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Statistics For Business And Economics 11th Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams - Solutions

The Dow Jones Travel Index reported what business travelers pay for hotel rooms per night in major U.S. cities (The Wall Street Journal, January 16, 2004). The average hotel room rates for 20 cities are as follows:a. What is the mean hotel room rate?b. What is the median hotel room rate?c. What is
The cost of consumer purchases such as single-family housing, gasoline, Internet services, tax preparation, and hospitalization were provided in The Wall-Street Journal (January 2, 2007). Sample data typical of the cost of tax-return preparation by services such as H&R Block are shown below.a.
The National Association of Realtors provided data showing that home sales were the slowest in 10 years (Associated Press, December 24, 2008). Sample data with representative sales prices for existing homes and new homes follow. Data are in thousands of dollars:a. What is the median sales price for
Consider the experiment of selecting a playing card from a deck of 52 playing cards. Each card corresponds to a sample point with a 1/52 probability. a. List the sample points in the event an ace is selected. b. List the sample points in the event a club is selected. c. List the sample points in
Refer to the KP&L sample points and sample point probabilities in Tables 4.2 and 4.3.a. The design stage (stage 1) will run over budget if it takes 4 months to complete. List the sample points in the event the design stage is over budget.b. What is the probability that the design stage is over
To investigate how often families eat at home, Harris Interactive surveyed 496 adults living with children under the age of 18 (USA Today, January 3, 2007). The survey results are shown in the following table.For a randomly selected family with children under the age of 18, compute the following.a.
The National Sporting Goods Association conducted a survey of persons 7 years of age or older about participation in sports activities (Statistical Abstract of the United States, 2002). The total population in this age group was reported at 248.5 million, with 120.9 million male and 127.6 million
How many ways can three items be selected from a group of six items? Use the letters A, B, C, D, E, and F to identify the items, and list each of the different combinations of three items.
The U.S. adult population by age is as follows (The World Almanac, 2009). The data are in millions of people.Age Number18 to 24 ........29.825 to 34 ........40.035 to 44 ........43.445 to 54 ........43.955 to 64 ........32.765 and over ......37.8Assume that a person will be randomly chosen
The U.S. Census Bureau provides data on the number of young adults, ages 18–24, who are living in their parents’ home.1 Let M = the event a male young adult is living in his parents’ home F = the event a female young adult is living in her parents’ home If we randomly select a male young
What NCAA college basketball conferences have the higher probability of having a team play in college basketball's national championship game? Over the last 20 years, the Atlantic Coast Conference (ACC) ranks first by having a team in the championship game 10 times. The Southeastern Conference
A survey of magazine subscribers showed that 45.8% rented a car during the past 12 months for business reasons, 54% rented a car during the past 12 months for personal reasons, and 30% rented a car during the past 12 months for both business and personal reasons. a. What is the probability that a
Suppose that we have two events, A and B, with P(A) = .50, P(B) = .60, and P(A∩B) = .40. a. Find P(A | B). b. Find P(B | A). c. Are A and B independent? Why or why not?
In a survey of MBA students, the following data were obtained on €œstudents€™ first reason test for application to the school in which they matriculated.€a. Develop a joint probability table for these data.b. Use the marginal probabilities of school quality, school cost or convenience,
The U.S. Department of Transportation reported that during November, 83.4% of Southwest Airlines' flights, 75.1% of US Airways' flights, and 70.1% of JetBlue's flights arrived on time (USA Today, January 4, 2007). Assume that this on-time performance is applicable for flights arriving at concourse
According to the A meriprise Financial Money Across Generations study, 9 out of 10 parents with adult children ages 20 to 35 have helped their adult children with some type of financial assistance ranging from college, a car, rent, utilities, credit-card debt, and/or down payments for houses
Jerry Stackhouse of the National Basketball Association's Dallas Mavericks is the best free-throw shooter on the team, making 89% of his shots (ESPN website, July, 2008). Assume that late in a basketball game, Jerry Stackhouse is fouled and is awarded two shots. a. What is the probability that he
Visa Card USA studied how frequently young consumers, ages 18 to 24, use plastic (debit and credit) cards in making purchases (Associated Press, January 16, 2006). The results of the study provided the following probabilities.• The probability that a consumer uses a plastic card when making a
A Morgan Stanley Consumer Research Survey sampled men and women and asked each whether they preferred to drink plain bottled water or a sports drink such as Gatorade or Propel Fitness water (The Atlanta Journal-Constitution, December 28, 2005). Suppose 200 men and 200 women participated in the
A local bank reviewed its credit card policy with the intention of recalling some of its credit cards. In the past approximately 5% of cardholders defaulted, leaving the bank unable to collect the outstanding balance. Hence, management established a prior probability of .05 that any particular
The American Council of Education reported that 47% of college freshmen earn a degree and graduate within five years (Associated Press, May 6, 2002). Assume that graduation records show women make up 50% of the students who graduated within five years, but only 45% of the students who did not
In an article about investment alternatives, Money magazine reported that drug stocks provide a potential for long-term growth, with over 50% of the adult population of the United States taking prescription drugs on a regular basis. For adults age 65 and older, 82% take prescription drugs
The Wall Street Journal/Harris Personal Finance poll asked 2082 adults if they owned a home (All Business website, January 23, 2008). A total of 1249 survey respondents answered Yes. Of the 450 respondents in the 18-34 age group, 117 responded Yes. a. What is the probability that a respondent to
In early 2003, President Bush proposed eliminating the taxation of dividends to shareholders on the grounds that it was double taxation. Corporations pay taxes on the earnings that are later paid out in dividends. In a poll of 671 Americans, TechnoMetrica Market Intelligence found that 47% favored
An IBD/TIPP poll conducted to learn about attitudes toward investment and retirement (Investor's Business Daily, May 5, 2000) asked male and female respondents how important they felt level of risk was in choosing a retirement investment. The following joint probability table was constructed from
A survey showed that 8% of Internet users age 18 and older report keeping a blog. Referring to the 18-29 age group as young adults, the survey showed that for bloggers 54% are young adults and for nonbloggers 24% are young adults (Pew Internet & American Life Project, July 19, 2006).a. Develop
An experiment with three outcomes has been repeated 50 times, and it was learned that E1 occurred 20 times, E2 occurred 13 times, and E3 occurred 17 times. Assign probabilities to the outcomes. What method did you use?
Simple random sampling uses a sample of size n from a population of size N to obtain data that can be used to make inferences about the characteristics of a population. Suppose that, from a population of 50 bank accounts, we want to take a random sample of four accounts in order to learn about the
Consider the experiment of tossing a coin twice. a. List the experimental outcomes. b. Define a random variable that represents the number of heads occurring on the two tosses. c. Show what value the random variable would assume for each of the experimental outcomes. d. Is this random variable
The percent frequency distributions of job satisfaction scores for a sample of information systems (IS) senior executives and middle managers are as follows. The scores range from a low of 1 (very dissatisfied) to a high of 5 (very satisfied).a. Develop a probability distribution for the job
The two largest cable providers are Comcast Cable Communications, with 21.5 million subscribers, and Time Warner Cable, with 11.0 million subscribers (The New York Times Almanac, 2007). Suppose that the management of Time Warner Cable subjectively assesses a probability distribution for the number
The number of students taking the Scholastic Aptitude Test (SAT) has risen to an all-time high of more than 1.5 million (College Board, August 26, 2008). Students are allowed to repeat the test in hopes of improving the score that is sent to college and university admission offices. The number of
Consider the experiment of a worker assembling a product. a. Define a random variable that represents the time in minutes required to assemble the product. b. What values may the random variable assume? c. Is the random variable discrete or continuous?
The New York City Housing and Vacancy Survey showed a total of 59,324 rent-controlled housing units and 236,263 rent-stabilized units built in 1947 or later. For these rental units, the probability distributions for the number of persons living in the unit are given (U.S. Census Bureau website,
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 σ.
In San Francisco, 30% of workers take public transportation daily (USA Today, December 21, 2005). a. In a sample of 10 workers, what is the probability that exactly three workers take public transportation daily? b. In a sample of 10 workers, what is the probability that at least three workers take
Three students scheduled interviews for summer employment at the Brookwood Institute. In each case the interview results in either an offer for a position or no offer. Experimental outcomes are defined in terms of the results of the three interviews. a. List the experimental outcomes. b. Define a
Nine percent of undergraduate students carry credit card balances greater than $7000 (Reader's Digest, July 2002). Suppose 10 undergraduate students are selected randomly to be interviewed about credit card usage.a. Is the selection of 10 students a binomial experiment? Explain.b. What is the
Fifty percent of Americans believed the country was in a recession, even though technically the economy had not shown two straight quarters of negative growth (BusinessWeek, July 30, 2001). For a sample of 20 Americans, make the following calculations.a. Compute the probability that exactly 12
The Census Bureau's Current Population Survey shows 28% of individuals, ages 25 and older, have completed four years of college (The New York Times Almanac, 2006). For a sample of 15 individuals, ages 25 and older, answer the following questions: a. What is the probability four will have completed
According to a survey conducted by TD Ameritrade, one out of four investors have exchange-traded funds in their portfolios (USA Today, January 11, 2007). Consider a sample of 20 investors.a. Compute the probability that exactly 4 investors have exchange-traded funds in their portfolios.b. Compute
Consider a Poisson distribution with a mean of two occurrences per time period.a. Write the appropriate Poisson probability function.b. What is the expected number of occurrences in three time periods?c. Write the appropriate Poisson probability function to determine the probability of x
An average of 15 aircraft accidents occur each year (The World Almanac and Book of Facts, 2004).a. Compute the mean number of aircraft accidents per month.b. Compute the probability of no accidents during a month.c. Compute the probability of exactly one accident during a month.d. Compute the
Suppose N = 15 and r = 4. What is the probability of x = 3 for n = 10?
Axline Computers manufactures personal computers at two plants, one in Texas and the other in Hawaii. The Texas plant has 40 employees; the Hawaii plant has 20. A random sample of 10 employees is to be asked to fill out a benefits questionnaire.a. What is the probability that none of the employees
The Barron's Big Money Poll asked 131 investment managers across the United States about their short-term investment outlook (Barron's, October 28, 2002). Their responses showed 4% were very bullish, 39% were bullish, 29% were neutral, 21% were bearish, and 7% were very bearish. Let x be the random
The American Association of Individual Investors publishes an annual guide to the top mutual funds (The Individual Investor's Guide to the Top Mutual Funds, 22e, American Association of Individual Investors, 2003). The total risk ratings for 29 categories of mutual funds are as follows.
Apolitical action group is planning to interview home owners to assess the impact caused by a recent slump in housing prices. According to a Wall Street Journal/Harris Interactive Personal Finance poll, 26% of individuals aged 18-34, 50% of individuals aged 35-44, and 88% of individuals aged 55 and
Listed is a series of experiments and associated random variables. In each case, identify the values that the random variable can assume and state whether the random variable is discrete or continuous.
A poll conducted by Zogby International showed that of those Americans who said music plays a "very important" role in their lives, 30% said their local radio stations "always" play the kind of music they like (Zogby website, January 12, 2004). Suppose a sample of 800 people who say music plays an
Through the week ending September 16, 2001, Tiger Woods was the leading money winner on the PGA Tour, with total earnings of $5,517,777. Of the top 10 money winners, seven players used a Titleist brand golf ball (PGA Tour website). Suppose that we randomly select two of the top 10 money winners. a.
The probability distribution for the random variable x follows.x f(x)20 ..........2025 ..........1530 ..........2535 ..........40a. Is this probability distribution valid? Explain.b. What is the probability that x = 30?c. What is the probability that x is less than or equal to 25?d. What is the
The following data were collected by counting the number of operating rooms in use at Tampa General Hospital over a 20-day period: On three of the days only one operating room was used, on five of the days two were used, on eight of the days three were used, and on four days all four of the
Nationally, 38% of fourth-graders cannot read an age-appropriate book. The following data show the number of children, by age, identified as learning disabled under special education. Most of these children have reading problems that should be identified and corrected before third grade. Current
For borrowers with good credit scores, the mean debt for revolving and installment accounts is $15,015 (BusinessWeek, March 20, 2006). Assume the standard deviation is$3540 and that debt amounts are normally distributed.a. What is the probability that the debt for a borrower with good credit is
In January 2003, the American worker spent an average of 77 hours logged on to the Internet while at work (CNBC, March 15, 2003). Assume the population mean is 77 hours, the times are normally distributed, and that the standard deviation is 20 hours.a. What is the probability that in January 2003 a
The mean hourly pay rate for financial managers in the East North Central region is $32.62, and the standard deviation is $2.32 (Bureau of Labor Statistics, September 2005). Assume that pay rates are normally distributed.a. What is the probability a financial manager earns between $30 and $35 per
Trading volume on the New York Stock Exchange is heaviest during the first half hour (early morning) and last half hour (late afternoon) of the trading day. The early morning trading volumes (millions of shares) for 13 days in January and February are shown here (Barron's, January 23, 2006;
According to the Sleep Foundation, the average night's sleep is 6.8 hours (Fortune, March 20, 2006). Assume the standard deviation is .6 hours and that the probability distribution is normal.a. What is the probability that a randomly selected person sleeps more than 8 hours?b. What is the
A binomial probability distribution has p = .20 and n = 100.a. What are the mean and standard deviation?b. Is this situation one in which binomial probabilities can be approximated by the normal probability distribution? Explain.c. What is the probability of exactly 24 successes?d. What is the
Although studies continue to show smoking leads to significant health problems, 20% of adults in the United States smoke. Consider a group of 250 adults.a. What is the expected number of adults who smoke?b. What is the probability that fewer than 40 smoke?c. What is the probability that from 55 to
When you sign up for a credit card, do you read the contract carefully? In a FindLaw.com survey, individuals were asked, "How closely do you read a contract for a credit card?" (USA Today, October 16, 2003). The findings were that 44% read every word, 33% read enough to understand the contract, 11%
A Myrtle Beach resort hotel has 120 rooms. In the spring months, hotel room occupancy is approximately 75%.a. What is the probability that at least half of the rooms are occupied on a given day?b. What is the probability that 100 or more rooms are occupied on a given day?c. What is the probability
The time required to pass through security screening at the airport can be annoying to travelers. The mean wait time during peak periods at Cincinnati/Northern Kentucky International Airport is 12.1 minutes (The Cincinnati Enquirer, February 2, 2006). Assume the time to pass through security
Do interruptions while you are working reduce your productivity? According to a University of California-Irvine study, businesspeople are interrupted at the rate of approximately 5 ½ times per hour (Fortune, March 20, 2006). Suppose the number of interruptions follows a Poisson probability
The average annual amount American households spend for daily transportation is $6312 (Money, August 2001). Assume that the amount spent is normally distributed.a. Suppose you learn that 5% of American households spend less than $1000 for daily transportation. What is the standard deviation of the
Condé Nast Traveler publishes a Gold List of the top hotels all over the world. The Broadmoor Hotel in Colorado Springs contains 700 rooms and is on the 2004 Gold List (Condé Nast Traveler, January 2004). Suppose Broadmoor's marketing group forecasts a mean demand of 670 rooms for the coming
Condé Nast Traveler publishes a Gold List of the top hotels all over the world. The Broadmoor Hotel in Colorado Springs contains 700 rooms and is on the 2004 Gold List (Condé Nast Traveler, January 2004). Suppose Broadmoor's marketing group forecasts a mean demand of 670 rooms for the coming
Is lack of sleep causing traffic fatalities? A study conducted under the auspices of the National Highway Traffic Safety Administration found that the average number of fatal crashes caused by drowsy drivers each year was 1550 (BusinessWeek, January 26, 2004). Assume the annual number of fatal
The driving distance for the top 100 golfers on the PGA tour is between 284.7 and 310.6 yards (Golfweek, March 29, 2003). Assume that the driving distance for these golfers is uniformly distributed over this interval.a. Give a mathematical expression for the probability density function of driving
The time in minutes for which a student uses a computer terminal at the computer center of a major university follows an exponential probability distribution with a mean of 36 minutes. Assume a student arrives at the terminal just as another student is beginning to work on the terminal.a. What is
On average, 30-minute television sitcoms have 22 minutes of programming (CNBC, February 23, 2006). Assume that the probability distribution for minutes of programming can be approximated by a uniform distribution from 18 minutes to 26 minutes.a. What is the probability a sitcom will have 25 or more
Using Figure 6.4 as a guide, sketch a normal curve for a random variable x that has a mean of μ = 100 and a standard deviation of σ = 10. Label the horizontal axis with values of 70, 80, 90, 100, 110, 120, and 130.
Consider a finite population with five elements labeled A, B, C, D, and E. Ten possible simple random samples of size 2 can be selected. a. List the 10 samples beginning with AB, AC, and so on. b. Using simple random sampling, what is the probability that each sample of size 2 is selected? c.
The following data are from a simple random sample.5 8 10 7 10 14a. What is the point estimate of the population mean?b. What is the point estimate of the population standard deviation?
A simple random sample of 5 months of sales data provided the following information:a. Develop a point estimate of the population mean number of units sold per month. b. Develop a point estimate of the population standard deviation.
BusinessWeek published information on 283 equity mutual funds (BusinessWeek, January 26, 2004). A sample of 40 of those funds is contained in the data set Mutual Fund. Use the data set to answer the following questions. a. Develop a point estimate of the proportion of the BusinessWeek equity funds
Many drugs used to treat cancer are expensive. BusinessWeek reported on the cost per treatment of Herceptin, a drug used to treat breast cancer (BusinessWeek, January 30, 2006). Typical treatment costs (in dollars) for Herceptin are provided by a simple random sample of 10 patients.a. Develop a
A sample of 50 Fortune 500 companies (Fortune, April 14, 2003) showed 5 were based in New York, 6 in California, 2 in Minnesota, and 1 in Wisconsin.a. Develop an estimate of the proportion of Fortune 500 companies based in New York.b. Develop an estimate of the number of Fortune 500 companies based
The American Association of Individual Investors (AAII) polls its subscribers on a weekly basis to determine the number who are bullish, bearish, or neutral on the short-term prospects for the stock market. Their findings for the week ending March 2, 2006, are consistent with the following sample
A population has a mean of 200 and a standard deviation of 50.Asimple random sample of size 100 will be taken and the sample mean will be used to estimate the population mean.a. What is the expected value of x-bar?b. What is the standard deviation of x-bar?c. Show the sampling distribution of
A population has a mean of 200 and a standard deviation of 50. Suppose a simple random sample of size 100 is selected and is used to estimate μ.a. What is the probability that the sample mean will be within 5 of the population mean?b. What is the probability that the sample mean will be
In the EAI sampling problem (see Figure 7.5), we showed that for n = 30, there was .5034 probability of obtaining a sample mean within ± $500 of the population mean.a. What is the probability that is within $500 of the population mean if a sample of size 60 is used?b. Answer part (a) for a sample
The mean annual cost of automobile insurance is $939 (CNBC, February 23, 2006).Assume that the standard deviation is σ = $245.a. What is the probability that a simple random sample of automobile insurance policies will have a sample mean within $25 of the population mean for each of the following
BusinessWeek conducted a survey of graduates from 30 top MBA programs (BusinessWeek, September 22, 2003). On the basis of the survey, assume that the mean annual salary for male and female graduates 10 years after graduation is $168,000 and $117,000, respectively.Assume the standard deviation for
The average score for male golfers is 95 and the average score for female golfers is 106 (Golf Digest, April 2006). Use these values as the population means for men and women and assume that the population standard deviation is σ = 14 strokes for both. A simple random sample of 30 male golfers and
The average price of a gallon of unleaded regular gasoline was reported to be $2.34 in northern Kentucky (The Cincinnati Enquirer, January 21, 2006). Use this price as the population mean, and assume the population standard deviation is $.20.a. What is the probability that the mean price for a
The president of Doerman Distributors, Inc., believes that 30% of the firm's orders come from first-time customers. A random sample of 100 orders will be used to estimate the proportion of first-time customers.a. Assume that the president is correct and p = .30. What is the sampling distribution of
The Cincinnati Enquirer reported that, in the United States, 66% of adults and 87% of youths ages 12 to 17 use the Internet (The Cincinnati Enquirer, February 7, 2006). Use the reported numbers as the population proportions and assume that samples of 300 adults and 300 youths will be used to learn
The 10 most active stocks on the New York Stock Exchange on March 6, 2006, are shown here (The Wall Street Journal, March 7, 2006).Exchange authorities decided to investigate trading practices using a sample of three of these stocks.a. Beginning with the first random digit in column 6 of Table 7.1,
Americans have become increasingly concerned about the rising cost of Medicare. In 1990, the average annual Medicare spending per enrollee was $3267; in 2003, the average annual Medicare spending per enrollee was $6883 (Money, Fall 2003). Suppose you hired a consulting firm to take a sample of
BusinessWeek surveyed MBAalumni 10 years after graduation (BusinessWeek, September 22, 2003). One finding was that alumni spend an average of $115.50 per week eating out socially. You have been asked to conduct a follow-up study by taking a sample of 40 of these MBA alumni. Assume the population
The mean television viewing time for Americans is 15 hours per week (Money, November 2003). Suppose a sample of 60 Americans is taken to further investigate viewing habits.Assume the population standard deviation for weekly viewing time is σ = 4 hours.a. What is the probability the sample mean
About 28% of private companies are owned by women (The Cincinnati Enquirer, January 26, 2006). Answer the following questions based on a sample of 240 private companies.a. Show the sampling distribution of p-bar, the sample proportion of companies that are owned by women.b. What is the probability
Playbill magazine reported that the mean annual household income of its readers is $119,155 (Playbill, January 2006). Assume this estimate of the mean annual household income is based on a sample of 80 households, and based on past studies, the population standard deviation is known to be σ
Find the t value(s) for each of the following cases.a. Upper tail area of .025 with 12 degrees of freedomb. Lower tail area of .05 with 50 degrees of freedomc. Upper tail area of .01 with 30 degrees of freedomd. Where 90% of the area falls between these two t values with 25 degrees of freedome.
Sales personnel for Skillings Distributors submit weekly reports listing the customer contacts made during the week. A sample of 65 weekly reports showed a sample mean of 19.5 customer contacts per week. The sample standard deviation was 5.2. Provide 90% and 95% confidence intervals for the
The mean number of hours of flying time for pilots at Continental Airlines is 49 hours per month (The Wall Street Journal, February 25, 2003). Assume that this mean was based on actual flying times for a sample of 100 Continental pilots and that the sample standard deviation was 8.5 hours.a. At 95%
A simple random sample of 50 items from a population with σ 6 resulted in a sample mean of 32.a. Provide a 90% confidence interval for the population mean.b. Provide a 95% confidence interval for the population mean.c. Provide a 99% confidence interval for the population mean.
The range for a set of data is estimated to be 36.a. What is the planning value for the population standard deviation?b. At 95% confidence, how large a sample would provide a margin of error of 3?c. At 95% confidence, how large a sample would provide a margin of error of 2?

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