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Statistics For Management And Economics Abbreviated 10th Edition Gerald Keller - Solutions

The Travel Industry Association of America sponsored a poll that asked a random sample of people how much they spent in preparation for pleasure travel. Determine the quartiles and describe what they tell you.
For many restaurants, the amount of time customers linger over coffee and dessert negatively affects profits. To learn more about this variable, a sample of 200 restaurant groups was observed, and the amount of time customers spent in the restaurant was recorded.a. Calculate the quartiles of these
In the United States, taxpayers are allowed to deduct mortgage interest from their incomes before calculating the amount of income tax they are required to pay. In 2008, the Internal Revenue Service sampled 500 tax returns that had a mortgage interest deduction.
A random sample of 12 joggers was asked to keep track and report the number of miles they ran last week. The responses area. Compute the three statistics that measure central location.b. Briefly describe what each statistic tellsyou.
The professors at Wilfrid Laurier University are required to submit their final exams to the registrarâ€™s office 10 days before the end of the semester. The exam coordinator sampled 20 professors andÂ recorded the number of days before the final exam that each submitted his or her exam.
An investment you made 5 years ago has realized the following rates of return.a. Compute the mean and median of the rates of return.b. Compute the geometric mean.c. Which one of the three statistics computed in parts (a) and (b) best describes the return over the 5-year period?Explain.
An investment of $1,000 you made 4 years ago was worth $1,200 after the first year, $1,200 after the second year, $1,500 after the third year, and $2,000 today.a. Compute the annual rates of return.b. Compute the mean and median of the rates of return.c. Compute the geometric mean.d. Discuss
Suppose that you bought a stock 6 years ago at $12. The stockâ€™s price at the end of each year is shown here.a. Compute the rate of return for each year.b. Compute the mean and median of the rates of return.c. Compute the geometric mean of the rates of return.d. Explain why the best statistic
The ANES in 2012 asked respondents to state their ages stored as AGE.a. Calculate the mean, variance, and standard deviation.b. Draw a histogram.c. Use the Empirical rule, if applicable, or Chebysheff’s Theorem to interpret the mean and standard deviation.
Respondents were asked to report the number of minutes spent watching news on television during a typical day (TIME2).a. Calculate the mean and standard deviation.b. Draw a histogram.c. Use the Empirical rule, if applicable, or Chebysheff’s Theorem to interpret the mean and standard deviation.
One of the questions in the 2008 General Social Survey was, if you were born outside the United States, at what age did you permanently move to the United States (AGECMEUS)?a. Calculate the mean, variance, and standard deviation.b. Draw a histogram.c. Use the Empirical rule, if applicable, or
Draw the box plot of the following set ofdata.
Accountemps, a company that supplies temporary workers, sponsored a survey of 100 executives. Each was asked to report the number of minutes they spend screening each job resume they receive.a. Compute the quartiles.b. What information did you derive from the quartiles? What does this suggest about
How much do pets cost? A random sample of dog and cat owners was asked to compute the amounts of money spent on their pets (exclusive of pet food). Draw a box plot for each data set and describe your findings.
The career-counseling center at a university wanted to learn more about the starting salaries of the university’s graduates. They asked each graduate to report the highest salary offer received. The survey also asked each graduate to report the degree and starting salary (column 1 = BA, column 2
A random sample of Boston Marathon runners was drawn and the times to complete the race were recorded.a. Draw the box plot.b. What are the quartiles?c. Identify outliers.d. What information does the box plot deliver?
Do golfers who are members of private courses play faster than players on a public course? The amount of time taken for a sample of private course and public-course golfers was recorded.a. Draw box plots for each sample.b. What do the box plots tell you?
In the 2008 survey people were asked to indicate the amount of time they spent in a typical day receiving news about the election on the Internet (TIME1) and on television (TIME2). Compare the two amounts of time by drawing box plots (using the same scale) and describe what the graphs tell you.
Draw a box plot of the ages (AGE) of respondents in the 2008 survey.
Draw a box plot of the education level of both married spouses (EDUC and SPEDUC). Describe your findings.
Draw a box plot of the ages (AGE) of respondents from the 2012 survey. Briefly describe the graph.
Produce a box plot of the amount of television watched (TVHOURS). State what the graph tells you.
Refer to Exercise. You’ve now learned that the two sample standard deviations are 16 and 12.a. Calculate the coefficient of correlation. What does this statistic tell you about the relationship between the two variables?b. Calculate the coefficient of determination and describe what this says
A retailer wanted to estimate the monthly fixed and variable selling expenses. As a first step, she collected data from the past 8 months. The total selling expenses ($1,000) and the total sales ($1,000) were recorded and listed below.Total Sales Selling Expenses20 ............... 1440
Are the marks one receives in a course related to the amount of time spent studying the subject? To analyze this mysterious possibility, a student took a random sample of 10 students who had enrolled in an accounting class last semester. He asked each to report his or her mark in the course and the
Students who apply to MBA programs must take the Graduate Management Admission Test (GMAT). University admissions committees use the GMAT score as one of the critical indicators of how well a student is likely to perform in the MBA program. However, the GMAT may not be a very strong indicator for
The unemployment rate is an important measure of a country€™s economic health. The unemployment rate measures the percentage of people who are looking for work and who are without jobs. Another way of measuring this economic variable is to calculate the employment rate, which is the
All Canadians have government-funded health insurance, which pays for any medical care they require. However, when traveling out of the country, Canadians usually acquire supplementary health insurance to cover the difference between the costs incurred for emergency treatment and what the
A real estate developer of single-family dwellings across the country is in the process of developing plans for the next several years. An analyst for the company believes that interest rates are likely to increase but remain at low levels. To help make decisions about the number of homes to build,
When the price of crude oil increases, do oil companies drill more oil wells? To determine the strength and nature of the relationship, an economist recorded the price of a barrel of domes-tic crude oil (West Texas crude) and the number of exploratory oil wells drilled for each month from 1973 to
One way of measuring the extent of unemployment is through the help wanted index, which measures the number of want ads in the nation’s newspapers. The higher the index, the greater the demand for workers. Another measure is the unemployment rate among insured workers. An economist wanted to know
A manufacturing firm produces its products in batches using sophisticated machines and equipment. The general manager wanted to investigate the relationship between direct labor costs and the number of units produced per batch. He recorded the data from the last 30 batches.Determine the fixed and
A manufacturer has recorded its cost of electricity and the total number of hours of machine time for each of 52 weeks. Estimate the fixed and variable electricity costs.
The chapter-opening example showed that there is a very weak linear relationship between a baseball team’s payroll and the number of wins. This raises the question: Are success on the field and attendance related? If the answer is no, then profit-driven owners may not be inclined to spend money
Repeat Exercise 4.75 for the 2009 baseball season.The chapter-opening example showed that there is a very weak linear relationship between a baseball team’s payroll and the number of wins. This raises the question: Are success on the field and attendance related? If the answer is no, then
Refer to Exercise. The practitioner also recorded the average away attendance for each team in the 2012 season. Because visiting teams take a share of the gate, owners should be interested in this analysis.a. Are visiting team attendance related to number of wins?b. Estimate the marginal number of
Repeat Exercise for the 2009 season.The practitioner also recorded the average away attendance for each team in the 2012 season. Because visiting teams take a share of the gate, owners should be interested in this analysis.a. Are visiting team attendance related to number of wins?b. Estimate the
Repeat Exercise for the 2009 season.In exercise, the practitioner also recorded the average away attendance for each team in the 2012 season. Because visiting teams take a share of the gate, owners should be interested in this analysis.a. Are visiting team attendance related to number of wins?b.
Repeat Exercise for the 2008–2009 NFL seasons.In exercise, the practitioner also recorded the average away attendance for each team in the 2012 season. Because visiting teams take a share of the gate, owners should be interested in this analysis.a. Are visiting team attendance related to number
The home and away attendance figures for the National Football League for the 2012–2013 seasons were recorded.a. Analyze the relationship between the number of wins and home attendance.b. Perform a similar analysis for away attendance.c. Briefly summarize your findings.
Repeat for the 2008–2009 NFL seasons.In exercise, the home and away attendance figures for the National Football League for the 2012–2013 seasons were recorded.a. Analyze the relationship between the number of wins and home attendance.b. Perform a similar analysis for away attendance.c. Briefly
The number of wins and payrolls for each team in the National Basketball Association (NBA) in the 2012–2013 seasons was recorded.a. Determine the marginal cost of one more win.b. Calculate the coefficient of determination and describe what this number tells you.
Repeat Exercise, for the 2008–2009 NBA seasons.In exercise, the number of wins and payrolls for each team in the National Basketball Association (NBA) in the 2012–2013 seasons was recorded.a. Determine the marginal cost of one more win.b. Calculate the coefficient of determination and describe
We recorded the home and away attendance for the NBA for the 2012–2013 seasons.a. Analyze the relationship between the number of wins and home attendance.b. Perform a similar analysis for away attendance.c. What have you learned about the relationship between how well a basketball team performs
Repeat Exercise for the 2008–2009 NBA seasons.In Exercise, we recorded the home and away attendance for the NBA for the 2012–2013 seasons.a. Analyze the relationship between the number of wins and home attendance.b. Perform a similar analysis for away attendance.c. What have you learned about
The number of wins and payrolls for each team in the National Hockey League (NHL) in the 2013 lockout-shortened season was recorded.a. Determine the marginal cost of one more win.b. Calculate the coefficient of determination and describe what this number tells you.
Repeat Exercise for the 2008–2009 seasons.In Exercise, the number of wins and payrolls for each team in the National Hockey League (NHL) in the 2013 lockout-shortened season was recorded.a. Determine the marginal cost of one more win.b. Calculate the coefficient of determination and describe what
We recorded the home and away attendance for the NHL for the 2013 season.a. Analyze the relationship between the number of wins and home attendance.b. Perform a similar analysis for away attendance.c. Briefly summarize what you have learned.
Repeat Exercise for the 2008–2009 seasons.In exercise, we recorded the home and away attendance for the NHL for the 2013 season.a. Analyze the relationship between the number of wins and home attendance.b. Perform a similar analysis for away attendance.c. Briefly summarize what you have learned.
Do more educated people watch less television?a. To answer this question, use the least squares method to determine how education (EDUC) affects the amount of time spent watching television (TVHOURS).b. Measure the strength of the linear relationship using an appropriate statistic and explain what
Determine whether the number of years of education (EDUC) of the respondent is linearly related to the number of years of education of his or her father (PAEDUC).
Determine whether the age (AGE) of the respondent and the amount of time he or she in a typical week watches news on television (TIME2) are linearly related.
Calculate the coefficient of determination for Exercise. Is this more informative than the scatter diagram?
Refer to Exercise. Compute the coefficients of the least squares line and compare your results with the scatter diagram.In Exercise, the cost of repairing cars involved in accidents is one reason that insurance premiums are so high. In an experiment, 10 cars were driven into a wall. The speeds were
Compute the coefficient of determination and the least squares line for Exercise. Compare this information with that developed by the scatter diagram alone.In Exercise, One general belief held by observers of the business world is that taller men earn more money than shorter men. In a University of
Refer to Exercise. Calculate the coefficient of determination and the least squares line. Is this more informative than the scatter diagram?In exercise, a very large contribution to profits for a movie theater is the sales of popcorn, soft drinks, and candy. A movie theater manager speculated that
a. Calculate the coefficients of the least squares line for the data in Example.b. Interpret the coefficients.c. Is this information more useful than the information extracted from the scatter diagram?
In Exercise you drew box plots. Draw histograms instead and compare the results.In Exercise, The career-counseling center at a university wanted to learn more about the starting salaries of the university’s graduates. They asked each graduate to report the highest salary offer received. The
Refer to Exercise. Draw histograms of the data. What have you learned?In Exercise, do golfers who are members of private courses play faster than players on a public course? The amount of time taken for a sample of private course and public-course golfers was recorded.a. Draw box plots for each
Osteoporosis is a condition in which bone density decreases, often resulting in broken bones. Bone density usually peaks at age 30 and decreases thereafter. To understand more about the condition, a random sample of women aged 50 and over were recruited. Each woman’s bone density loss was
The temperature in December in Buffalo, New York, is often below 40 degrees Fahrenheit (4 degrees Celsius). Not surprisingly, when the National Football League Buffalo Bills play at home in December, coffee is a popular item at the concession stand. The concession manager would like to acquire more
Refer to Exercise. In addition to the bone density losses, the ages of the women were also recorded. Compute the coefficient of determination and describe what this statistic tells you.
Refer to Exercise. Suppose that in addition to recording the coffee sales, the manager also recorded the average temperature (measured in degrees Fahrenheit) during the game. These data together with the number of cups of coffee sold were recorded.a. Compute the coefficient of determination.b.
Chris Golfnut loves the game of golf. Chris also loves statistics. Combining both passions, Chris records a sample of 100 scores.a. What statistics should Chris compute to describe the scores?b. Calculate the mean and standard deviation of the scores.c. Briefly describe what the statistics computed
The Internet is growing rapidly with an increasing number of regular users. However, among people older than 50, Internet use is still relatively low. To learn more about this issue, a sample of 250 men and women older than 50 who had used the Internet at least once were selected. The number of
Refer to Exercise. For each score, Chris also recorded the number of putts as well as his scores. Conduct an analysis of both sets of data. What conclusions can be achieved from the statistics?
Refer to Exercise. In addition to Internet use, the numbers of years of education were recorded.a. Compute the coefficient of determination.b. Determine the coefficients of the least squares line.c. Describe what these statistics tell you about the relationship between Internet use and education.d.
A sample was drawn of one-acre plots of land planted with corn. The crop yields were recorded. Calculate the descriptive statistics you judge to be useful. Interpret these statistics.
Refer to Exercise. For each plot, the amounts of rainfall were also recorded.In exercise,a. Compute the coefficient of determination.b. Determine the coefficients of the least squares line.c. Describe what these statistics tell you about the relationship between crop yield and rainfall.d. Discuss
Refer to Exercise. For each plot, the amounts of fertilizer were recorded.In Exercise,a. Compute the coefficient of determination.b. Determine the coefficients of the least squares line.c. Describe what these statistics tell you about the relationship between crop yield and the amount of
Increasing tuition has resulted in some students being saddled with large debts on graduation. To examine this issue, a random sample of recent graduates was asked to report whether they had student loans, and, if so, how much was the debt at graduation.a. Compute all three measures of central
Now that we have presented techniques that allow us to conduct more precise analyses, we’ll return to case 3.1. Recall that there are two issues in this discussion. First, is there global warming and, second, if so, is carbon dioxide the cause? The only tools available at the end of chapter 3
Did you conclude in case 4.1 that the earth has warmed since 1880 and that there is some linear relationship between CO2 and temperature anomalies? If so, here is another look at the same data. C04-02a lists the temperature anomalies from 1880 to 1940, C04-02b lists the data from 1941 to 1975,
The 2004–2005 hockey seasons was cancelled because of a player strike. The key issue in this labor dispute was a “salary cap.” The team owners wanted a salary cap to cut their costs. The owners of small-market teams wanted the cap to help their teams be competitive, of course, caps on
Since the 1960s, Québécois have been debating whether to separate from Canada and form an independent nation. A referendum was held on October 30, 1995, in which the people of Quebec voted not to separate. The vote was extremely close, with the “no” side winning by only 52,448 votes. A large
Briefly describe the difference between observational and experimental data.
A soft drink manufacturer has been supplying its cola drink in bottles to grocery stores and in cans to small convenience stores. The company is analyzing sales of this cola drink to determine which type of packaging is preferred by consumers.a. Is this study observational or experimental? Explain
a. Briefly describe how you might design a study to investigate the relationship between smoking and lung cancer.b. Is your study in part (a) observational or experimental? Explain why.
A large university campus has 60,000 students. The president of the students’ association wants to conduct a survey of the students to determine their views on an increase in the student activity fee. She would like to acquire information about all the students but would also like to compare the
a. List three methods of conducting a survey of people.b. Give an important advantage and disadvantage of each of the methods listed in part (a).
List five important points to consider when designing a questionnaire.
For each of the following sampling plans, indicate why the target population and the sampled population are not the same.a. To determine the opinions and attitudes of customers who regularly shop at a particular mall, a surveyor stands outside a large department store in the mall and randomly
a. Describe why the Literary Digest poll of 1936 has become infamous.b. What caused this poll to be so wrong?
a. What is meant by self-selected sample?b. Give an example of a recent poll that involved a self-selected sample.c. Why are self-selected samples not desirable?
A statistics practitioner would like to conduct a survey to ask people their views on a proposed new shopping mall in their community. According to the latest census, there are 500 households in the community. The statistician has numbered each household (from 1 to 500), and she would like to
A safety expert wants to determine the proportion of cars in his state with worn tire treads. The state license plate contains six digits. Use Excel or Minitab to generate a sample of 20 cars to be examined.
a. Explain the difference between sampling error and nonsampling error.b. Which type of error in part (a) is more serious? Why?
Briefly describe three types of nonsampling error.
The weather forecaster reports that the probability of rain tomorrow is 10%.a. Which approach was used to arrive at this number?b. How do you interpret the probability?
A sportscaster states that he believes that the probability that the New York Yankees will win the World Series this year is 25%.a. Which method was used to assign that probability?b. How would you interpret the probability?
A quiz contains a multiple-choice question with five possible answers, only one of which is correct. A student plans to guess the answer because he knows absolutely nothing about the subject.a. Produce the sample space for each question.b. Assign probabilities to the simple events in the sample
An investor tells you that in her estimation there is a 60% probability that the Dow Jones Industrial Average’s index will increase tomorrow.a. Which approach was used to produce this figure?b. Interpret the 60% probability.
The manager of a computer store has kept track of the number of computers sold per day. On the basis of this information, the manager produced the following list of the number of daily sales.Number of Computers Sold Probability 0 ................ .081 ................ .172
Refer to Exercise. Suppose that you believe that contractor 1 is twice as likely to win as contractor 3 and that contractor 2 is three times as likely to win as contactor 3. What are the probabilities of winning for each contractor?
Shoppers can pay for their purchases with cash, a credit card, or a debit card. Suppose that the proprietor of a shop determines that 60% of her customers use a credit card, 30% pay with cash, and the rest use a debit card.a. Determine the sample space for this experiment.b. Assign probabilities to
Refer to Exercise 6.11.a. What is the probability that a customer does not use a credit card?b. What is the probability that a customer pays in cash or with a credit card?
Refer to Exercise. Suppose that in the city, in which the survey is conducted, 50% of adults are married, 15% are single, 25% are divorced, and 10% are widowed.a. Assign probabilities to each simple event in the sample space.b. Which approach did you use in part (a)?
Refer to Exercises find the probability of each of the following events.In Exercises, Suppose that in the city, in which the survey is conducted, 50% of adults are married, 15% are single, 25% are divorced, and 10% are widowed.a. The adult is single.b. The adult is not divorcedc. The adult is
Given the following table of joint probabilities, calculate the marginalprobabilities.
Calculate the marginal probabilities from the following table of jointprobabilities.

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