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Quantitative Methods For Business 12th Edition David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam - Solutions

The probability that it is Friday and that a student is absent is 0.03. Since there are 5 school days in a week, the probability that it is Friday is 0.2. What is the probability that a student is absent given that today is Friday?
Physical Science the table shows equivalent Fahrenheit and Celsius temperatures. Degrees Fahrenheit Degrees Celsius32 …………….................………………….. 068 ……………………................…….…… 20104
The estimated daily living costs for an executive traveling to various major cities follow.The estimates include a single room at a four-star hotel, beverages, breakfast, taxi fares, and incidental costs.City Daily Living CostBangkok ................242.87Bogota ..................260.93Cairo
Suppose you are drawing cards out of a 30 card deck. The following table reports the value of each type of card and the number of that type in the deck. Value Number 1
Vacation occupancy rates were expected to be up during March 2008 in Myrtle Beach, South Carolina (The Sun News, February 29, 2008). Data in the file Occupancy will allow you to replicate the findings presented in the newspaper. The data show units rented and not rented for a random sample of
On a test whose distribution is approximately normal with a mean of 50 and a standard deviation of 10, the results for three students were reported as follows:Student Opie has a T-score of 60.Student Paul has a z-score of -1.00.Student Quincy has a z-score of +2.00.Obtain the z-score and T-score
Multi bank is a large London bank with a branch office in Boston. The American government believes that a prominent American underworld figure, Mr. Z, has been depositing stolen money in both the branch office in Boston and in the home office in London. The American prosecutor has asked an American
Do you agree that the efficient market hypothesis is dead? And if EMH is no longer valid, are the valuation models no longer an appropriate point of study?
A machine that packages 500-gram boxes of sugar-coated wheat cereal is being studied. The weights for a random sample of 100 boxes of cereal packaged by this machine are given in the attached file.The quality control analyst wants to estimate the actual amount of sugar-coated wheat cereal contained
John Halikias, plant manager at HOU Vacuum Products, located in Patras, Ahaia, applies statistical thinking in his workplace. As a major supplier to automobile manufacturers, HOU wants to be sure that the leak rate (in cubic centimetres per second) of transmission oil coolers (TOCs) meets the
In a recent study of university libraries, undergraduate students were asked whether they thought that the libraries had an adequate collection of books. The survey results are stored in the attached data file.1. Find an unbiased point estimate of the proportion of students who think that the
Do the data of Exercise 4 support the hypothesis that the proportion of students who think that the library collections are adequate is the same for all years of studies?1. State the null and the alternative Hypotheses2. Test the hypothesis at α = 1%3. What is your conclusion?
MBA60 Inc. is a small, but growing, producer of hot and ready-to-eat breakfast cereals. Two machines are used for packaging 510-gram (18-ounce) boxes of sugar-coated wheat cereal. Estimate the difference in the mean weights of boxes of this type of cereal packaged by the two machines. Use a 95%
According to the American FactFinder website there were 197.8 million adults over the age of 25 in the United States in 2007. The table below shows the educational attainment for these adults. Use the data in the table, expressed in millions, to solve the following problems.What is the probability
We plan to operate a professional dishwasher. We need to choose between two types of tablets: Kalgonit and Ludwig. One jumbo-pack of the former costs $200 and lasts for 3 years. The latter are two times cheaper but last for only 2 years. Ludwig tablets have also another disadvantage. They make the
a. Construct a scatter diagram showing the relationship between returns on Stock Y and the market, and then draw a freehand approximation of the regression line. What is the approximate value of the beta coefficient? If you have a calculator with a linear regression function or a spreadsheet,
This problem will introduce the learner into a technique called Analysis of Variance. For this course we will only conduct a simple One-Way ANOVA and touch briefly on the important elements of this technique. The One-Way ANOVA is an extension of the independent –t test that can only look at two
Lilly collects data on a sample of 40 high school students to evaluate whether the proportion of female high school students who take advanced math courses in high school varies depending upon whether they have been raised primarily by their father or by both their mother and their father. Two
1. Consider the following raw data, which is the result of selecting a random sample of 20 condominium sales in a particular development. The sale prices are given in thousands of dollars ($1,000s).a. Compute the mean, median, mode, and standard deviation, Q1, Q3, Min, Max for
A contract dispute between the National Football League and the Player’s Association arose regarding the retirement system. The NFL agreed to a settlement only if it could be shown convincingly that less than 60% of the players retired with 5 years or less playing time in their careers. A random
Bill Smith is the Worthington Township manager. When citizens request a traffic light, the staff assesses the traffic flow at the requested intersection. Township policy requires the installation of a traffic light when an intersection averages more than 150 vehicles per hour. A random sample of 48
An airline plans to initiate service at an airport in a city of approximately 500,000 people. To determine staffing requirements, officials for the airline take advantage of the sample survey data on the relationship between the number of flights per week and the number of employees for 30 airlines
A marketing research firm wishes to estimate the proportion of adults who are planning to buy a new car in the next 6 months. A simple random sample of 100 adults led to 22 who were planning to buy a new car in the next 6 months.a. Compute the 95% confidence interval for the proportion of adults
An article in a trade journal reports that nationwide 28% of liquor purchases are made by women. If B & B Liquor’s proportion of sales to women is significantly different from the national norm, the owners are considering redesigning B & B’s advertising. A random sample of 100 customers
The Action Paper Company employs a human resources manager who is given responsibility for employee benefits. There is a question about the mean annual dental expense per employee. The manager selects a random sample of 49 employee records for the past year and finds the following.Sample
A large city claims that it provides “free lunch” to more than 30% of its elementary school students. A researcher selects a random sample of 200 students and finds that 72 were getting free lunches. Does the evidence supports the claim at α = 0.05?a. State the Null and Alternative Hypotheses:
Anna packaged toy train sets. She is paid $1.15 per unit and is charged $0.45 for each rejection. Find her gross earnings for the week given the followingproduction
The Federal Government is stepping up efforts to reduce average response times of fire departments to fire calls. The distribution of mean response times to fire calls follows a normal distribution with a mean of 12.8 minutes and a standard deviation of 3.7 minutes. a. Find the probability
Parker Seal, Inc. makes O-rings for newly planned commercial space shuttles. The rings are designed to seal connections and joint fillings in the fuel system to prevent leaks. One type of ring should be 5 centimeters in diameter in order to fit properly. A sample of 49 of these types of O-rings is
a) Calculate the probability of a type ii error for the following hypotheses when µ = 37: ho: µ = 40 h1: µ < 40 The significance level is 5%, the population standard deviation is 5, and the sample size is 25. b) Repeat part (a) with α = 15%. c) Describe the effect on
A new process for producing synthetic diamonds can be operated at a profitable level only if the average weight of the diamonds produced by the process is greater than 0.5 karat. To evaluate the profitability of the process, a sample of six diamonds was generated using this new process, with
Your manager, who just read an abridged version of a statistics book, wants you to test hypotheses for the difference in two population means. The sample sizes for each are 23. He is adamant that you perform a z-test. What would you tell him? What specific explanation would you give?
An auditor for the U.S. Postal Service wants to examine its special two-day priority mail handling to determine the proportion of parcels that actually arrive within the promised two-day period. A randomly selected sample of 1600 such parcels is found to contain 1250 that were delivered on time.
A sample of n=20 has a mean of M=40. If the standard deviation is s=5, would a score of x=55 be considered an extreme value? Why or why not?
The Human Resources (HR) group gives job applicants at a firm a personality test to assess how well they will fit into the firm and get along with colleagues. Historically, test scores have been normally distributed with mean and standard deviation = 25. The HR group wants to hire applicants whose
Rick Wing, salesperson for Wave Soldering Systems, Inc. (WSSI), has provided you with a proposal for improving the temperature control on your present machine. The machine uses a hot-air knife to cleanly remove excess solder from printed circuit boards; this is a great concept, but the hot-air
As VP for operations at Brian Normoyle Engineering, you must decide which product design, A or B, has the higher reliability. B is designed with backup units for components R3 and R4.What is the reliability of each design?The overall reliability of the system provided in Design A?The Overall
John conducted a repeated-measures study to measure self-esteem among victims of domestic violence before and after they complete an 8-week program for abuse victims with 10 individuals. He calculated t=1.9 from his data. He had a directional hypothesis (i.e., self-esteem would be higher after
Researchers wanted to explore self-esteem in adolescent boys and adolescent girls. They used a 5-point Likert-type self-esteem inventory; a 1 = strongly disagree and 5 = strongly agree. Their results yielded the following t = 1.71 and d = 0.90.What statistical test did the researchers use to
Mary has an interest in doing a study to see if 6th graders are affected by noise level on a math lesson. She was planning to use 2 noise conditions and then analyze her outcomes using a t-test for independent groups.Describe the study Mary might plan where she would use a one-way analysis for
1. Capital Asset Pricing Model: If the expected return on the market is 13.47 percent and the risk-free rate is 4 percent, what is the expected return for a stock with a beta equal to 1.75? (Carry out calculations to 4 decimal places (e.g., 14.26%, which is 0.1426)2. What is the market risk
Can demographic information be helpful in predicting sales at sporting goods stores? The data at left are monthly sales totals from a random sample of 38 stores in a large chain of nationwide sporting goods stores. All stores in the franchise, and thus within the sample, are approximately the same
a. You are the manager of a fast food restaurant. You want to determine whether the population means waiting time to place an order has changed in the past month from its previous population mean value of 4.5 minutes. From past experience, you can assume that the population is normally distributed
One of the important features of a camera is the battery life as measured by the number of shots taken until the battery needs to be recharged. The data at left contain the battery life of 31 subcompact cameras and 15 compact cameras. Assuming that the population variances from both types of
A real estate Association in a suburban community would like to study the relationship between the size of a single-family house (as measured by number of rooms) and the selling price of the house (in thousands of dollars). Two different neighborhoods are included in the study, one on the east side
An Ad week Media/Harris Poll revealed that 44% of U.S. adults in the 18–34 years category think that “Made in America” ads boost sales. A different Harris Interactive poll showed that 78% of U.S. adults in the 18–34 years category use social media online. Suppose that 85% of U.S. adults in
According to a report by Scarborough Research, the average monthly household cellular phone bill is $73. Suppose local monthly household cell phone bills are normally distributed with a standard deviation of $11.35.a. What is the probability that a randomly selected monthly cell phone bill is more
To answer this question, use the Data Analysis Toolpack in Excel and select “t-Test: Two-Sample Assuming Equal Variances” from the list of available tools. Explain your answer (how did you decide if men spend more) and include the output table. Some studies have shown that in the United States,
Do you agree that the efficient market hypothesis is dead? And if EMH is no longer valid, are the valuation models no longer an appropriate point of study?
Your firm is considering the following three alternative bank loans for $1,000,000:a) 10% loan paid at year end with no compensating balanceb) 9% loan paid at year end with a 20% compensating balancec) 6% loan that is discounted with a 20% compensating balance requirementAssume that you would
An ambulance service claims that it takes on the average 8.9 min to reach its destination in emergency calls. The agency that licenses ambulance services timed them on 50 random emergency runs, getting a mean of 9.3 min. We know from another study that the population standard deviation = 1.8 min.
A statistics professor would like to determine whether students in the class showed improved performance on the final exam as compared to the midterm examination. A random sample of 7 students selected from a large class revealed the following scores: midterm 70, 62, 57, 68, 89, 63, 82 and on the
For most products, higher prices result in a decreased demand, whereas lower prices result in an increased demand (economists refer to such products as normal goods). Letd = annual demand for a product in unitsp = price per unitAssume that a firm accepts the following price–demand relationship as
Micromedia offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the particular activity that the instructor is presenting. Micromedia is currently planning a two-day seminar on the use of Microsoft Excel in statistical
Eastman Publishing Company is considering publishing a paperback textbook on spreadsheet applications for business. The fixed cost of manuscript preparation, textbook design, and production setup is estimated to be $160,000. Variable production and material costs are estimated to be $6 per book.
Preliminary plans are underway for construction of a new stadium for a major league baseball team. City officials question the number and profitability of the luxury corporate boxes planned for the upper deck of the stadium. Corporations and selected individuals may purchase a box for $300,000. The
Financial Analysts, Inc., is an investment firm that manages stock portfolios for a number of clients. A new client has requested that the firm handle an $800,000 portfolio. As an initial investment strategy, the client would like to restrict the portfolio to a mix of the following two stocks:Letx
In 2006 the U.S. Internal Revenue Service (IRS) received 132,275,830 individual tax returns (The 2008 New York Times Almanac). The actual number of each type of individual return received by the IRS in 2006 is given below:Suppose an IRS auditor must randomly select and examine an individual
In a recent article U.S. News and World Report rated pediatric hospitals and provided data on several characteristics, including daily inpatient volume and nurse-to-patient ratio, for the top 30 hospitals on its list (U.S. News and World Report, June 9, 2008). Suppose we consider a daily inpatient
Hundreds of thousands of drivers dropped their automobile insurance in 2008 as the unemployment rate rose (Wall Street Journal, December 17, 2008). Sample data representative of the national automobile insurance coverage for individuals 18 years of age and older are shown here.a. Develop a joint
Interested in learning more about its fans, the marketing office of the Arena Football League (AFL) conducted a survey at one of its games. The survey had 989 respondents, 759 males and 230 females. Out of the 989 total respondents, 196 stated that they had attended multiple AFL games. Of these 196
During a recent year, speeding was reported in 12.9% of all automobile accidents in the United States (The World Almanac 2010). Assume the probability that speeding is reported in an accident is 0.129, the probability of an accident in which speeding is reported leading to a fatality is 0.196, and
Recently, management at Oak Tree Golf Course received a few complaints about the condition of the greens. Several players complained that the greens are too fast. Rather than react to the comments of just a few, the Golf Association conducted a survey of 100 male and 100 female golfers. The survey
A small private midwestern university has been accused of favoring male applicants in its admissions process. Prior to the current academic year, 44% of male applicants were admitted by the university while only 33% of female applicants were admitted. The numbers of applicants accepted and denied
College softball programs have a limited number of scholarships to offer promising high school seniors, so the programs invest a great deal of effort in evaluating these players. One measure of performance the programs commonly use to evaluate recruits is the batting average€”the
Brandon Lang is a creative entrepreneur who has developed a novelty soap item called Jackpot to target consumers with a gambling habit. Inside each bar of Jackpot shower soap is a single rolled-up bill of U.S. currency. The currency (rolled up and sealed in shrink wrap) is appropriately inserted
The National Center for Health Statistics reported the following data on the number of children born in individual pregnancies in 1996 and 2006 (The World Almanac, 2010):a. Define a random variable x = number of children born in a single pregnancy in 1996 and develop a probability distribution for
The demand for Carolina Industries’ product varies greatly from month to month. Based on the past two years of data, the following probability distribution shows the company’s monthly demand:Unit Demand ...... Probability300 ........... 0.20400 ........... 0.30500 ........... 0.35600
In 2003, the average stock price for companies making up the S&P 500 was $30, and the standard deviation was $8.20 (BusinessWeek, Special Annual Issue, Spring 2003). Assume the stock prices are normally distributed.a. What is the probability that a company will have a stock price of at least
To boost holiday sales, a jewelry store in Bismarck, North Dakota, is advertising the following promotion: “If more than seven inches of cumulative snow fall on December 24, 25, 26, 27, and 28, you get your money back on all purchase made on December 17.” To analyze this promotion, the store
Amy Lloyd is interested in leasing a new Honda and has contacted three automobile dealers for pricing information. Each dealer offered Amy a closed-end 36-month lease with no down payment due at the time of signing. Each lease includes a monthly charge and a mileage allowance. Additional miles
The following profit payoff table was presented in Problem 1. Suppose that the decision maker obtained the probability assessments P(s1) = 0.65, P(s2) = 0.15, and P(s3) = 0.20.Use the expected value approach to determine the optimal decision.
If a soccer game ends in a tie, it goes into a penalty-kick shootout in which each team chooses five players to take penalty kicks. The team that makes the most subsequent penalty kicks wins the game. In a penalty-kick shootout, the shooter and the keeper each decide simultaneously on a direction
ABC Inc. and XYZ Co. are the two dominant companies providing chargers, adapters, and other accessories for cell phones. Each of these Silicon Valley companies is developing a new line of smartphone accessories, and each has a choice of technologies to use for these accessories. Each company can
Refer to the time series data in Exercise 1. Using the average of all the historical data as a forecast for the next period, compute the following measures of forecast accuracy:a. Mean absolute errorb. Mean squared errorc. Mean absolute percentage errord. What is the forecast for week 7?
The Seneca Childrenâ€™s Fund (SCF) is a local charity that runs a summer camp for disadvantaged children. The fundâ€™s board of directors has been working very hard over recent years to decrease the amount of overhead expenses, a major factor in how charities are rated by independent
The Vintage Restaurant, on Captiva Island near Fort Myers, Florida, is owned and operated by Karen Payne. The restaurant just completed its third year of operation. During that time, Karen sought to establish a reputation for the restaurant as a high-quality dining establishment that specializes in
Eastern Chemicals produces two types of lubricating fluids used in industrial manufacturing. Both products cost Eastern Chemicals $1 per gallon to produce. Based on an analysis of current inventory levels and outstanding orders for the next month, Eastern Chemicals’ management specified that at
Refer to the sensitivity information for the Kelson Sporting Equipment problem in Figure 8.14 (see Problem 5).a. Determine the objective coefficient ranges.b. Interpret the ranges in part (a).c. Interpret the right-hand-side ranges.d. How much will the value of the optimal solution improve if 20
Refer to Figure 8.15, which shows the sensitivity report for Problem 7.a. How much would the return for U.S. Oil have to increase before it would be beneficial to increase the investment in this stock?b. How much would the return for Huber Steel have to decrease before it would be beneficial to
Refer to the sensitivity report for Problem 14 in Figure 8.19.a. Interpret the ranges of optimality for the objective function coefficients.b. Suppose that the manufacturing cost increases to $11.20 per case for model A. What is the new optimal solution?c. Suppose that the manufacturing cost
Cranberries can be harvested using either a “wet” method or a “dry” method. Dry-harvested cranberries can be sold at a premium, while wet-harvested cranberries are used mainly for cranberry juice and bring in less revenue. Fresh Made Cranberry Cooperative must decide how much of its
The Bahama Nut Company sells three different half-pound bags of peanut mixes: Party Nuts, Mixed, and Premium Mix. These generate per-bag revenue of $1.00, $2.10, and $3.63, respectively. The tables below show the makeup of each mix, the available ingredients for the next week, and the cost of each
Bay Oil produces two types of fuels (regular and super) by mixing three ingredients. The major distinguishing feature of the two products is the octane level required. Regular fuel must have a minimum octane level of 90 while super must have a level of at least 100. The cost per barrel, octane
Star Power Company is a power company in the Midwest region of the United States. Star buys and sells energy on the spot market. Star can store power in a high-capacity battery that can store up to 60 kWh (kilowatt hours). During a particular period, Star can buy or sell electricity at the market
GloFish, Inc. has genetically engineered a species of fish that glows in normal lighting conditions. The company believes the new fish will be a huge success as a new pet option for children and adults alike. GloFish, Inc. has developed two varieties of its glowing fish: one that glows red and one
Aggie Power Generation supplies electrical power to residential customers for many U.S. cities. Its main power generation plants are located in Los Angeles, Tulsa, and Seattle. The following table shows Aggie Power Generation's major residential markets, the annual demand in each market (in
Sports of All Sorts produces, distributes, and sells high-quality skateboards. Its supply chain consists of three factories (located in Detroit, Los Angeles, and Austin) that produce skateboards. The Detroit and Los Angeles facilities can produce 350 skateboards per week, but the Austin plant is
If the Albany highway system described in Problem 29 has revised flow capacities as shown in the following network, what is the maximal flow in vehicles per hour through the system? How many vehicles per hour must travel over each road (arc) to obtain this maximalflow?
Offhaus Manufacturing produces office supplies, but outsources the delivery of its products to third party carriers. Offhaus ships to 20 cities from its Dayton, Ohio, manufacturing facility and has asked a variety of carriers to bid on its business. Seven carriers have responded with bids. The
Dave has $100,000 to invest in 10 mutual fund alternatives with the following restrictions. For diversification, no more than $25,000 can be invested in any one fund. If a fund is chosen for investment, then at least $10,000 will be invested in it. No more than two of the funds can be pure growth
Consider the Western Hills Shopping Center Project summarized by Figure 13.6 and Table 13.2. Suppose the project has been underway for seven weeks. Activities A and E have been completed. Activity F has commenced but has three weeks remaining. Activities C and D have not started yet. Activity B has
At a local university, the Student Commission on Programming and Entertainment (SCOPE) is preparing to host its first rock concert of the school year. To successfully produce this rock concert, SCOPE has listed the requisite activities and related information in the following table (duration
Because Landon Corporation (see Problem 19) is being pressured to complete the product development project at the earliest possible date, the project leader requested that the possibility of crashing the project be evaluated.a. Formulate a linear programming model that could be used in making the
Use the single-server drive-up bank teller operation referred to in Problems 1 and 2 to determine the following operating characteristics for the system:a. The probability that no customers are in the systemb. The average number of customers waitingc. The average number of customers in the systemd.
Use the single-server drive-up bank teller operation referred to in Problems 1–3 to determine the probabilities of 0, 1, 2, and 3 customers in the system. What is the probability that more than three customers will be in the drive-up teller system at the same time?
For the Burger Dome single-server waiting line in Section 15.2, assume that the arrival rate is increased to 1 customer per minute and that the service rate is increased to 1.25 customers per minute. Compute the following operating characteristics for the new system: P0, Lq, L, Wq, W, and Pw. Does
A study of the multiple-server food-service operation at the Red Birds baseball park shows that the average time between the arrival of a customer at the food-service counter and his or her departure with a filled order is 10 minutes. During the game, customers arrive at the rate of four per
To understand how a multiple-server waiting line system with a shared queue compares to a multiple-server waiting line system with a dedicated queue for each server, reconsider the Burger Dome example. Suppose Burger Dome establishes two servers but arranges the restaurant layout so that an
Major League Baseball’s World Series is a maximum of seven games, with the winner being the first team to win four games. Assume that the Atlanta Braves are in the World Series and that the first two games are to be played in Atlanta, the next three games at the opponent’s ballpark, and the

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