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business
business statistics for contemporary

Questions and Answers of Business Statistics For Contemporary

Normal IQs. Based on the Normal model N(100, 16)describing IQ scores from Exercise 22, what percent of applicants would you expect to have scoresa) over 80?b) under 90?c) between 112 and 132?d) over
Mutual fund probabilities. According to the Normal model N(0.024, 0.056) describing mutual fund returns in the 4th quarter of 2007 in Exercise 21, what percent of this group of funds would you expect
Stock prices, again. According to the model in Exercise 26, what cutoff value of price would separate thea) lowest 16% of the days?b) highest 0.15%?c) middle 68%?d) highest 50%?
Currency exchange rates, again. For the model of the EUR/GBP exchange rate discussed in Exercise 25, what would the cutoff rates be that would separate thea) highest 16% of EUR/GBP rates?b) lowest
Stock prices. For the 900 trading days from January 2003 through July 2006, the daily closing price of IBM stock (in $) is well modeled by a Normal model with mean$85.60 and standard deviation $6.20.
Currency exchange rates. The daily exchange rates for the five-year period 2003 to 2008 between the euro (EUR)and the British pound (GBP) are well modeled by a Normal distribution with mean 1.459
Human resource testing, again. For the IQ test administered by human resources and discussed in Exercise 22, what cutoff value would separate thea) lowest 0.15% of all applicants?b) lowest 16%?c)
Mutual funds, again. From the 64 mutual funds in Exercise 21 with quarterly returns that are well modeled by a Normal model with a mean of 2.4% and a standard deviation of 5.6%, find the cutoff
Human resource testing. Although controversial and the subject of some recent law suits (e.g., Satchell et al. vs.FedEx Express), some human resource departments administer standard IQ tests to all
Mutual fund returns. In the last quarter of 2007, a group of 64 mutual funds had a mean return of 2.4% with a standard deviation of 5.6%. If a Normal model can be used to model them, what percent of
In the medley relay event, four swimmers swim 100 yards, each using a different stroke. A college team preparing for the conference championship looks at the times their swimmers have posted and
For a new type of tire, a NASCAR team found the average distance a set of tires would run during a race is 168 miles, with a standard deviation of 14 miles. Assume that tire mileage is independent
What percent of a standard Normal model is found in each region? Draw a picture first. a) > -2.05 -0.33 b) c) 1.2 <
What percent of a standard Normal model is found in each region? Be sure to draw a picture first. a) > 1.5 2 b) z < 2.25 c) 1 < 0.5
After examining a child at his 2-year checkup, the boy’s pediatrician said that the z-score for his height relative to American 2-year-olds was Write a sentence to explain to the parents what that
Your company’s Human Resources department administers a test of “Executive Aptitude.” They report test grades as z-scores, and you got a score of 2.20. What does this mean?
Quality control. The manufacturer in Exercise 54 has noticed that the number of faulty cell phones in a production run of cell phones is usually small and that the quality of one day’s run seems to
Web visitors. A website manager has noticed that during the evening hours, about 3 people per minute check out from their shopping cart and make an online purchase.She believes that each purchase is
Manufacturing quality. In an effort to check the quality of their cell phones, a manufacturing manager decides to take a random sample of 10 cell phones from yesterday’s production run, which
Satisfaction survey. A cable provider wants to contact customers in a particular telephone exchange to see how satisfied they are with the new digital TV service the company has provided. All numbers
American Red Cross. Only 4% of people have Type AB blood. A bloodmobile has 12 vials of blood on a rack. If the distribution of blood types at this location is consistent with the general population,
Professional tennis. Serena Williams made a successful first serve 67% of the time in a Wimbledon finals match against her sister Venus. If she continues to serve at the same rate the next time they
Hurricane insurance, part 2.Between 1965 and 2007, there were 95 major hurricanes (category 3 or more) in the Atlantic basin. Assume that hurricanes are independent and the mean has not changed.a)
Hurricane insurance. An insurance company needs to assess the risks associated with providing hurricane insurance.Between 1990 and 2006, Florida was hit by 22 tropical storms or hurricanes. If
Bean bags. Cellophane that is going to be formed into bags for items such as dried beans or bird seed is passed over a light sensor to test if the alignment is correct before it passes through the
Missing pixels. A company that manufactures large LCD screens knows that not all pixels on their screen light, even if they spend great care when making them. In a sheet 6 ft by 10 ft (72 in. by 120
Credit cards. College students are a major target for advertisements for credit cards. At a university, 65% of students surveyed said they had opened a new credit card account within the past year.
Side effects. Researchers testing a new medication find that 7% of users have side effects. To how many patients would a doctor expect to prescribe the medication before finding the first one who has
Computer chip manufacturer. Suppose a computer chip manufacturer rejects 2% of the chips produced because they fail presale testing. Assuming the bad chips are independent, find the probability of
Closing sales. A salesman normally makes a sale(closes) on 80% of his presentations. Assuming the presentations are independent, find the probability of each of the following.a) He fails to close for
Bernoulli, part 2.Can we use probability models based on Bernoulli trials to investigate the following situations?Explain.a) You are rolling 5 dice. How likely is it to get at least two 6’s to win
Real estate. A real estate broker purchased 3 twobedroom houses in a depressed market for a combined cost of $71,000. He expects the cleaning and repair costs on each house to average $3700, with a
eBay. A collector purchased a quantity of action figures and is going to sell them on eBay. He has 19 Hulk figures.In recent auctions, the mean selling price of similar figures has been $12.11, with
Online applications. Researchers for an online marketing company suggest that new customers who have to become a member before they can check out on the website are very intolerant of long
Movie rentals. To compete with Netflix, the owner of a movie rental shop decided to try sending DVDs through the mail. In order to determine how many copies of newly released titles he should
Farmers’ market. A farmer has 100 lbs of apples and 50 lbs of potatoes for sale. The market price for apples (per pound) each day is a random variable with a mean of 0.5 dollars and a standard
Insurance company. An insurance company estimates that it should make an annual profit of $150 on each homeowner’s policy written, with a standard deviation of$6000.a) Why is the standard deviation
Repair calls. A small engine shop receives an average of 1.7 repair calls per hour, with a standard deviation of 0.6.What is the mean and standard deviation of the number of calls they receive for an
Commuting, part 2.A commuter finds that she waits an average of 14.8 seconds at each of five stoplights, with a standard deviation of 9.2 seconds. Find the mean and the standard deviation of the
Grocery supplier. A grocery supplier believes that the mean number of broken eggs per dozen is 0.6, with a standard deviation of 0.5. You buy 3 dozen eggs without checking them.a) How many broken
Battery recall. A company has discovered that a recent batch of batteries had manufacturing flaws, and has issued a recall. You have 10 batteries covered by the recall, and 3 are dead. You choose 2
Contracts. Your company bids for two contracts. You believe the probability that you get contract #1 is 0.8. If you get contract #1, the probability that you also get contract#2 will be 0.2, and if
Fishing tournament. A sporting goods manufacturer was asked to sponsor a local boy in two fishing tournaments.They claim the probability that he will win the first tournament is 0.4. If he wins the
Defects. A consumer organization inspecting new cars found that many had appearance defects (dents, scratches, paint chips, etc.). While none had more than three of these defects, 7% had three, 11%
Commuting to work. A commuter must pass through five traffic lights on her way to work and will have to stop at each one that is red. After keeping record for several months, she developed the
Software company. A small software company will bid on a major contract. It anticipates a profit of $50,000 if it gets it, but thinks there is only a 30% chance of that happening.a) What’s the
Lottery. Iowa has a lottery game called Pick 3 in which customers buy a ticket for $1 and choose three numbers, each from zero to nine. They also must select the play type, which determines what
Help desk. The computer help desk is staffed by students during the 7:00 P.M. to 11:00 P.M. shift. Let Y denote the random variable that represents the number of students seeking help during the
Job interviews. Through the career services office, you have arranged preliminary interviews at four companies for summer jobs. Each company will either ask you to come to their site for a follow-up
New website, part 2.For the website described in Exercise 1, let Y the total time (in minutes) that a customer spends during a visit to the website.a) What are the possible values of this random
New website. You have just launched the website for your company that sells nutritional products online.Suppose X the number of different pages that a customer hits during a visit to the website.a)
As in Exercise 15, you are phoning local businesses.You call 3 firms. What is the probability that all three are owned by women?
At many airports, a traveler entering the U.S. is sent randomly to one of several stations where his passport and visa are checked. If each of the 6 stations is equally likely, can the probabilities
A broker has calculated the expected values of two different financial instruments X and Y. Suppose that E1X2 = $100, E(Y) $90, SD(X) = $12 and SD(Y) = $8. Find each of the following. a) E(X+10) and
Given independent random variables, X and Y, with means and standard deviations as shown, find the mean and standard deviation of each of the variables in parts a to d. a) X 20 b) 0.5Y Mean SD c) X +
Given independent random variables, X and Y, with means and standard deviations as shown, find the mean and standard deviation of each of the variables in parts a to d. a) 3X b) Y + 6 c) X + Y d) X-Y
Find the standard deviation of the day trader’s option value in exercise 4.
Find the standard deviation of the book purchases in exercise 3.
Suppose that the probabilities of a customer purchasing 0, 1, or 2 books at a book store are 0.2, 0.4, and 0.4, respectively.What is the expected number of books a customer will purchase?
A company’s employee database includes data on whether or not the employee includes a dependent child in his or her health insurance.a) Is this variable discrete or continuous?b) What are the
Fire sale. A survey of 1056 houses in the Saratoga Springs, New York, area found the following relationship between price (in $) and whether the house had a fireplace in 2006. Is the price of the
Selling cars. A recent ad campaign for a major automobile manufacturer is clearly geared toward an older demographic.You are surprised, so you decide to conduct a quick survey of your own. A random
Snoring. According to the British United Provident Association (BUPA), a major health care provider in the U.K., snoring can be an indication of sleep apnea which can cause chronic illness if left
Telemarketing. Telemarketers continue to attempt to reach consumers by calling landline phone numbers.According to estimates from a national 2003 survey, based on face-to-face interviews in 16,677
Employee benefits. Fifty-six percent of all American workers have a workplace retirement plan, 68% have health insurance, and 49% have both benefits. If we select a worker at random:a) What’s the
Real estate, part 2.In the real estate research described in Exercise 29, 64% of homes for sale have garages, 21%have swimming pools, and 17% have both features.a) What is the probability that a home
Cosmetics marketing, part 2.Look again at the data from the GfK Roper Worldwide survey on skin care in Exercise 46.a) If we select a respondent at random, what’s the probability we choose a person
International food survey, part 2.Look again at the data from the GfK Roper Worldwide survey on food attitudes in Exercise 45.a) If we select a respondent at random, what’s the probability we
International relocation, again. Given the table of probabilities compiled for a department store chain in Exercise 50, are age and shopping at the department store independent?Explain.
Pharmaceutical company, again. Given the table of probabilities compiled for marketing managers in Exercise 49, are high blood pressure and high cholesterol independent?Explain.
International relocation. A European department store is developing a new advertising campaign for their new U.S. location, and their marketing managers need to better understand their target market.
Pharmaceutical company. A U.S. pharmaceutical company is considering manufacturing and marketing a pill that will help to lower both an individual’s blood pressure and cholesterol. The company is
Automobile inspection. Twenty percent of cars that are inspected have faulty pollution control systems. The cost of repairing a pollution control system exceeds $100 about 40% of the time. When a
E-commerce. Suppose an online business organizes an e-mail survey to find out if online shoppers are concerned with the security of business transactions on the Web. Of the 42 individuals who
Cosmetics marketing. A GfK Roper Worldwide survey asked consumers in five countries whether they agreed with the statement “I follow a skin care routine every day.”Here are the responses
International food survey. A GfK Roper Worldwide survey in 2005 asked consumers in five countries whether they agreed with the statement “I am worried about the safety of the food I eat.” Here
Casinos, part 2.In addition to slot machines, casinos must understand the probabilities involved in card games.Suppose you are playing at the blackjack table, and the dealer shuffles a deck of cards.
Information technology, part 2.At a mid-sized Web design and maintenance company, 57% of the computers are PCs, 29% are Macs, and the rest are Unix-based machines.Assuming that users of each of the
Information technology. A company has recently replaced their e-mail server because previously mail was interrupted on about 15% of workdays. To see how bad the situation was, calculate the
Tax accountant. A recent study of IRS audits showed that, for estates worth less than $5 million, about 1 out of 7 of all estate tax returns are audited, but that probability increases to 50% for
American Red Cross, part 2.In Exercise 36, you calculated probabilities involving various blood types.a) If you examine one donor, are the events of the donor being Type A and the donor being Type B
More Mars product information. In Exercise 35, you calculated probabilities of getting various colors of M&M’s.a) If you draw one M&M, are the events of getting a red one and getting an orange one
American Red Cross. The American Red Cross must track their supply and demand for various blood types. They estimate that about 45% of the U.S. population has Type O blood, 40% Type A, 11% Type B,
Mars product information. The Mars company says that before the introduction of purple, yellow made up 20% of their plain M&M candies, red made up another 20%, and orange, blue, and green each made
Telemarketing contact rates, part 2.According to Pew Research, the contact rate (probability of contacting a selected household) in 1997 was 69%, and in 2003, it was 76%. However, the cooperation
Telemarketing contact rates. Marketing research firms often contact their respondents by sampling random telephone numbers. Although interviewers currently reach about 76% of selected U.S.
More market research on energy. Exercise 31 shows the results of a Gallup Poll about energy. Suppose we select three people at random from this sample.a) What is the probability that all three
Market research on energy. A Gallup Poll in March 2007 asked 1005 U.S. adults whether increasing domestic energy production or protecting the environment should be given higher priority. Here are the
Human resource data. Employment data at a large company reveal that 72% of the workers are married, 44% are college graduates, and half of the college grads are married.What’s the probability that
Real estate. Real estate ads suggest that 64% of homes for sale have garages, 21% have swimming pools, and 17%have both features. What is the probability that a home for sale has:a) A pool or a
Final consulting team project. You used the Multiplication Rule to calculate probabilities about the telecommunications experience of your consulting teammates in Exercise 24.a) What must be true
Auto warranty, again. You used the Multiplication Rule to calculate repair probabilities for your cars in Exercise 23.a) What must be true about your cars in order to make that approach valid?b) Do
What is the probability that of your other two teammates:a) Neither has any telecommunications experience?b) Both have some telecommunications experience?c) At least one has had extensive
Consulting team, part 2.You are assigned to be part of a team of three analysts of a global management consulting company as described in Exercise
If you bought two new cars, what is the probability that:a) Neither will need repair?b) Both will need repair?c) At least one car will need repair?
Auto warranty, part 2.Consider again the auto repair rates described in Exercise
Consulting team. You work for a large global management consulting company. Of the entire work force of analysts, 55% have had no experience in the telecommunications industry, 32% have had limited
Auto warranty. In developing their warranty policy, an automobile company estimates that over a 1-year period 17% of their new cars will need to be repaired once, 7%will need repairs twice, and 4%
Pepsi promotion. For a sales promotion, the manufacturer places winning symbols under the caps of 10% of all Pepsi bottles. If you buy a six-pack of Pepsi, what is the probability that you win
Quality control. A tire manufacturer recently announced a recall because 2% of its tires are defective. If you just bought a new set of four tires from this manufacturer, what is the probability that

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