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Statistics For Business And Economics 12th Edition James T. McClave, P. George Benson, Terry T Sincich - Solutions

In order to protect their valuable resources, oil companies spend millions of dollars researching ways to prevent biodegradation of crude oil. The Journal of Petroleum Geology (April 2010) published a study of the environmental factors associated with biodegradation in crude oil reservoirs. Sixteen
According to the United Nations, social robots now outnumber industrial robots worldwide. A social (or service) robot is designed to entertain, educate, and care for human users. In a paper published by the International Conference on Social Robotics (Vol. 6414, 2010), design engineers investigated
Coughing at night is a common symptom of an upper respiratory tract infection, yet there is no accepted therapeutic cure. Does a teaspoon of honey before bed really calm a child's cough? To test the folk remedy, pediatric researchers at Pennsylvania State University carried out a designed study
In addition to the qualitative variable, use of ethics consultation in the future ("yes" or "no"), one of the quantitative variables measured in the survey of physicians was length of time in practice (i.e., years of experience). The medical researchers hypothesized that older, more experienced
Financially distressed firms can gain protection from their creditors while they restructure by filing for protection under U.S. Bankruptcy Codes. In a prepackaged bankruptcy, a firm negotiates a reorganization plan with its creditors prior to filing for bankruptcy. This can result in a much
Phishing is the term used to describe an attempt to extract personal/financial information (e.g., PIN numbers, credit card information, bank account numbers) from unsuspecting people through fraudulent e-mail. An article in Chance (Summer 2007) demonstrates how statistics can help identify phishing
Production processes may be classified as make-to-stock processes or make-to-order processes. Make-to-stock processes are designed to produce a standardized product that can be sold to customers from the firm's inventory. Make-to-order processes are designed to produce products according to
Calculate the mean for samples where a. n = 10, ∑x = 85 b. n = 16, ∑x = 400 c. n = 45, ∑x = 35 d. n = 18, ∑x = 242
Explain how the relationship between the mean and median provides information about the symmetry or skewness of the data's distribution.
Explain the difference between the calculation of the median for an odd and an even number of measurements. Construct one data set consisting of five measurements and another consisting of six measurements for which the medians are equal.
Calculate the mode, mean, and median of the following data: 18 10 15 13 17 15 12 15 18 16 11
If you use the Internet, have you ever paid to access or download music? This was one of the questions of interest in a recent Pew Internet & American Life Project Survey (October 2010). Telephone interviews were conducted on a representative sample of 1,003 adults living in the United States. For
Describe how the mean compares to the median for a distribution as follows: a. Skewed to the left b. Skewed to the right c. Symmetric
Investment companies provide their clients with automated tools-called stock screeners-to help them select a portfolio of stocks to invest in. The American Association of Individual Investors (AAII) provides statistics on stock screeners at its Web site, www.aaii.com. The next table lists the
The data in the next table, compiled by the Center for International Trade Development (CITD), provide a listing of the top 30 U.S. export markets for sparkling wines. Descriptive statistics for the amount exported (thousands of dollars) and 3-year percentage change for the 30 countries are shown
Oil field pipes are internally coated in order to prevent corrosion. Researchers at the University of Louisiana, Lafayette, investigated the influence that coating may have on the surface roughness of oil field pipes (Anti-corrosion Methods and Materials, Vol. 50, 2003). A scanning probe instrument
Each year, the Center for Measuring University Performance produces a report on America's top research universities. The total expenditures (in thousands of dollars) for research for the top 20 ranked universities from the 2010 Annual Report are listed in the table.a. Find the mean of the research
Recall that the level of support for corporate sustainability (measured on a quantitative scale ranging from 0 to 160 points) was obtained for each 992 senior managers at CPA firms. Numerical measures of central tendency for level of support are shown in the accompanying Minitab printout.For
Recall that the 105 ill children in the sample were randomly divided into three groups: those who received a dosage of an over-the-counter cough medicine (DM), those who received a dosage of honey (H), and those who received no dosage (control group). The coughing improvement scores (as determined
Recall that amount of dioxide (milligrams/liter) and presence/absence of crude oil was determined for each of 16 water specimens collected from a mine reservoir. The data are repeated in the accompanying table. For Information: Refer to the Journal of Petroleum Geology (April 2010) study of the
Would you expect the data sets described below to possess relative frequency distributions that are symmetric, skewed to the right, or skewed to the left? Explain. a. The salaries of all persons employed by a large university b. The grades on an easy test c. The grades on a difficult test d. The
An analysis of the retail rental levels of tenants of United Kingdom regional shopping malls was published in Urban Studies (June 2011). One aspect of the study involved describing the type of tenant typically found at a UK shopping mall. Data were collected for 148 Shopping malls, which housed
In order to become a certified public accountant (CPA), you must pass the Uniform CPA Exam. Many states require a minimum of 150 semester hours of college education before a candidate can sit for the CPA exam. However, traditionally, colleges only require 128 semester hours for an undergraduate
In addition to the qualitative variable, use of ethics consultation in the future ("yes" or "no"), one of the quantitative variables measured in the survey of physicians was length of time in practice (i.e., years of experience). Recall that the medical researchers hypothesized that physicians who
Recall that each of 49 firms that negotiated a reorganization plan with its creditors prior to filing for bankruptcy was classified in one of three categories: joint exchange offer with prepack, prepack solicitation only, and no prefiling vote held. Consider the quantitative variable length of time
The U.S. Energy Information Administration monitors all nuclear power plants operating in the United States. The next table lists the number of active nuclear power plants operating in each of a sample of 20 states.a. Find the mean, median, and mode of this data set.b. Eliminate the largest value
The salaries of superstar professional athletes receive much attention in the media. The multimillion-dollar long-term contract is now commonplace among this elite group. Nevertheless, rarely does a season pass without negotiations between one or more of the players' associations and team owners
Answer the following questions about variability of data sets: a. What is the primary disadvantage of using the range to compare the variability of data sets? b. Describe the sample variance using words rather than a formula. Do the same with the population variance. c. Can the variance of a data
Compute , s2, and 5 for each of the following data sets. If appropriate, specify the units in which your answer is expressed. a. 3, 1, 10, 10, 4 b. 8 feet, 10 feet, 32 feet, 5 feet c. -1, -4, -3, 1, -4, -4 d. 1/5ounce, 1/5ounce, 1/5ounce, 2/5ounce, 1/5ounce, 4/5ounce
Rising health care costs are of major concern to Americans. A nationwide survey of 2,119 U.S. adults was conducted to elicit opinions on who is to blame for the rising costs (The Harris Poll, Oct. 28, 2008). The next table summarizes the responses to the question "When you think of the rising costs
Calculate the range, variance, and standard deviation for the following samples: a. 39, 42, 40, 37, 41 b. 100, 4, 7, 96, 80, 3, 1, 10, 2 c. 100, 4, 7, 30, 80, 30, 42, 2
Using only integers between 0 and 10, construct two data sets with at least 10 observations each so that the two sets have the same mean but different variances. Construct dot plots for each of your data sets and mark the mean of each data set on its dot diagram.
Consider the following sample of five measurements: 2, 1, 1, 0, 3. a. Calculate the range, s2, and s. b. Add 3 to each measurement and repeat part a. c. Subtract 4 from each measurement and repeat part a. d. Considering your answers to parts a, b, and c, what seems to be the effect on the
Annualized percentage return on investment (as compared to the Standard & Poor's 500 Index) for 13 randomly selected stock screeners are reproduced in the table.For Information: Refer to the American Association of Individual Investors (AAII) statistics on stock screeners, Exercise 2.42.a. Find
The Minitab descriptive statistics printout for the amount exported (thousands of dollars) and 3-year percentage change for the 30 countries is reproduced below.For Information: Refer to the data on the top 30 U.S. export markets for sparkling wines, compiled by the Center for International Trade
The coughing improvement scores (as determined by the children's parents) for the patients in the over-the-counter cough medicine dosage (DM) group, honey dosage group, and control group are reproduced in the accompanying table.For Information: Refer to the Archives of Pediatrics and Adolescent
Numerical measures of variation for level of support for the 992 senior managers are shown in the accompanying Minitab printout.For Information: Refer to the Business and Society (March 2011) study on the sustainability behaviors of CPA corporations, Exercise 2.46.a. Locate the range on the
Again, consider an analysis of the quantitative variable, length of time in practice (i.e., years of experience). a. Access the data file and find the range, variance, and standard deviation for the length of time in practice (i.e., years of experience) variable. If possible, give a practical
a. Find the range, variance, and standard deviation of this data set.b. Eliminate the largest value from the data set and repeat part a. What effect does dropping this measurement have on the measures of variation found in part a?c. Eliminate the smallest and largest value from the data set and
A widely used technique for estimating the length of time it takes workers to produce a product is the time study. In a time study, the task to be studied is divided into measurable parts, and each is timed with a stopwatch or filmed for later analysis. For each worker, this process is repeated
The output from a statistical software package indicates that the mean and standard deviation of a data set consisting of 200 measurements are $1,500 and $300, respectively. a. What are the units of measurement of the variable of interest? Based on the units, what type of data is this: quantitative
For a set of data with a mound-shaped relative frequency distribution, what can be said about the percentage of the measurements contained in each of the intervals specified in Exercise 2.72?In Exercise 2.72a. x̅ - s to x̅ + sb. x̅ - 2s to x̅ + 2sc. x̅ - 3s to x̅ + 3s
The following is a sample of 25 measurements:a. Compute , s2, and s for this sample.b. Count the number of measurements in the intervals ± s, ± 2s, ± 3s. Express each count as a percentage of the total number of measurements.c. Compare the percentages found in part b to the percentages given
Given a data set with a largest value of 760 and a smallest value of 135, what would you estimate the standard deviation to be? Explain the logic behind the procedure you used to estimate the standard deviation. Suppose the standard deviation is reported to be 25. Is this feasible? Explain.
Recall that in a random sample of social robots obtained through a Web search, 28 were built with wheels. The number of wheels on each of the 28 robots is listed in the accompanying table. For Information: Refer to the International Conference on Social Robotics (Vol. 6414, 2010) study on the
The American Economic Review (Dec. 2008) published a study on whether the removal of credit constraints would impact the likelihood of a student dropping out of college. As part of the investigation, the researchers looked for factors other than credit constraints that would influence the college
In a sample of firms that provide blogs and forums as marketing tools, the mean number of blogs/forums per site was 4.25, with a standard deviation of 12.02. a. Provide an interval that is likely to contain the number of blogs/forums per site for at least 75% of the Fortune 500 firms in the
a. Compute the 2-standard-deviation interval around the mean. b. Make a statement about the proportion of first-time candidates for the CPA exam who have total college credit hours within the interval, part a. c. For the statement, part b, to be true, what must be known about the shape of the
Job status information was collected for a sample of 3,244 individuals who sat for the GMAT in each of four time periods (waves). Summary information (number of individuals) for Wave 1 (at the time of taking the GMAT) and Wave 4 (7 years later) is provided in the accompanying table. Use a graph to
a. Find the mean and standard deviation of the sanitation scores. b. Calculate the intervals ± s, ± 2s, ± 3s. c. Find the percentage of measurements in the data set that fall within each of the intervals, part b. Do these percentages agree with Chebyshev's Rule? The Empirical Rule? For
Fiber reinforced polymer (FRP) composite materials are the standard for strengthening, retrofitting, and repairing concrete structures. Typically, FRP strips are fastened to the concrete with epoxy adhesive. Engineers at the University of Wisconsin-Madison have developed a new method of fastening
Data on the variable of interest, length of time (months) in bankruptcy for each firm, are saved in the accompanying file. a. Construct a histogram for the 49 bankruptcy times. Comment on whether the Empirical Rule is applicable for describing the bankruptcy time distribution for firms filing for
While shopping at the grocery store, are you more likely to buy a vice product (e.g., a candy bar) when pushing a shopping cart or when carrying a shopping basket? This was the question of interest in a study published in the Journal of Marketing Research (Dec. 2011). The researchers believe that
Financial analysts are hired by investment companies to make forecasts of stock prices and recommendations about whether to buy, sell, or hold specific securities. These analysts can be categorized as either "buy-side" analysts or "sell-side" analysts based on a variety of factors, including scope
A buyer for a lumber company must decide whether to buy a piece of land containing 5,000 pine trees. If 1,000 of the trees are at least 40 feet tall, the buyer will purchase the land; otherwise, he won't. The owner of the land reports that the height of the trees has a mean of 30 feet and a
The National Education Longitudinal Survey (NELS) tracks a nationally representative sample of U.S. students from eighth grade through high school and college. Research published in Chance (Winter 2001) examined the Standardized Assessment Test (SAT) scores of 265 NELS students who paid a private
When it is working properly, a machine that fills 25-pound bags of flour dispenses an average of 25 pounds per fill; the standard deviation of the amount of fill is .1 pound. To monitor the performance of the machine, an inspector weighs the contents of a bag coming off the machine's conveyor belt
Web site communication through blogs and forums is becoming a key marketing tool for companies. The Journal of Relationship Marketing (Vol. 7, 2008) investigated the prevalence of blogs and forums at Fortune 500 firms with both English and Chinese web sites. Of the firms that provided blogs/forums
Compute the z-score corresponding to each of the following values of x: a. x = 40, s = 5, = 30 b. x = 90, μ = 89, σ = 2 c. μ = 50, σ = 5, x = 50 d. s = 4, x = 20, = 30
Give the percentage of measurements in a data set that are ID above and below each of the following percentiles: a. 75th percentile b. 50th percentile c. 20th percentile d. 84th percentile
In terms of percentiles, define QL, QM, and QU.
Suppose that 40 and 90 are two elements of a population data set and that their z-scores are -2 and 3, respectively. Using only this information, is it possible to determine the population's mean and standard deviation? If so, find them. If not, explain why it's not possible.
Refer to the Applied Psychology in Criminal Justice (Sep. 2009) study of convicted drug dealers' motivations, Exercise 2.80 (p. 85). Recall that the sample of drug dealers had a mean Wanting Recognition (WR) score of 39 points, with a standard deviation of 6 points. a. Find and interpret the
Pay Scale, Inc., an online provider of global compensation data, recently conducted a survey of 1.2 million bachelor's degree graduates with a minimum of 10 years of work experience. Three of the many variables measured by Pay Scale were the graduate's starting salary, mid-career salary, and the
a. Give a measure of relative standing for the Nautilus Explorer score of 74. Interpret the result. b. Give a measure of relative standing for the Rotterdam's score of 92. Interpret the result. For Information: Refer to the Jan. 2010 sanitation levels of cruise ships, Exercise 2.81.
An experiment results in one of the following sample points: E1, E2, E3, E4, or E5. a. Find P(E3) if P(E1) = .1, P(E2) = .2, P(E4) = .1, and P(E5) = .1. b. Find P(E3) if P(E1) = P(E3), P(E2) = .1, P(E4) = .2, and P(E5) = .1. c. Find P(E3) if P(E1) = P(E2) = P(E4) = P(E5) = .1.
Each year CCH, Inc., a firm that provides human resources and employment law information, conducts a survey on absenteeism in the workplace. The latest CCH Unscheduled Absence Survey found that of all unscheduled work absences, 34% are due to "personal illness," 22% for "family issues," 18% for
Since the early 1900s, the state of Florida has exceeded $450 million in damages due to destructive hurricanes. Consequently, the value of property insured against windstorm damage in Florida is the highest in the nation. Researchers at Florida State University conducted a comprehensive analysis of
A cyberchondriac is defined as a person who regularly searches the Web for health care information. A 2011 Harris Poll surveyed 1,019 U.S. adults by telephone and asked each respondent how often (in the past month) he/she looked for health care information online. The results are summarized in the
Is summer vacation a break from work? Not according to an Ad week/Harris (July 2011) poll of 3,304 U.S. adults. The poll found that 46% of the respondent's works during their summer vacation, 35 % do not work at all while on vacation, and 19% were unemployed. Consider the work status during summer
A "green" product (e.g., a product built from recycled materials) is one that has minimal impact on the environment and human health. How do consumers determine if a product is "green"? The 2011 Image Power Green Brands Survey asked this question of more than 9,000 international consumers. The
Recall that the managers of 30 leading museums of con-temporary art were asked to provide the performance measure used most often. A summary of the results is reproduced in the table.For Information: Refer to the Museum Management and Curatorship (June 2010) study of the criteria used to evaluate
The U.S. Department of Agriculture (USDA) reports that, under its standard inspection system, one in every 100 slaughtered chickens passes inspection with fecal contamination, a. If a slaughtered chicken is selected at random, what is the probability that it passes inspection with fecal
Personal identification number (PIN) pads are devices that connect to point-of-sale electronic cash registers for debit and credit card purchases. Recall that for the 12 manufacturers listed in the table, a total of 334,039 PIN pads were shipped. Suppose you randomly select one of these PIN pads
Gonzaga University professors conducted a study of more than 1,500 television commercials and published their results in the Journal of Sociology, Social Work and Social Welfare (Vol. 2, 2008). Commercials from eight networks-ABC, FAM, FOX, MTV, ESPN, CBS, CNN, and NBC-were sampled during an 8-day
The diagram below describes the sample space of a particular experiment and events A and B.a. What is this type of diagram called? b. Suppose the sample points are equally likely. Find P(A) and P(B). c. Suppose P(l) = P(2) = P(3) = P(4) = P(5) = 1/20 and P(6) = P(7) = P(8) = P(9) = P(10) = 3/20.
The Quinella bet at the paramutual game of jai-alai consists of picking the jai-alai players that will place first and second in a game irrespective of order. In jai-alai, eight players (numbered 1, 2, 3,..., 8) compete in every game. a. How many different Quinella bets are possible? b. Suppose you
From a list of 15 preferred stocks recommended by your broker, you will select three to invest in. How many different ways can you select the three stocks from the 15 recommended stocks?
University of Maryland marketing professor R. W. Hamilton studied how people attempt to influence the choices of others by offering undesirable alternatives (Journal of Consumer Research, Mar. 2003). Such a phenomenon typically occurs when family members propose a vacation spot, friends recommend a
Consumer Reports magazine annually asks readers to evaluate their experiences in buying a new car during the previous year. Analysis of the questionnaires for a recent year revealed that readers were very satisfied with the following three new cars (in no particular order): Hyundai Elantra, Toyota
Handicappers for greyhound races express their belief about the probabilities that each greyhound will win a race in terms of odds. If the probability of event E is P(E), then the odds in favor of E are P(E) to 1 - P(E). Thus, if a handicapper assesses a probability of .25 that Oxford Shoes will
Chance (Summer 2004) published an article on the use of lead bullets as forensic evidence in a federal criminal case. Typically, the Federal Bureau of Investigation (FBI) will use a laboratory method to match the lead in a bullet found at the crime scene with unexpended lead cartridges found in
The recent Democratic and Republican presidential state primary elections were highlighted by the difference in the way winning candidates were awarded delegates. In Republican states, the winner is awarded all the state's delegates; conversely, the Democratic state winner is awarded delegates in
Suppose P(A) = .4, P(B) = .7, and P(A ∩ B) = .3. Find the following probabilities:a. P(BC)b. P(AC)c. P(A ⋃ B)
A fair coin is tossed three times, and the events A and B are defined as follows:A: {At least one head is observed.}B: {The number of heads observed is odd.}a. Identify the sample points in the events A, B, A ⋃ B, Ac, and A ∩ B.b. Find P(A), P(B), P(A ⋃ B), P(AC), and P(A ∩ B) by summing
The sample space for an experiment contains five sample EES points with probabilities as shown in the table. Find the probability of each of the following events: Sample Points Probabilities 1 ............................ .05 2 ............................ .20 3 ............................ .30 4
Consider the Venn diagram below, whereP(E1) = P(E2) = P(E3) = 1/5, P(E4) = P(E5) = 1/20, P(E6) = 1/10, and P(E7) = 1/5.Find each of the following probabilities:a. P(A)b. P(B)c. P(A ‹ƒ B)d. P(A ˆ© B)e. P(Ac)f. P(Bc)g. P(A ‹ƒ Ac)h. P(Ac ˆ© B)
The outcomes of two variables are (Low, Medium, High) and (On, Off), respectively. An experiment is conducted in which the outcomes of each of the two variables are observed. The probabilities associated with each of the six possible outcome pairs are given in the accompanying two-way
a. Write the event that the outcome is "On" and "High" as an intersection of two events.b. Write the event that the outcome is "Low" or "Medium" as the complement of an event.Exercise 3.33The outcomes of two variables are (Low, Medium, High) and (On, Off), respectively. An experiment is conducted
Recall that in a random sample of 106 social (or service) robots designed to entertain, educate, and care for human users, 63 were built with legs only, 20 with wheels only, 8 with both legs and wheels, and 15 with neither legs nor wheels. One of the 106 social robots is randomly selected and the
U.S. federal regulations require that operating companies clear all inactive offshore oil and gas structures within 1 year after production ceases. Researchers at the Louisiana State University Center for Energy Studies gathered data on both active and inactive oil and gas structures in the Gulf of
Compute each of the following:a.b.c.d.e.
In the United States, MySpace and Facebook are considered the two most popular social networking Web sites. In the United Kingdom (UK), the competition for social networking is between MySpace and Bebo. According to Nielsen/Net Ratings (April 2006), 4% of UK citizens visit MySpace, 3% visit Bebo,
An investigation into why emergency medical service (EMS) workers leave the profession was published in the Journal of Allied Health (Fall 2011). The researchers surveyed a sample of 244 former EMS workers, of which 127 were fully compensated while on the job, 45 were partially compensated, and 72
The Journal of Finance (December 2011) published a study of whether the decision to invest in the stock market is dependent on IQ. Information on a sample of 158,044 adults living in Finland formed the database for the study. An IQ score (from a low score of 1 to a high score of 9) was determined
The long-run success of a business depends on its ability to market products with superior characteristics that maximize consumer satisfaction and that give the firm a competitive advantage (Kotler & Keller, Marketing Management, 2006). Ten new products have been developed by a food-products firm.
The effect of guilt emotion on how a decision maker focuses on a problem was investigated in the Jan. 2007 issue of the Journal of Behavioral Decision Making. A total of 171 volunteer students participated in the experiment, where each was randomly assigned to one of three emotional states (guilt,
At the beginning of each year, the Internal Revenue Service (IRS) releases information on the likelihood of a tax return being audited. In 2010, the IRS audited 1,581,394 individual tax returns from the total of 142,823,105 filed returns; also, the IRS audited 29,803 returns from the total of
Tire and automobile manufacturers and consumer safety experts all recommend that drivers maintain proper tire pressure in their cars. Consequently, many gas stations now provide air pumps and air gauges for their customers. In a Research Note (Nov. 2001), the National Highway Traffic Safety
For two events, A and B, P(A) = .4, P(B) = .2, and P(A ⋃ B) = .1: a. Find P(A | B). b. Find P(B | A). c. Are A and B independent events?

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