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Essentials Of Statistics For Business And Economics 7th Edition David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam - Solutions
An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities.P(high-quality oil) = .50P(medium-quality oil) = .20P(no oil) = .30a. What is the probability of finding oil?b. After 200 feet of drilling on the first well, a soil test is
The five most common words appearing in spam emails are shipping!, today!, here!, available, and fingertips! (Andy Greenberg, “The Most Common Words In Spam Email,” Forbes website, March 17, 2010). Many spam filters separate spam from ham (e-mail not considered to be spam) through application
Prepare a report with your rankings of the judges. Also, include an analysis of the likelihood of appeal and case reversal in the three courts. At a minimum, your report should include the following:1. The probability of cases being appealed and reversed in the three different courts.2. The
To perform a certain type of blood analysis, lab technicians must perform two procedures. The first procedure requires either one or two separate steps, and the second procedure requires either one two, or three steps.a. List the experimental outcomes associated with performing the blood
Time Warner Cable provides television and Internet service to over 15 million people (Time Warner Cable website, October 24, 2012). Suppose that the management of Time Warner Cable subjectively assesses a probability distribution for the number of new subscribers next year in the state of New York
A psychologist determined that the number of sessions required to obtain the trust of a new patient is either 1, 2, or 3. Let x be a random variable indicating the number of sessions required to gain the patient’s trust. The following probability function has been proposed.f (x) = x/6 for x = 1,
The demand for a product of Carolina Industries varies greatly from month to month. The probability distribution in the following table, based on the past two years of data, shows the company’s monthly demand.Unit Demand Probability300 ............20400 ............30500 ............35600
A university found that 20% of its students withdraw without completing the introductory statistics course. Assume that 20 students registered for the course.a. Compute the probability that 2 or fewer will withdraw.b. Compute the probability that exactly 4 will withdraw.c. Compute the probability
Twenty-three percent of automobiles are not covered by insurance (CNN, February 23, 2006). On a particular weekend, 35 automobiles are involved in traffic accidents.a. What is the expected number of these automobiles that are not covered by insurance?b. What are the variance and standard deviation?
Consider a Poisson distribution with μ = 3.a. Write the appropriate Poisson probability function.b. Compute f(2).c. Compute f(1).d. Compute P(x $ 2).
During the period of time that a local university takes phone-in registrations, calls come in at the rate of one every two minutes.a. What is the expected number of calls in one hour?b. What is the probability of three calls in five minutes?c. What is the probability of no calls in a five-minute
According to the National Oceanic and Atmospheric Administration (NOAA), the state of Colorado averages 18 tornadoes every June (NOAA website, November 8, 2012). There are 30 days in June.a. Compute the mean number of tornadoes per day.b. Compute the probability of no tornadoes during a day.c.
The unemployment rate in the state of Arizona is 4.1% (CNN Money website, May 2, 2007). Assume that 100 employable people in Arizona are selected randomly.a. What is the expected number of people who are unemployed?b. What are the variance and standard deviation of the number of people who are
Mahoney Custom Home Builders, Inc., of Canyon Lake, Texas, asked visitors to their website what is most important when choosing a home builder. Possible responses were quality, price, customer referral, years in business, and special features. Results showed that 23.5% of the respondents chose
Cars arrive at a car wash randomly and independently; the probability of an arrival is the same for any two time intervals of equal length. The mean arrival rate is 15 cars per hour. What is the probability that 20 or more cars will arrive during any given hour of operation?
A new automated production process averages 1.5 breakdowns per day. Because of the cost associated with a breakdown, management is concerned about the possibility of having three or more breakdowns during a day. Assume that breakdowns occur randomly, that the probability of a breakdown is the same
Customer arrivals at a bank are random and independent; the probability of an arrival in any one-minute period is the same as the probability of an arrival in any other one-minute period. Answer the following questions, assuming a mean arrival rate of three customers per minute.a. What is the
For unemployed persons in the United States, the average number of months of unemployment at the end of December 2009 was approximately seven months (Bureau of Labor Statistics, January 2010). Suppose the following data are for a particular region in upstate New York. The values in the first column
A technician services mailing machines at companies in the Phoenix area. Depending on the type of malfunction, the service call can take 1, 2, 3, or 4 hours. The different types of malfunctions occur at about the same frequency.a. Develop a probability distribution for the duration of a service
The following table is a partial probability distribution for the MRA Company’s projected profits (x 5 profit in $1000s) for the first year of operation (the negative value denotes a loss). x f(x) 2100 .......... .10 0 .......... .20 50 .......... .30 100 .......... .25 150
The following table provides a probability distribution for the random variable x.x f(x)3 ...........256 ...........509 ...........25a. Compute e(x), the expected value of x.b. Compute σ2, the variance of x.c. Compute σ, the standard deviation of x.
The number of students taking the SAT has risen to an all-time high of more than 1.5 million (College Board, August 26, 2008). Students are allowed to repeat the test in hopes of improving the score that is sent to college and university admission offices. The number of times the SAT was taken and
West Virginia has one of the highest divorce rates in the nation with an annual rate of approximately 5 divorces per 1000 people (Centers for Disease Control and Prevention website, January 12, 2012). The Marital Counseling Center, Inc. (MCC) thinks that the high divorce rate in the state may
The probability distribution for damage claims paid by the Newton Automobile InsuranceCompany on collision insurance followsPayment ($) Probability0 ............85500 ............041000 ............043000 ............035000 ............028000 ............0110000 ............01a. Use the expected
The following probability distributions of job satisfaction scores for a sample of information systems (IS) senior executives and middle managers range from a low of 1 (very dissatisfied) to a high of 5 (very satisfied).a. What is the expected value of the job satisfaction score for senior
In Gallup’s Annual Consumption Habits Poll, telephone interviews were conducted for a random sample of 1014 adults aged 18 and over. One of the questions was, “How many cups of coffee, if any, do you drink on an average day?” The following table shows the results obtained (Gallup website,
The J. R. Ryland Computer Company is considering a plant expansion to enable the company to begin production of a new computer product. The company’s president must determine whether to make the expansion a medium- or large-scale project. Demand for the new product is uncertain, which for
For its “Music 360” survey, Nielsen Co. asked teenagers and adults how each group has listened to music in the past 12 months. Nearly two-thirds of U.S. teenagers under the age of 18 say they use Google Inc.’s video-sharing site to listen to music and 35% of the teenagers said they use
The Center for Medicare and Medical Services reported that there were 295,000 appeals for hospitalization and other Part A Medicare service. For this group, 40% of first-round appeals were successful (The wall Street Journal, October 22, 2012). Suppose 10 first-round appeals have just been received
A Randstad/Harris interactive survey reported that 25% of employees said their company is loyal to them (USA Today, November 11, 2009). Suppose 10 employees are selected randomly and will be interviewed about company loyalty.a. Is the selection of 10 employees a binomial experiment? Explain.b. What
Military radar and missile detection systems are designed to warn a country of an enemy attack. A reliability question is whether a detection system will be able to identify an attack and issue a warning. Assume that a particular detection system has a .90 probability of detecting a missile attack.
Twelve of the top 20 finishers in the 2009 PGA Championship at Hazeltine National Golf Club in Chaska, Minnesota, used a Titleist brand golf ball (GolfBallTest website, November 12, 2009). Suppose these results are representative of the probability that a randomly selected PGA Tour player uses a
A study conducted by the Pew Research Center showed that 75% of 18–to 34-year-olds living with their parents say they contribute to household expenses (The Wall Street Journal, October 22, 2012). Suppose that a random sample of fifteen 18–to 34-year-olds living with their parents is selected
A Gallup Poll showed that 30% of Americans are satisfied with the way things are going in the United States (Gallup website, September 12, 2012). Suppose a sample of 20 Americans is selected as part of a study of the state of the nation.a. Compute the probability that exactly 4 of the 20 Americans
Phone calls arrive at the rate of 48 per hour at the reservation desk for Regional Airways.a. Compute the probability of receiving three calls in a 5-minute interval of time.b. Compute the probability of receiving exactly 10 calls in 15 minutes.c. Suppose no calls are currently on hold. If the
Airline passengers arrive randomly and independently at the passenger-screening facility at a major international airport. The mean arrival rate is 10 passengers per minute.a. Compute the probability of no arrivals in a one-minute period.b. Compute the probability that three or fewer passengers
The National Safety Council (NSC) estimates that off-the-job accidents cost U.S. businesses almost $200 billion annually in lost productivity (National Safety Council, March 2006). Based on NSC estimates, companies with 50 employees are expected to average three employee off-the-job accidents per
Suppose n = 10 and r = 3. Compute the hypergeometric probabilities for the following values of n and x.a. n = 4, x = 1.b. n = 2, x = 2.c. n = 2, x = 0.d. n = 4, x = 2.e. n = 4, x = 4.
A survey showed that a majority of Americans plan on doing their holiday shopping online because they don’t want to spend money on gas driving from store to store (SOASTA website, October 24, 2012). Suppose we have a group of 10 shoppers; 7 prefer to do their holiday shopping online and 3 prefer
Blackjack, or twenty-one as it is frequently called, is a popular gambling game played in Las Vegas casinos. A player is dealt two cards. Face cards (jacks, queens, and kings) and tens have a point value of 10. Aces have a point value of 1 or 11. A 52-card deck contains 16 cards with a point value
The Zagat Restaurant Survey provides food, decor, and service ratings for some of the top restaurants across the United States. For 15 restaurants located in Boston, the average price of a dinner, including one drink and tip, was $48.60. You are leaving on a business trip to Boston and will eat
The Troubled Asset Relief Program (TARP), passed by the U.S. Congress in October 2008, provided $700 billion in assistance for the struggling U.S. economy. Over $200 billion was given to troubled financial institutions with the hope that there would be an increase in lending to help jump-start the
The United States Coast Guard (USCG) provides a wide variety of information on boating accidents including the wind condition at the time of the accident. The following table shows the results obtained for 4401 accidents (USCG website, November 8, 2012).Percentage ofWind Condition AccidentsNone
The Car Repair Ratings website provides consumer reviews and ratings for garages in the United States and Canada. The time customers wait for service to be completed is one of the categories rated. The following table provides a summary of the wait-time ratings (1 5 Slow/Delays; 10 5 Quick/On Time)
The budgeting process for a mid-western college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2, .25, .05, and .2.a. Show the probability
A survey showed that the average commuter spends about 26 minutes on a one-way door-to-door trip from home to work. In addition, 5% of commuters reported a one-way commute of more than one hour (Bureau of Transportation Statistics website, January 12, 2004).a. If 20 commuters are surveyed on a
The following table shows the percentage of individuals in each age group who use an online tax program to prepare their federal income tax return (CompleteTax website, November 9, 2012).Online TaxAge Program (%)18–34 ..........1635–44 ..........1245–54 ..........1055–64 .......... 8651
Many companies use a quality control technique called acceptance sampling to monitor incoming shipments of parts, raw materials, and so on. In the electronics industry, component parts are commonly shipped from suppliers in large lots. Inspection of a sample of n components can be viewed as the n
U.S. News & World Report’s ranking of America’s best graduate schools of business showed Harvard University and Stanford University in a tie for first place. In addition, 7 of the top 10 graduate schools of business showed students with an average undergraduate grade point average (GPA) of 3.50
The random variable x is known to be uniformly distributed between 10 and 20.a. Show the graph of the probability density function.b. Compute P(x < 15).c. Compute P(12 ≤ x ≤ 18).d. Compute E(x).e. Compute Var(x).
Delta Airlines quotes a flight time of 2 hours, 5 minutes for its flights from Cincinnati to Tampa. Suppose we believe that actual flight times are uniformly distributed between 2 hours and 2 hours, 20 minutes.a. Show the graph of the probability density function for flight time.b. What is the
In October 2012, Apple introduced a much smaller variant of the Apple iPad, known as the iPad Mini. Weighing less than 11 ounces, it is about 50% lighter than the standard iPad. Battery tests for the iPad Mini showed a mean life of 10.25 hours (The Wall Street Journal, October 31, 2012). Assume
A Gallup Daily Tracking Survey found that the mean daily discretionary spending by Americans earning over $90,000 per year was $136 per day (USA today, July 30, 2012). The discretionary spending excluded home purchases, vehicle purchases, and regular monthly bills. Let x = the discretionary
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor’s bid x is a random variable that is uniformly distributed between $10,000 and $15,000.a.
A random variable is normally distributed with a mean of μ = 50 and a standard deviation of σ = 5.a. Sketch a normal curve for the probability density function. Label the horizontal axis with values of 35, 40, 45, 50, 55, 60, and 65. Figure shows that the normal curve almost touches the
Draw a graph for the standard normal distribution. Label the horizontal axis at values of 23, 22, 21, 0, 1, 2, and 3. Then use the table of probabilities for the standard normal distribution inside the front cover of the text to compute the following probabilities.a. P(z ≤ 1.5)b. P(z ≤ 1)c. P(1
Given that z is a standard normal random variable, compute the following probabilities.a. P(z ≤ –1.0)b. P(z ≥ –1)c. P(z ≥ –1.5)d. P(–2.5 ≤ z)e. P(– 3 < z ≤ 0)
Given that z is a standard normal random variable, find z for each situation.a. The area to the left of z is .9750.b. The area between 0 and z is .4750.c. The area to the left of z is .7291.d. The area to the right of z is .1314.e. The area to the left of z is .6700.f. The area to the right of z is
Given that z is a standard normal random variable, find z for each situation.a. The area to the right of z is .01.b. The area to the right of z is .025.c. The area to the right of z is .05.d. The area to the right of z is .10.
The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket (Bureau of Transportation Statistics website, November 2, 2012). Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and
In an article about the cost of health care, Money magazine reported that a visit to a hospital emergency room for something as simple as a sore throat has a mean cost of $328 (Money, January 2009). Assume that the cost for this type of hospital emergency room visit is normally distributed with a
The average price for a gallon of gasoline is $3.73 in the United States and $3.40 in Russia (Bloomberg Business week, March 5–March 11, 2012). Assume these averages are the population means in the two countries and that the probability distributions are normally distributed with a standard
Television viewing reached a new high when the Nielsen Company reported a mean daily viewing time of 8.35 hours per household (USA today, November 11, 2009). Use a normal probability distribution with a standard deviation of 2.5 hours to answer the following questions about daily television viewing
The time needed to complete a final examination in a particular college course is normally distributed with a mean of 80 minutes and a standard deviation of 10 minutes. Answer the following questions.a. What is the probability of completing the exam in one hour or less?b. What is the probability
The American Automobile Association (AAA) reported that families planning to travel over the Labor Day weekend would spend an average of $749 (The Associated Press, August 12, 2012). Assume that the amount spent is normally distributed with a standard deviation of $225.a. What is the probability
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night (USA today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55.a. What is the probability that a hotel room costs $225 or more per
Assume a binomial probability distribution has p = .60 and n = 200.a. What are the mean and standard deviation?b. Is this situation one in which binomial probabilities can be approximated by the normal probability distribution? Explain.c. What is the probability of 100 to 110 successes?d. What is
An Internal Revenue Oversight Board survey found that 82% of taxpayers said that it was very important for the Internal Revenue Service (IRS) to ensure that high-income tax payers do not cheat on their tax returns (The Wall Street Journal, February 11, 2009).a. For a sample of eight taxpayers, what
Playing video and computer games is very popular. Over 70% of households play such games. Of those individuals who play video and computer games, 18% are under 18 years old, 53% are 18–59 years old, and 29% are over 59 years old (The Wall Street Journal, March 6, 2012).a. For a sample of 800
A Bureau of National Affairs survey found that 79% of employers provide their workers with a two-day paid Thanksgiving holiday with workers off both Thursday and Friday (USA today, November 12, 2009). Nineteen percent of employers provide a one-day paid holiday with workers off Thanksgiving Day.
Comcast Corporation is the largest cable television company, the second largest Internet service provider, and the fourth largest telephone service provider in the United States. Generally known for quality and reliable service, the company periodically experiences unexpected service interruptions.
Collina’s Italian Café in Houston, Texas, advertises that carryout orders take about 25 minutes (Collina’s website, February 27, 2008). Assume that the time required for a carryout order to be ready for customer pickup has an exponential distribution with a mean of 25 minutes.a. What is the
The Boston Fire Department receives 911 calls at a mean rate of 1.6 calls per hour (Mass.gov website, November 2012). Suppose the number of calls per hour follows a Poisson probability distribution.a. What is the mean time in minutes between 911 calls to the Boston Fire Department?b. Using the mean
A business executive, transferred from Chicago to Atlanta, needs to sell her house in Chicago quickly. The executive’s employer has offered to buy the house for $210,000, but the offer expires at the end of the week. The executive does not currently have a better offer but can afford to leave the
The NCAA estimates that the yearly value of a full athletic scholarship at in-state public universities is $19,000 (The Wall Street Journal, March 12, 2012). Assume the scholarship value is normally distributed with a standard deviation of $2,100.a. Consider the 10% of athletic scholarships of
Motorola used the normal distribution to determine the probability of defects and the number of defects expected in a production process. Assume a production process produces items with a mean weight of 10 ounces. Calculate the probability of a defect and the expected number of defects for a
During early 2012, economic hardship was stretching the limits of France’s welfare system. One indicator of the level of hardship was the increase in the number of people bringing items to a Paris pawnbroker; the number of people bringing items to the pawnbroker had increased to 658 per day
The port of South Louisiana, located 54 miles along the Mississippi River between New Orleans and Baton Rouge, is the largest bulk cargo port in the world. The U.S. Army Corps of Engineers reports that the port handles a mean of 4.5 million tons of cargo per week (USA today, September 25, 2012).
A minibar in a hotel room generally provides an impression that the hotel is more upscale. PKF Hospitality research reported that minibars provide a mean annual revenue of $368 per hotel room (USA today, February 9, 2012). Consider an upscale hotel in San Antonio, Texas, that has a total of 330
Assume that the test scores from a college admissions test are normally distributed, with a mean of 450 and a standard deviation of 100.a. What percentage of the people taking the test score between 400 and 500?b. Suppose someone receives a score of 630. What percentage of the people taking the
According to Salary Wizard, the average base salary for a brand manager in Houston, Texas, is $88,592 and the average base salary for a brand manager in Los Angeles, California, is $97,417 (Salary Wizard website, February 27, 2008). Assume that salaries are normally distributed the standard
A machine fills containers with a particular product. The standard deviation of filling weights is known from past data to be .6 ounce. If only 2% of the containers hold less than 18 ounces, what is the mean filling weight for the machine? That is, what must μ equal? Assume the filling weights
Consider a multiple-choice examination with 50 questions. Each question has four possible answers. Assume that a student who has done the homework and attended lectures has a 75% probability of answering any question correctly.a. A student must answer 43 or more questions correctly to obtain a
A blackjack player at a Las Vegas casino learned that the house will provide a free room if play is for four hours at an average bet of $50. The player’s strategy provides a probability of .49 of winning on any one hand, and the player knows that there are 60 hands per hour. Suppose the player
The Information Systems Audit and Control Association surveyed office workers to learn about the anticipated usage of office computers for personal holiday shopping (USA today, November 11, 2009). Assume that the number of hours a worker spends doing holiday shopping on an office computer follows
The American Community Survey showed that residents of New York City have the longest travel times to get to work compared to residents of other cities in the United States (U.S. Census Bureau website, August 2008). According to the latest statistics available, the average travel time to work for
Using Figure as a guide, sketch a normal curve for a random variable x that has a mean of μ = 100 and a standard deviation of σ = 10. Label the horizontal axis with values of 70, 80, 90, 100, 110, 120, and 130.
Given that z is a standard normal random variable, compute the following probabilities.a. P(0 ≤ z ≤ .83)b. P(–1.57 ≤ z ≤ 0)c. P(z > .44)d. P(z ≥ –.23)e. P(z < 1.20)f. P(z ≤ –.71)
A person must score in the upper 2% of the population on an IQ test to qualify for membership in Mensa, the international high-IQ society. There are 110,000 Mensa members in 100 countries throughout the world (Mensa International website, January 8, 2013). If IQ scores are normally distributed with
Consider the following exponential probability density function.ƒ(x) = 1 1/8 e-x/8for x ≥ 0a. Find P(x ≤ 6).b. Find P(x ≤ 4).c. Find P(x ≥ 6).d. Find P(4 ≤ x ≤ 6).
Battery life between charges for the Motorola Droid Razr Maxx is 20 hours when the primary use is talk time (The Wall Street Journal, March 7, 2012). The battery life drops to 7 hours when the phone is primarily used for Internet applications. Assume that the battery life for both uses follows an
Ward Doering Auto Sales is considering offering a special service contract that will cover the total cost of any service work required on leased vehicles. From experience, the company manager estimates that yearly service costs are approximately normally distributed, with a mean of $150 and a
The website for the Bed and Breakfast Inns of North America gets approximately seven visitors per minute. Suppose the number of website visitors per minute follows a Poisson probability distribution.a. What is the mean time between visits to the website?b. Show the exponential probability density
The time (in minutes) between telephone calls at an insurance claims office has the following exponential probability distribution.ƒ(x) = .50e –.50xfor x ≥ 0a. What is the mean time between telephone calls?b. What is the probability of having 30 seconds or less between telephone calls?c. What
Prepare a managerial report that addresses the following issues and recommends an order quantity for the Weather Teddy product.1. Use the sales forecaster’s prediction to describe a normal probability distribution that can be used to approximate the demand distribution. Sketch the distribution
Assume a finite population has 350 elements. Using the last three digits of each of the following five-digit random numbers (e.g., 601, 022, 448, . . .), determine the first four elements that will be selected for the simple random sample.98601 73022 83448 02147 34229 27553 84147
The U.S. Golf Association is considering a ban on long and belly putters. This has caused a great deal of controversy among both amateur golfers and members of the Professional Golf Association (PGA) (Golfweek, October 26, 2012). Shown below are the names of the top 10 finishers in the recent PGA
Assume that we want to identify a simple random sample of 12 of the 372 doctors practicing in a particular city. The doctors’ names are available from a local medical organization. Use the eighth column of five-digit random numbers in Table 7.1 to identify the 12 doctors for the sample. Ignore
The following stocks make up the Dow Jones Industrial Average (Barron€™s, July 30, 2012).Suppose you would like to select a sample of six of these companies to conduct an in-depth study of management practices. Use the first two digits in each row of the ninth column of Table 7.1 to
A survey question for a sample of 150 individuals yielded 75 Yes responses, 55 No responses, and 20 No Opinions.a. What is the point estimate of the proportion in the population who respond Yes?b. What is the point estimate of the proportion in the population who respond No?
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