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Statistical Techniques In Business And Economics 16th Edition Douglas Lind, William Marchal - Solutions
Each salesperson at Puchett, Sheets, and Hogan Insurance Agency is rated either below average, average, or above average with respect to sales ability. Each salesperson is also rated with respect to his or her potential for advancement—either fair, good, or excellent. These traits for the 500
An investor owns three common stocks. Each stock, independent of the others, has equally likely chances of (1) increasing in value, (2) decreasing in value, or (3) remaining the same value. List the possible outcomes of this experiment. Estimate the probability at least two of the stocks increase
A survey of 545 college students asked: What is your favorite winter sport? And, what type of college do you attend? The results are summarized below:Using these 545 students as the sample, a student from this study is randomly selected.a. What is the probability of selecting a student whose
If you ask three strangers about their birthdays, what is the probability.(a) All were born on Wednesday? (b) All were born on different days of the week? (c) None was born on Saturday?
P (A1) 5 .60, P (A2) 5 .40, P(B1ƒA1) 5 .05, and P(B1ƒA2) 5 .10. Use Bayes’ theorem to determine P (A1ƒB1).
The Ludlow Wildcats baseball team, a minor league team in the Cleveland Indians organization, plays 70% of their games at night and 30% during the day. The team wins 50% of their night games and 90% of their day games. According to today’s newspaper, they won yesterday. What is the probability
Dr. Stallter has been teaching basic statistics for many years. She knows that 80% of the students will complete the assigned problems. She has also determined that among those who do their assignments, 90% will pass the course. Among those students who do not do their homework, 60% will pass. Mike
The credit department of Lion’s Department Store in Anaheim, California, reported that 30% of their sales are cash, 30% are paid with a credit card, and 40% with a debit card. Twenty percent of the cash purchases, 90% of the credit card purchases, and 60% of the debit card purchases are for more
One-fourth of the residents of the Burning Ridge Estates leave their garage doors open when they are away from home. The local chief of police estimates that 5% of the garages with open doors will have something stolen, but only 1% of those closed will have some-thing stolen. If a garage is robbed,
Solve the following:a. 40! /35! b. 7P4c. 5C2
Solve the following: a. 20! /17! b. 9P3 c. 7C2 Discuss.
Berdine’s Chicken Factory has several stores in the Hilton Head, South Carolina, area. When interviewing applicants for server positions, the owner would like to include information on the amount of tip a server can expect to earn per check (or bill). A study of 500 recent checks indicated the
Winning all three “Triple Crown” races is considered the greatest feat of a pedigree race horse. After a successful Kentucky Derby, Corn on the Cob is a heavy favorite at 2 to 1 odds to win the Preakness Stakes.a. If he is a 2 to 1 favorite to win the Belmont Stakes as well, what is his
The first card selected from a standard 52-card deck is a king.a. If it is returned to the deck, what is the probability that a king will be drawn on the second selection?b. If the king is not replaced, what is the probability that a king will be drawn on the second selection?c. What is the
In a management trainee program at Claremont Enterprises, 80% of the trainees are female and 20% male. Ninety percent of the females attended college, and 78% of the males at-tended college.a. A management trainee is selected at random. What is the probability that the person selected is a female
Assume the likelihood that any flight on Delta Airlines arrives within 15 minutes of the scheduled time is .90. We randomly selected a Delta flight on four different days. a. What is the likelihood all four of the selected flights arrived within 15 minutes of the scheduled time?b. What is the
There are 100 employees at Kiddie Carts International. Fifty-seven of the employees are hourly workers, 40 are supervisors, 2 are secretaries, and the remaining employee is the president. Suppose an employee is selected:a. What is the probability the selected employee is an hourly worker?b. What is
Buster Posey of the San Francisco Giants had the highest batting average in the 2012 Major League Baseball season. His average was .336. So assume the probability of getting a hit is .336 for each time he batted. In a particular game, assume he batted three times.a. This is an example of what type
Four women’s college basketball teams are participating in a single-elimination holiday basketball tournament. If one team is favored in its semifinal match by odds of 2 to 1 and another squad is favored in its contest by odds of 3 to 1, what is the probability that:a. Both favored teams win
There are three clues labeled “daily double” on the game show Jeopardy. If three equally matched contenders play, what is the probability that:a. A single contestant finds all three “daily doubles”?b. The returning champion gets all three of the “daily doubles”?c. Each of the players
Brooks Insurance Inc. wishes to offer life insurance to men age 60 via the Internet. Mortality tables indicate the likelihood of a 60-year-old man surviving another year is .98. If the policy is offered to five men age 60:a. What is the probability all five men survive the year?b. What is the
Forty percent of the homes constructed in the Quail Creek area include a security system. Three homes are selected at random:a. What is the probability all three of the selected homes have a security system?b. What is the probability none of the three selected homes has a security system?c. What is
Refer to Exercise 62, but assume there are 10 homes in the Quail Creek area and 4 of them have a security system. Three homes are selected at random:a. What is the probability all three of the selected homes have a security system?b. What is the probability none of the three selected homes has a
There are 20 families living in the Willbrook Farms Development. Of these families, 10 pre-pared their own federal income taxes for last year, 7 had their taxes prepared by a local professional, and the remaining 3 by H&R Block.a. What is the probability of selecting a family that prepared their
The board of directors of Saner Automatic Door Company consists of 12 members, 3 of whom are women. A new policy and procedures manual is to be written for the company. A committee of three is randomly selected from the board to do the writing.a. What is the probability that all members of the
A recent survey reported in Bloomberg Business week dealt with the salaries of CEOs at large corporations and whether company shareholders made money or lost money.If a company is randomly selected from the list of 20 studied, what is the probability:a. The CEO made more than $1 million?b. The CEO
Althoff and Roll, an investment firm in Augusta, Georgia, advertises extensively in the Augusta Morning Gazette, the newspaper serving the region. The Gazette marketing staff estimates that 60% of Althoff and Roll’s potential market read the newspaper. It is further estimated that 85% of those
A computer-supply retailer purchased a batch of 1,000 CD-R disks and attempted to for-mat them for a particular application. There were 857 perfect CDs, 112 CDs were usable but had bad sectors, and the remainder could not be used at all.a. What is the probability a randomly chosen CD is not
An investor purchased 100 shares of Fifth Third Bank stock and 100 shares of Santee Electric Cooperative stock. The probability the bank stock will appreciate over a year is .70. The probability the electric utility will increase over the same period is .60. Assume the two events are independent.a.
With each purchase of a large pizza at Tony’s Pizza, the customer receives a coupon that can be scratched to see if a prize will be awarded. The probability of winning a free soft drink is 0.10, and the probability of winning a free large pizza is 0.02. You plan to eat lunch tomorrow at Tony’s.
For the daily lottery game in Illinois, participants select three numbers between 0 and 9. A number cannot be selected more than once, so a winning ticket could be, say, 307 but not 337. Purchasing one ticket allows you to select one set of numbers. The winning numbers are announced on TV each
A new sports car model has defective brakes 15% of the time and a defective steering mechanism 5% of the time. Let’s assume (and hope) that these problems occur independently. If one or the other of these problems is present, the car is called a “lemon.” If both of these problems are present,
There are four people being considered for the position of chief executive officer of Dalton Enterprises. Three of the applicants are over 60 years of age. Two are female, of which only one is over 60.a. What is the probability that a candidate is over 60 and female?b. Given that the candidate is
Tim Bleckie is the owner of Bleckie Investment and Real Estate Company. The company recently purchased four tracts of land in Holly Farms Estates and six tracts in Newburg Woods. The tracts are all equally desirable and sell for about the same amount.a. What is the probability that the next two
Horwege Electronics Inc. purchases TV picture tubes from four different suppliers. Tyson Wholesale supplies 20% of the tubes, Fuji Importers 30%, Kirkpatricks 25%, and Parts Inc. 25%. Tyson Wholesale tends to have the best quality, as only 3% of its tubes arrive defective. Fuji Importers’ tubes
ABC Auto Insurance classifies drivers as good, medium, or poor risks. Drivers who apply to them for insurance fall into these three groups in the proportions 30%, 50%, and 20%, respectively. The probability a “good” driver will have an accident is .01, the probability a “medium” risk driver
Refer to the Real Estate data, which report information on homes sold in the Goodyear, Arizona, are a during the last year.a. Sort the data into a table that shows the number of homes that have a pool versus the number that don’t have a pool in each of the five townships. If a home is selected at
Refer to the Baseball 2012 data, which reports information on the 30 Major League Base-ball teams for the 2012 season. Set up three variables:• Divide the teams into two groups, those that had a winning season and those that did not. That is, create a variable to count the teams that won 81 games
Refer to the data on the school buses in the Buena School District. Set up a variable that divides the age of the buses into three groups: new (less than 5 years old), medium (5 but less than 10 years), and old (10 or more years). The median maintenance cost is $456.Based on this value, create a
In each of the following cases, indicate whether classical, empirical, or subjective probability is used.a. A baseball player gets a hit in 30 out of 100 times at bat. The probability is .3 that he gets a hit in his next at bat.b. A seven-member committee of students is formed to study
A sample of 2,000 licensed drivers revealed the following number of speeding violations.Number of Violations Number of Drivers0 ............ 1,9101 ............ 462 ............ 183............ 124 ............ 95 or more .......... 5Total ............ 2,000a. What is the
Bank of America customers select their own three-digit personal identification number(PIN) for use at ATMs.a. Think of this as an experiment and list four possible outcomes.b. What is the probability Mr. Jones and Mrs. Smith select the same PIN?c. Which concept of probability did you use to answer
An investor buys 100 shares of AT&T stock and records its price change daily.a. List several possible events for this experiment.b. Which concept of probability did you use in (a)?
A study of 200 advertising firms revealed their income after taxes:Income after Taxes Number of FirmsUnder $1 million ......... 102$1 million to $20 million....... 61$20 million or more......... 37 a. What is the probability an advertising firm selected at random has under $1 million in income
A National Park Service survey of visitors to the Rocky Mountain region revealed that 50% visit Yellowstone Park, 40% visit the Tetons, and 35% visit both.a. What is the probability a vacationer will visit at least one of these attractions?b. What is the probability .35 called?c. Are the events
P (A1) 5 .20, P (A2) 5 .40, P (A3) 5 .40, P (B1ƒA1) 5 .25, P(B1ƒA2) 5 .05, and P(B1ƒA3) 5 .10. Use Bayes’ theorem to determine P (A3ƒB1).
Armco, a manufacturer of traffic light systems, found that under accelerated-life tests, 95% of the newly developed systems lasted 3 years before failing to change signals properly. a. If a city purchased four of these systems, what is the probability all four systems would operate properly for at
Refer to the following picture.a. What is the picture called?b. What rule of probability is illustrated?c. B represents the event of choosing a family that receives welfare payments. What does P(B) 1 P(,B)equal?
A case of 24 cans contains 1 can that is contaminated. Three cans are to be chosen randomly for testing.a. How many different combinations of three cans could be selected?b. What is the probability that the contaminated can is selected for testing?
Compute the mean and variance of the following discrete probability distribution.x P(x)0 ....... .21 ....... .42 ....... .33 ....... .1
Compute the mean and variance of the following discrete probability distribution.x P(x)2 .......58 .......310 .......2
Compute the mean and variance of the following probability distribution.x P(x)5 ....... .110 ....... .315 ....... .220 ....... .4
Which of these variables are discrete and which are continuous random variables?a. The number of new accounts established by a salesperson in a year.b. The time between customer arrivals to a bank ATM.c. The number of customers in Big Nick’s barber shop.d. The amount of fuel in your car’s gas
The information below is the number of daily emergency service calls made by the volunteer ambulance service of Walterboro, South Carolina, for the last 50 days. To explain, there were 22 days on which there were two emergency calls, and 9 days on which there were three emergency calls.Number of
The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience. What is the expected number of admissions for the fall semester? Compute the variance and the standard deviation of the number of
Belk Department Store is having a special sale this weekend. Customers charging purchases of more than $50 to their Belk credit card will be given a special Belk Lottery card. The customer will scratch off the card, which will indicate the amount to be taken off the total amount of the purchase.
The Downtown Parking Authority of Tampa, Florida, reported the following information for a sample of 250 customers on the number of hours cars are parked and the amount they are charged.a. Convert the information on the number of hours parked to a probability distribution. Is this a discrete or a
In a binomial situation, n 5 4 and p 5 .25. Determine the probabilities of the following events using the binomial formula.a. x 5 2b. x 5 3
In a binomial situation, n 55 and p 5 .40. Determine the probabilities of the following events using the binomial formula.a. x 5 1b. x 5 2
Assume a binomial distribution where n 5 3 and p 5 .60.a. Refer to Appendix B.1, and list the probabilities for values of x from 0 to 3.b. Determine the mean and standard deviation of the distribution from the general definitions given in formulas (6–1) and (6–2).
Assume a binomial distribution where n 5 5 and p 5 .30.a. Refer to Appendix B.1 and list the probabilities for values of x from 0 to 5.b. Determine the mean and standard deviation of the distribution from the general definitions given in formulas (6–1) and (6–2).
An American Society of Investors survey found 30% of individual investors have used a discount broker. In a random sample of nine individuals, what is the probability:a. Exactly two of the sampled individuals have used a discount broker?b. Exactly four of them have used a discount broker?c. None of
The U.S. Postal Service reports 95% of first-class mail within the same city is delivered within 2 days of the time of mailing. Six letters are randomly sent to different locations.a. What is the probability that all six arrive within 2 days?b. What is the probability that exactly five arrive
Industry standards suggest that 10% of new vehicles require warranty service within the first year. Jones Nissan in Sumter, South Carolina, sold 12 Nissans yesterday.a. What is the probability that none of these vehicles requires warranty service?b. What is the probability exactly one of these
A telemarketer makes six phone calls per hour and is able to make a sale on 30% of these contacts. During the next 2 hours, find:a. The probability of making exactly four sales.b. The probability of making no sales.c. The probability of making exactly two sales.d. The mean number of sales in the
A recent survey by the American Accounting Association revealed 23% of students graduating with a major in accounting select public accounting. Suppose we select a sample of 15 recent graduates.a. What is the probability two select public accounting?b. What is the probability five select public
It is reported that 16% of American households use a cell phone exclusively for their telephone service. In a sample of eight households, a. Find the probability that no household uses a cell phone as their exclusive telephone service.b. Find the probability that exactly 5 households exclusively
In a binomial distribution, n = 8 and π = .30. Find the probabilities of the following events.a. x = 2.b. x ≤ 2 (the probability that x is equal to or less than 2).c. x ≥ 3 (the probability that x is equal to or greater than 3).
In a binomial distribution, n 5 12 and p 5 .60. Find the following probabilities.a. x 5 5.b. x # 5.c. x $ 6.
In a recent study, 90% of the homes in the United States were found to have large-screen TVs. In a sample of nine homes, what is the probability that:a. All nine have large-screen TVs?b. Less than five have large-screen TVs?c. More than five have large-screen TVs?d. At least seven homes have
A manufacturer of window frames knows from long experience that 5% of the production will have some type of minor defect that will require an adjustment. What is the probability that in a sample of 20 window frames:a. None will need adjustment?b. At least one will need adjustment?c. More than two
The speed with which utility companies can resolve problems is very important. GTC, theGeorgetown Telephone Company, reports it can resolve customer problems the same day they are reported in 70% of the cases. Suppose the 15 cases reported today are representative of all complaints.a. How many of
It is asserted that 80% of the cars approaching an individual toll booth in New Jersey are equipped with an E-ZPass transponder. Find the probability that in a sample of six cars:a. All six will have the transponder.b. At least three will have the transponder.c. None will have a transponder.
The Riverton Branch of the National Bank of Wyoming has 10 real estate loans over $1,000,000. Of these 10 loans, 3 are “underwater.” A loan is underwater if the amount of the loan is greater than the value of the property. The chief loan officer decided to randomly select two of these loans to
The Computer Systems Department has eight faculty, six of whom are tenured. Dr. Vonder, the chairman, wants to establish a committee of three department faculty members to re-view the curriculum. If she selects the committee at random:a. What is the probability all members of the committee are
The game called Lotto sponsored by the Louisiana Lottery Commission pays its largest prize when a contestant matches all 6 of the 40 possible numbers. Assume there are 40 ping-pong balls each with a single number between 1 and 40. Any number appears only once, and the winning balls are selected
In a Poisson distribution m 5 0.4.a. What is the probability that x 5 0?b. What is the probability that x . 0?
In a Poisson distribution m 5 4.a. What is the probability that x 5 2?b. What is the probability that x # 2?c. What is the probability that x . 2?
Ms. Bergen is a loan officer at Coast Bank and Trust. From her years of experience, she estimates that the probability is .025 that an applicant will not be able to repay his or her installment loan. Last month she made 40 loans.a. What is the probability that three loans will be defaulted?b. What
Automobiles arrive at the Elkhart exit of the Indiana Toll Road at the rate of two per minute. The distribution of arrivals approximates a Poisson distribution.a. What is the probability that no automobiles arrive in a particular minute?b. What is the probability that at least one automobile
For each of the following indicate whether the random variable is discrete or continuous.a. The length of time to get a haircut.b. The number of cars a jogger passes each morning while running.c. The number of hits for a team in a high school girls’ softball game.d. The number of patients treated
The following notice appeared in the golf shop at a Myrtle Beach, South Carolina, golf course.Blackmoor Golf Club MembersThe golf shop is holding a raffle to win aTaylorMade R9 10.58 Regular Flex Driver ($300 value).Tickets are $5.00 each.Only 80 tickets will be sold.Please see the golf shop to get
The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Find the mean and standard deviation of the payout.
In a recent survey, 35% indicated chocolate was their favorite flavor of ice cream. Suppose we select a sample of 10 people and ask them to name their favorite flavor of ice cream.a. How many of those in the sample would you expect to name chocolate?b. What is the probability exactly four of those
Thirty percent of the population in a southwestern community are Spanish-speaking Americans. A Spanish-speaking person is accused of killing a non-Spanish-speaking American and goes to trial. Of the first 12 potential jurors, only 2 are Spanish-speaking Americans, and 10 are not. The defendant’s
An auditor for Health Maintenance Services of Georgia reports 40% of policyholders 55 years or older submit a claim during the year. Fifteen policyholders are randomly selected for company records.a. How many of the policyholders would you expect to have filed a claim within the last year?b. What
A federal study reported that 7.5% of the U.S. workforce has a drug problem. A drug enforcement official for the state of Indiana wished to investigate this statement. In her sample of 20 employed workers:a. How many would you expect to have a drug problem? What is the standard deviation?b. What is
The Bank of Hawaii reports that 7% of its credit card holders will default at some time in their life. The Hilo branch just mailed out 12 new cards today.a. How many of these new cardholders would you expect to default? What is the standard deviation?b. What is the likelihood that none of the
Recent statistics suggest that 15% of those who visit a retail site on the World Wide Web make a purchase. A retailer wished to verify this claim. To do so, she selected a sample of 16 “hits” to her site and found that 4 had actually made a purchase.a. What is the likelihood of exactly four
In Chapter 19, we discuss acceptance sampling. Acceptance sampling is a statistical method used to monitor the quality of purchased parts and components. To ensure the quality of incoming parts, a purchaser or manufacturer normally samples 20 parts and allows one defect.a. What is the likelihood of
Unilever Inc. recently developed a new body wash with a scent of ginger. Their research indicates that 30% of men like the new scent. To further investigate, Unilever’s marketing research group randomly selected 15 men and asked them if they liked the scent. What is the probability that six or
Dr. Richmond, a psychologist, is studying the daytime television viewing habits of college students. She believes 45% of college students watch soap operas during the afternoon. To further investigate, she selects a sample of 10.a. Develop a probability distribution for the number of students in
A recent study conducted by Penn, Shone, and Borland, on behalf of LastMinute.com, revealed that 52% of business travelers plan their trips less than two weeks before departure. The study is to be replicated in the tri-state area with a sample of 12 frequent business travelers.a. Develop a
The Internal Revenue Service is studying the category of charitable contributions. A sample of 25 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 25 returns, five had charitable contributions of more than $1,000.
The law firm of Hagel and Hagel is located in downtown Cincinnati. There are 10 partners in the firm; 7 live in Ohio and 3 in northern Kentucky. Ms. Wendy Hagel, the managing partner, wants to appoint a committee of 3 partners to look into moving the firm to northern Kentucky. If the committee is
Topten is a leading source on energy-efficient products. Their list of the top seven vehicles in terms of fuel efficiency for 2014 includes three Hondas.a. Determine the probability distribution for the number of Hondas in a sample of two cars chosen from the top seven.b. What is the likelihood
Listed below is the population by state for the 15 states with the largest population. Also included is whether that state’s border touches the Gulf of Mexico, the Atlantic Ocean, or the Pacific Ocean (coastline).Note that 5 of the 15 states do not have any coastline. Suppose three states
The sales of Lexus automobiles in the Detroit area follow a Poisson distribution with a mean of 3 per day.a. What is the probability that no Lexus is sold on a particular day?b. What is the probability that for 5 consecutive days at least one Lexus is sold?
Suppose 1.5% of the antennas on new Nokia cell phones are defective. For a random sample of 200 antennas, find the probability that:a. None of the antennas is defective.b. Three or more of the antennas are defective.
A study of the checkout lines at the Safeway Supermarket in the South Strand area revealed that between 4 and 7 p.m. on weekdays there is an average of four customers waiting in line. What is the probability that you visit Safeway today during this period and find:a. No customers are waiting?b.
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