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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

Find a z-score, call it z0, such thata. P1z … z02 = .5080b. P1z Ú z02 = .5517c. P1z Ú z02 = .1492d. P1z0 … z … .592 = .4773
The random variable x has a normal distribution with m = 75 and s = 10. Find the following probabilities:a. P1x … 802b. P1x Ú 852c. P170 … x … 752d. P1x 7 802e. P1x = 782f. P1x … 1102
Assume that x has an exponential distribution with u = 3. Finda. P1x … 12
Assume that x is a binomial random variable with n = 100 and p = .5. Use the normal probability distribution to approximate the following probabilities:a. P1x … 482 Applying the Concepts—Basic
Foodborne disease. A report by the World Health Organization on April 30, 2020 states that 40% of the foodborne disease victims in the world are children under five years of age, with 125,000
Satisfaction on eurostat. Eurostat (https://ec.europa.eu/ eurostat) provides high-quality European statistics. The Eurostat 2020 User Satisfaction Survey uses the scale of 1 = Very good/Good, 2 =
Requests to a Web server. According to Brighton Webs LTD, a British company that specializes in data analysis, the arrival time of requests to a Web server within each hour can be modeled by a
LASIK surgery complications. According to studies, 1% of all patients who undergo laser surgery (i.e., LASIK) to correct their vision have serious post-laser vision problems (American Refractive
Hospital patient interarrival times. The length of time between arrivals at a hospital clinic has an approximately exponential probability distribution. Suppose the mean time between arrivals for
NASA and rare planet transits. A “planet transit” is a rare celestial event in which a planet appears to cross in front of its star as seen from Earth. The National Aeronautics and Space
Playing sports related to job pay. Does participation in youth and/or high school sports lead to greater wealth later in life? This was the subject of a Harris POLL (March 2015). The poll found that
Dutch elm disease. A nursery advertises that it has 10 elm trees for sale. Unknown to the nursery, three of the trees have already been infected with Dutch elm disease and will die within a year.a.
Preventative maintenance tests. The optimal scheduling of preventative maintenance tests of some (but not all) of n independently operating components was developed in Reliability Engineering and
Modeling the trading volumes. On July 8, 2020, an article was published in Munich Personal RePEc Archive (MPRA) that introduced a new model with periodic timevarying parameters and a multiplicative
Tomato as a taste modifier. Miraculin—a protein naturally produced in a rare tropical fruit—has the potential to be an alternative low-calorie sweetener. In Plant Science (May 2010), a group of
Lactose-free dairy. A group of researchers studying lactose-free dairy products report in their study that these products can provide the essential nutrients present in regular dairy products, like
TV warranties by company. RTINGS.com published an article on February 22, 2021 regarding TV warranties and the proper care of TV sets. The article stated that companies charge TV insurance based on
NHTSA crash safety tests. Refer to Exercise 4.21 (p. 219) and the NHTSA crash test data for new cars. One of the variables saved in the accompanying file is the severity of a driver’s head injury
Errors in measuring truck weights. To help highway planners anticipate the need for road repairs and design future construction projects, data are collected on the estimated volume and weight of
When to replace a maintenance system. An article in the Journal of Quality of Maintenance Engineering (Vol. 19, 2013) studied the problem of finding the optimal replacement policy for a maintenance
Whistle-blowing among federal employees. Whistleblowing refers to an employee’s reporting of wrongdoing by co-workers. A survey found that about 5% of employees contacted had reported wrongdoing
The initial time headway. Research published in the Hindawi Journal of Advanced Transportation (Vol. 2020) provides information regarding drivers’ braking behaviors, which will contribute to the
seconds with a standard deviation of .520 seconds. Assume a driver aged between 20 and 40 years is randomly selected.a. Based on the provided information, it is claimed that less than 8% of the
Executive networking and firm performance. Refer to the Journal of Accounting Public Policy (Vol. 34, 2015) study of the impact of executive networking on firm performance, Exercise
(p. 110). Recall that firm performance was measured as annual return on equity (ROE), recorded as a percentage. The mean ROE for the firms studied was 13.93% and the standard deviation was 21.65%.
2020 ICC Under-19 Cricket World Cup. The 2020 ICC Under-19 (U-19) Cricket World Cup, the thirteenth edition of the men’s U-19 Cricket World Cup, was held in South Africa from January 17 to February
Reliability of a flow network. The journal Networks periodically publishes studies on the reliability of flow networks. For example, Networks (September 2007) provided applications in mobile ad hoc
Doctors and ethics. Refer to the Journal of Medical Ethics (Vol. 32, 2006) study of the extent to which doctors refuse ethics consultation, Exercise
(p. 139). Consider a random sample of 10 doctors, each of whom is confronted with an ethical dilemma (e.g., an end-of-life issue or treatment of a patient without insurance). What is the probability
Flicker in an electrical power system. An assessment of the quality of the electrical power system in Turkey was the topic of an article published in Electrical Engineering (March 2013). One measure
Testing for spoiled wine. Suppose that you are purchasing cases of wine (12 bottles per case) and that, periodically, you select a test case to determine the adequacy of the bottles’ seals. To do
Estimating demand for white bread. A bakery has determined that the number of loaves of its white bread demanded daily has a normal distribution with mean 7,200 loaves and standard deviation 300
Online food delivery services. Research published in the International Journal of Consumer Studies (2020) records the distinctive characteristics of customers who did and did not order food through
Module scores. At a university, students are graded based on their overall performance in class assessments and the scores they receive in each module in the final exam. If a student has an overall
Reliability of CD-ROMs. In Reliability Ques (March 2004), the exponential distribution was used to model the lengths of life of CD-ROM drives in a two-drive system. The two CD-ROM drives operate
Mean shifts on a production line. Six Sigma is a comprehensive approach to quality goal setting that involves statistics. An article in Aircraft Engineering and Aerospace Technology (Vol. 76, No.
Most trusted delivery service. Clutch is a firm that collects data and client testimonials to conduct case studies in guiding people through the process of choosing a business service or solution. On
How many questionnaires to mail? The probability that a consumer responds to a marketing department’s mailed questionnaire is .4. How many questionnaires should be mailed if you want to be
Establishing tolerance limits. The tolerance limits for a particular quality characteristic (e.g., length, weight, or strength) of a product are the minimum and/or maximum values at which the
The showcase showdown. On the popular television game show The Price Is Right, contestants can play “The Showcase Showdown.” The game involves a large wheel with 20 nickel values, 5, 10, 15, 20,
Reliability of a “one-shot” device. A “one-shot” device can be used only once; after use, the device (e.g., a nuclear weapon, space shuttle, automobile air bag) is either destroyed or must
Super weapons development. The US Army is working with a major defense contractor (not named here for both confidentiality and security reasons) to develop a “super” weapon. The weapon is
Space shuttle disaster. On January 28, 1986, the space shuttle Challenger exploded, killing all seven astronauts aboard. An investigation concluded that the explosion was caused by the failure of the
Until their profitability was threatened by competition from Japan and Europe in the 1970s, most U.S. firms paid relatively little attention to customer satisfaction. Today, customer satisfaction and
Port Canaveral (Florida) handled over 1.5 million cruise passengers in 1998. The number of passengers handled by each of the cruise ships that sail out of Port Canaveral is listed in the table.Cruise
Disgruntled shareholders who put pressure on corporate management to make certain financial decisions are referred to as shareholder activists. In Exercise 1.22 we described a survey of 240 large
According to Topaz Enterprises, a Portland, Oregonbased airfare accounting firm, "more than 80% of all tickets purchased for domestic flights are discounted"(Travel Weekly, May 15, 1995). The results
Many librarians rely on book reviews to determine which new books to purchase for their library. A random sample of 375 book reviews in American history, geography, and area studies was selected and
The Internet and its World Wide Web provide computer users with a medium for both communication and entertainment. However, many businesses are recognizing the potential of using the Internet for
Owing to several major ocean oil spills by tank vessels, Congress passed the 1990 Oil Pollution Act, which requires all tankers to be designed with thicker hulls.Further improvements in the
Since opening its doors to Western investors in 1979, the People's Republic of China has been steadily moving toward a market economy. However, because of the considerable political and economic
Graph the relative frequency histogram for the 500 meawrements summari~ed in the accompanying relative frequency table.
Refer to Exercise 2.12. Calculate the number of the 500 measurements falling into each ol the measurement clahses. Then graph a frequency histogram for these data.
SAS was used to generate the stem-and-leaf display shown here. Note that SAS arranges the slems in descending order.a. How many observations were in the original data set?b. In the bottoni row of the
MINITAB was used to generate the following histogram:a. Is this a frequency histogram or a relative frequency histogram? Explain.b. How many measurement classes were used in the construction of this
The graph on p. 45 summarizes the scores obtained by 100 students on a questionnaire designed to measure managerial ability. (Scores are integer values that range from 0 to 20.A high score indicates
The table (p..46) reports the one-year percentage change in stock price for all technology companies and all industrial companies on Fortune (Sept. 6,1999) magazine's ranking of the "One Hundred
Mark McGwire of the St. Louis Cardinals and Sammy Sosa of the Chicago Cubs hit 70 and 66 home runs, respectively, during the 1998 Major League Baseball season, breaking the record held by Roger Maris
Bonds can be issued by the federal government, state and local governments, and US corporations. A mortgage bond is a promissory note in which the issuing company pledges certain real assets as
Production processes may be classified as make-to-stock processes or make-to-order processes. Make-to-stock processes are designed to produce a standardized product that can be sold to customers from
In order to estimate how long it will take to produce a particular product, a manufacturer will study the relationship between production time per unit and the number of units that have been
Financially distressed firms can gain protection from their creditors while they restructure by filing for protection under US Bankruptcy Codes. In a prepackaged bankruptcy, a firm negotiates a
It's not uncommon for hearing aids to malfunction and cancel the desired signal. IEEE Transactions on Speech and Audio Processing (May 1995) reported on a new audio processing system designed to
Major conventions and conferences attract thousands of people and pump millions of dollars into the local economy of the host city. The decision as to where to hold such conferences hinges to a large
Refer to the Financial Management (Spring 1995) study of prepackaged bankruptcy filings, Exercise 2.24(p. 49).Recall that each of 49 firms that negotiated a reorganization plan with its creditors
The U.S. Energy Information Association tracks the prices of regular unleaded gasoline in the United States each year. The table (p. 63) lists the average 1998 prices(in cents) in each of a sample of
Calculate the variance and standard deviation for samples wherea. n = 10, Ex2 = 84, Ex = 20 Ib. n = 40, Ex2 = 380, Ex = 100c. n = 20, Ex2 = 18, Zx = 17
Calculate the range, variance, and standard deviation for the following samples:a. 4,2,1,0,1b. 1,6,2,2,3,0,3 C. 8,-2,1,3,5,4,4,1,3,3 d.0,2,0,0,-1,1,-2,1,0,-1,L,-L,0,-3,-2,-1, 0,l,
Compute T, s2, and s for each of the following data sets.If appropriate, specify the units in which your answer is expressed.a. 3,1,10,10,4b. 8 feet, 10 feet, 32 feet, 5 feetc. -1, -4, -3,1, -4, -4d.
Consider the following sample of five measurements: 2, 1,L 0,3a. Calculate the range, s2, and s.b. Add 3 to each measurement and repeat part a.c. Subtract 4 from each measurement and repeat part ad.
The lable at the bottom of the page lists the 1999 base prices for automobiles manufactured by Buick and Cadillac.a. Calculate the range of the Buick prices and the range of the Cadillac prices.b.
Refer to Exercise 2.35(p. 59). The total number of passengcrs handled in 1998 by eight Port Canaveral(Florida) cruise ships are reproduced in the next table.a. Find the range of the data.b. Find the
The Consumer Price Index (CPI) measures the price change of a constant market basket of goods and services.The Bureau of Labor Statistics publishes a national CPI (called the US. City Average Index)
A widely used technique for estimating the length of time it takes workers lo produce a product is the time study. In a time study, the task to be studied is divided into measurable parts and each is
The table lists the 1995 profits (in millions of dollars)for a sample of seven airlines.a. Calculate the range, variance, and standard deviation of the data set.
For any set of data, what can be said about the percentage of the measurements contained in each of the following intervals?a. T-stoT+sb. Z-2sto%+Zsc. x - 3s to x: f 3s 255 For a set of data with a
The following is a sample of 25 measurements:a. Compute T, s2, and s for this sample.b. Count the number of measurements in the intervals -x & s,T f 2s, T & 3s. Express each count as a percentage of
To minimize the potential for gastrointestinal disease outbreaks, all passenger cruise ships arriving at U.S.ports are subject to unannounced sanitation inspections. Ships are rated on a 100-point
In the spring of 1998, the New Jersey State Chamber of Commcrce and Rutgers Business School-with sponsorship by Arthur Andersen-conducted a survey toc. In the last decade, workers moved between
As a result of government and consumer pressure, automobile manufacturers in the United States are deeply involved in research to improve their products' gasoline mileage. One manufacturer, hoping to
Refer to the Marine Technology (Jan. 1995) data on spillage amounts (in thousands of metric tons) for 50 major oil spills, Exercise 2.10(p. 34). An SPSS histogram for the 50 spillage amounts is shown
Refer to the Arkunsas Business and Economic Review(Summer 1995) study of the number of Superfund hazardous waste sites in Arkansas counties, Excrcisc 2.37(p. 60). The EXCEL numerical descriptive
Refer to the Financial Management (Spring 1995)study of 49 firms filing for prepackaged bankruptcy, Exercise 2.24(p. 49). Recall that the variable of interest was length of time (months) in
When it is working properly, a machine that fills 25-pound bags of flour dispenses an average of 25 pounds per fill; the standard deviation of the amount of fill is.1 pound. To monitor the
Compute the z-score corresponding to each of the following values of x:a. x = 40, s = 5, i = 30b. x = 90, p = 89, u = 2c. p = 50, a = 5, x = 50d. s = 4, x = 20, T = 30e. In parts a-d, state whether
What is the 50th percentile of a quantitative data set called?
Compare the z-scores to decide which of the following x values lie the greatest distance above the mean and the greatest distance below the mean.a. x = 100, p = 50, u = 25b. x= 1,p =4,u = 1c. x = 0,
Suppose that 40 and 90 are two elements of a population data set and that their z-scores are -2 and 3, respectively.Using only this information, is it possible to determine the population's mean and
Refer to the January 1999 sanitation levels of cruise ships, Exercise 2.58(p. 74). The MINITAB descriptive statistics printout is reproduced below.a. Give a measure of relative standing for the Dawn
In 1997 the United States imported merchandise valued at $871 billion and exported merchandise worth $689 billion. The difference between these two quantities(exports minus imports) is referred to as
In 1998, the food, drink, and tobacco sector of the U.S.economy did not fare well. Forbes (Jan. 11,1999) reports the sales growth of a sample of 12 companies from that sector.a. Find the mean and
Refer to the Arkansas Business and Economic Review(Summer 1995) study of hazardous waste sites in Arkansas counties, Exercise 2.37(p. 61). An SAS descriptive statistics printout for the number of
At one university, the students are given z-scores at the end of each semester rather than the traditional GPAs.
A sample data set has a mean of 57 and a standard deviation of 11. Determine whether each of the following sample measurements are outliers.a. 65b. 21c. 72d. 98
Define the 25th, 50th, and 75th percentiles of a data set.Explain how they provide a description of the data.
Suppose a data set consisting of exam scores has a lower quartile QL = 60, a median rn = 75, and an upper quartile Q,, = 85. The scores on the exam range Srom 18 to 100. Without having the actual
MINITAB was used to generate the box plot shown here.a. What is the median of the data set (approximately)?b. What are the upper and lower quartiles of the data set (approximately)?c. What is the
The table contains the top salary offer (in thousands of dollars) received by each member of a sample of 50 MBA students who recently graduated from the Graduate School of Management at Rutgers, the
Refer to the Fortune (Oct. 25, 1999) ranking of the 50 most powerful women in America, Exercise 2.36(p. 59).A box plot for the ages of the 50 women, produced using STATISTIX, is shown above right.a.
A manufacturer of minicomputer systems is interested in improving its customer support services. As a first step, its marketing department has been charged with the responsibility of summarizing the

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