Questions and Answers of Essentials Of Statistics For Business & Economics

Six months ago, Fuentes Salty Snacks, Inc., added a new flavor to its line of potato chips. The new flavor, candied bacon, was introduced through a nationwide rollout supported by an extensive
Fresno Board Games manufactures and sells several different board games online and through department stores nationwide. Fresno’s most popular game, ¡Cabestrillo Cinco!, is played with 5 six-sided
The Ertl Company is well known for its high-quality die-cast metal alloy toy replicas of tractors and other farm equipment. As part of a periodic procurement evaluation, Ertl is considering
A Bloomberg Businessweek subscriber study asked, “In the past 12 months, when traveling for business, what type of airline ticket did you purchase most often?” A second question asked if the type
A Financial Times/Harris Poll surveyed people in six countries to assess attitudes toward a variety of alternate forms of energy. The data in the following table are a portion of the poll’s
TourisTopia Travel (Triple T) is an online travel agency that specializes in trips to exotic locations around the world for groups of ten or more travelers. Triple T’s marketing manager has been
Consumer Reports tested 166 different point-and-shoot digital cameras. Based upon factors such as the number of megapixels, weight (oz.), image quality, and ease of use, they developed an overall
Buckeye Creek Amusement Park is open from the beginning of May to the end of October. Buckeye Creek relies heavily on the sale of season passes. The sale of season passes brings in significant
Consumer Research, Inc., is an independent agency that conducts research on consumer attitudes and behaviors for a variety of firms. In one study, a client asked for an investigation of consumer
Table 1.7 shows data for eight phones (Consumer Reports). The Overall Score, a measure of the overall quality for the phone, ranges from 0 to 100. Voice Quality has possible ratings of poor, fair,
J.D. Power and Associates surveys new automobile owners to learn about the quality of recently purchased vehicles. The following questions were asked in a J.D. Power Initial Quality Survey.a. Did you
Many service companies collect data via a follow- up survey of their customers. For example, to ascertain customer sentiment, Delta Air Lines sends an email to customers immediately following a
The U.S. Census Bureau tracks sales per month for various products and services through its Monthly Retail Trade Survey. Figure 1.9 shows monthly jewelry sales in millions of dollars for 2016.a. Are
Skechers U.S.A., Inc., is a performance footwear company headquartered in Manhattan Beach, California. The sales revenue for Skechers over a four-year period are as follows:a. Are these
A manager of a large corporation recommends a $10,000 raise be given to keep a valued subordinate from moving to another company. What internal and external sources of data might be used to decide
The file Snow contains temperature and snowfall data for 51 major U.S. cities over 30 years. For example, the average low temperature for Columbus, Ohio, is 44 degrees and the average annual snowfall
The file MedianHousehold contains the median household income for a family with two earners for each of the fifty states (American Community Survey).a. Construct a frequency and a percent frequency
Suppose that an independent study of middle-level managers employed at companies located in Atlanta, Georgia, was conducted to compare the salaries of managers working at firms in Atlanta to the
The following table shows the total return and the number of funds for four categories of mutual funds.a. Using the number of funds as weights, compute the weighted average total return for these
Annual revenue for Corning Supplies grew by 5.5% in 2014, 1.1% in 2015, −3.5% in 2016, −1.1% in 2017, and 1.8% in 2018. What is the mean growth annual rate over this period?
The following data were used to construct the histograms of the number of days required to fill orders for Dawson Supply, Inc., and J.C. Clark Distributors. Use the range and standard deviation
Show the five-number summary and the boxplot for the following data: 5, 15, 18, 10, 8, 12, 16, 10, 6.
Consumer Reports provides overall customer satisfaction scores for AT&T, Sprint, T-Mobile, and Verizon cell-phone services in major metropolitan areas throughout the United States. The rating for
Fortune magazine’s list of the world’s most admired companies for 2014 is provided in the data contained in the file AdmiredCompanies (Fortune magazine website). The data in the column labeled
Americans tend to dine out multiple times per week. The number of times a sample of 20 families dined out last week provides the following data.a. Compute the mean and median.b. Compute the first and
A 2017 USA Today article reports that NCAA football coaches’ salaries have continued to increase in recent years (USA Today). The annual base salaries for the previous head football coach and the
U.S. companies lose $63.2 billion per year from workers with insomnia. Accordign to a 2013 article in the Wall Street Journal, workers lose an average of 7.8 days of productivity per year due to lack
The following data represent a sample of 14 household incomes ($1000s). Answer the following questions based on this sample.a. What is the median household income for these sample data?b. According
Travel + Leisure magazine provides an annual list of the 500 best hotels in the world. The magazine provides a rating for each hotel along with a brief description that includes the size of the
Rob’s Market (RM) is a regional food store chain in the southwest United States. David White, Director of Business Intelligence for RM, would like to initiate a study of the purchase behavior of
The Pew Internet & American Life project conducted a survey that included several questions about how Internet users feel about search engines and other websites collecting information about them
Harriet McNeil, proprietor of McNeil’s Auto Mall, believes that it is good business for her atuomobile dealership to have more customers on the lot than can be served, as she believes this creates
Several years ago, management at Tuglar Corporation established a grievance committee composed of employees who volunteered to work toward the amicable resolution of disputes between Tuglar
The Census Bureau includes nine states in what it defines as the Northeast region of the United States. Assume that the government is interested in tracking unemployment in these nine states and that
The following data has been collected on the number of times that owner-occupied and renter-occupied units had a water supply stoppage lasting 6 or more hours in the past 3 months.a. Define a random
The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows.Payment ($) ....................... Probability0
The J. R. Ryland Computer Company is considering a plant expansion to enable the company to begin production of a new computer product. The company’s president must determine whether to make the
J.P. Morgan Asset Management publishes information about financial investments. Between 2002 and 2011, the expected return for the S&P 500 was 5.04% with a standard deviation of 19.45% and the
In addition to the information in exercise 29 on the S&P 500 and core bonds, J.P. Morgan Asset Management reported that the expected return for real estate investment trusts (REITs) during the
Consider a binomial experiment with n = 10 and p = .10.a. Compute f (0).b. Compute f (2).c. Compute P(x ≤ 2).d. Compute P(x ≥ 1).e. Compute E(x).f. Compute Var(x) and s.
Consider a binomial experiment with n = 20 and p = .70.a. Compute f (12).b. Compute f (16).c. Compute P(x ≥ 16).d. Compute P(x ≤ 15).e. Compute E(x).f. Compute Var (x) and s.
Suppose that a random sample of fifteen 18- to 34-year-olds living with their parents is selected and asked if they contribute to household expenses.a. Is the selection of the fifteen 18- to
Suppose N = 15 and r = 4. What is the probability of x = 3 for n = 10?
More and more shoppers prefer to do their holiday shopping online from companies such as Amazon. Suppose we have a group of 10 shoppers; 7 prefer to do their holiday hopping online and 3 prefer
A Pew Research Survey asked adults in the United States which technologies would be “very hard” to give up. The following responses were obtained: Internet 53%, smartphone 49%, email 36%, and
According to U.S. News & World Reports, 7 of the top 10 graduate schools of business have students with an average undergraduate grade point average (GPA) of 3.50 or higher. Suppose that we
Suppose that the mean daily viewing time of television is 8.35 hours. Use a normal probability distribution with a standard deviation of 2.5 hours to answer the following questions about daily
According to a Yale program on climate change communication survey, 71% of Americans think global warming is happening (American Psychological Association website).a. For a sample of 15 Americans,
Suppose that of those individuals who play video and computer games, 18% are under 18 years old, 53% are 18–59 years old, and 29% are over 59 years old. Use the normal approximation of the binomial
Comcast Corporation is a global telecommunications company headquartered in Philadelphia, PA. Generally known for reliable service, the company periodically experiences unexpected service
In 2017, ABC News reported that 58% of U.S. drivers admit to speeding. Suppose that a new satellite technology can instantly measure the speed of any vehicle on a U.S. road and determine whether the
The success of an airline depends heavily on its ability to provide a pleasant customer experience. One dimension of customer service on which airlines compete is on-time arrival. The file
Battery life is an important issue for many smartphone owners. Public health studies have examined “low-battery anxiety” and acute anxiety called nomophobia that results when a smartphone
According to the 2017 Corporate Travel Index compiled by Business Travel News, the average daily cost for business travel in the United Statesrose to $321 per day (Executive Travel website,
Ball bearing manufacturing is a highly precise business in which minimal part variability is critical. Large variances in the size of the ball bearings cause bearing failure and rapid wearout.