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Business Statistics 2nd Edition Robert A. Donnelly - Solutions
Tees R Us is a company that prints T shirts for upcoming major sports events and sells them on their website. The next event on the company’s schedule is the Men’s NCAA Basketball Championship game. A printed T shirt sells for $ 16 and costs Tees R Us $ 10 to produce. After the game, all unsold
Consider the following payoff table and probabilities for the states of nature:a. Choose the best alternative using decision making under risk. b. What is the expected value of perfect information?
Consider the following payoff table and probabilities for the states of nature:a. Choose the best alternative using decision making under risk. b. What is the expected value of perfect information?
Consider the following payoff table and probabilities for the states of nature:a. Choose the best alternative using decision making under risk. b. What is the expected value of perfect information?
Calculate the payoffs for the following decision table using the order sizes and demand levels shown. The selling price per unit is $ 10, and the variable cost per unit is $ 6. Assume there is no leftover value for unsold units.
APC Industries has been growing and having difficulty meeting the demand for its products recently. So, the firm is considering three options to address this issue: It can move to a larger facility, add a second shift, or hire a subcontractor to produce the company€™s products. The annual
Health Care Associates builds and manages office complexes for medical practices. The company is considering building a one, two, or three story complex. The annual payoffs will depend on the occupancy rate of the complex as shown in the following decision table. The payoffs are also shown (in
During the fall of 1972, I was an ambitious college student who was in the market to purchase a snow plow to earn some extra money. My first option was to purchase a 1964 International Scout with a manual snow plow. With this setup, I had to physically maneuver the snow plow in order to angle it to
The business school at Tidewater College needs to replace its copier. The dean is considering three different Canon models€” the 100, 200, and 300 series. The 100 series copier is the least expensive model but will have higher maintenance costs than the other models if it€™s
Jill is the manager at Costco’s bakery. She needs to decide how many birthday cakes to bake each day. Her choices are to bake 10, 20, or 30 cakes today. Each cake sells for $ 16 and costs $ 6 to make. A day old cake can be sold at a reduced price of $ 4. Assume the daily demand for birthday cakes
Consider the following decision tree.a. Identify the missing probabilities. b. Evaluate the decision tree. c. What alternatives should be chosen?
a. Identify the missing probabilities.b. Evaluate the decision tree.c. What alternatives should be chosen?
Consider the following decision tree.a. Identify the missing probabilities. b. Evaluate the decision tree. c. What alternatives should be chosen?
Steve is the director of operations for Diamond Chemical Company. The company is considering whether to launch a new product line, which will require building a new facility. The research required to produce the new product has not been proven to work in a full scale operation. If Steve decides to
Steve is the director of operations for Diamond Chemical Company. The company is considering whether to launch a new product line, which will require building a new facility. The research required to produce the new product has not been proven to work in a full scale operation. If Steve decides to
Using the data from Problem 17.1, calculate the payoffs for the decision table assuming that any unsold units can be sold the following day at a price of $ 8 per unit.Problem 17.1
Your regular tennis partner has made a friendly wager with you. The two of you will play out one point in which you can serve. The loser pays the winner $ 100. If your first serve is not in play, you will get a second serve. If your second serve is not in play, you lose the point. You have two
Delaware National Golf Club went out of business during the recent downturn in the economy (a sad day in the Donnelly household). Susan is a real estate developer who would like to build houses on a portion of it. To do so Susan will need the approval of the county government to change how the land
Delaware National Golf Club went out of business during the recent downturn in the economy (a sad day in the Donnelly household). Susan is a real estate developer who would like to build houses on a portion of it. To do so Susan will need the approval of the county government to change how the land
You are the vice president of a consumer electronics company that needs to determine whether or not to introduce a new product to the market. Either your company can manufacture it or you can subcontract the production to another firm. In either case, there is a 75% probability that your
Using the decision table for this problem, use the following criterion to choose the right order quantity: a. Maximax b. Maximin c. Equally likely d. Minimax regret e. Hurwicz using α = 0.8
Jim has estimated that the probabilities of demand for 200, 400, 600, and 800 boxes of Christmas cards are 0.30, 0.25, 0.35, and 0.10 respectively. a. Choose the best order quantity using this probability data. b. What is the most that Jim should pay for additional information about the holiday
The Shoprite grocery store places orders each week for an entertainment magazine that it stocks on the shelves next to the cashiers. The newsstand price for the magazine is $ 5 and the cost per magazine from the publisher is $ 3. Shoprite can return any unsold magazines at the end of the week for a
The Shoprite grocery store places orders each week for an entertainment magazine that it stocks on the shelves next to the cashiers. The newsstand price for the magazine is $ 5 and the cost per magazine from the publisher is $ 3. Shoprite can return any unsold magazines at the end of the week for a
The Shoprite grocery store places orders each week for an entertainment magazine that it stocks on the shelves next to the cashiers. The newsstand price for the magazine is $ 5 and the cost per magazine from the publisher is $ 3. Shoprite can return any unsold magazines at the end of the week for a
Joyce is the director of manufacturing for Titan Industries, which is considering building a new facility in the Midwest. The demand for the product manufactured in the facility will be either strong or weak. The following decision table summarizes Joyce€™s options and the associated
Using the data from Problem 17.2, calculate the payoffs for the decision table assuming that any unsold units can be sold the following day at a price of $ 2 per unit.Problem 17.2
Joyce is the director of manufacturing for Titan Industries, which is considering building a new facility in the Midwest. The demand for the product manufactured in the facility will be either strong or weak. The following decision table summarizes Joyce€™s options and the associated
Joyce is the director of manufacturing for Titan Industries, which is considering building a new facility in the Midwest. The demand for the product manufactured in the facility will be either strong or weak. The following decision table summarizes Joyce€™s options and the associated
Joyce is the director of manufacturing for Titan Industries, which is considering building a new facility in the Midwest. The demand for the product manufactured in the facility will be either strong or weak. The following decision table summarizes Joyce€™s options and the associated
Flexible spending accounts (FSA) allow employees to set aside a portion of their earnings to be used for approved medical expenses. The major advantage of an FSA is that the funds are not subject to payroll taxes and reduce an employee’s taxable income. For example, if the employee is in a 30%
Flexible spending accounts (FSA) allow employees to set aside a portion of their earnings to be used for approved medical expenses. The major advantage of an FSA is that the funds are not subject to payroll taxes and reduce an employee’s taxable income. For example, if the employee is in a 30%
Spirit Airlines offers one way, nonstop flights from Atlantic City, New Jersey, to Myrtle Beach, South Carolina, for $ 90. Spirit airlines will overbook these flights by selling more tickets than available seats because many flights experience no shows (passengers who book flights but fail to
Spirit Airlines offers one way, nonstop flights from Atlantic City, New Jersey, to Myrtle Beach, South Carolina, for $ 90. Spirit airlines will overbook these flights by selling more tickets than available seats because many flights experience no shows (passengers who book flights but fail to
Texas Oil owns a parcel of land that has the potential for containing much oil, some oil, or no oil underground. The company needs to decide whether or not to drill on this parcel. The payoffs are as follows in millions of dollars:Using the decision table for this problem, choose the best decision
Texas Oil owns a parcel of land that has the potential for containing much oil, some oil, or no oil underground. The company needs to decide whether or not to drill on this parcel. The payoffs are as follows in millions of dollars:Based on historical data from the surrounding area, Texas Oil has
Texas Oil owns a parcel of land that has the potential for containing much oil, some oil, or no oil underground. The company needs to decide whether or not to drill on this parcel. The payoffs are as follows in millions of dollars:Texas Oil can do a geological test that costs $ 100,000 to determine
Karen’s Kayaks is a successful kayak rental company operating in Hilton Head, South Carolina. Karen leases kayaks from a supplier at a cost of $ 12 per day per kayak. She rents kayaks to her customers for $ 30 per day. Karen needs decide whether to lease 30, 40, or 50 kayaks per day, assuming the
Texas Oil owns a parcel of land that has the potential for containing much oil, some oil, or no oil underground. The company needs to decide whether or not to drill on this parcel. The payoffs are as follows in millions of dollars:Texas Oil can do a geological test that costs $ 100,000 to determine
Nick sells live Christmas trees each year beginning in late November. He needs to place an order for the Douglas fir variety in early fall from the tree farm. Nick is deciding whether to order 100, 200, or 300 trees because he expects demand to be 100, 200, or 300 trees for the season. Nick buys
Jill is the manager at a bookstore that sells calendars featuring local photographs. She orders them from a supplier that charges $ 7 per calendar for orders received by November 1. Jill sells these calendars to her customers for $ 12 apiece. Any unsold calendars can be returned to the supplier in
Soccer Outlet sells soccer equipment to both local teams and individual customers. The company need to decide whether to order 100, 200, 300, or 400 pairs of a soccer shoe that has just come on the market. Soccer Outlet will sell these shoes for $ 140 per pair after buying them for $ 100 per pair
Consider the following payoff table:Choose the best alternative using the following criterion: a. Maximax b. Maximin c. Equally likely d. Minimax regret e. Hurwicz using α = 0.6
Consider the following sample data: 6 19 14 5 16 14 10 Using α = 0.05, perform a hypothesis test to determine if the population median from which this sample has been drawn exceeds 10.
To help with its next advertising campaign, Nike would like to know which activity fans prefer: watching professional basketball games (NBA) or watching college basketball games (NCAA). The following data show the preferences of a random sample of sports fans.Using α = 0.05, perform a
Consider the following data from two independent samples:Perform a hypothesis test using α = 0.05 to determine if the population from which Sample B was drawn has a higher median than Sample A€™s population.
Consider the following data from two independent samples:Perform a hypothesis test using α = 0.05 to determine if the population from which Sample B was drawn has a different median than Sample A€™s population.
Consider the following data from two independent samples. These data can also be found in the Excel file Prob1813.xlsx.Perform a hypothesis test using α = 0.05 to determine if the population from which Sample B was drawn has a higher median than Sample A€™s population.
Consider the following data from two independent samples. These data can also be found in the Excel file Prob1814.xlsx.Perform a hypothesis test using α = 0.10 to determine if the population from which Sample B was drawn has a different median than Sample A€™s population.
Suppose the National Foundation for Credit Counseling (NFCC) would like to determine if the median credit card debt for individuals ages 50 years or older exceeds the debt of those younger than 50 years. A random sample from each group was selected, and the credit card debt of each person is as
Michael Smith would like to open a new charter grade school and is considering Berks County or Chester County as possible locations. The annual household incomes in each county are a factor. Michael collected a random sample of household incomes for both counties. They are as follows (in thousands
The following data represent a random sample of annual profit sharing bonuses paid to Ford and GM hourly employees last year. These data can also be found in the Excel file profit sharing.xlsx.Perform a hypothesis test using α = 0.10 to determine if Ford employees received higher
Suppose the U.S. Department of Labor would like to determine if construction workers in the Northeast work more hours per week than construction workers in the Southeast do. A random sample of workers in each region was selected, and the number of hours these people worked was recorded and is as
The following table shows the annual salaries, in thousands of dollars, earned by individuals who graduated with MBAs in 2012 and 2013. These data can also be found in the Excel file graduate salaries.xlsx.Perform a hypothesis test using α = 0.05 to determine if the median salary for
Consider the following sample data: 18 19 29 28 14 19 40 11 Using α = 0.05, perform a hypothesis test to determine if the population median from which this sample has been drawn equals 20.
The following two samples were collected as matched pairs.Perform a hypothesis test using α = 0.05 to determine if the population represented by Sample A has higher values than the population represented by Sample B.
The following two samples were collected as matched pairs.Perform a hypothesis test using α = 0.05 to determine if the population represented by Sample B has lower values than the population represented by Sample A.
The following two samples were collected as matched pairs.Perform a hypothesis test using α = 0.10 to determine if the population represented by Sample A is different than the population represented by Sample B.
The following two samples were collected as matched pairs.Perform a hypothesis test using α = 0.05 to determine if the population represented by Sample A is different than the population represented by Sample B.
According to Harrell Associates, a provider of research for airfare benchmarking, the lowest fares for airline tickets between the United States and Europe occur two months before a flight€™s departure date. To test this claim, a random sample of seven flights to Europe was selected. The
Suppose Hotels.com would like to determine if daily hotel rates in Orlando, Florida, are different on Thanksgiving Day than they are on New Year€™s Day. To test this, a random sample of hotel rooms in Orlando was selected. The room rates were recorded on both days and are as follows.
Deb€™s Creamery is a retail store that serves a variety of ice cream flavors. The owner would like to add a flavor to the menu and needs to decide between Blueberry Cheesecake and Lemon Custard. To help her decide, she randomly selects 10 customers and asks them to taste each flavor and
ESPN would like to determine if the number of hours fantasy football players spend during the week managing their teams has increased since last year. A random sample of players was chosen, and the number of hours they spent managing their teams was recorded during the first week of the 2012
Consider the following data collected from three independent populations. These data can also be found in the Excel file Prob 1828.xlsx.Perform a hypothesis test using α = 0.05 to determine if there is a difference in the populations represented by these samples.
Consider the following data collected from three independent populations. These data can also be found in the Excel file Prob 1829.xlsx.Perform a hypothesis test using α = 0.05 to determine if there is a difference in the populations represented by these samples.
Using α = 0.10, perform a hypothesis test to determine if the population median is less than 25 using the following sample information. Data Value Number of Occurrences Below 25 ........ 36 Equal to 25 ........ 3 Above 25 ........ 15
Consider the following data collected from four independent populations. These data can also be found in the Excel file Prob 1830.xlsx.Perform a hypothesis test using α = 0.05 to determine if there is a difference in the populations represented by these samples.
Suppose Orbitz would like to determine if the median airfares to Orlando, New York, and Los Angeles are different on Christmas Day. Random samples of Christmas Day airfares to these three cities were collected and are as follows. These data can also be found in the Excel file Orbitz. xlsx.Perform a
The following data are the selling prices, in thousands of dollars, of random samples of existing homes in three different regions of the United States. These data can also be found in the Excel file Midwest.xlsx.Perform a hypothesis test using α = 0.05 to determine if there is a
Because of the popularity of National Football League (NFL) games, tickets can be difficult to acquire if you are not a season ticket holder. Many people buy NFL tickets on the secondary market when the owners of season tickets to the games sell them. Suppose the NFL would like to determine if the
Suppose TurboTax, a developer of tax preparation software, would like to determine if the median state tax refund in 2013 differs among various regions of the country. A random sample of taxpayer refunds from Maryland, California, Louisiana, and Ohio were recorded and are as follows. These data can
Consider the following ordered pairs.Calculate the Spearman rank order correlation coefficient.
Perform a hypothesis test with the data from Problem 18.35 to determine if the population rank correlation coefficient is not equal to zero using α = 0.05.From Problem
Consider the following ordered pairs.Calculate the Spearman rank order correlation coefficient.
Using α = 0.05, perform a hypothesis test with the data from Problem 18.35 to determine if the population rank correlation coefficient is less than zero.From Problem
The Human Resource Department at Neumann University would like to examine the relationship between a faculty member€™s performance rating (measured on a scale of 1€“ 20) and his or her annual salary increase. The following table shows these data for eight randomly selected
Using α = 0.10, perform a hypothesis test to determine if the population median is equal to 40 using the following sample information. Data Value Number of Occurrences Below 40 ........ 18 Equal to 40 ........ 2 Above 40 ........ 27
Suppose the Internet retailer Buy. com would like to investigate the relationship between the amount of time in minutes a purchaser spends on its Web site and the amount of money he or she spends on an order. The following table shows the data from a random sample of 12 customers. These data
Suppose the U. S. Environmental Protection Agency (EPA) would like to investigate the relationship between the engine sizes of sedans and the miles per gallon (MPG) they get. The following table shows the engine size in cubic liters and rated miles per gallon for a selection of 2013 sedans. These
Comcast€™s customer service department asks its customers to rate their over the phone service on a scale of 1€“20 immediately after their service has been completed. The company then matches each customer€™s rating with the number of minutes the person waited on hold.
Suppose Consumer Reports would like to investigate the relationship between the battery life (in hours) and the screen size (in diagonal inches) of a laptop computer. The following table shows a random sample of eight laptops and the battery life and corresponding screen size of each. These data
First time home buyers are an important segment of the housing market because this group allows current homeowners to sell their home and purchase another. In 2012, the median age of first time homebuyers was 31 years old. To find out if the housing market is improving, suppose the Federal
As a measure of productivity, Verizon Wireless records the number of customers each of its retail employees activates weekly. An activation is defined as either a new customer signing a cell phone contract or an existing customer renewing a contract. The following table shows the number of weekly
Suppose the Institute for College Access & Success would like to determine if there is a difference in the median amount of student loan debt accrued by 2013 graduates in the states of California, Arizona, Pennsylvania, and Minnesota. A random sample of 2013 students from each state was selected
In an effort to deal with the most recent budget crisis, the federal government has considered limiting the amount of mortgage interest taxpayers can deduct. Suppose the IRS would like to determine if the median mortgage interest deduction per taxpayer exceeded $ 10,000 for 2013. The following
A newborn with serious health issues is often admitted to a neonatal intensive care unit, or NICI, and requires constant care, usually for many weeks. The cost for this treatment is very high and is usually billed to Medicaid. Suppose the personnel who administer Medicaid would like to determine if
Zagat surveys fliers on a 30point scale to gauge their satisfaction with the comfort, service, and food on domestic and international flights. The following average scores for various airlines were collected between September 21 and October 10, 2013. These data can also be found in the Excel file
Customers were asked if they prefer Product A or Product B. The results are as follows. Preference Number of Customers A ............ 28 B ............ 14 No preference ........ 8 Using α = 0.05, perform a hypothesis test to determine if consumers prefer one product to the other.
Pearson Education, a publisher of college textbooks, would like to know if students prefer traditional textbooks or digital textbooks. A random sample of students was asked their preference and the results are shown in the following table.Using α = 0.05, perform a hypothesis test to
According to student loan provider Sallie Mae, the median amount of money borrowed by a student for college during the 2011€“ 2012 academic year was $ 7,874. Suppose Sallie Mae would like to determine if there was an increase in the median amount borrowed for the following academic year.
A regional manager at Acme Markets would like to develop a model to predict the weekly sales of pet food based on the shelf space allotted to the food. The following table shows the results of data collected from nine randomly selected stores. These data can also be found in the Excel file Acme.
Suppose the U.S. Bureau of Economic Analysis would like to determine if the median selling price of new domestic cars is less than the median price of new imported cars. A random sample of both types of cars was collected, and their selling prices, in thousands of dollars, were as follows. These
The following table shows the weight of randomly selected packages shipped by FedEx, UPS, and DHL. These data can also be found in the Excel file package weight. xlsx.Using α = 0.05, perform a hypothesis test to determine if there is a difference in the median package weights shipped
Suppose the Graduate Management Admission Council (GMAC) would like to determine if the median starting salary for MBA students graduating from two year programs is different than the median starting salary for MBA students graduating from one year programs. A random sample of graduating students
Suppose the U. S. Department of Education would like to determine if the median annual tuition for a fou ryear public college equaled $ 8,000 in 2014. A random sample of these colleges was selected and their annual tuitions were as follows. These data can also be found in the Excel file
Suppose I recorded the attendance of my students in a recent statistics class because I wanted to investigate the relationship between the number of classes they missed and their final grades. The following table shows the data for a random sample of nine students. These data can also be found in
As the pace of college football has increased over the years, the number of plays per game appears to have increased. To test this theory, random samples of college football games were selected from the 2006 season as well as the 2012 season. The total number of plays made in each game was counted
The Small Business Administration (SBA) is a government run organization that oversees the microloan program for small businesses. Microloans are small, short term loans that are less than $ 25,000 with less than a six year term. Due to tougher credit guidelines, the SBA is concerned that microloan
H& R Block, a tax preparation company, believes that the median tax refund for 2014 was greater than $ 3,000. To test this belief, the following random sample of 2014 re-funds was collected. These data can also be found in the Excel file H& R Block.xlsx.Using α = 0.05, perform a
The following sample data show, in square feet, the size of newly constructed single homes in 2005 versus 2013. These data can also be found in the Excel file new construction.xlsx.Using α = 0.05, perform a hypothesis test to determine if the median size of a newly built home in 2005
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