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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

An auditor randomly samples 50 accounts payable of a company and finds a sample mean of $1,100 with a sample standard deviation of $287. Construct a 90 % confidence interval for the mean accounts
A random sample of 250 residents of a town shows that 55% favor a bond issue to finance new school construction. Construct a 99 % confidence interval for the proportion of all residents who favor the
A random sample of 500 students at Average College finds the sample mean combined-SAT score to be 1.050 with a standard deviation of 120. Construct a 90 % confidence interval for the mean SAT score.
Use the information given in question 25 to test H0: μ = 100 versus H1: μ ≠ 100 at the .01 level of significance.Question 25You are given the information X̅ = 150, σ = 30, and n = 20. Conduct
You are given the information X̅ = 1,050, sx = 250, and n = 20. Conduct the following hypothesis test at the .10 level of significance:H0: μ = 1,100 versus H1: μ < 1,100 at the .10 level of
A sample of 100 students in a high school has a sample mean score of 550 on the math portion of the SAT. Assuming that the sample standard deviation is 75, test, at the .05 level of significance, the
Redo question 29, testing H0: μ = 500 against H1: μ > 500.Question 29A sample of 100 students in a high school has a sample mean score of 550 on the math portion of the SAT. Assuming that the
A sample of 20 students in a high school has a sample mean score of 520 on the English portion of the SAT. If the sample standard deviation is 65, test, at the .01 level of significance, the
Redo question 31, substituting the alternative hypothesis H1: μ > 500.Question 31A sample of 20 students in a high school has a sample mean score of 520 on the English portion of the SAT. If the
Suppose a random sample of 25 people at a local weight-loss center is taken and the mean weight loss is found to be 12 lb. From past history, the standard deviation is known to be 3 lb. Test the
Redo question 33, but assume that the standard deviation is not known and that 3 lb represents the sample standard deviation. Do the test at the 5 % level of significance.Question 33Suppose a random
A quality control engineer is interested in testing the mean life of a new brand of light bulbs. A sample of 100 light bulbs is taken, and the sample mean life of these light bulbs is found to be
Suppose that the quality control engineer in question 35 does not know what the standard deviation is and therefore uses the sample standard deviation. Does your answer to question 35 change? Why or
Suppose that the quality control engineer in question 35 does not know what the standard deviation is and that this time, he selects a random sample of only 25 light bulbs. Does your answer to
An auditor is interested in the mean value of a company’s accounts receivable.He randomly samples 200 accounts receivable and finds that the mean accounts receivable is $231. From past experience,
Use the information given in question 38 to test the hypothesis that the population mean accounts receivable is greater than $200 at the .05 level of significance.Question 38An auditor is interested
An investment advisor is interested in determining whether a retirement community represents a potential clientele base. Of the 2,000 residents, he randomly samples 100 individuals and finds their
An automobile manufacturer claims that a new car gets an average of 35 miles per gallon. Assume that the distribution is known to be normal with a standard deviation of 3.2 miles per gallon. A random
Use the information given in question 41, except this time assume that the standard deviation is not known and that 3.2 miles per gallon represents the sample standard deviation. Again test, at the
An aspirin manufacturer claims that its aspirin stops headaches in less than 30 min. A random sample of 100 people who use the pain killer finds that the average time it takes to stop a headache is
Bob’s SAT preparation service claims that the course it offers enables students to score an average of 600 or better on the math portion of the SAT. Suppose a random sample of 25 people taking the
An advertising company claims that 80 % of stores that use their advertisements show increased sales. A random sample of 100 stores that used the company’s advertisements reveals that 80 showed
Flip a coin 40 times and count the number of heads. Test, at the 5 % level of significance, whether the proportion of heads is .5.
A manufacturer claims that 95 % of its parts are free of defects. A random sample of 100 parts finds that 92 are free of defects. Test the manufacturer’s claim at the 1 % level of significance.
An investment advisor claims that 70 % of the stocks she recommends will increase in price. Suppose testing a random sample of 125 stocks she recommends reveals that 75 have increased in price. Test
Ed’s bar exam review claims that 90% of the people who take its review course pass the bar exam on the first try. A random sample of 500 people who took the course reveals that 425 passed the bar
Use the information given in question 49 to test, at the 1%level of significance, the null hypothesis that less than 80 % of those who take the course pass the bar exam on the first try.Question
A popular commercial states that 4 out of 5 dentists who chew gum prefer sugarless gum. Suppose a random sample of 100 gum-chewing dentists is taken and 75 are found to prefer sugarless gum. Test, at
A diet center claims that people subscribing to its program lose an average of 4 lb in the first week of the diet. Suppose 25 people in the diet center’s program are chosen at random and are found
Use the information given in question 53 and test, at the 5 % level of significance, the alternative hypothesis that the mean weight loss is at least 4 lb.Question 53A diet center claims that people
Suppose a farmer is interested in testing two fertilizers to see which is more effective. He uses the two fertilizers and gets the following results.Test, at the 10 % level of significance, the
Use the following information to answer question. An investor recorded the performance of stock mutual funds during the last 3 years. He classified the stock mutual funds into three categories,
Use the following information to answer question. An investor recorded the performance of stock mutual funds during the last 3 years. He classified the stock mutual funds into three categories,
Use the following information to answer question. An investor recorded the performance of stock mutual funds during the last 3 years. He classified the stock mutual funds into three categories,
Use the following information to answer question. An investor recorded the performance of stock mutual funds during the last 3 years. He classified the stock mutual funds into three categories,
A researcher contacted 1,000 doctors and asked them what kind of pain reliever they would like to have with them if they were stranded on a desert island. The responses wereDo a test to determine
Professor Maloy uses different textbooks to teach statistics to two different college classes. Book 1 is the standard textbook also used by other instructors.Book 2 is a more recently introduced
An insurance company reviewed its policyholders’ records during last year and organized the data in the following table. Do the data dictate rejection of the null hypothesis that the accident
The number of patients to arrive at an emergency room each day is recorded in the accompanying table. The average number of emergency room patients is approximately 10. Do the data support the
An eight o’clock train that pulls into Penn Station in New York City every weekday has a 20 % chance of being late. A supervisor from the Port Authority recorded the number of days that the train
A nationwide testing service collected scores from a set of examination questions that were used during the last 3 years. The distribution is summarized in the accompanying table. The mean is 600 and
The highway bureau records the following numbers of accidents during the past 365 days. Does this frequency distribution cause us to reject the null hypothesis that the accidents exhibit a Poisson
Answer question 31 again, assuming that the sample is taken with replacement.Question 31The mean interest rate of 500 money market mutual funds is 7.98 % with astandard deviation of 1.01 %. Suppose
Answer question 45 again, assuming that the sample is taken from a populationof four numbers, 1, 2, 3, and 4.Question 45Consider a population of six numbers, 1, 2, 3, 4, 5, and 6. What is the mean of
Answer question 45 again, assuming that the sample is taken from a populationof three numbers, 1, 2, and 3.Question 45Consider a population of six numbers, 1, 2, 3, 4, 5, and 6. What is the mean of
A production manager is interested in the number of defects in batches derived from different production processes. He examines a random sample drawn from each process and records the following
Refer to question 41 to find the power of a 10 % level test when the true population mean mileage is 36 miles per gallon.Question 41An automobile manufacturer claims that a new car gets an average of
Referring to question 43, find the power of a 5 % level test when the true population mean time for headache relief is 35 min.Question 43An aspirin manufacturer claims that its aspirin stops
Assume that you’re taking a part-time job in a zoo. You are called upon to inspect a new cage built to contain a ferocious lion. Do you set up the null hypothesis that the cage is safe or that the
What is the consequence of a Type I error in this question?Use the following information to answer question. A college professor gives a test that has 10 true–false questions. Two students take the
What is the chance of student A getting exactly 6 correct answers when the null hypothesis is true?Use the following information to answer question. A college professor gives a test that has 10
If the professor decides to reject the null hypothesis (that means passing the student) when the students get eight or more correct answers, what is the probability of a Type I error?Use the
If the professor wants to raise the standard for passing the test to nine or more correct answers, what is the probability of a Type I error?Use the following information to answer question. A
Student B studies one night before the test, so he knows about 60 % of the material. What is the probability that this student can pass the test when the standard for passing is eight correct
Plot the OC curve, assuming p = .5, .6, .7, .8, .9, 1.Use the following information to answer question. A college professor gives a test that has 10 true–false questions. Two students take the
Plot the power curve, assuming p = .5, .6, .7, .8, .9, 1.Use the following information to answer question. A college professor gives a test that has 10 true–false questions. Two students take the
A poll was done to predict the outcome of the upcoming election. Of the 900 potential voters who responded, 500 plan to vote for the incumbent. If a candidate needs 50 % of the votes to win the
On a given trading day, a financial economist randomly examines the stock prices of 500 companies and discovers that 205 went up and 295 went down.On this evidence, can he argue that more than 50 %
The head of the accounting department randomly examined some accounting entries and was upset with the high proportion of incorrect invoices. He instituted a new system to keep the proportion of bad
You are working for a consumer rights organization. You are interested in knowing whether the milk contained in 16-oz (1-pint) bottles really weighs 16 oz. You do not want to accuse the packer of
You are working for a VCR manufacturer. There are three shifts in the plant: morning shift, evening shift, and midnight shift. The manager suspects that the midnight shift’s productivity is lower
A college wants to increase its dormitory facilities to house 60 % of the students enrolled. In order to make sure that more than 60 % of the students want to live in the dormitory, the school
A cola company wants to change its formula for producing cola, but first it wants to make sure that more than 70 % of its customers will like the new cola better than the old. Two thousand people
In order to control the job turnover ratio, the personnel department did a survey and found that out of the 500 employees who were hired in the last year, only 234 stayed. Does that provide enough
An insurance company wants to study the chances that a teenaged driver who owns a sports car will have an auto accident. Two thousand teenaged policyholders who own sports cars were sampled in the
A food company claims that its new product, low-fat yogurt, is 99 % fat-free. The management wants to keep the proportion of bad (not 99 % fat-free) products below 2 %. Inspectors check 500 cups of
A questionnaire was sent to 500 of a dry cleaner’s customers to solicit their opinions about service received. Twenty-three customers were found to be unhappy with the service. On this evidence,
The dean of the school of business wants the proportion of A grades given out by his faculty members to be around 10 %. He randomly surveys 2,000 students in 50 classes and finds that of the 2,000
The placement office in a college wants to know whether experience with personal computers is important in obtaining a job. The placement director randomly selects 600 job openings and finds that 313
The head accountant in a large corporation conducted a survey last year to study the proportion of incorrect invoices. Of the 2,000 invoices sampled, 25 were incorrect. To lower the proportion, he
A new medicine was invented to treat hay fever, but the new drug was found to have unpleasant side effects. An experiment on 5,000 women and 4,000 men showed that 100 women and 60 men suffered side
Wood et al. (1979) studied the impact of comprehensive planning on the financial performance of banks. They used 4 random samples to perform their study. The sample size n, average annual percent
A company believed its new toothpaste to have an effect in controlling tooth decay among children. It randomly selected a group of 400 children and gave them the new toothpaste. Another 300 children
The PPP cola company wants to determine what age groups like its product. It surveyed 500 teenagers and 600 middle-aged people and found that 300 teenagers and 350 middle-aged people liked PPP cola.
Use the data in the table to answer the following questions by using MINITAB.Current ratios for GM and Ford(a) Test whether the current ratio is equal to 1 for both GM and Ford, respectively, at α =
Professor Preston et al. (1978) studied the effectiveness of bank premiums (stoneware, calculators) given as an inducement to open bank accounts. They randomly selected a sample of 200 accounts each
The result of a random sample of before and after weights of 11 participants in a weight-loss program is shown in the table to the right. Using MINITAB, test whether the average weight loss is at
A manager claims that the standard deviation in their mean delivery time is less than 2.5 days. A sample of 25 customers is taken. The average delivery time in the sample was 4 days with a standard
Refer to Table 10.3, in which the sizes of U-bolts by taking samples of 5 every hour over three shifts from a population with mean μ and standard deviation σ .In Table 10.3, the means of the 24
General Motors, the largest auto producer in this country, produces and sells its cars under five different brand names. Some of the cars sold under different names can be considered “sister
Market analysts want to investigate the popularity of three types of radio programs. Their market research yielded the following ratings over the last 5 months. Can the analysts conclude that the
In question 15, the market analyst hired a statistician to do the research. The statistician, realizing that these programs are broadcast at five different times of day, took the time factor into
Suppose an attorney specializing in wage discrimination cases is interested in determining whether the earnings of men and women are significantly different.He collects the following data on earnings
Suppose a political scientist is interested in whether wealth is a determining factor in the individual’s propensity to vote. A random sample of 500 people who earned $ 100,000 or more showed that
A mutual fund manager claims that the returns of stocks in her fund have a variance of no more than .50. A random sample of 25 stocks in her fund has a sample variance of .72. Assuming that the
Bob claims that the variance of the score for the people who took the SAT review course he offers is 100. Fred believes that Bob’s students have a variance larger than 100. A random sample of 10 of
A political science professor believes students majoring in political science are more likely to vote in elections than students majoring in other disciplines. He collects the following information
An education professor is interested in whether there is any difference between the proportion of students who have taken a review course that pass the bar exam and the proportion of those who have
Use the information given in question 62, but this time test the hypothesis that the proportion of students passing the exam is greater for those who take the course than for those who do
The IRS is interested in knowing whether people who have an accountant prepare their tax returns have fewer errors than people who prepare their own returns. A random sample of 500 people who had
Use the information given in question 64 to test, at the 1%level of significance, the hypothesis that the number of errors is greater for individuals who prepare their own returns than for people who
A muffler manufacturer claims that the variance of its product is no more than 200. A random sample of 25 mufflers has a sample variance of 391. Assuming a normal distribution, test the
An SAT review course claims that the variance of test scores of its graduates is less than 150. A random sample of 30 students who took the course is found to have a variance of 225. Assuming a
From past experience, a teacher finds that the variance of midterm test scores is 76. A randomsample of 21 midterms in her course has a sample variance of 110.Assuming that the population is
A poll on the preference of two presidential candidates A and B is shown below.At 99 % confidence, test to determine whether or not there is a significant difference between the preferences for the
To test whether a bonus plan will improve the monthly sale volume in units, the monthly sale volumes of six salespersons before and after a bonus plan were recorded. At 99 % confidence, determine
The yearly portfolio returns for 3 different investment firms over a 10-year period are listed in the accompanying table. Do these data show a statistically significant difference in the firms’
The following table shows the sales figures for 4 salespeople on 3 randomly selected days. Use analysis of variance to test the hypothesis that the mean daily sales figures (in thousands of dollars)
A consumer organization wants to compare the prices charged for a particular dishwasher in 3 types of stores in a suburban county: discount stores, department stores, and appliance stores. Random
Three packaging materials were tested for moisture retention by storing the same food product in each for a fixed period of time and then determining the moisture loss. Each material was used to wrap

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