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Understanding Business Statistics 1st edition Stacey Jones, Tim Bergquist, Ned Freed - Solutions
The population of Glover County, Arkansas has increased over the last six years from 21,000 to 54,000. What was the average annual growth rate?
As reported by the UK Civil Aviation Authority, the world’s busiest international airline route is between New York’s JFK Airport and London’s Heathrow. In 1990, the total number of passengers using this route was 2,084,000. In 2010, the number was 2,517,000. Use the geometric mean to
The US Patent and Trademark Office (uspto.gov) reports that in 2011, it granted 224,505 patents for inventions (out of 503,582 applications). In 2000, it granted 157,494 patents for inventions (out of 295,926 applications). Use the geometric mean to determine the average annual growth rate in
Total long-term international immigration to the UK between 2000 and 2010 is shown in the table. Use the geometric mean to determine the average annual growth rate in immigration.Year Total Immigration (000s)2000………………………
The Wall Street Journal reported that the Chinese government is planning to adopt more stringent automobile fuel efficiency standards to keep oil consumption in check. The standards vary depending on the type of vehicle. An SUV is required to get 17 mpg (miles per gallon). Medium weight passenger
Below is a table showing state income tax rates—from lowest to highest. In states with graduated rates, the rate shown is for the top tax bracket.a. Determine the 30th percentile value.b. Determine the 90th percentile value.c. Determine the median value.d. What is the percentile for Colorado’s
If a firm has total sales of $50,000 and a profit of $10,000, its profit-to-sales ratio is 10,000/50,000 = .20. Suppose you want to compute the average profit-to-sales ratio for three firms that make up a particular industry. Firm A has sales of $20,000 and a profit-to-sales ratio of .22. Firm B
Parr-Carson produces a steel alloy product. Each pound of alloy is a mix of three elements: 8 ounces of carbon, 6 ounces of chromium, and 2 ounces of nickel. Raw material cost is as follows: carbon, $2.50 per pound; chromium, $5 per pound; and nickel, $12 per pound. Use a weighted average approach
The table below shows US unemployment rates by educational level for individuals 25 years and older in September 2011Use a weighted average approach to determine the overall unemployment rate (for those 25 years and older) for this month.
In a recent survey of 100 Democrat, 100 Republican and 100 Independent voters registered in Kilmer County, Virginia, 60% of the Democrats, 50% of the Republicans and 70% of the Independents expressed support for scrapping the current federal tax code and writing a new one. Overall there are 25,500
On a hike into the Australian outback, four hikers are carrying 100 lbs. of supplies each, six hikers are carrying 120 lbs. each, and two hikers are carrying 150 lbs. each. What is the average weight of the supplies carried by members of the hiking group?
The numbers below show this year’s Research and Development budgets (in $ millions) for 16 of the country’s largest pharmaceutical companies.a. Use the method described in the chapter to determine the value of the 30th percentile. What % of the values are actually at or below the value you
The numbers below show the growth of jobs in the food service industry (in thousands o jobs) for each of the past 18 months.a. Use the method described in the chapter to determine the value of the 15th percentile. What % of the values are actually at or below the value you selected? What % are
The data below indicate the projected daily oil output levels (in thousands of barrels per day) for the 10 OPEC countries during the next six months:Algeria………………………. 1200Indonesia…………………….
Earnings per share (a measure often used to assess the value of a share of a company’s stock) figures are shown below for Overland Express Company for the last 15 years.a. Determine and interpret the median earnings per share. b. Determine and interpret the 45th percentile for earnings per
In a recent year, visitors to Hawaii spent nearly $11 billion. The table below shows the average daily expenditure per person for visitors from various markets around the world. Market Daily
Below are the results of a quality control test conducted on 18 of the low-end cell phones being sold by United? The numbers show the simulated months of useful life (how long the phones work before failing) for the 18 phones in the test. Determine Q1, Q2, and Q3.
R.D. Bailey just received his test scores for the GMAT (Graduate Management Admission Test) exam that he took in January. Opening the envelope, he fnds:Verbal: 86th percentileMath: 35th percentileInterpret the scores for R.D.
You have just learned that the starting salary you have been offered at firm WXY would put you at the first quartile of starting salaries being offered by all firms in the same industry. Are you pleased? Explain.
The table below shows the percentage of all companies that are minority-owned in 12 regions of the country: Region % Minority-owned Companies1………………………………
The Economic Census shows the following sales (in $billions) for businesses in 20 manufacturing sectorsManufacturing Sector Sales ($billions)Food products………………….. 490.1Tobacco
The table here shows the price that US airlines paid for a gallon of fuel since 1980.a. Identify the 1st, 2nd, and 3rd quartiles, and explain what each indicates.b. Determine the inter-quartile range and explain what it indicates.
The table below shows the percent of the population under 15 years of age for the countries of Southeast Asia.Country % Under 15 YearsBrunei………………… 27Cambodia…………….
Twenty-four colleges in the region were evaluated by an outside accrediting board. Each received an overall rating from 0 to 100. The ratings are shown in the table:a. Show the stem-and-leaf diagram for the ratings.b. Show the ordered stem-and-leaf diagram in which the leaves appear in ascending
A survey of 20 major media markets was done to determine the number of advertising firms headquartered in each. The results of the study are given below:a. Show the stem-and-leaf diagram for the data. b. Show the ordered stem-and-leaf diagram in which the leaves appear in ascending order. c. Show
Show the stem-and-leaf diagram for the airline fuel cost data in Exercise 84. Use as your stems .5, .6, .7, .8, .9 and 1.0.In Exercise 84a. Identify the 1st, 2nd, and 3rd quartiles, and explain what each indicates.b. Determine the inter-quartile range and explain what it indicates.
The table below shows single-unit housing completions, in 1000s of units, in the US for the years indicatedUse 8, 9, 10, 11, 12, 13, 14, 15, and 16 as your stems and a “leaf unit” of 10,000 to produce a stem-and-leaf diagram for the data.
Last year’s percentage increase in value for each of the 15 stocks in your investment portfolio is given below. Determine Q1, Q2, and Q3.
Thirty-five stock analysts were asked to estimate earnings per share for Intel Corporation for the upcoming fiscal year. A summary of survey results is given belowAssume the 1st quartile is $1.10 and the 3rd quartile is $1.36. Draw the box plot for the estimates.
You have just concluded a marketing survey to identify the age distribution of your company’s customers. In all, 500 customers were included in the survey. Results are described below:Draw the box plot for the age data.
The table from Exercise 86 is reproduced below. It shows the ratings (from 0 to 100) given to 24 area colleges by an outside accrediting board.Draw the box plot for the scores.
There is an active debate about the safety of driving a large, heavy sport utility vehicle (SUV) versus driving a smaller, more maneuverable car. Below is a list showing driver deaths and total deaths (total = driver plus others) per million vehicles of various makes and types on the roada. List
According to Chebyshev’s Rule, at leasta. _____ % of the values in a data set will fall within 1.5 standard deviations of the mean.b. _____ % of the values in a data set will fall within 2.5 standard deviations of the mean.c. 80% of the values in a data set will fall within _____ standard
The table below shows the number of entering freshmen at James Seal University who graduated at the top of their high school class for the years 2008 to 2013:a. Chebyshev’s Rule would predict that at least _____% of the values in this data set will fall within plus or minus two standard
Assume that the distribution of hourly wages at Sara Davies, Inc. is bell-shaped, with a mean of $15.50 and a standard deviation of $1.25. What percentage of the wage earners at the company earna. Between $11.75 and $19.25?b. Between $14.25 and $16.75?c. Between $13 and $15.50?
The distribution of service times at the drive-up window of the Kermit Roosevelt Bank is bell shaped, with a mean of 3.5 minutes and a standard deviation of 1.1 minutes. What percentage of service times will be?a. Between 3.5 and 4.6 minutes?b. Between 2.4 and 5.7 minutes?c. More than 6.8 minutes?
For the tourist spending data in Exercise 79, identify any outliers by using theIn Exercise 79 Market Daily ExpenditureUS
For the population data in Exercise 85, identify any outliers by using theIn Exercise 85Country % Under 15 YearsBrunei………………… 27Cambodia…………….
The table from Exercise 4 is shown below. It indicates the performance of six stocks on a particular trading day, together with the exchange on which the stocks are listed.You plan to randomly select a stock. According to the data in the table, are the events “selecting a stock that lost value”
In a survey of 6000 high school girls and 6000 high school boys, students were asked about their attitudes toward marriage. One of the questions asked was, “Is having a ’good marriage and family life’ important to you?” 82.1% of the girls in the survey said it was important. (17.9% said it
In a survey of 3000 high school seniors, 60% indicated that they used alcohol “on a regular basis,” while 40% did not. Forty-fve percent of the students who used alcohol regularly said they had experimented with drugs. Fifteen percent of the students in the survey who did not use alcohol
You plan to sample and test units from a recently assembled order of Bluetooth mobile speakers. How many different samples (combinations) are possible if you plan to samplea. 3 units from an order of 10?b. 4 units from an order of 9?c. 2 units from an order of 12?
Twelve players are waiting on the sidelines to play pick-up basketball at Penwell Gym. Five players are needed to play the winners of the game currently in progress.a. How many different teams (combinations) of size fve could be selected from the group of 12 waiting players?b. Suppose four of the
You intend to study consumer trends in six countries in Europe and Asia. You have narrowed your list of possibilities to a total of 15 countries—10 in Europe and 5 in Asia. From this list, you plan to select your group of six countries.a. How many different subgroups of six countries are
In his “Let’s Make A Deal” game show, host Wayne Brady asks contestants to choose one of three closed doors on the stage. Behind one of the doors is a valuable prize: a car, a Hawaii vacation, etc. Behind the other two doors are prizes of little or no value. Assume that you are the contestant
You are at a party with 29 other people.a. What is the probability that at least two oF the 30 people at the party share the same birthday (day and month)?b. What is the minimum number Of people that would have to be at the party in order to make the probability of at least two people sharing the
You’re the last of 100 passengers waiting in line to board a 100-seat plane to Indianapolis. The first passenger in the line has lost his boarding pass, but is allowed to board nonetheless. He takes a random seat. Each subsequent passenger takes his or her assigned seat if avail-able, or a random
The table from Exercise 5 is shown below. It indicates year-to-year US sales trends for five major auto companies.You plan to randomly select a company. According to the table, are the events €œselecting a company in which the sales trend is up€ and €œselecting a company whose
A friend randomly chooses three different numbers and writes each one on a separate 3 × 5 card. The cards are placed face down on the table in front of you. Your goal is to choose the card with the largest number.The Rules: You start by turning over any card and looking at the number written on
The table below appeared in Exercise 6. It shows the type of business and the gender of the CEO for your firm€™s five major clients:You plan to randomly choose one company from the group. Are the events €œselecting a company with a female CEO€ and €œselecting a tech company€
Which of the following pairs of events would seem to be statistically independent? (Keep in mind that to truly establish independence, we would need to see probabilities.)a. A = being a Mixed Martial Arts fan. B = reading Shakespeare.b. A = Microsoft stock increases $2 per share.B = GE stock
Which of the following event pairs would seem to be statistically independent? (Keep in mind that to truly establish independence, we would need to see probabilities.) a. A = exercising regularlyB = having low blood pressureb. A = playing professional sportsB = making a million dollars.c. A =
You recently interviewed for two different summer accounting jobs. You estimate that the chance of getting an offer for job A is about 60% and the chance of getting an offer for job B is 50%. Assuming that job offers are statistically independent, how likely is it that you are offered both jobs?
The price of Albertson stock increased on 40% of the trading days over the past year. The price of Boeing stock increased on 30% of the trading days. On 60% of the days that the price of Albertson stock increased, the price of Boeing stock increased as well.a. Are the performances of the two stock
A scientific study indicates that if there is an explosive volcanic eruption (Event A) in the tropics, the probability of an El Nino event (Event B) during the following winter increases significantly. (An El Nino event is the periodic warming of sea surface temperatures in the Pacific Ocean near
Antonia and Byron are both due at the office of Ethan-Davies, Inc. for an important business meeting and both are running late. Antonia calls in and says that it’s only 40% likely that she will get to the meeting on time. Byron says his chances are 20%. a. Assuming independence, what’s the
An average of 73 people die each year in the US as the result of being struck by lightning, with Florida recording the highest number of fatalities. The chances of being struck (but not necessarily killed) by lightning are put at approximately 1 in 700,000 (.000001428). Assuming that the strikes
Which of the following pairs of events would seem to be mutually exclusive? (Without more complete information, it may be impossible to make a definite judgment, but use your instincts and make a logical case.) a. A = a Democrat wins the next Presidential election. B = a Republican wins the next
The table below shows results from a survey of 200 people who previewed the new Star Wars movie. You plan to select one person randomly from the survey.For this group,a. Are the events “choosing someone 25 or older” and “choosing someone who rated the movie Excellent” mutually exclusive?
Tor-Eckman Corporation plans a major acquisition in the near future. Analysts estimate a 60% probability that the company will acquire Aldex Industries and a 50% probability that it will acquire the Bennett Company. They agree that there’s a 30% probability that Tor will acquire both. How likely
In nine of the past 16 years, the US economy showed significant gains in worker productivity (Event A). In 11 of those 16 years, there was a relatively low level of inflation (Event B). In 8 of these 16 years both economic events occurred (Event A ¨ B). In what percent-age of the years was there
You plan to buy two stocks: A and B. You estimate that stock A has an 80% chance of increasing in value. You estimate that stock B has a 70% chance of increasing in value. You also estimate that if stock A increases in value, the chance that stock B will increase jumps to 75%. a. What’s the
Four players have made it to the semi-finals of the USTA Tennis Championships. You’ve assigned the following probabilities for each of the players winning the title:a. How likely is it that a European player will win the title?b. How likely is it that the winner will be left-handed?c. How likely
Weekly deliveries from supplier A are late 7% of the time. Weekly deliveries from supplier B are late 3% of the time. Two percent of the time, both deliveries are late. According to these numbersa. If supplier A’s delivery is late, how likely is it that supplier B’s delivery is late as well?b.
Congress is about to vote on two bills: HR 1406 expands the powers of the FCC (Federal Communications Commission); HR 1571 establishes a wildlife reserve in central Utah. Before the vote is taken on either bill, a poll was conducted to assess support. In a poll of 300 representatives, 160 expressed
According to e Marketer, 52% of online adults in the US are Face book users, while 9% are Twitter users. If 8% of online adults in the US are users of both Facebook and Twitter,a. What percent of the Facebook users in this population are Twitter users?b. What percent of Twitter users in this
For the cases listed below, indicate which of the approaches—classical, relative requency, or subjective—you would most likely use to assign probability: a. The probability that you’re new TV will self-destruct one day after the warranty expires. b. The probability of being chosen randomly
Use the complementary events rule to answer the following probability questions: a. If the probability that the stock market falls over the next two months is .4, what is the probability that the market will not fall over this time period? b. If the probability that you will be late for work today
Use the complementary events rule to answer the following probability questions: a. If the probability that the Yankees win the World Series next year is .65, what is the probability that they won’t win? b. If the probability that either Boeing or Airbus (or both) will experience significant
The situation described in Exercise 27 featured the weekly deliveries of two suppliers. Deliveries from supplier A are late 7% of the time. Deliveries from supplier B are late 3% of the time. Two percent of the time both deliveries are late. Use a Venn diagram to answer the following questions:a.
In Exercise 16, the situation was described as follows: The price of Albertson stock increased on 40% of the trading days over the past year. The price of Boeing stock increased on 30% of the trading days. On 60% of the days when the price of Albertson stock increased, the price of Boeing stock
According to the Aeronautics and Space Engineering Board the probability of “catastrophic failure” for solid rocket motors is 1/50. Assuming rocket failures are statistically independent, determine the probability that for two solid rocket motors,a Neither motor will fail.b. At least one will
Aaron Plumbing and Bautista Electrical have both made bids in 50 of the same projects over the years. Aaron was selected for 20 of those projects. Bautista was selected for 15 of the projects, and in 12 of the projects, they both were selected. Use a Venn diagram to answer the following
Ryu Matsuya is looking for two investors to raise capital for a new venture company. Alston Capital is interested and so is Brennan Associates. He believes it is 80% likely that Alston will invest, and if Alston invests, it’s 90% likely that Brennan will also invest. However, if Alston doesn’t
Three new associates have been hired to work at Dewey, Cheatham and Howe, a large law office. The rate of success for new associates at the firm is 80%. Assuming that the performance of each associate is independent of the performance of the others, draw a three-stage probability tree and use it to
Looking around the conference room, you see a total of ten people: six from the New York office and four from the Medford office. You plan to randomly select three people to form a sales committee. Use a probability tree to determine the probability thata. You would end up with all three people
The table here shows six stocks traded on either the New York Stock Exchange (NYSE) or the NASDAQ Exchange. Also shown is an indication of whether the stock gained or lost value by the close of the trading day.You plan to randomly choose one stock from the group. Determine a. The simple probability
You are about to begin a new marketing campaign that you hope will turn out to be a huge success, although there’s a chance that it may only be a modest success, or even a complete bust. You have just submitted a budget request to pay for the campaign. In your estimation, it’s 25% likely that
As Marketing Director at the Hauck Corporation, you try to keep informed about the actions of your main competitor, Campbell Labs. Currently you believe that Campbell may have plans to introduce a significant new product within the next two years. You put the chance of that happening at 30%. You
When a metal stamping machine is working properly (call it Status A1) only 2% of the units it produces are defective. When it slips out of adjustment (call it Status A2) the defective rate jumps to 20% and the machine has to be shut down and adjusted. Each morning you do a visual inspection of the
In Exercise 43, suppose the first two units produced by the machine are defective. Expand your tree diagram to a third stage and use it to revise the probability that the machine is properly adjusted.In Exercise 43When a metal stamping machine is working properly (call it Status A1) only 2% of the
You are handed two coins, Coin S and Coin W. Coin S is a standard coin, with a 50% chance of turning up heads when it’s tossed. Coin W is a weighted coin with an 80% chance of turning up heads when it’s tossed. You choose one of the coins randomly and toss it twice. Draw a three-stage
Refer to Exercise 41. Suppose you learn that Campbell is building a new plant. Use Bayes’ theorem to determine the probability that Campbell plans to introduce the new product. (Let A1 represent the event “Campbell introduces a new product”; let A2 represent the event “Campbell doesn’t
Refer to Exercise 43. Suppose the first unit is defective. Use Bayes’ theorem to determine the probability that the machine is in Status A1.In Exercise 43When a metal stamping machine is working properly (call it Status A1) only 2% of the units it produces are defective. When it slips out of
As a successful sales manager at Ford of Damocles, a large auto dealership in Damocles, Ohio, you believe there’s a 30% chance that you’re going to be promoted this week to Assistant VP (Event A1) and a 70% chance that you won’t (Event A2 ). You also believe that if you are going to be
A questionnaire concerning the effect of a recent advertising campaign was sent out to a sample of 500 consumers. Results of the study are reported in the cross-tabulation table below:Convert the table to a joint probability table and use it to answer the following questions:a. If a consumer is
Below is a table showing the year-to-year US sales trends for five auto companies headquartered in the US and Japan.a. Determine the simple probability of randomly selecting a company whose sales trend was down (Event A). b. Determine the simple probability of selecting a company with a US
A survey of 500 foreign visitors was conducted at New York’s JFK Airport. The cross-tabulation table shows the responses of these visitors when they were asked whether they agreed with the statement, “I have a generally positive view of the US.” Convertthe table to a joint probability table
A study of 1252 consumers was conducted to examine online shopping habits during the winter holiday season. The cross-tabulation table below simulates results from a section of the study that focused on where consumers researched products and where they ended up purchasing the products.a. Convert
In joint probability tables, knowing only a few probabilities will often allow the user to fll in the entire table with minimal effort. The table below shows partial results from a survey of 200 cattle ranchers and dairy farmers. The survey asked, “How concerned are you about the spread of Mad
Samir is selecting stocks for his portfolio. He has 13 candidate stocks from which he intends to select eight. How many different portfolios of eight stocks are possible?
How many distinct poker hands (i.e., combinations of size 5) can be selected from a standard deck of 52 playing cards? (In making the computation, you might want to do the appropriate numerator and denominator “cancellations” so you can avoid having to compute 52!. For example, 52!/47! × 52 ×
In the example we used to introduce combinations, you were choosing four of five friends to ride with you in your car. By computing 5C4 we discovered that there are fve distinct combinations of four friends that you might select. Now consider a slight variation: In how many different ways could you
In Demonstration Exercise 4.16, we determined that there are 210 different subgroups of size six that could be produced from the pool of ten applicants. Suppose the applicant pool is made up of three women and seven men.In Exercise 16The price of Albertson stock increased on 40% of the trading days
Your advertising firm has five major clients. The type of business and the gender of the CEO are listed below:a. Determine the simple probability of randomly selecting a tech company from the list (Event A). b. Determine the simple probability of selecting a company whose CEO is female (Event B).
Refer to Exercise 56. Suppose 9 of the 13 stocks are growth stocks and four are income stocks. In Exercise 56Samir is selecting stocks for his portfolio. He has 13 candidate stocks from which he intends to select eight. How many different portfolios of eight stocks are possible?a. How many of the
Nine frefghting teams are currently available for assignment. Six forest fres are burning out of control in different locations around the state. If only one team will be assigned to each fre, how many differ-ent assignments are possible?
Because of bad weather at the airport, only 5 of 12 scheduled fights will be allowed to take off today, one every half-hour. How many different take-off schedules are possible?
From a bin containing 15 numbered balls, five will be chosen randomly. Each ball has a different number—1 to 15—on it. Anyone who has a ticket with the sequence of numbers—in the order of selection—on the five balls selected will win $10,000.a. How many different results (permutations) are
The local Kia auto dealership intends to prominently display two of Kia’s fve new car models in its show-room. One of the models chosen will be put in the showroom window, the other will be positioned next to the front entrance.a. How many display possibilities are there?b. Suppose you are only
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