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

Refer to the Scheer Industries example in Section 8.2. Use 6.84 days as a planning value for the population standard deviation. a. Assuming 95% confidence, what sample size would be required to obtain a margin of error of 1.5 days? b. If the precision statement was made with 90% confidence, what
The average cost of a gallon of unleaded gasoline in Greater Cincinnati was reported to be $2.41 (The Cincinnati Enquirer, February 3, 2006). During periods of rapidly changing prices, the newspaper samples service stations and prepares reports on gasoline prices frequently.Assume the standard
The travel-to-work time for residents of the 15 largest cities in the United States is reported in the 2003 Information Please Almanac. Suppose that a preliminary simple random sample of residents of San Francisco is used to develop a planning value of 6.25 minutes for the population standard
During the first quarter of 2003, the price/earnings (P/E) ratio for stocks listed on the New York Stock Exchange generally ranged from 5 to 60 (The Wall Street Journal, March 7, 2003). Assume that we want to estimate the population mean P/E ratio for all stocks listed on the exchange. How many
A simple random sample of 400 individuals provides 100 Yes responses.a. What is the point estimate of the proportion of the population that would provide Yes responses?b. What is your estimate of the standard error of the proportion, σp?c. Compute the 95% confidence interval for the population
The Consumer Reports National Research Center conducted a telephone survey of 2000 adults to learn about the major economic concerns for the future (Consumer Reports, January 2009).The survey results showed that 1760 of the respondents think the future health of Social Security is a major economic
Towers Perrin, a New York human resources consulting firm, conducted a survey of 1100 employees at medium-sized and large companies to determine how dissatisfied employees were with their jobs (The Wall Street Journal, January 29, 2003). Representative data are shown in the file Job Satisfaction. A
The percentage of people not covered by health care insurance in 2003 was 15.6% (Statistical Abstract of the United States, 2006). A congressional committee has been charged with conducting a sample survey to obtain more current information.a. What sample size would you recommend if the committee's
America's young people are heavy Internet users; 87% of Americans ages 12 to 17 are Internet users (The Cincinnati Enquirer, February 7, 2006). MySpace was voted the most popular website by 9% in a sample survey of Internet users in this age group. Suppose 1400 youths participated in the survey.
Many stock market observers say that when the P/E ratio for stocks gets over 20 the market is overvalued. The P/E ratio is the stock price divided by the most recent 12 months of earnings.Suppose you are interested in seeing whether the current market is overvalued and would also like to know what
US Airways conducted a number of studies that indicated a substantial savings could be obtained by encouraging Dividend Miles frequent flyer customers to redeem miles and schedule award flights online (US Airways Attaché, February 2003). One study collected data on the amount of time required to
A survey by Accountemps asked a sample of 200 executives to provide data on the number of minutes per day office workers waste trying to locate mislabeled, misfiled, or misplaced items. Data consistent with this survey are contained in the data file ActTemps.a. Use ActTemps to develop a point
In an effort to estimate the mean amount spent per customer for dinner at a major Atlanta restaurant, data were collected for a sample of 49 customers. Assume a population standard deviation of $5. a. At 95% confidence, what is the margin of error? b. If the sample mean is $24.80, what is the 95%
Which would be hardest for you to give up: Your computer or your television? In a recent survey of 1677 U.S. Internet users, 74% of the young tech elite (average age of 22) say their computer would be very hard to give up (PC Magazine, February 3, 2004). Only 48% say their television would be very
Cincinnati/Northern Kentucky International Airport had the second highest on-time arrival rate for 2005 among the nation's busiest airports (The Cincinnati Enquirer, February 3, 2006). Assume the findings were based on 455 on-time arrivals out of a sample of 550 flights.a. Develop a point estimate
A well-known bank credit card firm wishes to estimate the proportion of credit card holders who carry a nonzero balance at the end of the month and incur an interest charge. Assume that the desired margin of error is .03 at 98% confidence. a. How large a sample should be selected if it is
In a survey, 200 people were asked to identify their major source of news information; 110 stated that their major source was television news.a. Construct a 95% confidence interval for the proportion of people in the population who consider television their major source of news information.b. How
Nielsen Media Research conducted a study of household television viewing times during the 8 p.m. to 11 p.m. time period. The data contained in the file named Nielsen are consistent with the findings reported (The World Almanac, 2003). Based upon past studies the population standard deviation is
The average annual total return for U.S. Diversified Equity mutual funds from 1999 to 2003 was 4.1% (BusinessWeek, January 26, 2004). A researcher would like to conduct a hypothesis test to see whether the returns for mid-cap growth funds over the same period are significantly different from the
The U.S. Department of Labor reported the average hourly earnings for U.S. production workers to be $14.32 per hour in 2001 (The World Almanac, 2003). A sample of 75 production workers during 2003 showed a sample mean of $14.68 per hour. Assuming the population standard deviation σ = $1.45, can we
For the United States, the mean monthly Internet bill is $32.79 per household (CNBC, January 18, 2006). A sample of 50 households in a southern state showed a sample mean of $30.63. Use a population standard deviation of σ = $5.60.a. Formulate hypotheses for a test to determine whether the sample
The Employment and Training Administration reported that the U.S. mean unemployment insurance benefit was $238 per week (The World Almanac, 2003). Are searcher in the state of Virginia anticipated that sample data would show evidence that the mean weekly unemployment insurance benefit in Virginia
The cost of a one-carat VS2 clarity, H color diamond from Diamond Source USA is $5600 (Diamond Source website, March 2003). A midwestern jeweler makes calls to contacts in the diamond district of New York City to see whether the mean price of diamonds there differs from $5600.a. Formulate
AOL Time Warner Inc.'s CNN has been the longtime ratings leader of cable television news. Nielsen Media Research indicated that the mean CNN viewing audience was 600,000 viewers per day during 2002 (The Wall Street Journal, March 10, 2003). Assume that for a sample of 40 days during the first half
A study by Consumer Reports showed that 64% of supermarket shoppers believe supermarket brands to be as good as national name brands. To investigate whether this result applies to its own product, the manufacturer of a national name-brand ketchup asked a sample of shoppers whether they believed
Before the 2003 Super Bowl, ABC predicted that 22% of the Super Bowl audience would express an interest in seeing one of its forthcoming new television shows, including 8 Simple Rules, Are You Hot?, and Dragnet. ABC ran commercials for these television shows during the Super Bowl. The day after the
Speaking to a group of analysts in January 2006, a brokerage firm executive claimed that at least 70% of investors are currently confident of meeting their investment objectives. A UBS Investor Optimism Survey, conducted over the period January 2 to January 15, found that 67% of investors were
In a cover story, BusinessWeek published information about sleep habits of Americans (BusinessWeek, January 26, 2004). The article noted that sleep deprivation causes a number of problems, including highway deaths. Fifty-one percent of adult drivers admit to driving while drowsy. A researcher
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) provides a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a
A consumer research group is interested in testing an automobile manufacturer's claim that a new economy model will travel at least 25 miles per gallon of gasoline (H0: μ > 25).a. With a .02 level of significance and a sample of 30 cars, what is the rejection rule based on the value of for the
Nielsen reported that young men in the United States watch 56.2 minutes of prime-time TV daily (The Wall Street Journal Europe, November 18, 2003). Are searcher believes that young men in Germany spend more time watching prime-time TV. As ample of German young men will be selected by the researcher
Young Adult magazine states the following hypotheses about the mean age of its subscribers.H0: μ = 28Ha: μ ≠ 28a. What would it mean to make a Type II error in this situation?b. The population standard deviation is assumed known at σ = 6 years and the sample size is 100. With α = .05, what is
A production line operation is tested for filling weight accuracy using the following hypotheses.Hypothesis Conclusion and ActionH0: μ = 16 .....Filling okay; keep runningHa: μ ≠ 16 ..... Filling off standard; stop and adjust machineThe sample size is 30 and the population standard deviation
Refer to exercise 48. Assume the firm selects a sample of 50 surveys and repeat parts (b) and (c). What observation can you make about how increasing the sample size affects the probability of making a Type II error? In exercise 48b. What is the probability of making a Type II error when the actual
Sparr Investments, Inc., specializes in tax-deferred investment opportunities for its clients. Recently Sparr offered a payroll deduction investment program for the employees of a particular company. Sparr estimates that the employees are currently averaging $100 or less per month in tax-deferred
Suppose the project director for the Hilltop Coffee study (see Section 9.3) asked for a .10 probability of claiming that Hilltop was not in violation when it really was underfilling by 1 ounce (μa = 2.9375 pounds). What sample size would have been recommended?
A special industrial battery must have a life of at least 400 hours. A hypothesis test is to be conducted with a .02 level of significance. If the batteries from a particular production run have an actual mean use life of 385 hours, the production manager wants a sampling procedure that only 10% of
Young Adult magazine states the following hypotheses about the mean age of its subscribers.H0 μ = 28Ha: μ ≠ 28If the manager conducting the test will permit a .15 probability of making a Type II error when the true mean age is 29, what sample size should be selected? Assume σ = 6 and a .05
An automobile mileage study tested the following hypotheses.Hypothesis ConclusionH0: μ > 25 mpg .....Manufacturer’s claim supportedHa: μ < 25 mpg .....Manufacturer’s claim rejected; average mileage per gallon less than statedFor σ = 3 and a .02 level of significance, what sample size
At Western University the historical mean of scholarship examination scores for freshman applications is 900. Historical population standard deviation σ 180 is assumed known. Each year, the assistant dean uses a sample of applications to determine whether the mean examination score for the new
Playbill is a magazine distributed around the country to people attending musicals and other theatrical productions. The mean annual household income for the population of Playbill readers is $119,155 (Playbill, January 2006). Assume the standard deviation is s = $20,700. A San Francisco civic
On Friday, Wall Street traders were anxiously awaiting the federal government's release of numbers on the January increase in nonfarm payrolls. The early consensus estimate among economists was for a growth of 250,000 new jobs (CNBC, February 3, 2006). However, a sample of 20 economists taken
Data released by the National Center for Health Statistics showed that the mean age at which women had their first child was 25.0 in 2006 (The Wall Street Journal, February 4, 2009). The reporter, Sue Shellenbarger, noted that this was the first decrease in the average age at which women had their
An extensive study of the cost of health care in the United States presented data showing that the mean spending per Medicare enrollee in 2003 was $6883 (Money, Fall 2003). To investigate differences across the country, a researcher took a sample of 40 Medicare enrollees in Indianapolis. For the
The chamber of commerce of a Florida Gulf Coast community advertises that area residential property is available at a mean cost of $125,000 or less per lot. Suppose a sample of 32 properties provided a sample mean of $130,000 per lot and a sample standard deviation of $12,500. Use a .05 level of
The U.S. Energy Administration reported that the mean price for a gallon of regular gasoline in the United States was $2.357 (U.S. Energy Administration, January 30, 2006). Data for a sample of regular gasoline prices at 50 service stations in the Lower Atlantic states are contained in the data
A study by the Centers for Disease Control (CDC) found that 23.3% of adults are smokers and that roughly 70% of those who do smoke indicate that they want to quit (Associated Press, July 26, 2002). CDC reported that, of people who smoked at some point in their lives, 50% have been able to kick the
An airline promotion to business travelers is based on the assumption that two-thirds of business travelers use a laptop computer on overnight business trips.a. State the hypotheses that can be used to test the assumption.b. What is the sample proportion from an American Express sponsored survey
Virtual call centers are staffed by individuals working out of their homes. Most home agents earn $10 to $15 per hour without benefits versus $7 to $9 per hour with benefits at a traditional call center (BusinessWeek, January 23, 2006). Regional Airways is considering employing home agents, but
During the 2004 election year, new polling results were reported daily. In an IBD/TIPP poll of 910 adults, 503 respondents reported that they were optimistic about the nation a outlook, and President Bush's leadership index jumped 4.7 points to 55.3 (Investor's Business Daily, January 14, 2004).a.
A radio station in Myrtle Beach announced that at least 90% of the hotels and motels would be full for the Memorial Day weekend. The station advised listeners to make reservations in advance if they planned to be in the resort over the weekend. On Saturday night a sample of 58 hotels and motels
According to the federal government, 24% of workers covered by their company's health care plan were not required to contribute to the premium (Statistical Abstract of the United States: 2006). A recent study found that 81 out of 400 workers sampled were not required to contribute to their
Shorney Construction Company bids on projects assuming that the mean idle time per worker is 72 or fewer minutes per day. A sample of 30 construction workers will be used to test this assumption. Assume that the population standard deviation is 20 minutes.a. State the hypotheses to be tested.b.
A federal funding program is available to low-income neighborhoods. To qualify for the funding, a neighborhood must have a mean household income of less than $15,000 per year. Neighborhoods with mean annual household income of $15,000 or more do not qualify. Funding decisions are based on a sample
H0: μ = 120 and Ha: μ ≠ 120 are used to test whether a bath soap production process is meeting the standard output of 120 bars per batch. Use a .05 level of significance for the test and a planning value of 5 for the standard deviation.a. If the mean output drops to 117 bars per batch, the firm
The U.S. Department of Transportation provides the number of miles that residents of the 75 largest metropolitan areas travel per day in a car. Suppose that for a simple random sample of 50 Buffalo residents the mean is 22.5 miles a day and the standard deviation is 8.4 miles a day, and for an
FedEx and United Parcel Service (UPS) are the world's two leading cargo carriers by volume and revenue (The Wall Street Journal, January 27, 2004). According to the Airports Council International, the Memphis International Airport (FedEx) and the Louisville International Airport (UPS) are 2 of the
Are nursing salaries in Tampa, Florida, lower than those in Dallas, Texas? Salary data show staff nurses in Tampa earn less than staff nurses in Dallas (The Tampa Tribune, January 15, 2007). Suppose that in a follow-up study of 40 staff nurses in Tampa and 50 staff nurses in Dallas you obtain the
Injuries to Major League Baseball players have been increasing in recent years. For the period 1992 to 2001, league expansion caused Major League Baseball rosters to increase 15%. However, the number of players being put on the disabled list due to injury increased 32% over the same period (USA
Educational testing companies provide tutoring, classroom learning, and practice tests in an effort to help students perform better on tests such as the Scholastic Aptitude Test (SAT). The test preparation companies claim that their courses will improve SAT score performances by an average of 120
A market research firm used a sample of individuals to rate the purchase potential of a particular product before and after the individuals saw a new television commercial about the product. The purchase potential ratings were based on a 0 to 10 scale, with higher values indicating a higher
Per-share earnings data comparing the current quarter's earnings with the previous quarter are in the file entitled Earnings2005 (The Wall Street Journal, January 27, 2006). Provide a 95% confidence interval estimate of the difference between the population mean for the current quarter versus the
In recent years, a growing array of entertainment options competes for consumer time. By 2004, cable television and radio surpassed broadcast television, recorded music, and the daily newspaper to become the two entertainment media with the greatest usage (The Wall Street Journal, January 26,
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtained from a sample of retail outlets follow.a. The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a .05 level of significance and
A BusinessWeek/ Harris survey asked senior executives at large corporations their opinions about the economic outlook for the future. One question was, "Do you think that there will be an increase in the number of full-time employees at your company over the next 12 months?" In the current survey,
The Professional Golf Association (PGA) measured the putting accuracy of professional golfers playing on the PGA Tour and the best amateur golfers playing in the World Amateur Championship (Golf Magazine, January 2007). A sample of 1075 6-foot putts by professional golfers found 688 made puts. A
An American Automobile Association (AAA) study investigated the question of whether a man or a woman was more likely to stop and ask for directions (AAA, January 2006). The situation referred to in the study stated the following: "If you and your spouse are driving together and become lost, would
Chicago O'Hare and Atlanta Hartsfield-Jackson are the two busiest airports in the United States. The congestion often leads to delayed flight arrivals as well as delayed flight departures. The Bureau of Transportation tracks the on-time and delayed performance at major airports (Travel &
BusinessWeek reported that there seems to be a difference by age group in how well people like life in Russia (BusinessWeek, March 10, 2008). The following sample data are consistent with the BusinessWeek findings and show the responses by age group to the question: "Do you like life in Russia?"a.
In a test of the quality of two television commercials, each commercial was shown in a separate test area six times over a one-week period. The following week a telephone survey was conducted to identify individuals who had seen the commercials. Those individuals were asked to state the primary
During the 2003 Super Bowl, Miller Lite Beer's commercial referred to as "The Miller Lite Girls" ranked among the top three most effective advertisements aired during the Super Bowl (USA Today, December 29, 2003). The survey of advertising effectiveness, conducted by USA Today's Ad Track poll,
A 2003 New York Times/CBS News poll sampled 523 adults who were planning a vacation during the next six months and found that 141 were expecting to travel by airplane (New York Times News Service, March 2, 2003). A similar survey question in a May 1993 New York Times/CBS News poll found that of 477
Home values tend to increase over time under normal conditions, but the recession of 2008 and 2009 has reportedly caused the sales price of existing homes to fall nationwide (BusinessWeek, March 9, 2009). You would like to see if the data support this conclusion. The file Home Prices contains data
Condé Nast Traveler conducts an annual survey in which readers rate their favorite cruise ship. All ships are rated on a 100-point scale, with higher values indicating better service.A sample of 37 ships that carry fewer than 500 passengers resulted in an average rating of 85.36, and a sample of
Jupiter Media used a survey to determine how people use their free time. Watching television was the most popular activity selected by both men and women (The Wall Street Journal, January 26, 2004). The proportion of men and the proportion of women who selected watching television as their most
For the week ended January 15, 2009, the bullish sentiment of individual investors was 27.6% (AAII Journal, February 2009). The bullish sentiment was reported to be 48.7% one week earlier and 39.7% one month earlier. The sentiment measures are based on a poll conducted by the American Association
The average expenditure on Valentine's Day was expected to be $100.89 (USA Today,February 13, 2006). Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 40 male consumers was $135.67, and the average expenditure in a sample survey of 30
During the 2003 season, Major League Baseball took steps to speed up the play of baseball games in order to maintain fan interest (CNN Headline News, September 30, 2003). The following results come from a sample of 60 games played during the summer of 2002 and a sample of 50 games played during the
The following results are for independent random samples taken from two populations.a. What is the point estimate of the difference between the two population means?b. What is the degrees of freedom for the t distribution?c. At 95% confidence, what is the margin of error?d. What is the 95%
The average standard deviation for the annual return of large cap stock mutual funds is 18.2% (The Top Mutual Funds, AAII, 2004). The sample standard deviation based on a sample of size 36 for the Vanguard PRIMECAP mutual fund is 22.2%. Construct a hypothesis test that can be used to determine
At the end of 2008, the variance in the semiannual yields of overseas government bond was Ïƒ2 = .70. A group of bond investors met at that time to discuss future trends in overseas bond yields. Some expected the variability in overseas bond yields to increase and others took the opposite view.
A Fortune study found that the variance in the number of vehicles owned or leased by subscribers to Fortune magazine is .94. Assume a sample of 12 subscribers to another magazine provided the following data on the number of vehicles owned or leased: 2, 1, 2, 0, 3, 2, 2, 1, 2, 1, 0, and 1.a. Compute
Find the following F distribution values from Table 4 of Appendix B.a. F.05 with degrees of freedom 5 and 10b. F.025 with degrees of freedom 20 and 15c. F.01 with degrees of freedom 8 and 12d. F.10 with degrees of freedom 10 and 20
A sample of 16 items from population 1 has a sample variance s21 = 5.8 and a sample of 21 items from population 2 has a sample variance s21 = 2.4. Test the following hypotheses at the .05 level of significance.a. What is your conclusion using the p-value approach?b. Repeat the test using the
Investors commonly use the standard deviation of the monthly percentage return for a mutual fund as a measure of the risk for the fund; in such cases, a fund that has a larger standard deviation is considered more risky than a fund with a lower standard deviation. The standard deviation for the
Most individuals are aware of the fact that the average annual repair cost for an automobile depends on the age of the automobile. A researcher is interested in finding out whether the variance of the annual repair costs also increases with the age of the automobile. A sample of 26 automobiles 4
A sample of 20 items provides a sample standard deviation of 5.a. Compute the 90% confidence interval estimate of the population variance.b. Compute the 95% confidence interval estimate of the population variance.c. Compute the 95% confidence interval estimate of the population standard deviation.
On the basis of data provided by a Romac salary survey, the variance in annual salaries for seniors in public accounting firms is approximately 2.1 and the variance in annual salaries for managers in public accounting firms is approximately 11.1. The salary data were provided in thousands of
Fidelity Magellan is a large cap growth mutual fund and Fidelity Small Cap Stock is a small cap growth mutual fund (Morningstar Funds 500, 2006). The standard deviation for both funds was computed based on a sample of size 26. For Fidelity Magellan, the sample standard deviation is 8.89%; for
A research hypothesis is that the variance of stopping distances of automobiles on wet pavement is substantially greater than the variance of stopping distances of automobiles on dry pavement. In the research study, 16 automobiles traveling at the same speeds are tested for stopping distances on
Because of staffing decisions, managers of the Gibson-Marimont Hotel are interested in the variability in the number of rooms occupied per day during a particular season of the year. A sample of 20 days of operation shows a sample mean of 290 rooms occupied per day and a sample standard deviation
Initial public offerings (IPOs) of stocks are on average underpriced. The standard deviation measures the dispersion, or variation, in the underpricing-overpricing indicator. A sample of 13 Canadian IPOs that were subsequently traded on the Toronto Stock Exchange had a standard deviation of 14.95.
Part variability is critical in the manufacturing of ball bearings. Large variances in the size of the ball bearings cause bearing failure and rapid wearout. Production standards call for a maximum variance of .0001 when the bearing sizes are measured in inches. A sample of 15 bearings shows a
The filling variance for boxes of cereal is designed to be .02 or less. A sample of 41 boxes of cereal shows a sample standard deviation of .16 ounces. Use α = .05 to determine whether the variance in the cereal box fillings is exceeding the design specification.
City Trucking, Inc., claims consistent delivery times for its routine customer deliveries. A sample of 22 truck deliveries shows a sample variance of 1.5. Test to determine whetherH0: σ2 < 1 can be rejected. Use α = .10.
A sample of 9 days over the past six months showed that a dentist treated the following numbers of patients: 22, 25, 20, 18, 15, 22, 24, 19, and 26. If the number of patients seen per day is normally distributed, would an analysis of these sample data reject the hypothesis that the variance in the
A sample of 16 items provides a sample standard deviation of 9.5. Test the following hypotheses using α = .05. What is your conclusion? Use both the p-value approach and the critical value approach.H0: σ2 < 50Ha: σ2 > 50
A sample standard deviation for the number of passengers taking a particular airline flight is 8. A 95% confidence interval estimate of the population standard deviation is 5.86 passengers to 12.62 passengers.a. Was a sample size of 10 or 15 used in the statistical analysis?b. Suppose the sample
Is there any difference in the variability in golf scores for players on the LPGA Tour (the women's professional golf tour) and players on the PGA Tour (the men's professional golf tour)? A sample of 20 tournament scores from LPGA events showed a standard deviation of 2.4623 strokes, and a sample
The grade point averages of 352 students who completed a college course in financial accounting have a standard deviation of .940. The grade point averages of 73 students who dropped out of the same course have a standard deviation of .797. Do the data indicate a difference between the variances of

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