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Essentials Of Business Statistics Communicating With Numbers 1st Edition Sanjiv Jaggia, Alison Kelly - Solutions

According to results from the Spine Patient Outcomes Research Trial, or SPORT, surgery for a painful, common back condition resulted in significantly reduced back pain and better physical function than treatment with drugs and physical therapy (The Wall Street Journal, February 21, 2008).SPORT
Consider the following contingency table.a. Convert the contingency table into a joint probability table.b. What is the probability that A occurs?c. What is the probability that A and B occur?d. Given that B has occurred, what is the probability that A occurs?e. Given that Ac has occurred, what is
Consider the following joint probability table.a. What is the probability that A occurs?b. What is the probability that B2 occurs?c. What is the probability that Ac and B4 occur?d. What is the probability that A or B3 occurs?e. Given that B2 has occurred, what is the probability that A occurs?f.
According to an online survey by Harris Interactive for job site CareerBuilder.com, more than half of IT (information technology) workers say they have fallen asleep at work ( InformationWeek , September 27, 2007). Sixty-four percent of government workers admitted to falling asleep on the job.
A recent poll asked 16- to 21-year-olds whether or not they are likely to serve in the U.S. military. The following table, cross-classified by gender and race, reports the percentage of those polled who responded that they are likely or very likely to serve in the active-duty military.a. What is
A recent report suggests that business majors spend the least amount of time on course work than all other college students (The New York Times, November 17, 2011). A provost of a university decides to conduct a survey where students are asked if they study hard, defined by spending at least
According to a Michigan State University researcher, Americans are becoming increasingly polarized on issues pertaining to the environment. (news.msu.edu, April 19, 2011). It is reported that 70% of Democrats see signs of global warming as compared to only 29% of Republicans who feel the same.
Merck & Co. conducted a study to test the promise of its experimental AIDS vaccine ( The Boston Globe , September 22, 2007). Volunteers in the study were all free of the human immunodeficiency virus (HIV), which causes AIDS, at the start of the study, but all were at high risk for getting the
More and more households are struggling to pay utility bills given a shaky economy and high heating costs (The Wall Street Journal, February 14, 2008). Particularly hard hit are households with homes heated with propane or heating oil. Many of these households are spending twice as much to stay
The research team at a leading perfume company is trying to test the market for its newly introduced perfume. In particular the team wishes to look for gender and international differences in the preference for this perfume. They sample 2,500 people internationally and each person in the
Let P (A) = 0.70, P (B | A) = 0.55, and P (B | Ac) = 0.10. Use a probability tree to calculate the following probabilities:a. P (Ac)b. P (A ∩ B) and P (Ac ∩ B)c. P (B)d. P (A | B)
Let P (B) = 0.60, P (A | B) = 0.80, and P (A | Bc) = 0.10. Calculate the following probabilities:a. P (Bc)b. P (A ∩ B) and P (A ∩ Bc)c. P (A)d. P (B | A)
Complete the following probabilitytable.
Let a sample space be partitioned into three mutually exclusive and exhaustive events, B1, B2, and B3. Complete the following probabilitytable.
Christine has always been weak in mathematics. Based on her performance prior to the final exam in Calculus, there is a 40% chance that she will fail the course if she does not have a tutor.With a tutor, her probability of failing decreases to 10%. There is only a 50% chance that she will find a
An analyst expects that 20% of all publicly traded companies will experience a decline in earnings next year. The analyst has developed a ratio to help forecast this decline. If the company is headed for a decline, there is a 70% chance that this ratio will be negative. If the company is not headed
The State Police are trying to crack down on speeding on a particular portion of the Massachusetts Turnpike. To aid in this pursuit, they have purchased a new radar gun that promises greater consistency and reliability. Specifically, the gun advertises 6 one-mile-per-hour accuracy 98% of the time;
According to a recent study, cell phones are the main medium for teenagers to stay connected with friends and family (CNN, March 19, 2012). It is estimated that 90% of older teens (aged 14 to 17) and 60% of younger teens (aged 12 to 13) own a cell phone. Suppose 70 percent of all teens are older
According to data from the National Health and Nutrition Examination Survey, 33% of white, 49.6% of black, 43% of Hispanic, and 8.9% of Asian women are obese. In a representative town, 48% of women are white, 19% are black, 26% are Hispanic, and the remaining 7% are Asian.a. Find the probability
A crucial game of the Los Angeles Lakers basketball team depends on the health of their key player. According to his doctor’s report, there is a 40% chance that he will be fully it to play, a 30% chance that he will be somewhat it to play, and a 30% chance that he will not be able to play at all.
An analyst thinks that next year there is a 20% chance that the world economy will be good, a 50% chance that it will be neutral, and a 30% chance that it will be poor. She also predicts probabilities that the performance of a start-up firm, Creative Ideas, will be good, neutral, or poor for each
According to a global survey of 4,400 parents of children between the ages of 14 to 17, 44% of parents spy on their teen’s Facebook account (msnbc.com, April 25, 2012).Assume that American parents account for 10% of all parents of teens with Facebook accounts, of which 60% spy on their teen’s
According to a recent study, cell phones, especially text messaging, is the main medium for teenagers to stay connected with friends and family (CNN, March 19, 2012). It is found that only 23% of teens don’t own a cell phone. Of those who own a cell phone, only one in four uses a smart-phone.
Henry Chow is a stockbroker working for Merrill Lynch. He knows from past experience that there is a 70% chance that his new client will want to include U.S. equity in her portfolio and a 50% chance that she will want to include foreign equity. There is also a 40% chance that she will want to
The following frequency distribution shows the ages of India€™s 40 richest individuals. One of these individuals is selected at random.a. What is the probability that the individual is between 50 and 60 years of age?b. What is the probability that the individual is younger than 50 years
Anthony Papantonis, owner of Nauset Construction, is bidding on two projects, A and B. The probability that he wins project A is 0.40 and the probability that he wins project B is 0.25. Winning Project A and winning Project B are independent events.a. What is the probability that he wins project A
Since the fall of 2008, millions of Americans have lost jobs due to the economic meltdown. A recent study shows that unemployment has not impacted males and females in the same way (Newsweek, April 20, 2009). According to a Bureau of Labor Statistics report, 8.5% of those who are eligible to work
How much you smile in your younger days can predict your later success in marriage (msnbc.com, April 16, 2009). The analysis is based on the success rate in marriage of people over age 65 and their smiles when they were only 10 years old. Researchers found that only 11% of the biggest smilers had
A professor of management has heard that eight students in his class of 40 have landed an internship for the summer. Suppose he runs into two of his students in the corridor.a. Find the probability that neither of these students has landed an internship.b. Find the probability that both of these
Wooden boxes are commonly used for the packaging and transportation of mangoes. A convenience store in Morganville, New Jersey, regularly buys mangoes from a wholesale dealer. For every shipment, the manager randomly inspects two mangoes from a box containing 20 mangoes for damages due to
According to the CGMA Economic Index, which measures executive sentiment across the world, 18% of all respondents expressed optimism about the global economy (www.aicpa.org, March 29, 2012). Moreover, 22% of the respondents from the United States and 9% from Asia felt optimistic about the global
At a local bar in a small Midwestern town, beer and wine are the only two alcoholic options. The manager noted that of all male customers who visited over the weekend, 150 ordered beer, 40 ordered wines, and 20 asked for soft drinks. Of female customers, 38 ordered beer, 20 ordered wines, and 12
It has generally been believed that it is not feasible for men and women to be just friends (The New York Times, April 12, 2012). Others argue that this belief may not be true anymore since gone are the days when men worked and women stayed at home and the only way they could get together was for
A recent study in the Journal of the American Medical Association (February 20, 2008) found that patients who go into cardiac arrest while in the hospital are more likely to die if it happens after 11 pm. The study investigated 58,593 cardiac arrests that occurred during the day or evening. Of
It has been reported that women end up unhappier than men later in life, even though they start out happier (Yahoo News, August 1, 2008). Early in life, women are more likely to fulfill their family life and financial aspirations, leading to greater overall happiness. However, men report a higher
An analyst predicts that there is a 40% chance that the U.S. economy will perform well. If the U.S. economy performs well, then there is an 80% chance that Asian countries will also perform well. On the other hand, if the U.S. economy performs poorly, the probability of Asian countries performing
Apparently, depression significantly increases the risk of developing dementia later in life (BBC News, July 6, 2010).In a recent study it was reported that 22% of those who had depression went on to develop dementia, compared to only 17% of those who did not have depression. Suppose 10% of all
According to data from the National Health and Nutrition Examination Survey, 36.5% of adult women and 26.6% of adult men are at a healthy weight. Suppose 50.52% of the adult population consists of women.a. What proportion of adults is at a healthy weight?b. If an adult is at a healthy weight, what
Suppose that 60% of the students do homework regularly.It is also known that 80% of students, who had been doing homework regularly, end up doing well in the course (get a grade of A or B). Only 20% of students, who had not been doing homework regularly, end up doing well in the course.a. What is
According to the Census’s Population Survey, the percentage of children with two parents at home is the highest for Asians and lowest for blacks (USA TODAY, February 26, 2009). It is reported that 85% of Asian children have two parents at home versus 78% of white, 70% of Hispanic, and 38% of
Determine whether the following probabilities are best categorized as subjective, empirical, or classical probabilities.a. Before flipping a fair coin, Sunil assesses that he has a 50% chance of obtaining tails.b. At the beginning of the semester, John believes he has a 90% chance of receiving
You apply for a position at two firms. Let event A represent the outcome of getting an offer from the first firm and event B represent the outcome of getting an offer from the second firm.a. Explain why events A and B are not exhaustive.b. Explain why events A and B are not mutually exclusive.
A recent study challenges the media narrative that foreclosures are dangerously widespread (New York Times, March 2, 2009). According to this study, 62% of all foreclosures were centered in only four states, namely, Arizona, California, Florida, and Nevada. The national average rate of foreclosures
Consider the following discrete probability distribution.a. Is this a valid probability distribution? Explain.b. Graphically depict this probability distribution.c. What is the probability that the random variable X is less than 40?d. What is the probability that the random variable X is between 10
Consider the following discrete probability distribution.a. Complete the probability distribution.b. Graphically depict the probability distribution and comment on the symmetry of the distribution.c. What is the probability that the random variable X is negative?d. What is the
Identify the possible values of the following random variables. Which of the random variables are discrete?a. The numerical grade a student receives in a course.b. The grade point average of a student.c. The salary of an employee, defined in figures (4 figure, 5 figure, etc.).d. The salary of an
Identify the possible values of the following random variables. Which of the random variables are discrete?a. The advertised size of a round Domino’s pizza.b. The actual size of a round Domino’s pizza.c. The number of daily visitors to Yosemite National Park.d. The age of a visitor to Yosemite
India is the second most populous country in the world, with a population of over 1 billion people. Although the government has offered various incentives for population control, some argue that the birth rate, especially in rural India, is still too high to be sustainable. A demographer assumes
A financial analyst creates the following probability distribution for the performance of an equity income mutual fund.a. Comment on the optimism or pessimism depicted in the analyst€™s estimates. b. Convert the above probability distribution to a cumulative probability distribution. c.
A basketball player is fouled while attempting to make a basket and receives two free throws. The opposing coach believes there is a 55% chance that the player will miss both shots, a 25% chance that he will make one of the shots, and a 20% chance that he will make both shots.a. Construct the
Professor Sanchez has been teaching Principles of Economics for over 25 years. He uses the following scale for grading.a. Depict the above probability distribution graphically. Comment on whether or not the probability distribution is symmetric.b. Convert the above probability distribution to a
Jane Wormley is a professor of management at a university.She expects to be able to use her grant money to fund up to two students for research assistance. While she realizes that there is a 5% chance that she may not be able to fund any student, there is an 80% chance that she will be able to fund
Fifty percent of the customers who go to Sears Auto Center for tires buy four tires and 30% buy two tires. Moreover, 18% buy fewer than two tires, with 5% buying none.a. What is the probability that a customer buys three tires?b. Construct a cumulative probability distribution for the number of
Calculate the mean, the variance, and the standard deviation of the following discrete probabilitydistribution.
Calculate the mean, the variance, and the standard deviation of the following discrete probabilitydistribution.
A marketing firm is considering making up to three new hires. Given its specific needs, the management feels that there is a 60% chance of hiring at least two candidates. There is only a 5% chance that it will not make any hires and a 10% chance that it will make all three hires.a. What is the
The manager of a publishing company plans to give a $20,000 bonus to the top 15 percent, $10,000 to the next 30 percent, and $5,000 to the next 10 percent of sales representatives. If the publishing company has a total of 200 sales representatives, what is the expected bonus that the company will
An electronics store sells additional warranties on its Blu-ray players. Twenty percent of the buyers buy the limited warranty for $25 and 5% buy the extended warranty for $60. What is the expected revenue for the store if it sells 120 players?
You are considering buying insurance for your new laptop computer, which you have recently bought for $1,500. The insurance premium for three years is $80. Over the three-year period there is an 8% chance that your laptop computer will require work worth $400, a 3% chance that it will require work
Four years ago, Victor Consuelo purchased a very reliable automobile (as rated by a reputable consumer advocacy publication). His warranty has just expired, but the manufacturer has just offered him a 5-year, bumper-to-bumper warranty extension. The warranty costs $3,400. Consuelo constructs the
You are considering two mutual funds for your investment. The possible returns for the funds are dependent on the state of the economy and are given in the accompanying table.You believe that the likelihood is 20% that the economy will be good, 50% that it will be fair, and 30% that it will be
Investment advisors recommend risk reduction through international diversification. International investing allows you to take advantage of the potential for growth in foreign economies, particularly in emerging markets. Janice Wong is considering investment in either Europe or Asia. She has
Assume that X is a binomial random variable with n = 5 and p = 0.35. Calculate the following probabilities.a. P(X = 0)b. P(X = 1)c. P(X ≤ 1)
Assume that X is a binomial random variable with n = 6 and p = 0.68. Calculate the following probabilities.a. P(X = 5)b. P(X = 4)c. P(X ≥ 4)
Assume that X is a binomial random variable with n = 8 and p = 0.32. Calculate the following probabilities.a. P (3 < X < 5)b. P (3 < X ≤ 5)c. P (3 ≤ X ≤ 5)
Let the probability of success on a Bernoulli trial be 0.30. In five Bernoulli trials, what is the probability that there will be(a) 4 failures,(b) More than the expected number of failures?
Let X represent a binomial random variable with n = 150 and p = 0.36. Find the following probabilities.a. P(X ≤ 50)b. P(X = 40)c. P(X > 60)d. P(X ≥ 55)
Let X represent a binomial random variable with n = 200 and p = 0.77. Find the following probabilities.a. P (X ≤ 150)b. P (X > 160)c. P (155 ≤ X ≤ 165)d. P (X = 160)
According to a report from the Center for Studying Health System Change, 20% of Americans delay or go without medical care because of concerns about cost (The Wall Street Journal , June 26, 2008). Suppose eight individuals are randomly selected.a. What is the probability that none will delay or go
At a local community college, 40% of students who enter the college as freshmen go on to graduate. Ten freshmen are randomly selected.a. What is the probability that none of them graduates from the local college?b. What is the probability that at most nine will graduate from the local college?c.
The percentage of Americans who have confidence in U.S. banks dropped to 23% in June 2010, which is far below the pre-recession level of 41% reported in June 2007 (gallup.com).a. What is the probability that fewer than half of 10 Americans in 2010 have confidence in U.S. banks?b. What would have
In recent analyses of Census figures, one in four American counties has passed or is approaching the tipping point where black, Hispanic, and Asian children constitute a majority of the under-20 population (New York Times , August 6, 2008). Racial and ethnic minorities now account for 43% of
Approximately 76% of baby boomers aged 43 to 61 are still in the workforce (The Boston Globe, July 10, 2008). Six baby boomers are selected at random.a. What is the probability that exactly one of the baby boomers is still in the workforce?b. What is the probability that at least five of the baby
Sikhism, a religion founded in the 15th century in India, is going through turmoil due to a rapid decline in the number of Sikh youths, who wear turbans (Washington Post, March 29,2009). The tedious task of combing and tying up long hair and a desire to assimilate has led to approximately 25% of
According to the U.S. Census, roughly half of all marriages in the United States end in divorce. Researchers from leading universities have shown that the emotions aroused by one person’s divorce can transfer like a virus, making divorce contagious (CNN, June 10, 2010). A split-up between
Sixty percent of a firm’s employees are men. Suppose four of the firm’s employees are randomly selected.a. What is more likely, finding three men and one woman or two men and two women?b. Do you obtain the same answer as in part a if 70% of the firm’s employees had been men?
The principal of an architecture firm tells her client that there is at least a 50% chance of having an acceptable design by the end of the week. She knows that there is only a 25% chance that any one designer would be able to do so by the end of the week.a. Would she be correct in her statement to
Suppose 40% of recent college graduates plan on pursuing a graduate degree. Fifteen recent college graduates are randomly selected.a. What is the probability that no more than four of the college graduates plan to pursue a graduate degree?b. What is the probability that exactly seven of the college
At the University of Notre Dame Mendoza College of Business, 40% of the students seeking a master’s degree specialize in finance (Kiplinger’s Personal 0Finance, March2009). Twenty master’s degree students are randomly selected.a. What is the probability that exactly 10 of the students
The Washington, D.C., region has one of the fastest-growing foreclosure rates in the nation, as 15,613 homes went into foreclosure during the one-year period ending inFebruary 2008 (The Washington Post, June 19, 2008). Over the past year, the number of foreclosures per 10,000 is 131 for the
Assume that X is a Poisson random variable with µ = 1.5. Calculate the following probabilities.a. P(X = 1)b. P(X = 2)c. P(X ≥ 2)
Assume that X is a Poisson random variable with µ = 4. Calculate the following probabilities.a. P(X = 4)b. P(X = 2)c. P(X ≤ 1)
Let the mean success rate of a Poisson process be 8 successes per hour.a. Find the expected number of successes in a half-hour period.b. Find the probability of at least 2 successes in a given half-hour period.c. Find the expected number of successes in a two-hour period.d. Find the probability of
Assume that X is a Poisson random variable with µ = 15. Calculate the following probabilities.a. P(X ≤ 10)b. P(X = 13)c. P(X > 15)d. P(12 ≤ X ≤ 18)
Assume that X is a Poisson random variable with µ = 20. Calculate the following probabilities.a. P(X < 14)b. P(X ≥ 20)c. P(X = 25)d. P(18 ≤ X ≤ 23)
A textile manufacturing process finds that on average, 2 laws occur per every 50 yards of material produced.a. What is the probability of exactly 2 laws in a 50-yard piece of material?b. What is the probability of no more than 2 laws in a 50-yard piece of material?c. What is the probability of no
A tollbooth operator has observed that cars arrive randomly at an average rate of 360 cars per hour.a. Find the probability that 2 cars arrive during a specified one-minute period.b. Find the probability that at least 2 cars arrive during a specified one-minute period.c. Find the probability that
Airline travelers should be ready to be more flexible as airlines once again cancel thousands of lights this summer.The Coalition for Airline Passengers Rights, Health, and Safety averages 400 calls a day to help stranded travelers deal with airlines (seattlepi.com, July 10, 2008).Suppose the
Motorists arrive at a Gulf gas station at the rate of two per minute during morning hours.a. What is the probability that more than two motorists will arrive at the Gulf gas station during a one-minute interval in the morning?b. What is the probability that exactly six motorists will arrive at the
According to a recent government report, the aging of the U.S. population is translating into many more visits to doctors’ offices and hospitals (USA Today, August 7, 2008). It is estimated that an average person makes four visits a year to doctors’ offices and hospitals.a. What are the mean
In the fiscal year that ended September 30, 2008, there were 24,584 age-discrimination claims filed with the Equal Employment Opportunity Commission, an increase of 29% from the previous year (The Wall Street Journal, March 7–8, 2009). Assume there were 260 working days in the fiscal year for
According to Nielsen, the average teenager sends 3,339 texts per month (CNN, October 15, 2010).a. Find the probability that an average teenager sends more than 1,000 texts per week.b. Find the probability that an average teenager sends fewer than 500 texts per week.
Assume that X is a hyper-geometric random variable with N = 25, S = 3, and n = 4. Calculate the following probabilities.a. P(X = 0)b. P(X = 1)c. P(X ≤ 1)
Assume that X is a hyper-geometric random variable with N = 15, S = 4, and n = 3. Calculate the following probabilities.a. P(X = 1)b. P(X = 2)c. P(X ≥ 2)
Compute the probability of no success in a random sample of three items obtained from a population of 12 items that contains two successes. What are the expected number and the standard deviation of the number of successes from the sample?
(Use computer) Assume that X is a hyper-geometric random variable with N = 50, S = 20, and n = 5. Calculate the following probabilities.a. P(X = 2)b. P(X ≥ 2)c. P(X ≤ 3)
Compute the probability of at least eight successes in a random sample of 20 items obtained from a population of 100 items that contains 25 successes. What are the expected number and the standard deviation of the number of successes?
Despite the repeated effort by the government to reform how Wall Street pays its executives, some of the nation’s biggest banks are continuing to pay out bonuses nearly as large as those in the best years before the crisis (The Washington Post, January 15, 2010). It is known that ten out of 15
Many programming teams work independently at a large software company. The management has been putting pressure on these teams to finish a project on time. The company currently has 18 large programming projects, of which only 12 are likely to finish on time. Suppose the manager decides to
David Barnes and his fiance´e Valerie Shah are visiting Hawaii. There are 20 guests registered for orientation. It is announced that 12 randomly selected registered guests will receive a free lesson of the Tahitian dance.a. What is the probability that both David and Valerie get picked for the

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