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Essentials Of Statistics For Business And Economics 7th Edition David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam - Solutions

The days to maturity for a sample of five money market funds are shown here. The dollar amounts invested in the funds are provided. Use the weighted mean to determine the mean number of days to maturity for dollars invested in these five money market funds.Days to Dollar ValueMaturity ($millions)20
The average number of minutes Americans commute to work is 27.7 minutes (Sterling€™s Best Places, April 13, 2012). The average commute time in minutes for 48 cities are as follows:a. What is the mean commute time for these 48 cities?b. Compute the median commute time.c. Compute the
During the 2007â€“2008 NCAA college basketball seasons, menâ€™s basketball teams attempted an all-time high number of 3-point shots, averaging 19.07 shots per game (Associated Press Sports, January 24, 2009). In an attempt to discourage so many 3-point shots and encourage more inside
Endowment income is a critical part of the annual budgets at colleges and universities. A study by the National Association of College and University Business Officers reported that the 435 colleges and universities surveyed held a total of $413 billion in endowments. The 10 wealthiest universities
Over a nine-month period, OutdoorGearLab tested hardshell jackets designed for ice climbing, mountaineering, and backpacking. Based on the breathability, durability, versatility, features, mobility, and weight of each jacket, an overall rating ranging from 0 (lowest) to 100 (highest) was assigned
According to the National Education Association (NEA), teachers generally spend more than 40 hours each week working on instructional duties (NEA website, April 2012). The following data show the number of hours worked per week for a sample of 13 high school science teachers and a sample of 11 high
In automobile mileage and gasoline-consumption testing, 13 automobiles were road tested for 300 miles in both city and highway driving conditions. The following data were recorded for miles-per-gallon performance.Use the mean, median, and mode to make a statement about the difference in performance
Martinez Auto Supplies has retail stores located in eight cities in California. The price they charge for a particular product in each city varies because of differing competitive conditions. For instance, the price they charge for a case of a popular brand of motor oil in each city follows. Also
Morningstar tracks the total return for a large number of mutual funds. The following table shows the total return and the number of funds for four categories of mutual funds (Morningstar Funds 500, 2008).a. Using the number of funds as weights, compute the weighted average total return for the
Based on a survey of 425 masterâ€™s programs in business administration, U.S. news & World Report ranked the Indiana University Kelley Business School as the 20th best business program in the country (Americaâ€™s Best Graduate Schools, 2009). The ranking was based in part on surveys of
Annual revenue for Corning Supplies grew by 5.5% in 2007; 1.1% in 2008; −3.5% in 2009; −1.1% in 2010; and 1.8% in 2011. What is the mean growth annual rate over this period?
Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Compute the range, interquartile range, variance, and standard deviation.
The results of a search to find the least expensive round-trip flights to Atlanta and Salt Lake City from 14 major U.S. cities are shown in the following table. The departure date was June 20, 2012, and the return date was June 27, 2012.a. Compute the mean price for a round-trip flight into Atlanta
The Las Angeles Times regularly reports the air quality index for various areas of Southern California. A sample of air quality index values for Pomona provided the following data: 28, 42, 58, 48, 45, 55, 60, 49, and 50.a. Compute the range and interquartile range.b. Compute the sample variance and
Advertising age annually compiles a list of the 100 companies that spend the most on advertising. Consumer-goods Company Procter & Gamble has often topped the list, spending billions of dollars annually (Advertising age website, March 12, 2013). Consider the data found in the file Advertising.
Scores turned in by an amateur golfer at the Bonita Fairways Golf Course in Bonita Springs, Florida, during 2011 and 2012 are as follows:a. Use the mean and standard deviation to evaluate the golferâ€™s performance over the two-year period.b. What is the primary difference in performance
Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the z-score for each of the five observations.
Consider a sample with a mean of 500 and a standard deviation of 100. What are the z-scores for the following data values: 520, 650, 500, 450, and 280?
The results of a national survey showed that on average, adults sleep 6.9 hours per night. Suppose that the standard deviation is 1.2 hours.a. Use Chebyshev’s theorem to calculate the percentage of individuals who sleep between 4.5 and 9.3 hours.b. Use Chebyshev’s theorem to calculate the
The Energy Information Administration reported that the mean retail price per gallon of regular grade gasoline was $3.43 (Energy Information Administration, July 2012). Suppose that the standard deviation was $.10 and that the retail price per gallon has a bell-shaped distribution.a. What
The national average for the math portion of the College Board’s SAT test is 515 (the World Almanac, 2009). The College Board periodically rescales the test scores such that the standard deviation is approximately 100. Answer the following questions using a bell-shaped distribution and the
Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for additional storage. Suppose that the mean price for a customized wooden, shingled backyard structure is $3100. Assume that the standard deviation is $1200.a. What is the z-score
Florida Power & Light (FP&L) Company has enjoyed a reputation for quickly fixing its electric system after storms. However, during the hurricane seasons of 2004 and 2005, a new reality was that the company’s historical approach to emergency electric system repairs was no longer good
A sample of 10 NCAA college basketball game scores provided the following data.a. Compute the mean and standard deviation for the points scored by the winning team.b. Assume that the points scored by the winning teams for all NCAA games follow a bell-shaped distribution. Using the mean and standard
The Associated Press Team Marketing Report listed the Dallas Cowboys as the team with the highest ticket prices in the National Football League (USA Today, October 20, 2009). Data showing the average ticket price for a sample of 14 teams in the National Football League are as follows.a. What is the
Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Provide the five-number summary for the data.
Naples, Florida, hosts a half-marathon (13.1-mile race) in January each year. The event attracts top runners from throughout the United States as well as from around the world. In January 2009, 22 men and 31 women entered the 19â€“24 age class. Finish times in minutes are as follows (Naples
Annual sales, in millions of dollars for 21 pharmaceutical companies follow.a. Provide a five-number summary.b. Compute the lower and upper limits.c. Do the data contain any outliers?d. Johnson & Johnsonâ€™s sales are the largest on the list at $14,138 million. Suppose a data entry error (a
Consumer Reports provided overall customer satisfaction scores for AT&T, Sprint, T-Mobile, and Verizon cell-phone services in major metropolitan areas throughout the United States. The rating for each service reflects the overall customer satisfaction considering a variety of factors such as
The Philadelphia Phillies defeated the Tampa Bay Rays 4 to 3 to win the 2008 major league baseball World Series. Earlier in the major league baseball playoffs, the Philadelphia Phillies defeated the Los Angeles Dodgers to win the National League Championship, while the Tampa Bay Rays defeated the
The Bureau of Transportation Statistics keeps track of all border crossings through ports of entry along the U.S.-Canadian and U.S.-Mexican borders. The Web file BorderCrossings contains data on the number of personal vehicle crossings (rounded to the nearest 1000) at the 50 busiest ports of entry
Five observations taken for two variables follow.a. Develop a scatter diagram with x on the horizontal axis.b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?c. Compute and interpret the sample covariance.d. Compute and interpret the
Five observations taken for two variables follow.a. Develop a scatter diagram for these data.b. What does the scatter diagram indicate about a relationship between x and y?c. Compute and interpret the sample covariance.d. Compute and interpret the sample correlationcoefficient.
Ten major college football bowl games were played in January 2010, with the University of Alabama beating the University of Texas 37 to 21 to become the national champion of college football. The results of the 10 bowl games follow (USA Today, January 8, 2010).The predicted winning point margin was
A department of transportation's study on driving speed and miles per gallon for midsize automobiles resulted in the following data:Compute and interpret the sample correlationcoefficient.
At the beginning of 2009, the economic downturn resulted in the loss of jobs and an increase in delinquent loans for housing. The national unemployment rate was 6.5% and the percentage of delinquent loans was 6.12% (The Wall Street Journal, January 27, 2009). In projecting where the real estate
The Russell 1000 is a stock market index consisting of the largest U.S. companies. The Dow Jones Industrial Average is based on 30 large companies. The file Russell gives the annual percentage returns for each of these stock indexes for the years 1988 to 2012 (1stock1 website).a. Plot these
The daily high and low temperatures for 14 cities around the world are shown (The Weather Channel, April 22, 2009).a. What is the sample mean high temperature?b. What is the sample mean low temperature?c. What is the correlation between the high and low temperatures?Discuss.
USA Today reports that NCAA colleges and universities are paying higher salaries to a newly recruited football coach compared to what they paid their previous football coach. (USA Today, February 12, 2013). The annual base salaries for the previous head football coach and the new head football
A study of smartphone users shows that 68% of smartphone use occurs at home and a user spends an average of 410 minutes per month using a smartphone to interact with other people (Harvard Business Review, Januaryâ€“February 2013). Consider the following data indicating the number of minutes in
Public transportation and the automobile are two methods an employee can use to get to work each day. Samples of times recorded for each method are shown. Times are in minutes.a. Compute the sample mean time to get to work for each method.b. Compute the sample standard deviation for each method.c.
Consumers borrow money for many different reasons, including the purchase of a home, car, and appliances, to remodel, or to help pay for college. Approximately 75% of U.S. households carry some debt (Wall Street Journal, February 25, 2013). Consider the amount of household debt in the sample of 25
The U.S. Census Bureauâ€™s American Community Survey reported the percentage of children under 18 years of age who had lived below the poverty level during the previous 12 months (U.S. Census Bureau website, August 2008). The region of the country, Northeast (NE), Southeast (SE), Midwest (MW),
Travel + Leisure magazine presented its annual list of the 500 best hotels in the world (Travel + Leisure, January 2009). The magazine provides a rating for each hotel along with a brief description that includes the size of the hotel, amenities, and the cost per night for a double room. A sample
Morningstar tracks the performance of a large number of companies and publishes an evaluation of each. Along with a variety of financial data, Morningstar includes a Fair Value estimate for the price that should be paid for a share of the company’s common stock. Data for 30 companies are
Does a major league baseball teamâ€™s record during spring training indicate how the team will play during the regular season? Over the last six years, the correlation coefficient between a teamâ€™s winning percentage in spring training and its winning percentage in the regular season is
Automobiles traveling on a road with a posted speed limit of 55 miles per hour are checked for speed by a state police radar system. Following is a frequency distribution of speeds.a. What is the mean speed of the automobiles traveling on this road?b. Compute the variance and the standarddeviation.
The Panama Railroad Company was established in 1850 to construct a railroad across the isthmus that would allow fast and easy access between the Atlantic and Pacific Oceans. The following table (The Big Ditch, Mauer and Yu, 2011) provides annual returns for Panama Railroad stock from 1853 through
Use the methods of descriptive statistics presented in this chapter to summarize the data and comment on your findings. At a minimum, your report should include the following:1. Descriptive statistics on net sales and descriptive statistics on net sales by various classifications of customers.2.
Use the numerical methods of descriptive statistics presented in this chapter to learn how these variables contribute to the success of a motion picture. Include the following in your report:1. Descriptive statistics for each of the four variables along with a discussion of what the descriptive
Use the methods of descriptive statistics to summarize the data in Table 3.11. Discuss your findings.1. Include a summary for each variable in the data set. Make comments and interpretations based on maximums and minimums, as well as the appropriate means and proportions. What new insights do these
Use the methods of descriptive statistics to learn about the customers who visit the Heavenly Chocolates website. Include the following in your report.1. Graphical and numerical summaries for the length of time the shopper spends on the website, the number of pages viewed, and the mean amount spent
Use methods of descriptive statistics to summarize the data and comment on changes in elephant populations in African nations since 1979. At a minimum your report should include the following.1. The mean annual change in elephant population for each country in the 10 years from 1979 to 1989, and a
How many permutations of three items can be selected from a group of six? Use the letters A, B, C, D, E, and F to identify the items, and list each of the permutations of items B, D, and F.
Consider the experiment of tossing a coin three times.a. Develop a tree diagram for the experiment.b. List the experimental outcomes.c. What is the probability for each experimental outcome?
Suppose an experiment has five equally likely outcomes: E1, E2, E3, E4, E5. Assign probabilities to each outcome and show that the requirements in equations (4.3) and (4.4) are satisfied. What method did you use?
A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment: P(E1) = .10, P(E2) = .15, P(E3) = .40, and P(E4) = .20. Are these probability assignments valid? Explain.
A company that manufactures toothpaste is studying five different package designs. Assuming that one design is just as likely to be selected by a consumer as any other design, what selection probability would you assign to each of the package designs? In an actual experiment, 100 consumers were
Data on U.S. work-related fatalities by cause follow (The World Almanac, 2012).Cause of Fatality Number of FatalitiesTransportation incidents ............. 1795Assaults and violent acts ............837Contact with objects and equipment ........741Falls ....................645Exposure to harmful
Clarkson University surveyed alumni to learn more about what they think of Clarkson. One part of the survey asked respondents to indicate whether their overall experience at Clarkson fell short of expectations, met expectations, or surpassed expectations. The results showed that 4% of the
The Eco Pulse survey from the marketing communications firm Shelton Group asked individuals to indicate things they do that make them feel guilty (Los Angeles Times, August 15, 2012). Based on the survey results, there is a .39 probability that a randomly selected person will feel guilty about
Assume that we have two events, A and B, that are mutually exclusive. Assume further that we know P(A) = .30 and P(B) = .40.a. What is P(A ( B)?b. What is P(A | B)?c. A student in statistics argues that the concepts of mutually exclusive events and independent events are really the same, and that
A consulting firm submitted a bid for a large research project. The firm’s management initially felt they had a 50–50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for
A survey of adults aged 18 and older conducted by Princess Cruises asked how many days into your vacation does it take until you feel truly relaxed (USA today, August 24, 2011). The responses were as follows: 422—a day or less; 181—2 days; 80—3 days; 121—4 or more days; and 201—never feel
A telephone survey to determine viewer response to a new television show obtained the following data.Rating FrequencyPoor …………………………………
A large consumer goods company ran a television advertisement for one of its soap products. On the basis of a survey that was conducted, probabilities were assigned to the following events.B = individual purchased the productS = individual recalls seeing the advertisementB ∩ S = individual
Cooper Realty is a small real estate company located in Albany, New York, specializing primarily in residential listings. They recently became interested in determining the likelihood of one of their listings being sold within a certain number of days. An analysis of company sales of 800 homes in
A company studied the number of lost-time accidents occurring at its Brownsville, Tex-as, plant. Historical records show that 6% of the employees suffered lost-time accidents last year. Management believes that a special safety program will reduce such accidents to 5% during the current year. In
In the city of Milford, applications for zoning changes go through a two-step process: a review by the planning commission and a final decision by the city council. At step 1 the planning commission reviews the zoning change request and makes a positive or negative recommendation concerning the
Many students accumulate debt by the time they graduate from college. Shown in the following table is the percentage of graduates with debt and the average amount of debt for these graduates at four universities and four liberal arts colleges (U.S. News and World Report, Americaâ€™s Best
The National Occupant Protection Use Survey (NOPUS) was conducted to provide probability-based data on motorcycle helmet use in the United States. The survey was conducted by sending observers to randomly selected roadway sites where they collected data on motorcycle helmet use, including the
The Powerball lottery is played twice each week in 31 states, the District of Columbia, and the Virgin Islands. To play Powerball, a participant must purchase a $2 ticket, select five numbers from the digits 1 through 59, and then select a Powerball number from the digits 1 through 35. To determine
An experiment has four equally likely outcomes: E1, E2, E3, and E4.a. What is the probability that E2 occurs?b. What is the probability that any two of the outcomes occur (e.g., E1 or E3)?c. What is the probability that any three of the outcomes occur (e.g., E1 or E2 or E4)?
Consider the experiment of rolling a pair of dice. Suppose that we are interested in the sum of the face values showing on the dice.a. How many sample points are possible? b. List the sample points.c. What is the probability of obtaining a value of 7?d. What is the probability of obtaining a value
Fortune magazine publishes an annual list of the 500 largest companies in the United States. The corporate headquarters for the 500 companies are located in 38 different states. The following table shows the 8 states with the largest number of Fortune 500 companies (Money/CNN website, May 12,
Do you think the government protects investors adequately? This question was part of an online survey of investors under age 65 living in the United States and Great Britain (Financial Times/Harris Poll, October 1, 2009). The numbers of investors from the United States and Great Britain who
Junior Achievement USA and the Allstate Foundation surveyed teenagers aged 14 to 18 and asked at what age they think that they will become financially independent (USA today, April 30, 2012). The responses of 944 teenagers who answered this survey question are as follows.AgeFinancially Number
Suppose that we have a sample space with five equally likely experimental outcomes: E1, E2, E3, E4, E5. LetA = {E1, E2}B = {E3, E4}C = {E2, E3, E5}a. Find P(A), P(B), and P(C).b. Find P(A ( B). Are A and B mutually exclusive?c. Find Ac, Cc, P(Ac), and P(Cc).d. Find A ( Bc and P(A ( Bc).e. Find P(B
Information about mutual funds provided by Morningstar Investment Research includes the type of mutual fund (Domestic Equity, International Equity, or Fixed Income) and the Morningstar rating for the fund. The rating is expressed from 1-star (lowest rating) to 5-star (highest rating). A sample of
Which NCAA college basketball conferences have the higher probability of having a team play in college basketball’s national championship game? Over the last 20 years, the Atlantic Coast Conference (ACC) ranks first by having a team in the championship game 10 times. The Southeastern Conference
High school seniors with strong academic records apply to the nation’s most selective colleges in greater numbers each year. Because the number of slots remains relatively stable, some colleges reject more early applicants. Suppose that for a recent admissions class, an Ivy League college
The automobile industry sold 657,000 vehicles in the United States during January 2009 (The Wall Street Journal, February 4, 2009). This volume was down 37% from January 2008 as economic conditions continued to decline. The Big Three U.S. automakersâ€” General Motors, Ford, and
Students taking the Graduate Management Admissions Test (GMAT) were asked about their undergraduate major and intent to pursue their MBA as a full-time or part-time student. A summary of their responses follows.a. Develop a joint probability table for these data.b. Use the marginal probabilities of
The Bureau of Transportation Statistics reports on-time performance for airlines at major U.S. airports. JetBlue, United, and US Airways share terminal C at Boston’s Logan Air-port. The percentages of on-time flights reported for August 2012 were 76.8% for JetBlue, 71.5% for United, and 82.2% for
According to the Ameriprise Financial Money Across Generations study, 9 out of 10 parents with adult children ages 20 to 35 have helped their adult children with some type of financial assistance ranging from college, a car, rent, utilities, credit card debt, and/or down payments for houses (Money,
Jamal Crawford of the National Basketball Association’s Portland Trail Blazers is the best free-throw shooter on the team, making 93% of his shots (ESPN website, April 5, 2012). Assume that late in a basketball game, Jamal Crawford is fouled and is awarded two shots.a. What is the probability
A joint survey by Parade magazine and Yahoo found that 59% of American workers say that if they could do it all over again, they would choose a different career (USA today, September 24, 2012). The survey also found that 33% of American workers say they plan to retire early and 67% say they plan to
The Institute for Higher Education Policy, a Washington, D.C.-based research firm, studied the payback of student loans for 1.8 million college students who had student loans that began to become due six years ago (The Wall Street Journal, November 27, 2012). The study found that 50% of the student
The prior probabilities for events A1, A2, and A3 are P(A1) = .20, P(A2) = .50, and P(A3) = .30. The conditional probabilities of event B given A1, A2, and A3 are P(B | A1) 5 .50, P(B | A2) = .40, and P(B | A3) = .30.a. Compute P(B ( A1), P(B ( A2), and P(B ( A3).b. Apply Bayes’ theorem, equation
In August 2012, tropical storm Isaac formed in the Caribbean and was headed for the Gulf of Mexico. There was an initial probability of .69 that Isaac would become a hurricane by the time it reached the Gulf of Mexico (National Hurricane Center website, August 21, 2012).a. What was the probability
ParFore created a website to market golf equipment and golf apparel. Management would like a special pop-up offer to appear for female website visitors and a different special pop-up offer to appear for male website visitors. From a sample of past website visitors, ParFore’s management learned
Professors at the University of Chicago and the University of Pennsylvania analyzed 1,613,234 putts by golfers on the Professional Golfers Association (PGA) Tour and found that 983,764 putts were made and 629,470 putts were missed (Is Tiger Woods Loss Averse? Persistent Bias in the Face of
A financial manager made two new investments—one in the oil industry and one in municipal bonds. After a one-year period, each of the investments will be classified as either successful or unsuccessful. Consider the making of the two investments as an experiment.a. How many sample points exist
Forty-three percent of Americans use social media and other websites to voice their opinions about television programs (The Huffington Post, November 23, 2011). Below are the results of a survey of 1400 individuals who were asked if they use social media and other websites to voice their opinions
A study of 31,000 hospital admissions in New York State found that 4% of the admissions led to treatment-caused injuries. One-seventh of these treatment-caused injuries resulted in death, and one-fourth were caused by negligence. Malpractice claims were filed in one out of 7.5 cases involving
The following crosstabulation shows household income by educational level of the head of household Statistical Abstract of the United States, 2008).a. Develop a joint probability table.b. What is the probability of a head of household not being a high school graduate?c. What is the probability of a
An MBA new-matriculants survey provided the following data for 2018 students.a. For a randomly selected MBA student, prepare a joint probability table for the experiment consisting of observing the studentâ€™s age and whether the student applied to one or more schools.b. What is the
Refer again to the data from the MBA new-matriculants survey in exercise.a. Given that a person applied to more than one school, what is the probability that the person is 24â€“26 years old?b. Given that a person is in the 36-and-over age group, what is the probability that the person applied
In February 2012, the Pew Internet & American Life project conducted a survey that included several questions about how Internet users feel about search engines and other websites collecting information about them and using this information either to shape search results or target advertising to
According to the Open Doors Report, 9.5% of all full-time U.S. undergraduate students study abroad (Institute of International Education, November 14, 2011). Assume that 60% of the undergraduate students who study abroad are female and that 49% of the undergraduate students who do not study abroad

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