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Statistics For Business And Economics 13th Edition James T. McClave, P. George Benson, Terry Sincich - Solutions

According to a 2011 report for IFA Educational Foundation, 20.5% of all franchised businesses in the United States are minority owned. (This information is based on the U.S. Census Bureau's survey of 27 million business owners.) Suppose that you obtain a sample of 100 franchised businesses located
As worldwide air traffic volume has grown over the years, the problem of airplanes striking birds and other flying wildlife has increased dramatically. The International Journal for Traffic and Transport Engineering (Vol. 3, 2013) reported on a study of aircraft bird strikes at Aminu Kano
The most common injury that occurs among mountain climbers is trauma to the lower extremity (leg). Consequently, rescuers must be proficient in immobilizing and splinting fractures. In High Altitude Medicine & Biology (Vol. 10, 2009), researchers examined the likelihood of mountain climbers needing
Refer to the sample of 308 diamond stones that were listed for sale on the open market in Singapore's Business Times. Recall that the color of each diamond is classified as D, E, F, G, H, or I, while the clarity of each is classified as VVS1, VVS2, VS1, or VS2.a. Find a 99% confidence interval for
Refer to the Nature (July 15, 2004) study of fish specimens labeled "red snapper," Exercise 3.75. Recall that federal law prohibits restaurants from serving a cheaper, look-alike variety of fish (e.g., vermillion snapper or lane snapper) to customers who order red snapper. A team of University of
Pigmented makeup products like mascara and eye shadow may contain metal (e.g., nickel) allergens. Is a nickel allergy more likely to occur in women who report cosmetic dermatitis from using eye shadow or mascara? This was the question of interest in a paper published in the Journal of the European
Explain what is meant by the statement, "We are 95% confident that an interval estimate contains μ."
If you wish to estimate a population mean with a sampling error of SE = .3 using a 95% confidence interval, and you know from prior sampling that σ2 is approximately equal to 7.2, how many observations would have to be included in your sample?
Suppose you wish to estimate a population mean correct to within .20 with probability equal to .90. You do not know σ2, but you know that the observations will range in value between 30 and 34. a. Find the approximate sample size that will produce the desired accuracy of the estimate. You wish to
The following is a 90% confidence interval for p: (.26, .54). How large was the sample used to construct this interval?
It costs you $10 to draw a sample of size n = 1 and measure the attribute of interest. You have a budget of $1,500. a. Do you have sufficient funds to estimate the population mean for the attribute of interest with a 95% confidence interval 5 units in width? Assume σ = 14. b. If you used a 90%
Suppose you wish to estimate the mean of a normal population using a 95% confidence interval, and you know from prior information that σ2 ≈ 1. a. To see the effect of the sample size on the width of the confidence interval, calculate the width of the confidence interval for n = 16, 25, 49, 100,
Explain the difference between an interval estimator and a point estimator for μ.
Refer to the Heating/ Piping/Air Conditioning Engineering (April 2013) study of evaporation from occupied swimming pools, Exercise 6.34. The researchers desired an estimate of the mean absolute value of the deviation between the actual and estimated evaporation level (recorded as a percentage).
Refer to the International Conference on Social Robotics (Vol. 6414, 2010) study of the trend in the design of social robots, Exercise 6.48. Recall that you used a 99% confidence interval to estimate the proportion of all social robots designed with legs, but no wheels. How many social robots would
Refer to the International Journal for Traffic and Transport Engineering (Vol. 3, 2013) study of aircraft bird strikes at a Nigerian airport, Exercise 6.54. Recall that an air traffic controller wants to estimate the true proportion of aircraft bird strikes that occur above 100 feet. Determine how
Is the bottled water you drink safe? The Natural Resources Defense Council warns that the bottled water you are drinking may contain more bacteria and other potentially carcinogenic chemicals than allowed by state and federal regulations. Of the more than 1,000 bottles studied, nearly one-third
Refer to the International Journal of Retail and Distribution Management (Vol. 39, 2011) survey of Black Friday shoppers, Exercise 6.16. One question was, "How many hours do you usually spend shopping on Black Friday?"a. How many Black Friday shoppers should be included in a sample designed to
A large food-products company receives about 100,000 phone calls a year from consumers on its toll-free number. A computer monitors and records how many rings it takes for an operator to answer, how much time each caller spends "on hold," and other data. However, the reliability of the monitoring
Refer to the Journal of the European Academy of Dermatology and Venereology (June 2010) study of the link between nickel allergies and use of mascara or eye shadow, Exercise 6.58. Recall that two groups of women were sampled- one group with cosmetic dermatitis from using eye shadow and another
Does the caffeine in coffee, tea, and cola induce an addiction similar to that induced by alcohol, tobacco, heroin, and cocaine? In an attempt to answer this question, researchers at Johns Hopkins University examined 27 caffeine drinkers and found 25 who displayed some type of withdrawal symptoms
Calculate the percentage of the population sampled and the finite population correction factor for each of the following situations. a. n = 1,000, N = 2,500 b. n = 1,000, N = 5,000 c. n = 1,000, N = 10,000 d. n = 1,000, N = 100,000
Suppose the standard deviation of the population is known to be σ = 200. Calculate the standard error of x for each of the situations described in Exercise 6.80. a. n = 1,000, N = 2,500 b. n = 1,000, N = 5,000 c. n = 1,000, N = 10,000 d. n = 1,000, N = 100,000
Suppose N = 5,000, n = 64, and s = 24. a. Compare the size of the standard error of x computed with and without the finite population correction factor. b. Repeat part a, but this time assume n = 400. c. Theoretically, when sampling from a finite population, the finite population correction factor
Suppose N = 10,000, n = 2,000, and s = 50. a. Compute the standard error of x using the finite population correction factor. b. Repeat part a assuming n = 4,000. c. Repeat part a assuming n = 10,000. d. Compare parts a, b, and c and describe what happens to the standard error of x̅ as n
Suppose you want to estimate a population mean, μ, and x̅ = 422, s = 14, N = 375, and n = 40. Find an approximate 95% confidence interval for μ.
Suppose you want to estimate a population proportion, p, and p̂ = .42, N = 6,000, and n = 1,600. Find an approximate 95% confidence interval for p.
A random sample of size n = 30 was drawn from a population of size N = 300. The following measurements were obtained:a. Estimate Î¼ with an approximate 95% confidence interval. b. Estimate p, the proportion of measurements in the population that are greater than 30, with an approximate
Researchers at the University of Pennsylvania's Wharton Sports Business Initiative collaborated with the National Football League Players Association (NFLPA) to produce the first NFL Player Survey. Of the 1,696 active NFL players, 1,355 (almost 80%) responded to the survey. One of the survey
Each year, the trade magazine Quality Progress publishes a study of subscribers' salaries. One year, the 223 vice presidents sampled had a mean salary of $116,754 and a standard deviation of $39,185. Suppose the goal of the study is to estimate the true mean salary of all vice presidents who
Traditionally, auditors have relied to a great extent on sampling techniques, rather than 100% audits, to help them test and evaluate the financial records of a client firm. When sampling is used to obtain an estimate of the total dollar value of an account-the account balance-the examination is
Will a large-sample confidence interval be valid if the population from which the sample is taken is not normally distributed? Explain.
A brand name that consumers recognize is a highly valued commodity in any industry. To assess brand familiarity in the furniture industry, NPD (a market research firm) surveyed 1,333 women who head U.S. households that have incomes of $25,000 or more. The sample was drawn from a database of 25,000
In a study of invoice errors in a company's new billing system, an auditor randomly sampled 35 invoices produced by the new system and recorded actual amount (A), invoice amount (I), and the difference (or error), x = 1A - I2. The results were x̅ = $1 and s = $124. At the time that the sample was
The U.S. Environmental Protection Agency (EPA) bans use of the cancer-causing pesticide ethylene dibromide (EDB) as a fumigant for grain- and flour-milling equipment. EDB was once used to protect against infestation by microscopic roundworms called nematodes. The EPA sets maximum safe levels for
Given the following values of x̅, s, and n, form a 90% confidence interval for σ2.a. x̅ = 21, s = 2.5, n = 50b. x̅ = 1.3, s = .02, n = 15c. x̅ = 167, s = 31.6, n = 22d. x̅ = 9.4, s = 1.5, n = 5
The characteristics of sweet potato chips fried at different temperatures were investigated in the Journal of Food Engineering (September 2013). A sample of 6 sweet potato slices were fried at 130° using a vacuum fryer. One characteristic of interest to the researchers was internal oil content
Refer to the Business and Society (March 2011) study on the sustainability behaviors of CPA corporations, Exercise 6.12. Recall that the level of support for corporate sustainability (measured on a quantitative scale ranging from 0 to 160 points) was obtained for each in a sample of 992 senior
Refer to the Psychological Science (Vol. 22, 2011) study of a chief executive officer's facial structure, Exercise 6.20. Recall that the facial width-to-height ratio (WHR) was determined by computer analysis for each in a sample of 55 CEOs at publicly traded Fortune 500 firms, with the following
The average size of single-family homes built in the United States is 2,600 square feet (U.S. Census Bureau, 2015). A random sample of 100 new homes sold in California yielded the following size information: x̅ = 2,717 square feet and s = 257 square feet. a. Assume the average size of U.S. homes
Refer to the Pew Internet & American Life Project Survey (January 2016) study of 250 store customers and their participation in a store loyalty card program, Exercise 7.69. Recall that a store owner claimed that more than 80% of all customers would participate in a loyalty card program. You
Refer to the Chance (Winter 2010) experiment to determine if color of a Gummi Bear is related to its flavor, Exercise 7.72. You tested the null hypothesis of p = .5 against the two-tailed alternative hypothesis of p ≠ .5 using α = .01, where p represents the true proportion of blind folded
Refer to Exercise 7.44, in which the performance of a particular type of laser-based inspection equipment was investigated. Assume that the standard deviation of the number of solder joints inspected on each run is 1.2. If α = .05 is used in conducting the hypothesis test of interest using a
The national student loan default rate has fluctuated over the past several years. Recently (October 2015) the Department of Education reported the default rate (i.e., the proportion of college students who default on their loans) at .12. Set up the null and alternative hypotheses if you want to
Which of the elements of a test of hypothesis can and should be specified prior to analyzing the data that are to be used to conduct the test?
The National Center for Border Security and Protection has developed the "Embodied Avatar"-a kiosk with a computer-animated border guard that uses artificial intelligence to scan passports, check fingerprints, read eye pupils, and ask questions of travelers crossing the U.S. border. (National
Refer to Exercise 6.129 and the study of the accuracy of checkout scanners at Walmart stores in California. Recall that the National Institute for Standards and Technology (NIST) mandates that for every 100 items scanned through the electronic checkout scanner at a retail store, no more than two
Refer to the Journal of Statistics Education data on diamonds saved in the file. In Exercise 6.122 you selected a random sample of 30 diamonds from the 308 diamonds and found the mean and standard deviation of the number of carats per diamond for the sample. Let m represent the mean number of
In 1894, druggist Asa Candler began distributing handwritten tickets to his customers for free glasses of Coca-Cola at his soda fountain. That was the genesis of the discount coupon. In 1975, it was estimated that 65% of U.S. consumers regularly used discount coupons when shopping. In a more recent
The Lincoln Tunnel (under the Hudson River) connects suburban New Jersey to midtown Manhattan. On Mondays at 8:30A.M., the mean number of cars waiting in line to pay the Lincoln Tunnel toll is 1,220. Because of the substantial wait during rush hour, the Port Authority of New York and New Jersey is
Refer to the Chance (Fall 1998) study of point-spread errors in NFL games, Exercise 7.41. Recall that the difference between the actual game outcome and the point spread established by odds makers-the point-spread error-was calculated for 240 NFL games. The results are summarized as follows: x̅ =
Sales promotions that are used by manufacturers to entice retailers to carry, feature, or push the manufacturer's products are called trade promotions. A survey of 132 manufacturers conducted by Nielsen found that 36% of the manufacturers were satisfied with their spending for trade promotions
Shoplifting in the United States costs retailers about $35 million a day. Despite the seriousness of the problem, the National Association of shoplifting Prevention (NASP) claims that only 50% of all shoplifters are turned over to police (www.shopliftingprevention.org). A random sample of 40 U.S.
Refer to Exercise 7.134. Shoplifting in the United States costs retailers about $35 million a day. Despite the seriousness of the problem, the National Association of shoplifting Prevention (NASP) claims that only 50% of all shoplifters are turned over to police (www.shopliftingprevention.org). A
To instill customer loyalty, airlines, hotels, rental car companies, and credit card companies (among others) have initiated frequency marketing programs that reward their regular customers. A large fast-food restaurant chain wished to explore the profitability of such a program. They randomly
The EPA sets an airborne limit of 5 parts per million (ppm) on vinyl chloride, a colorless gas used to make plastics, adhesives, and other chemicals. It is both a carcinogen and a mutagen (New Jersey Department of Health, Hazardous Substance Fact Sheet, 2010). A major plastics manufacturer,
Refer to Exercise 7.137. The EPA sets an airborne limit of 5 parts per million (ppm) on vinyl chloride, a colorless gas used to make plastics, adhesives, and other chemicals. It is both a carcinogen and a mutagen (New Jersey Department of Health, Hazardous Substance Fact Sheet, 2010). A major
Refer to Exercises 7.137 and 7.138. The EPA sets an airborne limit of 5 parts per million (ppm) on vinyl chloride, a colorless gas used to make plastics, adhesives, and other chemicals. It is both a carcinogen and a mutagen (New Jersey Department of Health, Hazardous Substance Fact Sheet, 2010). A
The interest rate at which London banks lend money to one another is called the London interbank offered rate, or Libor. The British Bankers Association regularly surveys international banks for the Libor rate. One recent report (Bankrate.com, March 16, 2016) had the average Libor rate at 1.2% for
In an effort to increase employment, France mandated in February 2000 that all companies with 20 or more employees reduce the workweek to 35 hours. The economic impact of the shortened workweek was analyzed in Economic Policy (July 2008). The researchers focused on several key variables such as
It is essential in the manufacture of machinery to use parts that conform to specifications. In the past, diameters of the ball bearings produced by a certain manufacturer had a variance of .00156. To cut costs, the manufacturer instituted a less expensive production method. The variance of the
Television commercials most often employ females or "feminized" males to pitch a company's product. Research published in Nature (August 27 1998) revealed that people are, in fact, more attracted to "feminized" faces, regardless of gender. In one experiment, 50 human subjects viewed both a Japanese
In countries with a water shortage, converting salt water to potable water is big business. The standard method of water distillation is with a single-slope solar still. Several enhanced solar energy water distillation systems were investigated in Applied Solar Energy (Vol. 46, 2010). One new
Cable TV's Home Shopping Network (HSN) reports that the average age of its shoppers is 52 years. Suppose you want to test the null hypothesis, H0: μ = 52, using a sample of n = 50 cable TV shoppers. a. Find the p-value of a two-tailed test if x̅ = 53.3 and s = 7.1. b. Find the p-value of an
What factors inhibit the learning process in the classroom? To answer this question, researchers at Murray State University surveyed 40 students from a senior-level marketing class (Marketing Education Review). Each student was given a list of factors and asked to rate the extent to which each
The placebo effect describes the phenomenon of improvement in the condition of a patient taking a placebo-a pill that looks and tastes real but contains no medically active chemicals. Physicians at a clinic in La Jolla, California, gave what they thought were drugs to 7,000 asthma, ulcer, and
Pharmaceutical companies spend billions of dollars per year on research and development of new drugs. The pharmaceutical company must subject each new drug to lengthy and involved testing before receiving the necessary permission from the Food and Drug Administration (FDA) to market the drug. The
Access to computers, email, and Facebook accounts is achieved via a password-a collection of symbols (usually letters and numbers) selected by the user. One problem with passwords is that persistent hackers can create programs that enter millions of combinations of symbols into a target system
The Journal of Research of the National Institute of Standards and Technology (November- December 2003) published a study of a computer intrusion detection system (IDS). The IDS is designed to provide an alarm whenever unauthorized access (e.g., an intrusion) to a computer system occurs. The
Consider the test of H0: μ = 7. For each of the following, find the p-value of the test: a. Ha: μ > 7, z = 1.20 b. Ha: μ < 7, z = -1.20 c. Ha: μ ≠ 7, z = 1.20
For each a and observed significance level (p-value) pair, indicate whether the null hypothesis would be rejected. a. α = .05, p-value = .10 b. α = .10, p-value = .05 c. α = .01, p-value = .001 d. α = .025, p-value = .05 e. α = .10, p-value = .45
In a test of the hypothesis H0: μ = 50 versus Ha: μ > 50, a sample of n = 100 observations possessed mean x̅ = 49.4 and standard deviation s = 4.1. Find and interpret the p-value for this test.
In a test of H0: μ = 100 against Ha: μ > 100, the sample data yielded the test statistic z = 2.17. Find and interpret the p-value for the test.
In a test of H0: μ = 75 performed using the computer, SPSS reports a two-tailed p-value of .1032. Make the appropriate conclusion for each of the following situations: a. Ha: μ < 75, z = -1.63, α = .05 b. Ha: μ < 75, z = 1.63, α = .10 c. Ha: μ > 75, z = 1.63, α = .10 d. Ha: μ ≠ 75, z =
Consider the test H0: μ = 70 versus Ha: μ > 70 using a large sample of size n = 400. Assume s = 20.a. Describe the sampling distribution of x̅.b. Find the value of the test statistic if ̅ = 72.5.c. Refer to part b. Find the p-value of the test.d. Find the rejection region of the test for α
Suppose you are interested in conducting the statistical test of H0: μ = 255 against Ha: μ > 255, and you have decided to use the following decision rule: Reject H0 if the sample mean of a random sample of 81 items is more than 270. Assume that the standard deviation of the population is 63.a.
What is the level of significance of a test of hypothesis?
A random sample of 100 observations from a population with standard deviation 60 yielded a sample mean of 110.a. Test the null hypothesis that μ = 100 against the alternative hypothesis that μ > 100 using α = .05. Interpret the results of the test.b. Test the null hypothesis that μ = 100
Refer to the Business and Society (March 2011) study on the sustainability behaviors of CPA corporations, Exercise 6.12. Recall that the level of support for corporatesustainability (measured on a quantitative scale ranging from 0 to 160 points) was obtained for each in a sample of 992 senior
Can packaging of a healthy food product influence children's desire to consume the product? This was the question of interest in an article published in the Journal of Consumer Behaviour (Vol. 10, 2011). A fictitious brand of a healthy food product-sliced apples-was packaged to appeal to children
Refer to the ACS Medicinal Chemistry Letters (Vol. 1, 2010) study of the metabolic stability of drugs, Exercise 2.22. Recall that two important values computed from the testing phase are the fraction of compound unbound to plasma (fup) and the fraction of compound unbound to microsomes (fumic). A
Refer to the Psychological Science (Vol. 22, 2011) study on using a chief executive officer's facial structure to predict a firm's financial performance, Exercise 6.20 (p. 317). Recall that the facial width to-height ratio (WHR) for each in a sample of 55 CEOs at publicly traded Fortune 500 firms
The trading skills of institutional stock investors were quantified and analyzed in The Journal of Finance (April 2011). The study focused on "round-trip" trades, i.e., trades in which the same stock was both bought and sold in the same quarter. Consider a random sample of 200 round-trip trades
In quality-control applications of hypothesis testing, the null and alternative hypotheses are frequently specified asH0: The production process is performing satisfactorily.Ha: The process is performing in an unsatisfactory manner.Accordingly, Î± is sometimes referred to as the
Refer to the Behavioral Research in Accounting (July 2015) study of unethical corporate conduct, Exercise 6.15 (p. 316). Recall that each in a sample of 86 accounting graduate students was asked to perform an unethical task (e.g., to bribe a customer), and each subject's intention to comply with
When a person is asked, "How much time will you require to complete this task?" cognitive theory posits that people (e.g., a business consultant) will typically underestimate the time required. Would the opposite theory hold if the question was phrased in terms of how much work could be completed
Refer to the Journal of Interactive Marketing (February 2016) study of tipping points in online "daily deal" transactions, Exercise 6.11 (p. 315). Recall that a "tipping point" is the number of voucher purchases that must exceed a predetermined value before the deal becomes active. After
During the National Football League (NFL) season, Las Vegas odds makers establish a point spread on each game for betting purposes. For example, the Carolina Panthers were established as 3.5-point favorites over the eventual champion Denver Broncos in the 2016 Super Bowl. The final scores of NFL
According to the National Funeral Directors Association (NFDA), the nation's 19,000 funeral homes collected an average of $7,180 per full-service funeral in 2014 (www.nfda.org). A random sample of 36 funeral homes reported revenue data for the current year. Among other measures, each reported its
Refer to the Financial Analysts Journal (July/August 2008) study of earnings forecasts of buy-side and sell-side analysts, Exercise 2.86 (p. 88). Recall that data were collected on 3,526 forecasts made by buy-side analysts and 58,562 forecasts made by sell-side analysts, and the relative absolute
Current technology uses higher-solution X-rays and lasers for inspection of solder-joint defects on printed circuit boards (PCBs) (Global SMT & Packaging, April 2008). A particular manufacturer of laser-based inspection equipment claims that its product can inspect on average at least 10 solder
In business, firms that both cooperate and compete with other firms are described as engaging in "coopetition." A study published in Industrial Marketing Management (February 2016) examined the level of external tension experienced by managers who engage in coopetition. External tension (measured
The Economics of Education Review (Vol. 21, 2002) published a paper on the relationship between education level and earnings. The data for the research were obtained from the National Adult Literacy Survey of more than 25,000 respondents. The survey revealed that males with a postgraduate degree
a. Consider testing H0: μ = 80. Under what conditions should you use the t-distribution to conduct the test? b. In what ways are the distributions of the z-statistic and t-test statistic alike? How do they differ?
For each of the following rejection regions, sketch the sampling distribution of t and indicate the location of the rejection region on your sketch: a. t > 1.440 where df = 6 b. t < -1.782 where df = 12 c. t < -2.060 or t > 2.060 where df = 25 d. For each of parts a-c, what is the probability that
A random sample of n observations is selected from a normal population to test the null hypothesis that μ = 10. Specify the rejection region for each of the following combinations of Ha, a, and n:a. Ha: μ ≠ 10; α = .05; n = 14b. Ha: μ > 10; α = .01; n = 24c. Ha: μ > 10; α = .10; n =
List the four possible results of the combinations of decisions and true states of nature for a test of hypothesis.
A sample of five measurements, randomly selected from a normally distributed population, resulted in the following summary statistics: x̅ = 4.8, s = 1.3.a. Test the null hypothesis that the mean of the population is 6 against the alternative hypothesis, μ < 6. Use α = .05.b. Test the null
Refer to the Journal of Business Logistics (Vol. 36, 2015) study of the factors that lead to successful performance-based logistics projects, Exercise 2.45. Recall that opinions of a sample of Department of Defense (DOD) employees and suppliers were solicited during interviews. Data on years of
Recall, from Exercise 6.36, that stock screeners are automated tools used by investment companies to help clients select a portfolio of stocks to invest in. The data on the annualized percentage return on investment (as compared to the Standard & Poor's 500 Index) for 13 randomly selected stock

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