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business statistics

Questions and Answers of Business Statistics

A recent study revealed that 40% of women in the St. John’s area who work full-time also volunteer in the community. Suppose we randomly select eight women in the St. John’s area.a. What is
Simone has a quiz in class today. The quiz will consist of 10 multiple-choice questions, each with four possible answers. Simone has not had time to review the material or to do the practice
In the game of heads or tails, if two coins are tossed, you win $0.75 if you throw two heads, win $0.50 if you throw a head and a tail, and lose $1.00 if you throw two tails. What are the expected
The waiting time, in minutes, for service at the Tim Hortons at the front entrance of the college follows a uniform distribution between 0.5 and 8.0 minutes.a. What are the values
The mean of a normal probability distribution is 350; the standard deviation is 75.a. μ ± 1σ of the observations lie between what two values?b. μ ± 2σ of the
Given the following z-values, find the areas under the normal curve to the left and right of the z-value.a. z = 1.0b. z = -1.25c. z = 2.83d. z = -2.35
Given the following pairs of z-values, find the area under the normal curve between each pair of z-values.a. z = 1.0 and z = -1.0b. z = -1.25 and z =
The average grade in a quiz was 20.0, with a standard deviation of 4.0. The grades follow the normal distribution.a. Compute the z-value for a grade of 25.0.b. What proportion of
The average time it takes to walk to the shopping mall from campus is normally distributed, with a mean of 12.2 minutes and a standard deviation of 2.5 minutes.a. Compute the z-value
A recent study of the hourly wages of maintenance crews for major airlines showed that the mean hourly salary was $16.50, with a standard deviation of $3.50. If we select a crew member at random,
StopOne stock follows a normal distribution with a mean price of $50 and a standard deviation of $4.a. Compute the probability the stock will range between $44 and $55 during the month of
The average life of a battery is advertised as 80 hours. A quality control check found that the mean life was normally distributed at 80 hours with a standard deviation of 14 hours.a. Compute
A cola-dispensing machine is set to dispense on average 225 millilitres (mL) of cola per cup. The standard deviation is 10 mL. The distribution amounts dispensed follows a normal
The amounts of money requested on home loan applications at Down River Federal Savings follow the normal distribution, with a mean of $70000 and a standard deviation of $20000. A loan application is
A survey reported that the mean starting salary for college graduates after a three-year program was $33 176. Assume that the distribution of starting salaries follows the normal distribution with a
The average life of a battery is advertised at 80 hours. A quality control check found that the mean life was normally distributed at 80 hours, with a standard deviation of 14 hours. Determine the
The amounts dispensed by a cola machine follow the normal distribution with a mean of 200 mL and a standard deviation of 0.3 mL per cup. How much cola is dispensed in the largest 1% of the cups?
Refer to Exercise 24, where the amount requested for home loans followed the normal distribution with a mean of $70 000 and a standard deviation of $20 000.a. What is the minimum amount
The monthly sales of mufflers follow the normal distribution with a mean of 1200 and a standard deviation of 225. The manufacturer would like to establish inventory levels such that there is only a
The newsstand at the corner of Bloor and Yonge finds that the number of papers sold each day follows a normal probability distribution with a mean of 900 copies and a standard deviation of 150
Research on new juvenile delinquents put on probation revealed that 38% of them committed another crime.a. What is the probability that of the last 100 new juvenile delinquents put on probation, 30
Given the following z-values, find the areas under the normal curve to the left and right of the z-value:a. z = 1.56b. z = 1.83c. z = -0.78d. z = -2.45
Given the following pairs of z-values, find the area under the normal curve between each pair of z-values:a. z = -1.5 and z = 1.75b. z = 1.23
The mean of a normal probability distribution is 25 with a standard deviation of 8.a. μ ± 1σ of the observations lie between what two values?b. μ ± 2σ of the
The average salary of merchandisers is $45 000 per year with a standard deviation of $6000.a. What is the probability that a merchandiser earns more than $55 000 per year?b. What is the
Fast Service Truck Lines uses the Ford Super 1310 exclusively. Management made a study of the maintenance costs and determined the number of kilometres travelled during the year followed the normal
The average grade on a quiz was 39.5/50 (79%). Assume that the distribution of grades is normally distributed, with a standard deviation of 1.5.a. What is the probability that the average grade
The registrar at Elmwood University (EU) studied the grade point averages (GPAs) of students over many years. Assume the GPA distribution follows a normal distribution with a mean of 3.10 and a
For the most recent year available, the mean annual cost to attend a private college was $25 000. Assume that the distribution of annual costs follows the normal probability distribution and the
Many three-year automobile leases allow up to 100 000 km. If the lease goes beyond this amount, a penalty per kilometre is added to the lease cost. Suppose the distribution of kilometres driven on
A recent survey reported that the average person consumes six glasses of water per day (250 mL per glass). Assume the standard deviation of water consumption is 378.5 mL per day and the consumption
The number of cupcakes sold per week at the Coffee Bean Cafe follows the normal probability distribution, with a mean of 150 cupcakes. The standard deviation of this distribution is 5
According to the Show Box Office at the Smythe Production Company, the mean cost to run a performance is $3000. Assume that the standard deviation is $410 and that the performance cost follows a
A normal population has a mean of 50 and a standard deviation of 7.a. Compute the z-value associated with 45.b. What percentage of the population is between 45 and 63?c. What
The weights of canned hams processed at the Henline Ham Company follow the normal distribution, with a mean of 3.1 kg and a standard deviation of 0.125 kg. The label weight is given as 3
The Gravenhurst Enquirer reported that the mean number of hours worked per week by those employed full-time is 43.9. The article further indicated that about one-third of those employed full-time
Refer to the Real Estate Data—Saskatoon online, which reports information on home listings. The mean list price (in $ thousands) of the homes was computed earlier. Use the normal distribution to
Refer to the CREA (Canadian Real Estate Association) Cities Only data online, which reports information on average house prices nationally and in a selection of cities across Canada.a. Calculate the
Baxmedical stock has increased over the past five years by the following percentages: 8, 12, 14, 26, and 5. Compute the geometric mean of the percentage increases.
Enrollment in skating lessons at the Biway Community Centre has increased each year by the following percentages: 2, 8, 6, 4, 10, 6, 8, and 4. Compute the geometric percentage increase.
In 2003, the consumer price index (CPI) for Canada was 102.8, but in 2015, the CPI was 126.6. What was the geometric mean annual increase for the period?
The population of Canada has increased from 21 961 999 in 1971 to an estimated 36 155 487 in 2016 (statcan.gc.ca/start-debut-eng.html). What was the geometric mean annual increase for the period?
Listed below is the number of hours that a sample of students spent travelling to college each week. What is the median number of hours spent travelling per week? What is the mode? 10.3 11.5 10.3
Listed below is the average earnings ratio by gender for full-year, full-time workers from 2002 to 2011: (Source: Adapted from Statistics Canada. Go to Connect for complete file.) a.?What is the
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 $16 per hour,
The Human Resources Director at DuPont began a study of the overtime hours in the Inspection Department. A sample of 15 workers was selected at random, and records showed they worked the following
Compute the mean hourly wage paid to carpenters who earned the following wages: $15.40, $20.10, $18.75, $22.76, $30.67, $18.00.
Continue with the Whitner Autoplex data and case from Chapter 2. Rob would like you to further develop tables and charts that he could review monthly and would like you to report where the selling
Newcastle Inc. reported a total of $69.5 billion in sales revenue. Seventy-three percent of the total was paid out for operating expenses, 11% in dividends, 3% in interest, 8% profit, and 5% in a
Two thousand frequent business travellers are asked which western city they prefer: Vancouver, Calgary, Edmonton, or Saskatoon. One hundred liked Vancouver best, 450 liked Calgary, 1300 liked
A total of 42 students wrote the first test in statistics 101. Three students achieved a grade over 90%; 12 students were between 80 and 89; 16 students between 70 and 79; 8 between 60 and 69 and the
The number of Olympic medals won by Canada in the last five Winter games is listed below. Develop an appropriate chart or graph, and write a brief report summarizing the
The following table shows the average weekly earnings of workers in Canada. Develop an appropriate chart to summarize the findings. The complete data set can be found on Connect ?Average Weekly
The business school at the local college reported the following percentage breakdown of expenses. Draw a pie chart showing the information. Percentage (%) Category Professional development 32.3%
The following table displays the average retail price of gasoline per litre, in July in St. John?s, Newfoundland, over the last five years
A recent survey showed that a typical car owner spends $3487 per year on operating expenses. A breakdown of the various expenditure items is given below. Construct an appropriate chart to portray the
Alexandra Dawn will be building a new resort in Cape Breton. She must decide how to design the resort based on the type of activities that the resort will offer to its customers. A recent poll of 300
The following stem-and-leaf chart reports the number of movies rented per day at Video Connection: a.?How many days were studied?b.?How many observations are in the last class?c.?What are the largest
The following stem-and-leaf chart shows the number of units produced per day in a factory: a.?How many days were studied?b.?How many observations are in the first class?c.?What are the smallest and
Answer the following questions using the data from the Excel file Great Smoky Mountain.xlsx from Problem 16.47.The Great Smoky Mountain National Park on the border of Tennessee and North Carolina is
Spain?s economy has struggled with very high unemployment rates as a result of the Eurozone banking crisis. The following data show the annual unemployment rate over a nine-year period. These data
I recently discovered a great new tool called Google Finance. Using Google Finance with the Google spreadsheet makes it possible to look up all kinds of data on mutual funds. So, of course I
The volatility of world crude oil prices is important because of its impact on global economic stability. One measure of volatility is the standard deviation. The Excel file world_oil_price.xlsx
Economists theorize that the 2007–2008 recession has affected men more than women because men are typically employed in industries that have been hit hardest by the recession, such as manufacturing
According the Organization for Economic Cooperation and Development (OECD), the weekly hours worked in manufacturing in the United States was 42 hours in 2017. A recent random sample of 60
There is recent speculation that the Super Bowl games, which determine the NFL champion, are becoming more competitive over time. The competitiveness of the game draws much attention from the
The number of pieces of mail delivered by the U.S. Postal Service has been in steady decline since it hit a peak in 2006 with 213.1 billion. Data in the Excel file postal service.xlsx show the number
Answer the following questions using the data from the Excel file S&P 500.xlsx described in Problem 16.51:The S&P 500 reached an all-time high September 27th, 2018, at 2,914. The data in
The S&P 500 reached an all-time high September 27th, 2018, at 2,914. The data in excel file S&P 500 show the end-of-the-month value for the S&P 500 for the last two years.a. Construct a
The Great Smoky Mountain National Park on the border of Tennessee and North Carolina is America’s most popular national park with more than nine million visitors each year. Suppose the National
Answer the following questions using the data from the Excel file Spain unemployment.xlsx from Problem 16.45.a. Construct a graph showing the annual unemployment rate for Spain over time.b. Forecast
Answer the following questions using the data from the Excel file average bonus.xlsx from Problem 16.43.a. Using exponential smoothing with α = 0.5, forecast the average cash bonus for a financial
It looks like Wall Street?s annual cash bonuses are slowly recovering from the 2007?2008 recession. In 2017 the bonuses hit the highest level since before the recession. These data can also be found
Answer the following questions using the data from the Excel file grade inflation by semester.xlsx described in Problem 16.41:a. Forecast the average GPA for each semester during 2018 using a
Newark College (see Problem 16.40) would like to include seasonality in its GPA forecasting model. The average GPA of the study body for each year was broken down into the average GPA by semester
Grade inflation, which is defined as an increase in the average GPA of an institution over time without a corresponding increase in academic performance, is a concern for many colleges. The presence
Answer the following questions using the data from the Excel file Deloitte.xlsx from Problem 16.36.a. Using exponential smoothing with α = 0.6, forecast the percentage of holiday shoppers who intend
Answer the following questions using the data from the Excel file amazon.xlsx described in Problem 16.30:a. Forecast the advertising revenue for each quarter in 2018 using seasonal dummy variables
In March 2018, Amazon passed Alphabet (Google's parent company) to become the world's second most valuable company measured by stock market capitalization. The development of the quarterly revenue by
Recently, fixed mortgage rates have been at historical lows due to the housing slowdown. Data in the Excel file mortgage rates.xlsx show the annual average 30-year fixed mortgage rate for 1994 to
Gold has long been a very popular investment choice during times of economic crisis. This has resulted in a significant increase in the price of gold per ounce in recent years. The Excel file gold
Julie owns 100 shares of Apple stock (lucky her) and is trying to decide how much her portfolio will be worth next month. The data in the Excel file Apple stock price.xlsx show the closing price of a
The size of the audience watching the Super Bowl plays a major role in the price the broadcasting network charges for advertising. To solve this problem, use data from problem 16.8
According to the National Association of Theatre Owners, the average U.S. ticket price has been steadily increasing over the past several years. The following data show the average price during an
Consider the following time series: a. Use statistics software with ? = 0.05 to test this time series for positive auto-correlation. b. Verify your Durbin?Watson statistic using Excel. Period Sales
The following data show the average prices for S&P Case-Shiller U.S. National Home Price Index in the United States over a six-quarter period. a. Forecast the price index for Q3 2018 using a
The Independence School is a private grade school that depends on enrollment forecasting to plan for the upcoming school year. The following data show the enrollments for the past several years.
General Motors (GM) is one of the world?s largest car and truck manufacturers and employs more than 200,000 employees worldwide. In 1970 GM had captured nearly 60% of the U.S. market share. However,
The number of viewers for network television shows has a direct effect on the amount of advertising dollars that will be generated. The following data show the number of viewers, in millions, for the
The IRS is actively encouraging individuals to file their taxes electronically in order to increase accuracy and reduce expenses. The following data show the percentage of tax returns filed
The Consumer Price Index (CPI), which is published by the U.S. Bureau of Labor Statistics, is a measurement that reflects changes in consumer prices over time. The following data show the CPI over a
Instagram has become an essential tool for social marketing. It boasts 400 million monthly active users, 80 million posts each day, and 3.5 billion daily likes. An audience that engaged is hard to
Instagram has become an essential tool for social marketing. It boasts 400 million monthly active users, 80 million posts each day, and 3.5 billion daily likes. An audience that engaged is hard to
I recently discovered a great new tool called Google Finance. Using Google Finance with the Google spreadsheet makes it possible to look up all kinds of data on mutual funds. So, of course I
I recently discovered a great new tool called Google Finance. Using Google Finance with the Google spreadsheet makes it possible to look up all kinds of data on mutual funds. So, of course I
Instagram has become an essential tool for social marketing. It boasts 400 million monthly active users, 80 million posts each day, and 3.5 billion daily likes. An audience that engaged is hard to
The Excel file MLB 2017 Payroll.xlsx contains the total payroll in millions of dollars for each Major League Baseball team at the start of the 2017 season along with the total number of each team’s
According to ESPN, 2018 marked the fourth straight year that the NBA broke its attendance record. Of course, that means the league is more popular overall but it would also be interesting to find out
Answer the following questions using the data from Problem 14.53:a. Using α = 0.05, test the significance of the regression slope.b. Construct a 95% confidence interval for the population slope.c.
Answer the following questions using the data from Problem 14.53:a. Calculate the coefficient of determination.b. Using α = 0.05, test the significance of the population coefficient of

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