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business
statistical techniques in business

Questions and Answers of Statistical Techniques in Business

Suppose P(A) = .40 and P(B | A) = .30. What is the joint probability of A and B?
Suppose the two events A and B are mutually exclusive. What is the probability of their joint occurrence?
Let P(X) = .55 and P(Y) = .35. Assume the probability that they both occur is .20. What is the probability of either X or Y occurring?
The Tennessee Tourism Institute (TTI) plans to sample information center visitors entering the state to learn the fraction of visitors who plan to camp in the state. Current estimates are that 35% of
A sample of 352 subscribers to Wired magazine shows the mean time spent using the Internet is 13.4 hours per week, with a sample standard deviation of 6.8 hours. Find the 95% confidence interval for
A study conducted several years ago reported that 21 percent of public accountants changed companies within 3 years. The American Institute of CPA’s would like to update the study. They would like
As part of an annual review of its accounts, a discount brokerage selected a random sample of 36 customers and reviewed the value of their accounts. The mean was $32,000 with a sample standard
Refer to the Baseball 2016 data, which report information on the 30 Major League Baseball teams for the 2016 season. Assume the 2016 data represents a sample.a. Develop a 95% confidence interval for
Refer to the North Valley Real Estate data, which reports information on homes sold in the area during the last year. Select a random sample of twenty homes.a. Suppose that North Valley Real Estate
Slate is a daily magazine on the Web. Its business activities can be described by a number of variables. What is the level of measurement for each of the following variables?a. The number of hits on
Explain the difference between qualitative and quantitative variables. Give an example of qualitative and quantitative variables.
Explain the difference between a sample and a population.
Explain the difference between a discrete and a continuous variable. Give an example of each not included in the text.
Best Buy sells Fitbit wearable technology products that track a person’s activity. For example, the Fitbit technology collects daily information on a person’s number of steps so that a person can
The Struthers Wells Corporation employs more than 10,000 white-collar workers in its sales offices and manufacturing facilities in the United States, Europe, and Asia. A sample of 300 U.S. workers
The Wall Street Journal€™s website, www.wsj.com, reported the number of cars and light-duty trucks sold through October of 2014 and October of 2015. The top sixteen manufacturers are listed
The following chart depicts the earnings in billions of dollars for ExxonMobil for the period 2003 until 2014. Write a brief report discussing the earnings at ExxonMobil during the period. Was one
Refer to the North Valley Real Estate data, which report information on homes sold in the area last year. Consider the following variables: selling price, number of bedrooms, township, and mortgage
Refer to the Baseball 2016 data, which report information on the 30 Major League Baseball teams for the 2016 season. Consider the following variables: number of wins, payroll, season attendance,
Refer to the Lincolnville School District bus data, which report information on the school district’s bus fleet.a. Which of the variables are qualitative and which are quantitative?b. Determine the
In a marketing study, 100 consumers were asked to select the best digital music player from the iPod, the iRiver, and the Magic Star MP3. To summarize the consumer responses with a frequency table,
A set of data consists of 230 observations between $235 and $567. What class interval would you recommend?
The manager of the BiLo Supermarket in Mt. Pleasant, Rhode Island, gathered the following information on the number of times a customer visits the store during a month. The responses of 51 customers
The following frequency distribution reports the number of frequent flier miles, reportedin thousands, for employees of Brumley Statistical Consulting Inc. during the most recent quarter.Lead Time
Describe the similarities and differences of qualitative and quantitative variables. Be sure to include the following:a. What level of measurement is required for each variable type?b. Can both types
Describe the similarities and differences between a frequency table and a frequency distribution. Be sure to include which requires qualitative data and which requires quantitative data.
Speedy Swift is a package delivery service that serves the greater Atlanta, Georgia, metropolitan area. To maintain customer loyalty, one of Speedy Swiftâ€™s performance objectives is on-time
A data set consists of 145 observations that range from 56 to 490. What size class interval would you recommend?
In 2014, the United States exported a total of $376 billion worth of products to Canada. The five largest categories were:a. Use a software package to develop a bar chart.b. What percentage of the
In 2000, there were 720,000 cell phone subscribers worldwide. By 2015, the number of cell phone subscribers increased to 752,000,000. What is the geometric mean annual increase for the period?
Refer to the Baseball 2016 data that report information on the 30 Major League Baseball teams for the 2016 season. Create a frequency distribution for the Team Salary variable and answer the
JetBlue Airways is an American low-cost airline headquartered in New York City. Its main base is John F. Kennedy International Airport. JetBlue’s revenue in 2002 was $635.2 million. By 2014,
Compute the mean of the following population values: 6, 3, 5, 7, 6.
Compute the mean of the following population values: 7, 5, 7, 3, 7, 4.
a. Compute the mean of the following sample values: 5, 9, 4, 10.b. Show that Σ(x – x̅) = 0.
a. Compute the mean of the following sample values: 1.3, 7.0, 3.6, 4.1, 5.0.b. Show that Σ(x̅ − x) = 0.
Compute the mean of the following sample values: 16.25, 12.91, 14.58.
Suppose you go to the grocery store and spend $61.85 for the purchase of 14 items. What is the mean price per item?
There are 10 salespeople employed by Midtown Ford. The number of new cars sold last month by the respective salespeople were: 15, 23, 4, 19, 18, 10, 10, 8, 28, 19.(a) compute the arithmetic mean(b)
A mail-order company counted the number of incoming calls per day to the company’s toll free number during the first 7 days in May: 14, 24, 19, 31, 36, 26, 17.(a) compute the arithmetic mean(b)
The Cambridge Power and Light Company selected a random sample of 20 residential customers. Following are the amounts, to the nearest dollar, the customers were charged for electrical service last
A Human Resources manager at Metal Technologies studied the overtime hours of welders. A sample of 15 welders showed the following number of overtime hours worked last month.(a) compute the
AAA Heating and Air Conditioning completed 30 jobs last month with a mean revenue of $5,430 per job. The president wants to know the total revenue for the month. Based on the limited information, can
What would you report as the modal value for a set of observations if there were a total of:a. 10 observations and no two values were the same?b. 6 observations and they were all the same?c. 6
The following are the ages of the 10 people in the Java Coffee Shop at the Southwyck Shopping Mall at 10 a.m.(a) mean(b) median(c) mode. 21 41 21 23 24 23 29 20 33 37 42
Several indicators of long-term economic growth in the United States and their annual percent change are listed below.a. What is the median percent change?b. What is the modal percent change?
Sally Reynolds sells real estate along the coastal area of Northern California. Below are her total annual commissions between 2005 and 2015. Find the mean, median, and mode of the commissions she
The accounting firm of Rowatti and Koppel specializes in income tax returns for self-employed professionals, such as physicians, dentists, architects, and lawyers. The firm employs 11 accountants who
The demand for the video games provided by Mid-Tech Video Games Inc. has exploded in the last several years. Hence, the owner needs to hire several new technical people to keep up with the demand.
The Bookstall Inc. is a specialty bookstore concentrating on used books sold viathe Internet. Paperbacks are $1.00 each, and hardcover books are $3.50. Of the 50 books sold last Tuesday
The Loris Healthcare System employs 200 persons on the nursing staff. Fifty are nurse’s aides, 50 are practical nurses, and 100 are registered nurses. Nurse’s aides receive $8 an hour, practical
Andrews and Associates specialize in corporate law. They charge $100 an hour for researching a case, $75 an hour for consultations, and $200 an hour for writing a brief. Last week one of the
Compute the geometric mean of the following monthly percent increases: 8, 12, 14, 26, and 5.
Compute the geometric mean of the following weekly percent increases: 2, 8, 6, 4, 10, 6, 8, and 4.
Listed below is the percent increase in sales for the MG Corporation over the last 5 years. Determine the geometric mean percent increase in sales over the period. 13.8 11.9 9.4 11.7 14.7
The Consumer Price Index is reported monthly by the U.S. Bureau of Labor Statistics. It reports the change in prices for a market basket of goods from one period to another. The index for 2000 was
In 2001, a total of 40,244,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2015, the number increased to 128,653,000. What is the geometric mean

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