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Essentials Of Business Statistics 5th Edition Bruce Bowerman, Richard Connell, Emily Murphree, Burdeane Or - Solutions

Recall from page 121 that 20 randomly selected customers give the following satisfaction ratings ( on a scale of 1 to 10) for a DVD recorder: 1, 3, 5, 5, 7, 8, 8, 8, 8, 8, 8, 9, 9, 9, 9, 9, 10, 10, 10, 10.a. Using the technique discussed on page 119, find the first quartile, median, and third
Thirteen internists in the Midwest are randomly selected, and each internist is asked to report last year’s income. The incomes obtained (in thousands of dollars) are 152, 144, 162, 154, 146, 241, 127, 141, 171, 177, 138, 132, 192. Find:a. The 90th percentile.b. The median.c. The first
Construct a box- and- whiskers display of the following 12 household incomes
Consider the following cases:a. THE e- BILLING CASE PayTime Figure 3.20 gives the MINITAB output of statistics describing the 65 payment times in Table 2.4 on page 42. Construct a graphical display of a five- number summary and a box- and-whiskers display of the payment times.c. Discuss the
Figure 3.21 gives graphical displays of five- number summaries of a large company’s employee salaries for different salary grades, with a comparison of salaries for males and females and a comparison of actual salaries to the prescribed salary ranges for the salary grades. a. What inequities
Discuss what the covariance and the correlation coefficient say about the linear relationship between two variables x and y.
Below we give the average hourly outdoor temperature (x) in a city during a week and the city€™s natural gas consumption (y) during the week for each of eight weeks (the temperature readings are expressed in degrees Fahrenheit and the natural gas consumptions are expressed in millions of cubic
Accu-Copiers, Inc., sells and services the Accu-500 copying machine. As part of its standard service contract, the company agrees to perform routine service on this copier. To obtain information about the time it takes to perform routine service, Accu-Copiers has collected data for 11 service
Calculate the mean, median, and mode for each of the following populations of numbers: a. 17, 23, 19, 20, 25, 18, 22, 15, 21, 20.b. 505, 497, 501, 500, 507, 510, 501
When we compute the mean, variance, and standard deviation using grouped data, the results obtained are approximations of the population (or sample) mean, variance, and standard deviation. Explain why this is true.
The following table gives a summary of the grades received by a student for the first 64 semester hours of university coursework. The table gives the number of semester hours of A, B, C, D, and F earned by the student among the 64 hours. Grade Number of Hours A (that is, 4.00) 18 B (that is, 3.00)
The following frequency distribution summarizes the weights of 195 fish caught by anglers participating in a professional bass fishing tournament.Weight ( Pounds) Frequency1– 3.......... 534– 6.......... 1187– 9.......... 2110– 12.......... 3a Calculate the ( approximate) sample mean for
The following is a frequency distribution summarizing earnings per share (EPS) growth data for the 30 fastest- growing firms as given on Fortune magazine’s website on March 16, 2005.EPS Growth (Percent) Frequency0– 49................ 150– 99................ 17100– 149............. 5150–
The Data and Story Library website ( a website devoted to applications of statistics) gives a histogram of the ages of a sample of 60 CEOs. We present the data in the form of a frequency distribution below.Age (Years) Frequency28– 32............ 133– 37............ 338– 42............ 343–
Recall that Table 1.7 presents the satisfaction ratings for the XYZ- Box game system that have been given by 65 randomly selected purchasers. Figures 3.8 and 3.11(a) give the MINITAB and Excel outputs of statistics describing the 65 satisfaction ratingsIn fig 3.8In fig 3.11(a) a. Find the sample
Suppose that a company’s sales were $ 5,000,000 three years ago. Since that time sales have grown at annual rates of 10 percent, 10 percent, and 25 percent. a. Find the geometric mean growth rate of sales over this three- year period. b. Find the ending value of sales after this three- year
Suppose that a company’s sales were $ 1,000,000 four years ago and are $ 4,000,000 at the end of the four years. Find the geometric mean growth rate of sales.
The following table gives the value of the Dow Jones Industrial Average (DJIA), NASDAQ, and the S& P 500 on the first day of trading for the years 2008 through 2010.a. For each stock index, compute the rate of return from 2008 to 2009 and from 2009 to 2010.b. Calculate the geometric mean rate
Refer to Exercise 3.52. The values of the DJIA on the first day of trading in 2005, 2006, and 2007 were 10,729.43, 10,847.41, and 12,474.52. a Calculate the geometric mean rate of return for the DJIA from 2005 to 2010. b If an investment of $ 100,000 is made in 2005 and the portfolio performs with
In the book Modern Statistical Quality Control and Improvement, Nicholas R. Farnum presents data concerning the elapsed times from the completion of medical lab tests until the results are recorded on patients’ charts. Table 3.8 gives the times it took (in hours) to deliver and chart the results
The Fall 1995 issue of Investment Digest, a publication of The Variable Annuity Life Insurance Company of Houston, Texas, discusses the importance of portfolio diversification for long- term investors. The article states:While it is true that investment experts generally advise long- term investors
Table 3.10 gives data concerning America’s 30 largest private companies of 2010 as rated by Forbes magazine. a. Construct a box- and- whiskers display of the large company revenues. b. Construct a box- and- whiskers display of the large company numbers of employees. c. Interpret the displays
In Florida, real estate agents refer to homes having a swimming pool as pool homes. In this case, Sunshine Pools Inc. markets and installs pools throughout the state of Florida. The company wishes to estimate the percentage of a pool’s cost that can be recouped by a buyer when he or she sells the
Recall that Table 1.8 presents the waiting times for teller service during peak business hours of 100 randomly selected bank customers. Figures 3.9 and 3.11(b) give the MINITAB and Excel out-puts of statistics describing the 100 waiting times. a. Find the sample mean on the outputs. Does the
Consider the trash bag problem. Suppose that an independent laboratory has tested 30- gallon trash bags and has found that none of the 30- gallon bags currently on the market has a mean breaking strength of 50 pounds or more. On the basis of these results, the producer of the new, improved trash
Construct a histogram and a stem- and- leaf display of the teams’ revenues.
Define the following terms: experiment, event, probability, sample space.
Consider a standard deck of 52 playing cards, a randomly selected card from the deck, and the following events: R = red B = black a = ace N = nine D = diamond C = club a Describe the sample space outcomes that correspond to each of these events. b For each of the following pairs of events,
The following contingency table summarizes the number of students at a college who have a Mastercard or a Visa credit card.a. Find the probability that a randomly selected student ( 1) Has a Mastercard. (2) Has a VISA. (3) Has both credit cards.b. Find the probability that a randomly selected
The card game of Euchre employs a deck that consists of all four of each of the aces, kings, queens, jacks, tens, and nines (one of each suit— clubs, diamonds, spades, and hearts). Find the probability that a randomly selected card from a Euchre deck is (1) a jack (J), (2) a spade (S), (3) a jack
Each month a brokerage house studies various companies and rates each company€™s stock as being either €œlow risk€ or €œmoderate to high risk.€ In a recent report, the brokerage house summarized its findings about 15 aerospace companies and 25 food retailers in the following
In the book Essentials of Marketing Research, William R. Dillon, Thomas J. Madden, and Neil H. Firtle present the results of a concept study for a new wine cooler. Three hundred consumers between 21 and 49 years old were randomly selected. After sampling the new beverage, each was asked to rate the
In Exercise 4.14 estimate the probability that a randomly selected 21- to 49- year- old consumer is a 25- to 49- year- old who gives the phrase a rating of 5. In Exercise 4.14 In the book Essentials of Marketing Research, William R. Dillon, Thomas J. Madden, and Neil H. Firtle present the results
The following contingency table summarizes the number of students at a college who have a Mastercard and/ or a Visa credit card.a. Find the proportion of Mastercard holders who have VISA cards. Interpret and write this proportion as a conditional probability. b. Find the proportion of VISA
Each month a brokerage house studies various companies and rates each company€™s stock as being either €œlow risk€ or €œmoderate to high risk.€ In a recent report, the brokerage house summarized its findings about 15 aerospace companies and 25
John and Jane are married. The probability that John watches a certain television show is .4. The probability that Jane watches the show is .5. The probability that John watches the show, given that Jane does, is .7. a. Find the probability that both John and Jane watch the show. b. Find the
In Exercise 4.20, find the probability that either John or Jane watches the show. In Exercise 4.20 John and Jane are married. The probability that John watches a certain television show is .4. The probability that Jane watches the show is .5. The probability that John watches the show, given that
In the July 29, 2001, issue of the Journal News (Hamilton, Ohio), Lynn Elber of the Associated Press reported that “while 40 percent of American families own a television set with a V- chip installed to block designated programs with sex and violence, only 17 percent of those parents use the
According to the Associated Press report, 47 percent of parents who have purchased TV sets after V- chips became standard equipment in January 2000 are aware that their sets have V- chips, and of those who are aware of the option, 36 percent have programmed their V- chips. Using these results, find
Fifteen percent of the employees in a company have managerial positions, and 25 percent of the employees in the company have MBA degrees. Also, 60 percent of the managers have MBA degrees. Using the probability formulas, a. Find the proportion of employees who are managers and have MBA degrees.
In Exercise 4.24, find the proportion of employees who either have MBAs or are managers. In Exercise 4.24 Fifteen percent of the employees in a company have managerial positions, and 25 percent of the employees in the company have MBA degrees. Also, 60 percent of the managers have MBA degrees.
Using the results in Table 4.2 (page 165), estimate the probability that a randomly selected 21- to 49- year- old consumer would: a. Give the phrase a rating of 4 or 5 given that the consumer is male; give the phrase a rating of 4 or 5 given that the consumer is female. Based on these results, is
In a survey of 100 insurance claims, 40 are fire claims (FIRE), 16 of which are fraudulent (FRAUD). Also, there are a total of 40 fraudulent claims.a. Construct a contingency table summarizing the claims data. Use the pairs of events FIRE and, FRAUD and.b. What proportion of the fire claims are
Recall from Exercise 4.3 (page 158) that two randomly selected customers are each asked to take a blind taste test and then to state which of three diet colas ( marked as A, B, or C) he or she prefers. Suppose that cola A’s distributor claims that 80 percent of all people prefer cola A and that
A sprinkler system inside an office building has two types of activation devices, D1 and D2, which operate independently. When there is a fire, if either device operates correctly, the sprinkler system is turned on. In case of fire, the probability that D1 operates correctly is .95, and the
Two randomly selected grocery store patrons are each asked to take a blind taste test and to then state which of three diet colas ( marked as A, B, or C) he or she prefers.a Draw a tree diagram depicting the sample space outcomes for the test results.b List the sample space outcomes that correspond
A product is assembled using 10 different components, each of which must meet specifications for five different quality characteristics. Suppose that there is a .9973 probability that each individual specification will be met. Assuming that all 50 specifications are met independently, find the
In Exercise 4.30, suppose that we wish to have a 99.73 percent chance that all 50 specifications will be met. If each specification will have the same chance of being met, how large must we make the probability of meeting each individual specification?
Suppose that 65 percent of a discount chain’s employees are women and 33 percent of the discount chain’s employees having a management position are women. If 25 percent of the discount chain’s employees have a management position, what percentage of the discount chain’s female employees
In a murder trial in Los Angeles, the prosecution claims that the defendant was cut on the left middle finger at the murder scene, but the defendant claims the cut occurred in Chicago, the day after the murders had been committed. Because the defendant is a sports celebrity, many people noticed him
Suppose that A 1 , A2 , and B are events where A1 and A2 are mutually exclusive and P(A1 ) =.8 P( B A1 )= .1 P( A2 ) =.2 P( B A2 )= .3Use this information to find P (A1 B) and P (A2 B).
Suppose that A1, A2 , A3 , and B are events where A1 , A2 , and A3 are mutually exclusive and P (A1) =.2 P (A2) =.5 P (A3) = .3 P (B A1) = .02 P (B A2) =.05 P( B A3 )=.04 Use this information to find P (A1 B), P (A2 B) and P( A3 B).
Again consider the diagnostic test for HIV discussed in Example 4.13 (page 173) and recall that P (POS HIV) .999 and P ( POS ) .01, where POS denotes a positive test result. Assuming that the percentage of people who have HIV is 1 percent, recalculate the probability that a randomly selected person
A department store is considering a new credit policy to try to reduce the number of customers de-faulting on payments. A suggestion is made to discontinue credit to any customer who has been one week or more late with his/ her payment at least twice. Past records show 95 percent of defaults were
Suppose that a couple will have three children. Letting B denote a boy and G denote a girl:a. Draw a tree diagram depicting the sample space outcomes for this experiment.b. List the sample space outcomes that correspond to each of the following events: ( 1) All three children will have the same
A company administers an “aptitude test for managers” to aid in selecting new management trainees. Prior experience suggests that 60 percent of all applicants for management trainee positions would be successful if they were hired. Furthermore, past experience with the aptitude test indicates
Recall that the prior probabilities of no oil (none), some oil (some), and much oil (much) are: P(none) =.7 P( some) =.2 P( much) =.1 Of 100 past sites that were drilled and produced no oil, 5 gave a medium reading. Of the 400 past sites that were drilled and produced some oil, 376 gave a medium
The oil drilling Case of 100 past sites that were drilled and produced no oil, 91 gave a low reading. Of the 400 past sites that were drilled and produced some oil, 16 gave a low reading. Of the 300 past sites that were drilled and produced much oil, 3 gave a low reading. Calculate the posterior
Three data entry specialists enter requisitions into a computer. Specialist 1 processes 30 percent of the requisitions, specialist 2 processes 45 percent, and specialist 3 processes 25 percent. The pro-portions of incorrectly entered requisitions by data entry specialists 1, 2, and 3 are .03, .05,
A truth serum given to a suspect is known to be 90 percent reliable when the person is guilty and 99 percent reliable when the person is innocent. In other words, 10 percent of the guilty are judged innocent by the serum and 1 percent of the innocent are judged guilty. If the suspect was selected
Construct a tree diagram (like Figure 4.6) for the situation described in Exercise 4.48.
Four people will enter an automobile showroom, and each will either purchase a car ( P) or not purchase a car ( N).a Draw a tree diagram depicting the sample space of all possible purchase decisions that could potentially be made by the four people. b List the sample space outcomes that correspond
Construct a tree diagram showing all possible combined movements for both stocks on a particular day (for instance, RR, RD, and so on, where the first letter denotes the movement of the first stock, and the second letter denotes the movement of the second stock).Base on The following situation: An
If all outcomes are equally likely, find the probability that both stocks rise; that both stocks decline; that exactly one stock declines. Base on The following situation: An investor holds two stocks, each of which can rise (R), remain unchanged (U), or decline (D) on any particular day.
Find the probabilities you found in Exercise 4.55 by assuming that for each stock P(R) =.6, P (U) =.1, and P (D) = .3, and assuming that the two stocks move independently. Base on The following situation: An investor holds two stocks, each of which can rise (R), remain unchanged (U), or decline
Assume that for the first stock (on a particular day) P(R)= .4, P(U)= .2, P( D) =.4 and that for the second stock ( on a particular day) P(R) =.8, P(U) =.1, P(D) =.1 Assuming that these stocks move independently, find the probability that both stocks decline; the probability that exactly one
The U. S. Census Bureau compiles data on family income and summarizes its findings in Current Population Reports. The table below is a frequency distribution of the annual incomes for a random sample of U. S. families. Find an estimate of the probability that a randomly selected U. S. family has an
Repeat Exercises 4.58 through 4.61 for a randomly selected male aged 16 to 24. In general, do the tables imply that labor force status and employment status depend upon educational attainment? Explain your answer.
Let A, B, C, D, and E be sample space outcomes forming a sample space. Suppose that P( A) .2, P( B) .15, P( C) .3, and P( D) .2. What is P( E)? Explain how you got your answer.
Enterprise Industries has been running a television advertisement for Fresh liquid laundry detergent. When a survey was conducted, 21 percent of the individuals surveyed had purchased Fresh, 41 percent of the individuals surveyed had recalled seeing the advertisement, and 13 percent of the
A company employs 400 salespeople. Of these, 83 received a bonus last year, 100 attended a special sales training program at the beginning of last year, and 42 both attended the special sales training program and received a bonus. a. What proportion of the 400 salespeople received a bonus last
On any given day, the probability that the Ohio River at Cincinnati is polluted by a carbon tetrachloride spill is. 10. Each day, a test is conducted to determine whether the river is polluted by carbon tetrachloride. This test has proved correct 80 percent of the time. Suppose that on a particular
An Introduction to Decision Analysis, Robert T. Clemen presents an example in which he discusses the 1982 John Hinckley trial. In describing the case, Clemen says: In 1982 John Hinckley was on trial, accused of having attempted to kill President Reagan. During Hinckley’s trial, Dr. Daniel R.
Below we give two contingency tables of data from reports submitted by airlines to the U. S. Department of Transportation. The data concern the numbers of on- time and delayed flights for Alaska Airlines and AmericaWest Airlines at five major airports.a. What percentage of all Alaska Airlines
What is the age, gender, and ethnic composition of U. S. college students? As background for its 1995 study of college students and their risk behaviors, the Centers for Disease Control and Prevention collected selected demographic data€” age, gender, and ethnicity€” about
Explain what it means for two events to be mutually exclusive; for N events.
Use your answers to Exercises 5.8 and 5.9 to calculate the probabilities that x will lie in the intervals ,[μx ± σx] [μx ± σ2x] and [μx ± 3σx]
The following table summarizes investment outcomes and corresponding probabilities for a particular oil well:X= the outcome in $ p(x)-$ 40,000 (no oil)........... .2510,000 (some oil) ........... .770,000 (much oil) ........... .05a. Graph p( x); that is, graph the probability distribution of x.b.
In the book Foundations of Financial Management ( 7th ed.), Stanley B. Block and Geoffrey A. Hirt discuss risk measurement for investments. Block and Hirt present an investment with the possible outcomes and associated probabilities given in Table 5.2. The authors go on to say that the
An insurance company will insure a $ 50,000 diamond for its full value against theft at a premium of $ 400 per year. Suppose that the probability that the diamond will be stolen is .005, and let x denote the insurance company’s profit.a. Set up the probability distribution of the random variable
In the book Foundations of Financial Management ( 7th ed.), Stanley B. Block and Geoffrey A. Hirt discuss a semiconductor firm that is considering two choices: ( 1) expanding the production of semiconductors for sale to end users or ( 2) entering the highly competitive home computer market. The
Five thousand raffle tickets are to be sold at $ 10 each to benefit a local community group. The prizes, the number of each prize to be given away, and the dollar value of winnings for each prize are as follows:If you buy one ticket, calculate your expected winnings. (Form the probability
A survey conducted by a song rating service finds that the percentages of listeners familiar with Poker Face by Lady Gaga who would give the song ratings of 5, 4, 3, 2, and 1 are, respectively, 43 percent, 21 percent, 22 percent, 7 percent, and 7 percent. Assign the numerical values 1, 2, 3, 4, and
In Exercise 5.16, a. Find the expected value of the estimated probability distribution. b. Interpret the meaning of this expected value in terms of all possible Poker Face listeners.
Explain how the values of a discrete random variable differ from the values of a continuous random variable.
Suppose that x is a binomial random variable with n = 5, p = .3 and q = .7.a. Write the binomial formula for this situation and list the possible values of x.b. For each value of x, calculate p(x), and graph the binomial distribution.c. Find . p(x – 3).d. Find . p(x ≤ 3).e. Find . p(x <
Thirty percent of all customers who enter a store will make a purchase. Suppose that six customers enter the store and that these customers make independent purchase decisions.a. Let x the number of the six customers who will make a purchase. Write the binomial formula for this situation.b. Use the
The customer service department for a wholesale electronics outlet claims that 90 percent of all customer complaints are resolved to the satisfaction of the customer. In order to test this claim, a random sample of 15 customers who have filed complaints is selected.a. Let x = the number of sampled
The United States Golf Association requires that the weight of a golf ball must not exceed 1.62 oz. The association periodically checks golf balls sold in the United States by sampling specific brands stocked by pro shops. Suppose that a manufacturer claims that no more than 1 percent of its brand
An industry representative claims that 50 percent of all satellite dish owners subscribe to at least one premium movie channel. In an attempt to justify this claim, the representative will poll a randomly selected sample of dish owners. a. Suppose that the representative’s claim is true, and
For each of the following, calculate μx σ2 and σx by using the formulas given in this section. Then (1) interpret the meaning of, and ( 2) find the probability that x falls in the interval [μx ( 2σx]a. The situation of Exercise 5.22, where the number of the six customers who will make a
What do the possible values of a Poisson random variable x represent?
Explain the assumptions that must be satisfied when a Poisson distribution adequately describes a random variable x.
Classify each of the following random variables as discrete or continuous: a. x= the number of girls born to a couple who will have three children. b. x =the number of defects found on an automobile at final inspection. c. x =the weight ( in ounces) of the sandwich meat placed on a submarine
Suppose that x has a Poisson distribution with.a. Write the Poisson formula and describe the possible values of x.b. Starting with the smallest possible value of x, calculate p( x) for each value of x until p( x) becomes smaller than .001.c. Graph the Poisson distribution using your results of b.d.
Suppose that x has a Poisson distribution with.a. Use the formulas given in this section to compute the mean, variance, and standard deviation, [µ ( 2σx] and [µx ( 3 σx]b. Calculate the intervals and. Then use the probabilities you calculated in Exercise 5.30 to find the probability that x will
A bank manager wishes to provide prompt service for customers at the bank’s drive- up window. The bank currently can serve up to 10 customers per 15- minute period without significant delay. The average arrival rate is 7 customers per 15- minute period. Let x denote the number of customers
A telephone company’s goal is to have no more than five monthly line failures on any 100 miles of line. The company currently experiences an average of two monthly line failures per 50 miles of line. Let x denote the number of monthly line failures per 100 miles of line. Assuming x has a Poisson
A local law enforcement agency claims that the number of times that a patrol car passes through a particular neighborhood follows a Poisson process with a mean of three times per nightly shift. Let x denote the number of times that a patrol car passes through the neighborhood during a nightly
When the number of trials, n, is large, binomial probability tables may not be available. Furthermore, if a computer is not available, hand calculations will be tedious. As an alternative, the Poisson distribution can be used to approximate the binomial distribution when n is large and p is small.

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