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Basic Business Statistics Concepts And Applications 12th Edition Mark L. Berenson, David M. Levine, Timothy C. Krehbiel - Solutions

What was the average price of a room at two-star, three-star, and four-star hotels in cities around the world in 2009? The file contains the prices in English pounds (about US $1.57 as of October 2010). Complete the following for two-star, three-star, and four-star hotels.a. Construct a frequency
The file Protein contains calorie and cholesterol information concerning popular protein foods (fresh red meats, poultry, and fish).a. Construct a percentage histogram for the number of calories.b. Construct a percentage histogram for the amount of cholesterol.c. What conclusions can you reach from
The file contains the monthly average price of gasoline in the United States from January 1, 2006, to March 1, 2010. Prices are in dollars per gallon.a. Construct a time-series plot.b. What pattern, if any, is present in the data?
The following data (stored in Drink) represent the amount of soft drink in a sample of 50 consecutively filled 2-liter bottles. The results are listed horizontally in the order of being filled:a. Construct a time-series plot for the amount of soft drink on the Y axis and the bottle number (going
The S&P 500 Index tracks the overall movement of the stock market by considering the stock prices of 500 large corporations. The file Stock Prices contains weekly data for this index as well as the daily closing stock prices for three companies from January 2, 2009, to December 28, 2009. The
The following set of data is from a sample of n = 5:7 4 9 8 2a. Compute the mean, median, and mode.b. Compute the range, variance, standard deviation, and coefficient of variation.c. Compute the Z scores. Are there any outliers?d. Describe the shape of the data set.
The file FastFood contains the amount that a sample of nine customers spent for lunch ($) at a fast-food restaurant:a. Compute the mean and median.b. Compute the variance, standard deviation, range, and coefficient of variation.c. Are the data skewed? If so, how?d. Based on the results of (a)
The file Sedans contains the overall miles per gallon (MPG) of 2010 family sedans:a. Compute the mean, median, and mode.b. Compute the variance, standard deviation, range, coefficient of variation, and Z scores.c. Are the data skewed? If so, how?d. Compare the results of (a) through (c) to those of
The file SUV contains the overall miles per gallon (MPG) of 2010 small SUVs:a. Compute the mean, median, and mode.b. Compute the variance, standard deviation, range, coefficient of variation, and Z scores.c. Are the data skewed? If so, how?d. Compare the results of (a) through (c) to those of
The file ChocolateChip contains the cost (in cents) per 1-ounce serving for a sample of 13 chocolate chip cookies. The data are as follows:a. Compute the mean, median, and mode.b. Compute the variance, standard deviation, range, coefficient of variation, and Z scores. Are there any outliers?
The file DarkChocolate contains the cost per ounce ($) for a sample of 14 dark chocolate bars:a. Compute the mean, median, and mode.b. Compute the variance, standard deviation, range, coefficient of variation, and Z scores. Are there any outliers? Explain.c. Are the data skewed? If so, how?d. Based
Is there a difference in the variation of the yields of different types of investments? The file SavingRate-MMCD contains the yields for a money market account and a five-year certificate of deposit (CD), for 25 banks in the United States, as of March 29, 2010.a. For money market accounts and
The file HoteIUK contains the room price (in $) paid by U.S. travelers in six British cities in 2009:185 160 126 116 112 105a. Compute the mean, median, and mode.b. Compute the range, variance, and standard deviation.c. Based on the results of (a) and (b), what conclusions can you reach concerning
A bank branch located in a commercial district of a city has the business objective of developing an improved process for serving customers during the noon-to-1:00 P.M. lunch period. The waiting time, in minutes, is defined as the time the customer enters the line to when he or she reaches the
Suppose that another bank branch, located in a residential area, is also concerned with the noon-to-1 P.M. lunch hour. The waiting time, in minutes, collected from a sample of 15 customers during this hour, is contained in the file Bank2 and listed here:a. Compute the mean and median.b. Compute the
General Electric (GE) is one of the world's largest companies; it develops, manufactures, and markets a wide range of products, including medical diagnostic imaging devices, jet engines, lighting products, and chemicals. In 2008, the stock price dropped 53.94%, while in 2009, the stock price rose
The following set of data is from a sample of n = 6:7 4 9 7 3 12a. Compute the mean, median, and mode.b. Compute the range, variance, standard deviation, and coefficient of variation.c. Compute the Z scores. Are there any outliers?d. Describe the shape of the data set.
TASER International, Inc., develops, manufactures, and sells nonlethal self-defense devices known as tasers. Marketing primarily to law enforcement, corrections institutions, and the military, TASER's popularity has enjoyed a rollercoaster ride. The stock price in 2008 decreased by 63.31%, and in
In 2009, all the major stock market indices increased dramatically as they recovered from the world financial crisis that occurred in 2008. The data in the following table (stored in Indices) represent the total rate of return (in percentage) for the Dow Jones Industrial Average (DJIA), the
In 2006-2009, the value of precious metals changed rapidly. The data in the following table (contained in the file) represent the total rate of return (in percentage) for platinum, gold, and silver from 2006 through 2009:a. Compute the geometric mean rate of return per year for platinum, gold, and
The following is a set of data from a sample of n = 7: 12 7 4 9 0 7 3 a. Compute the first quartile (Q1), the third quartile (Q3), and the interquartile range. b. List the five-number summary. c. Construct a boxplot and describe its shape. d. Compare your answer in (c) with that from Problem 3.3
The following is a set of data from a sample of n = 6: 7 4 9 7 3 12 a. Compute the first quartile (Q1), the third quartile (Q3), and the interquartile range. b. List the five-number summary. c. Construct a boxplot and describe its shape. d. Compare your answer in (c) with that from Problem 3.2 (d)
The following is a set of data from a sample of n = 5: 7 4 9 8 2 a. Compute the first quartile (Q1), the third quartile (Q3) and the interquartile range. b. List the five-number summary. c. Construct a boxplot and describe its shape. d. Compare your answer in (c) with that from Problem 3.1 (d) on
The following is a set of data from a sample of n = 5: a. Compute the first quartile (Q1), the third quartile (Q3) and the interquartile range. b. List the five-number summary. c. Construct a boxplot and describe its shape. d. Compare your answer in (c) with that from Problem 3.4 (d) on page 110.
The file ChocolateChip contains the cost (in cents) per 1-ounce serving, for a sample of 13 chocolate chip cookies. The data are as follows:a. Compute the first quartile (Q1) the third quartile (Q3) and the interquartile range.b. List the five-number summary.c. Construct a boxplot and describe its
The file Dark Chocolate contains the cost ($) per ounce for a sample of 14 dark chocolate bars:a. Compute the first quartile (Q1), the third quartile (Q3), and the interquartile range.b. List the five-number summary.c. Construct a boxplot and describe its shape.
The file HateIUK contains the room price (in $) paid by U.S. travelers in six British cities in 2009: 185 160 126 116 112 105 a. Compute the first quartile (Q1) the third quartile (Q3) and the interquartile range. b. List the five-number summary. c. Construct a boxplot and describe its shape.
The following set of data is from a sample of n = 7:12 7 4 9 0 7 31. Compute the mean, median, and mode.2. Compute the range, variance, standard deviation, and coefficient of variation.3. Calculate the Z scores. Are there any outliers?4. Describe the shape of the data set.
The file SUV contains the overall miles per gallon (MPG) of 2010 small SUVs:a. Compute the first quartile (Q1), the third quartile (Q3), and the interquartile range.b. List the five-number summary.c. Construct a boxplot and describe its shape.
The file SavingRate-MMCD contains the yields for a money market account and a five-year certificate of deposit (CD), for 25 banks in the United States, as of March 29, 2010.For each type of account:a. Compute the first quartile (Q1), the third quartile (Q3), and the interquartile range.b. List the
A bank branch located in a commercial district of a city has the business objective of developing an improved process for serving customers during the noon-to-1:00 P.M. lunch period. The waiting time, in minutes, is defined as the time the customer enters the line to when he or she reaches the
a. Construct a multidimensional table of the mean 2008 return by type and risk.b. Construct a multidimensional table of the standard deviation of the 2008 return by type and risk.c. What conclusions can you reach concerning differences between the type of bond funds (intermediate government and
a. Construct a multidimensional table of the mean three-year return by type and risk. b. Construct a multidimensional table of the standard deviation of the three-year return by type and risk. c. What conclusions can you reach concerning differences between the type of bond funds (intermediate
a. Construct a multidimensional table of the mean five-year return by type and risk. b. Construct a multidimensional table of the standard deviation of the five-year return by type and risk. c. What conclusions can you reach concerning differences between the type of bond funds (intermediate
a. Construct a multidimensional table of the mean 2008 return by type, fees, and risk. b. Construct a multidimensional table of the standard deviation of the 2008 return by type, fees, and risk. c. What conclusions can you reach concerning differences between the type of bond funds (intermediate
The file contains the quarterly sales tax receipts (in thousands of dollars) submitted to the comptroller of the Village of Fair Lake for the period ending March 2010 by all 50 business establishments in that locale:a. Compute the mean, variance, and standard deviation for this population.b. What
The following set of data is from a sample of n = 5:7 -5 -8 7 9a. Compute the mean, median, and mode.b. Compute the range, variance, standard deviation, and coefficient of variation.c. Compute the Z scores. Are there any outliers?d. Describe the shape of the data set.
Consider a population of 1,024 mutual funds that primarily invest in large companies. You have determined that μ the mean one-year total percentage return achieved by all the funds, is 8.20 and that σ, the standard deviation, is 2.75.a. According to the empirical rule, what percentage of these
The file CigaretteTax contains the state cigarette tax ($) for each of the 50 states as of December 31, 2009.a. Compute the population mean and population standard deviation for the state cigarette tax.b. Interpret the parameters in (a).
The file contains the per capita energy consumption, in kilowatt-hours, for each of the 50 states and the District of Columbia during a recent year.a. Compute the mean, variance, and standard deviation for the population.b. What proportion of these states has per capita energy consumption within
Thirty companies comprise the DJIA. Just how big are these companies? One common method for measuring the size of a company is to use its market capitalization, which is computed by multiplying the number of stock shares by the price of a share of stock. On March 29, 2010, the market capitalization
The following is a set of data from a sample of n = 11 items:a. Compute the covariance.b. Compute the coefficient of correlation.c. How strong is the relationship between X and Y? Explain.
A study of 218 students at Ohio State University suggests a link between time spent on the social networking site Facebook and grade point average. Students who rarely or never used Facebook had higher grade point averages than students who use Facebook. a. Does the study suggest that time spent on
The file lists the calories and sugar, in grams, in one serving of seven breakfast cereals:a. Compute the covariance.b. Compute the coefficient of correlation.c. Which do you think is more valuable in expressing the relationship between calories and sugar-the covariance or the coefficient of
Movie companies need to predict the gross receipts of individual movies after a movie has debuted. The following results, listed in PotterMovies, are the first weekend gross, the U.S. gross, and the worldwide gross (in millions of dollars) of the six Harry Potter movies that debuted from 2001 to
College basketball is big business, with coaches' salaries, revenues, and expenses in millions of dollars. The file College Basketball contains the coaches' salaries and revenues for college basketball at 60 of the 65 schools that played in the 2009 NCAA men's basketball tournament (data extracted
College football players trying out for the NFL are given the Wonderlic standardized intelligence test. The file contains Wonderlic the averageWonderlic score of football players trying out for the NFL and the graduation rate for football players at selected schools.a. Compute the covariance.b.
What are the differences among the mean, median, and mode, and what are the advantages and disadvantages of each? Discuss.
How do you interpret the first quartile, median, and third quartile? Discuss.
What are the differences among the various measures of variation, such as the range, interquartile range, variance, standard deviation, and coefficient of variation, and what are the advantages and disadvantages of each? Discuss.
How do the empirical rule and the Chebyshev rule differ? Discuss.
How do the covariance and the coefficient of correlation differ? Discuss.
The American Society for Quality (ASQ) conducted a salary survey of all its members. ASQ members work in all areas of manufacturing and service-related institutions, with a common theme of an interest in quality. For the survey, emails were sent to 58,614 members, and 7,869 valid responses were
In NewYork State, savings banks are permitted to sell a form of life insurance called savings bank life insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical
One of the major measures of the quality of service provided by an organization is the speed with which it responds to customer complaints. A large family-held department store selling furniture and flooring, including carpet, had undergone a major expansion in the past several years. In
A manufacturing company produces steel housings for electrical equipment. The main component part of the housing is a steel trough that is made of a 14-gauge steel coil. It is produced using a 250-ton progressive punch press with a wipe-down operation and two 90-degree forms placed in the flat
The manufacturing company in Problem 3.64 also produces electric insulators. If the insulators break when in use, a short circuit is likely to occur. To test the strength of the insulators, destructive testing is carried out to determine how much force is required to break the insulators. Force is
The file VeggieBurgur contains data on the calories and total fat (in grams per serving) for a sample of 12 veggie burgers.a. For each variable, compute the mean, median, first quartile, and third quartile.b. For each variable, compute the range, interquartile range, variance, standard deviation,
A quality characteristic of interest for a tea-bag-filling process is the weight of the tea in the individual bags. If the bags are underfilled, two problems arise. First, customers may not be able to brew the tea to be as strong as they wish. Second, the company may be in violation of the
The manufacturer of Boston and Vermont asphalt shingles provides its customers with a 20-year warranty on most of its products. To determine whether a shingle will last as long as the warranty period, accelerated-life testing is conducted at the manufacturing plant. Accelerated- life testing
The file contains the cost per meal and the ratings of 50 city and 50 suburban restaurants on their food, décor, and service (and their summated ratings). Complete the following for the urban and suburban restaurants.a. Construct the five-number summary of the cost of a meal.b. Construct a boxplot
A survey conducted by the American Statistical Association reported the results at the top of page 111 for the salaries of professors teaching statistics in research universities with four to five years in the rank of associate professor and professor. Title Median Associate
The file contains calories, protein, and cholesterol of popular protein foods (fresh red meats, poultry, and fish).1. Compute the correlation coefficient between calories and protein.2. Compute the correlation coefficient between calories and cholesterol.3. Compute the correlation coefficient
The file contains the average price of a room at two-star, three-star, and four-star hotels in cities around the world in 2009 in English pounds (about US$1.57 as of October 2010). Complete the following for two-star, three-star, and four-star hotels.a. Compute the mean, median, first quartile, and
The file contains the property taxes per capita for the 50 states and the District of Columbia.a. Compute the mean, median, first quartile, and third quartile.b. Compute the range, interquartile range, variance, standard deviation, and coefficient of variation.c. Construct a boxplot. Are the data
The file CEO-Compensation includes the total compensation (in millions of $) of CEOs of 197 large public companies and the investment return in 2009. Complete the following for the total compensation (in $).a. Compute the mean, median, first quartile, and third quartile.b. Compute the range,
The file contains the percentage of alcohol, number of calories per 12 ounces, and number of carbohydrates (in grams) per 12 ounces for 139 of the best-selling domestic beers in the United States.Your task is to write a report based on a complete descriptive evaluation of each of the numerical
Complete the following for expense ratio in percentage, three-year return, and five-year return.a. Compute the mean, median, first quartile, and third quartile.b. Compute the range, interquartile range, variance, standard deviation, and coefficient of variation.c. Construct a boxplot. Are the data
You want to compare bond funds that have fees to those that do not have fees. For each of these two groups, use the variables expense ratio, return 2009, three-year return, and five-year return and complete the following.a. Compute the mean, median, first quartile, and third quartile.b. Compute the
You want to compare intermediate government to the short-term corporate bond funds. For each of these two groups, use the variables expense ratio, three-year return, and five-year return and complete the following.a. Compute the mean, median, first quartile, and third quartile.b. Compute the range,
You want to compare bond funds based on risk. For each of these three levels of risk (below average, average, above average), use the variables expense ratio, return 2009, three-year return, and five-year return and complete the following.a. Compute the mean, median, first quartile, and third
The operations manager of a plant that manufactures tires wants to compare the actual inner diameters of two grades of tires, each of which is expected to be 575 millimeters. A sample of five tires of each grade was selected, and the results representing the inner diameters of the tires, ranked
Problem 1.27 on page 14 describes a survey of 62 undergraduate students (stored in UndergradSurvey). For these data, for each numerical variable, complete the following.a. Compute the mean, median, first quartile, and third quartile.b. Compute the range, interquartile range, variance, standard
Problem 1.28 on page 15 describes a survey of 44 MBA students (stored in GradSurvey). For these data, for each numerical variable, complete the following.a. Compute the mean, median, first quartile, and third quartile.b. Compute the range, interquartile range, variance, standard deviation, and
According to the U.S. Census Bureau, in February 2010, the median sales price of new houses was $220,500 and the mean sales price was $282,600 (extracted from www.census.gov, March 24, 2010). a. Interpret the median sales price. b. Interpret the mean sales price. c. Discuss the shape of the
Two coins are tossed. a. Give an example of a simple event. b. Give an example of a joint event. c. What is the complement of a head on the first toss?
Do people of different age groups differ in their response to email messages? A survey by the Center for the Digital Future of the University of Southern California (data extracted from A. Mindlin, "Older E-mail Users Favor Fast Replies," The New York Times, July 14, 2008, p. B3) reported that
Referring to the contingency table in Problem 4.10, if a respondent is selected at random, what is the probability thata. he or she answers quickly?b. he or she is over 70 years old?c. he or she answers quickly or is over 70 years old?d. Explain the difference in the results in (b) and (c).In
According to a Gallup Poll, the extent to which employees are engaged with their workplace varies from country to country. Gallup reports that the percentage of U.S. workers engaged with their workplace is more than twice as high as the percentage of German workers. The study also shows that having
What is the preferred way for people to order fast food? A survey was conducted in 2009, but the sample sizes were not reported. Suppose the results, based on a sample of 100 males and 100 females, were as follows:If a respondent is selected at random, what is the probability that he or she a.
A sample of 500 respondents in a large metropolitan area was selected to study consumer behavior. Among the questions asked was "Do you enjoy shopping for clothing?" Of 240 males, 136 answered yes. Of 260 females, 224 answered yes. Construct a contingency table to evaluate the probabilities. What
Each year, ratings are compiled concerning the performance of new cars during the first 90 days of use. Suppose that the cars have been categorized according to whether a car needs warranty-related repair (yes or no) and the country in which the company manufacturing a car is based (United States
Consider the following contingency table:What is the probability of a. A|B? b. A|B'? c. A'|B'? d. Are events A and B independent?
Consider the following contingency table:What is the probability of a. A|B? b. A'|B'? c. A|B'? d. Are events A and B independent?
Does it take more time to be removed from an email list than it used to take? A study of 100 large online retailers revealed the following:a. Given that three or more clicks are needed to be removed from an email list, what is the probability that this occurred in 2009? b. Given that the year 2009
Do people of different age groups differ in their response to email messages? A survey by the Center for the Digital Future of the University of Southern California (data extracted from A. Mindlin, "Older E-mail Users Favor Fast Replies," The New York Times, July 14, 2008, p. B3) reported that
What is the preferred way for people to order fast food? A survey was conducted in 2009, but the sample sizes were not reported. Suppose the results, based on a sample of 100 males and 100 females, were as follows:a. Given that a respondent is a male, what is the probability that he prefers to
According to a Gallup Poll, the extent to which employees are engaged with their workplace varies from country to country. Gallup reports that the percentage of U.S. workers engaged with their workplace is more than twice as high as the percentage of German workers. The study also shows that having
A sample of 500 respondents in a large metropolitan area was selected to study consumer behavior, with the following results:a. Suppose that the respondent chosen is a female. What is the probability that she does not enjoy shopping for clothing? b. Suppose that the respondent chosen enjoys
Each year, ratings are compiled concerning the performance of new cars during the first 90 days of use. Suppose that the cars have been categorized according to whether a car needs warranty-related repair (yes or no) and the country in which the company manufacturing a car is based (United States
In 38 of the 60 years from 1950 through 2009, the S&P 500 finished higher after the first five days of trading. In 33 of those 38 years, the S&P 500 finished higher for the year. Is a good first week a good omen for the upcoming year? The following table gives the first-week and annual performance
A standard deck of cards is being used to play a game. There are four suits (hearts, diamonds, clubs, and spades), each having 13 faces (ace, 2, 3, 4, 5, 6, 7, 8, 9, 10, jack, queen, and king), making a total of 52 cards. This complete deck is thoroughly mixed, and you will receive the first 2
A box of nine gloves contains two left-handed gloves and seven right-handed gloves.1. If two gloves are randomly selected from the box, without replacement (the first glove is not returned to the box after it is selected), what is the probability that both gloves selected will be right-handed?2. If
Consider the following contingency table:What is the probability ofa. event A?b. event A'?c. event A and B?d. A or B?
If P(B) = 0.05, P(A | B) = 0.80, P(B') = 0.95, and P(A |B') = 0.40, find P(B | A).
If P(B) = 0.30, P(A | B) = 0.60, P(B') = 0.70, and P(A |B') = 0.50, find P(B | A).
In Example 4.10 on page 164, suppose that the probability that a medical diagnostic test will give a positive result if the disease is not present is reduced from 0.02 to 0.01.a. If the medical diagnostic test has given a positive result (indicating that the disease is present), what is the
An advertising executive is studying television viewing habits of married men and women during prime-time hours. Based on past viewing records, the executive has determined that during prime time, husbands are watching television 60% of the time. When the husband is watching television, 40% of the
Olive Construction Company is determining whether it should submit a bid for a new shopping center. In the past, Olive's main competitor, Base Construction Company, has submitted bids 70% of the time. If Base Construction Company does not bid on a job, the probability that Olive Construction
Laid-off workers who become entrepreneurs because they cannot find meaningful employment with another company are known as entrepreneurs by necessity. The Wall Street Journal reports that these entrepreneurs by necessity are less likely to grow into large businesses than are entrepreneurs by choice

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