 30 minutes.a. What is the
5.85 A company services home air conditioners. It is known that times for service calls follow a normal distribution with a mean of 60 minutes and a standard deviation of 10 minutes.a. What is the
5.84 Grade point averages of students on a large campus follow a normal distribution with a mean of 2.6 and a standard deviation of 0.5.a. One student is chosen at random from this campus.What is the
5.83 Let X1 and X2 be a pair of random variables. Show that the covariance between the random variables Y1 = 1X1 + X22 and Y2 = 1X1 - X22 is 0 if and only if X1 and X2 have the same variance.
5.82 An analyst forecasts corporate earnings, and her record is evaluated by comparing actual earnings with predicted earnings. Define the following:actual earnings = predicted earnings + forecast
5.81 A hamburger stand sells hamburgers for $1.45 each.Daily sales have a distribution with a mean of 530 and a standard deviation of 69.a. Find the mean daily total revenues from the sale of
5.80 An investor puts $2,000 into a deposit account with a fixed rate of return of 10% per year. A second sum of $1,000 is invested in a fund with an expected rate of return of 16% and a standard
5.79 The random variable X has probability density function as follows:a. Graph the probability density function for X.b. Show that the density has the properties of a proper probability density
5.78 The ages of a group of executives attending a convention are uniformly distributed between 35 and 65 years. If the random variable X denotes ages in years, the probability density function is as
5.77 A consultant knows that it will cost him $10,000 to fulfill a particular contract. The contract is to be put out for bids, and he believes that the lowest bid, excluding his own, can be
5.76 The nation of Waipo has recently created an economic development plan that includes expanded exports and imports. It has completed a series of extensive studies of the world economy and
5.75 You have been asked to determine the probability that the contribution margin for a particular product line exceeds the fixed cost of $2,000. The total number of units sold is a normally
5.74 The nation of Olecarl, located in the South Pacific, has asked you to analyze international trade patterns. You first discover that each year it exports 10 units and imports 10 units of
5.73 Prairie Flower Cereal has annual sales revenue of$400,000,000. George Severn, a 58-year-old senior vice president, is responsible for production and sales of Nougy 93 Fruity cereal. Daily
5.72 Shirley Johnson, portfolio manager, has asked you to analyze a newly acquired portfolio to determine its mean value and variability. The portfolio consists of 50 shares of Xylophone Music and 40
5.71 It is estimated that in normal highway driving, the number of miles that can be covered by automobiles of a particular model on 1 gallon of gasoline can be represented by a random variable with
5.70 Five inspectors are employed to check the quality of components produced on an assembly line. For each inspector the number of components that can be checked in a shift can be represented by a
5.69 A consultant has three sources of income—from teaching short courses, from selling computer software, and from advising on projects. His expected annual incomes from these sources are $20,000,
5.68 A consultant is beginning work on three projects.The expected profits from these projects are $50,000,$72,000, and $40,000. The associated standard deviations are $10,000, $12,000, and $9,000.
5.67 A homeowner has installed a new energy-efficient furnace.It is estimated that over a year the new furnace will reduce energy costs by an amount that can be regarded as a random variable with a
5.66 An investor plans to divide $200,000 between two investments. The first yields a certain profit of 10%, whereas the second yields a profit with expected value 18% and standard deviation 6%. If
5.65 A random variable X is normally distributed with a mean of 100 and a variance of 500, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random
5.64 A random variable X is normally distributed with a mean of 500 and a variance of 100, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random
5.63 A random variable X is normally distributed with a mean of 100 and a variance of 100, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random
5.62 A random variable X is normally distributed with a mean of 100 and a variance of 100, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random
5.61 A random variable X is normally distributed with a mean of 100 and a variance of 100, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random
Susan Chang, fund manager at Northlake Financial Growth, has asked you to analyze a portfolio consisting of Infosys Technologies, Alcoa, Inc., and Pearson PLC as part of a larger project to develop a
Judy Chang, the account manager for Northern Securities, has a portfolio that includes 20 shares of Allied Information Systems and 30 shares of Bangalore Analytics. Both firms provide Web-access
Henry Chang has asked for your assistance in establishing a portfolio containing two stocks. Henry has $1,000, which can be allocated in any proportion to two alternative stocks. The returns per
A contractor is uncertain of the precise total costs for either materials or labor for a project. In addition, the total line of credit for financing the project is $260,000, and the contractor wants
5.60 Delivery trucks arrive independently at the Floorstore Regional distribution center with various consumer items from the company’s suppliers. The mean number of trucks arriving per hour is 20.
5.59 A Lumix Panasonic camera has a rechargeable battery.The battery life before recharging is needed can be modeled as an exponential distribution with l = 0.05.a. Calculate the standard deviation
5.58 Suppose that the time between successive occurrences of an event follows an exponential distribution with a mean of 1>l minutes. Assume that an event occurs.a. Show that the probability that
5.57 It is known that for a laboratory computing system the number of system failures during a month has a Poisson distribution with a mean of 0.8. The system has just failed. Find the probability
5.56 Times to gather preliminary information from arrivals at an outpatient clinic follow an exponential distribution with mean 15 minutes. Find the probability, for a randomly chosen arrival, that
5.51 Given an arrival process with l = 8.0, what is the probability that an arrival occurs in the first t = 7 time units?
In Example 4.12 we showed how to compute the probability of the number of boats arriving at a grain shipping dock in Churchill Manitoba using the Poisson probability distribution. In this example we
An industrial plant in Britain with 2,000 employees has a mean number of lost-time accidents per week equal to l = 0.4, and the number of accidents follows a Poisson distribution. What is the
5.49 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
5.48 The tread life of Stone Soup tires can be modeled by a normal distribution with a mean of 35,000 miles and a standard deviation of 4,000 miles. A sample of 100 of these tires is taken. What is
5.47 A hospital finds that 25% of its accounts are at least 1 month in arrears. A random sample of 450 accounts was taken.a. What is the probability that fewer than 100 accounts in the sample were at
5.46 A random sample of 100 blue-collar employees at a large corporation are surveyed to assess their attitudes toward a proposed new work schedule. If 60% of all blue-collar employees at this
5.45 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, 400 items are selected at random.a. What is the
5.44 A car-rental company has determined that the probability a car will need service work in any given month is 0.2. The company has 900 cars.a. What is the probability that more than 200 cars will
5.43 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.
5.42 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.
5.41 Given a random sample size of n = 900 from a binomial probability distribution with P = 0.10 do the following:a. Find the probability that the number of successes is greater than 110.b. Find the
5.40 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.
5.39 Given a random sample size of n = 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 500.b. Find the
We have often observed the success of television networks in forecasting elections. This is a good example of the successful use of probability methods in applied problems.Consider how elections can
5.38 The amount of time necessary for a student of statistics to solve assignments is, on average, 15 minutes. This can be modeled as a random normal variable with a standard deviation of 2 minutes.
5.37 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
5.36 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
5.35 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
5.34 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.
5.33 Tata Motors, Ltd., purchases computer process chips from two suppliers, and the company is concerned about the percentage of defective chips. A review of the records for each supplier indicates
5.32 I am considering two alternative investments. In both cases I am unsure about the percentage return but believe that my uncertainty can be represented by normal distributions with the means and
5.31 The number of hits per day on the Web site of Professional Tool, Inc., is normally distributed with a mean of 700 and a standard deviation of 120.a. What proportion of days has more than 820
5.30 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
5.29 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
5.28 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
5.27 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.
5.26 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
5.25 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 12.2% and
5.24 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
5.23 Anticipated consumer demand in a restaurant for free-range steaks next month can be modeled by a normal random variable with mean 1,200 pounds and standard deviation 100 pounds.a. What is the
5.22 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
5.21 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
5.20 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
5.19 Let the random variable X follow a normal distribution with m = 50 and s2 = 64.a. Find the probability that X is greater than 60.b. Find the probability that X is greater than 35 and less than
5.18 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
5.17 Let the random variable Z follow a standard normal distribution.a. Find P1Z 6 1.202.b. Find P1Z 7 1.332.c. Find P1Z 7 -1.702.d. Find P1Z 7 -1.002.e. Find P11.20 6 Z 6 1.332.f. Find P1 -1.70 6 Z
For the daily cell phone sales of Example 5.6, find the cutoff point for the top 10% of all daily sales.
Silver Star, Inc., has a number of stores in major metropolitan shopping centers. The company’s sales experience indicates that daily cell phone sales in its stores follow a normal distribution
A company produces lightbulbs whose life follows a normal distribution, with a mean of 1,200 hours and a standard deviation of 250 hours. If we choose a lightbulb at random, what is the probability
Whole Life Organic, Inc., produces high-quality organic frozen turkeys for distribution in organic food markets in the upper Midwest. The company has developed a range feeding program with organic
A client has an investment portfolio whose mean value is equal to $1,000,000 with a standard deviation of $30,000. He has asked you to determine the probability that the value of his portfolio is
5.16 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
5.15 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

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