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Statistics For Business And Economics 10th Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams - Solutions

58. According to the 2003 Annual Consumer Spending Survey, the average monthly Bank of America Visa credit card charge was $1838 (U.S. Airways Attaché Magazine, December 2003). A sample of monthly credit card charges provides the following data.a. Compute the mean and median.b. Compute the first
57. The following frequency distribution shows the price per share for the 30 companies in the Dow Jones Industrial Average (The Wall Street Journal, January 16, 2006).Price per Share Frequency $20–29 7 $30–39 6 $40–49 6 $50–59 3 $60–69 4 $70–79 3 $80–89 1 Compute the mean price per
56. Asurvey of subscribers to Fortune magazine asked the following question: “How many of the last four issues have you read?” Suppose that the following frequency distribution summarizes 500 responses.Number Read Frequency 0 15 1 10 2 40 3 85 4 350 Total 500a. What is the mean number of issues
55. Bloomberg Personal Finance (July/August 2001) included the following companies in its recommended investment portfolio. For a portfolio value of $25,000, the recommended dollar amounts allocated to each stock are shown.a. Using the portfolio dollar amounts as the weights, what is the weighted
54. The grade point average for college students is based on a weighted mean computation.For most colleges, the grades are given the following data values: A (4), B (3), C (2), D (1), and F (0). After 60 credit hours of course work, a student at State University earned 9 credit hours of A, 15
53. Consider the sample data in the following frequency distribution.a. Compute the sample mean.b. Compute the sample variance and sample standard deviation. Class 3-7 8-12 Midpoint 10 5958 15 13-17 18-22 20 Frequency 9 4715
52. Consider the following data and corresponding weights.xi Weight (wi)3.2 6 2.0 3 2.5 2 5.0 8a. Compute the weighted mean.b. Compute the sample mean of the four data values without weighting. Note the difference in the results provided by the two computations.
51. The daily high and low temperatures for 12 U.S. cities are as follows (Weather Channel, January 25, 2004).a. What is the sample mean daily high temperature?b. What is the sample mean daily low temperature?c. What is the correlation between the high and low temperatures? City High Low City High
50. The Dow Jones Industrial Average (DJIA) and the Standard & Poor’s 500 Index (S&P 500)are both used to measure the performance of the stock market. The DJIA is based on the price of stocks for 30 large companies; the S&P 500 is based on the price of stocks for 500 companies. If
49. PCWorld provided ratings for 15 notebook PCs (PCWorld, February 2000). The performance score is a measure of how fast a PC can run a mix of common business applications as compared to a baseline machine. For example, a PC with a performance score of 200 is twice as fast as the baseline machine.
48. A department of transportation’s study on driving speed and mileage for midsize automobiles resulted in the following data.Compute and interpret the sample correlation coefficient. Driving Speed 30 50 40 55 30 25 60 25 50 55 Mileage 28 25 25 23 30 32 21 35 26 25
47. Nielsen Media Research provides two measures of the television viewing audience: a television program rating, which is the percentage of households with televisions watching a program, and a television program share, which is the percentage of households watching a program among those with
46. 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 correlation coefficient. X 6 6 Yi 6 11
45. 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
44. A listing of 46 mutual funds and their 12-month total return percentage is shown in Table 3.6 (Smart Money, February 2004).a. What are the mean and median return percentages for these mutual funds?b. What are the first and third quartiles?c. Provide a five-number summary.d. Do the data contain
43. New York Stock Exchange (NYSE) Chairman Richard Grasso and NYSE Board of Directors came under fire for the large compensation package being paid to Grasso. When it comes to salary plus bonus, Grasso’s $8.5 million out-earned the top executives of all major financial services companies. The
42. Major League Baseball payrolls continue to escalate. Team payrolls in millions are as follows(USA Today Online Database, March 2006).a. What is the median team payroll?b. Provide a five-number summary.c. Is the $208 million payroll for the New York Yankees an outlier? Explain.d. Show a box
41. 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 & Johnson’s sales are the largest on the list at $14,138 million. Suppose a data entry error
40. Ebby Halliday Realtors provide advertisements for distinctive properties and estates located throughout the United States. The prices listed for 22 distinctive properties and estates are shown here (The Wall Street Journal, January 16, 2004). Prices are in thousands.a. Provide a five-number
39. Adata set has a first quartile of 42 and a third quartile of 50. Compute the lower and upper limits for the corresponding box plot. Should a data value of 65 be considered an outlier?
38. Show the five-number summary and the box plot for the following data: 5, 15, 18, 10, 8, 12, 16, 10, 6.
37. Show the box plot for the data in exercise 36.
36. Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Provide the fivenumber summary for the data.
35. Consumer Review posts reviews and ratings of a variety of products on the Internet. The following is a sample of 20 speaker systems and their ratings (www.audioreview.com). The ratings are on a scale of 1 to 5, with 5 being best.a. Compute the mean and the median.b. Compute the first and third
34. A sample of 10 NCAA college basketball game scores provided the following data (USA Today, January 26, 2004).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
33. 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 enough
32. The high costs in the California real estate market have caused families who cannot afford to buy bigger homes to consider backyard sheds as an alternative form of housing expansion.Many are using the backyard structures for home offices, art studios, and hobby areas as well as for additional
31. The national average for the verbal portion of the College Board’s Scholastic Aptitude Test(SAT) is 507 (The World Almanac, 2006). The College Board periodically rescales the test scores such that the standard deviation is approximately 100. Answer the following questions using a bell-shaped
30. The Energy Information Administration reported that the mean retail price per gallon of regular grade gasoline was $2.30 (Energy Information Administration, February 27, 2006).Suppose that the standard deviation was $.10 and that the retail price per gallon has a bellshaped distribution.a. What
29. 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
28. Suppose the data have a bell-shaped distribution with a mean of 30 and a standard deviation of 5. Use the empirical rule to determine the percentage of data within each of the following ranges.a. 20 to 40b. 15 to 45c. 25 to 35
27. Consider a sample with a mean of 30 and a standard deviation of 5. Use Chebyshev’s theorem to determine the percentage of the data within each of the following ranges.a. 20 to 40b. 15 to 45c. 22 to 38d. 18 to 42e. 12 to 48
26. 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?
25. Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the z-score for each of the five observations.
24. The following times were recorded by the quarter-mile and mile runners of a university track team (times are in minutes).After viewing this sample of running times, one of the coaches commented that the quartermilers turned in the more consistent times. Use the standard deviation and the
23. Scores turned in by an amateur golfer at the Bonita Fairways Golf Course in Bonita Springs, Florida, during 2005 and 2006 are as follows:a. Use the mean and standard deviation to evaluate the golfer’s performance over the two-year period.b. What is the primary difference in performance
22. The American Association of Individual Investors conducted an annual survey of discount brokers (AAII Journal, January 2003). The commissions charged by 24 discount brokers for two types of trades, a broker-assisted trade of 100 shares at $50 per share and an online trade of 500 shares at $50
21. How do grocery costs compare across the country? Using a market basket of 10 items including meat, milk, bread, eggs, coffee, potatoes, cereal, and orange juice, Where to Retire magazine calculated the cost of the market basket in six cities and in six retirement areas across the country (Where
20. The following data were used to construct the histograms of the number of days required to fill orders for Dawson Supply, Inc., and J.C. Clark Distributors (see Figure 3.2).Use the range and standard deviation to support the previous observation that Dawson Supply provides the more consistent
19. The Los 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
18. Car rental rates per day for a sample of seven Eastern U.S. cities are as follows (The Wall Street Journal, January 16, 2004).City Daily Rate Boston $43 Atlanta 35 Miami 34 New York 58 Orlando 30 Pittsburgh 30 Washington, D.C. 36a. Compute the mean, variance, and standard deviation for the car
17. A home theater in a box is the easiest and cheapest way to provide surround sound for a home entertainment center. A sample of prices is shown here (Consumer Reports Buying Guide, 2004). The prices are for models with a DVD player and for models without a DVD player.a. Compute the mean price
16. A bowler’s scores for six games were 182, 168, 184, 190, 170, and 174. Using these data as a sample, compute the following descriptive statistics.a. Rangec. Standard deviationb. Varianced. Coefficient of variation
15. 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.
14. Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the variance and standard deviation.
13. Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the range and interquartile range.
12. Walt Disney Company bought Pixar Animation Studios, Inc., in a deal worth $7.4 billion(CNNMoney.com, January 24, 2006). The animated movies produced by Disney and Pixar during the previous 10 years are listed below. The box office revenues are in millions of dollars. Compute the total revenue,
11. 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
10. An American Hospital Association survey found that most hospital emergency rooms are operating at full capacity (Associated Press, April 9, 2002). The survey collected data on the emergency room waiting times for hospitals where the emergency room is operating at full capacity and for hospitals
9. J. D. Powers and Associates surveyed cell phone users in order to learn about the minutes of cell phone usage per month (Associated Press, June 2002). Minutes per month for a sample of 15 cell phone users are shown here.615 135 395 430 830 1180 690 250 420 265 245 210 180 380 105a. What is the
8. Millions of Americans work from offices in their homes. Following is a sample of age data for individuals who work at home.18 54 20 46 25 48 53 27 26 37 40 36 42 25 27 33 28 40 45 25a. Compute the mean and mode.b. The median age of the population of all adults is 36 years (The World Almanac,
7. The American Association of Individual Investors conducted an annual survey of discount brokers (AAII Journal, January 2003). The commissions charged by 24 discount brokers for two types of trades, a broker-assisted trade of 100 shares at $50 per share and an online trade of 500 shares at $50
6. The National Association of Colleges and Employers compiled information about annual starting salaries for college graduates by major. The mean starting salary for business administration graduates was $39,850 (CNNMoney.com, February 15, 2006). Samples with annual starting data for marketing
5. The Dow Jones Travel Index reported what business travelers pay for hotel rooms per night in major U.S. cities (The Wall Street Journal, January 16, 2004). The average hotel room rates for 20 cities are as follows:Atlanta $163 Minneapolis $125 Boston 177 New Orleans 167 Chicago 166 New York 245
4. Consider a sample with data values of 53, 55, 70, 58, 64, 57, 53, 69, 57, 68, and 53. Compute the mean, median, and mode.
3. Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Compute the 20th, 25th, 65th, and 75th percentiles.
2. Consider a sample with data values of 10, 20, 21, 17, 16, and 12. Compute the mean and median.
1. Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the mean and median.
77. Each month the U.S. Bureau of Labor Statistics publishes a variety of unemployment statistics, including the number of individuals who are unemployed and the mean length of time the individuals have been unemployed. For November 1998, the Bureau of Labor Statistics reported that the national
76. H0: μ 120 and Ha: μ 120 are used to test whether a bath soap production process is meeting the standard output of 120 bars per batch. Use a .05 level of significance for the test and a planning value of 5 for the standard deviation.a. If the mean output drops to 117 bars per batch, the firm
75. A federal funding program is available to low-income neighborhoods. To qualify for the funding, a neighborhood must have a mean household income of less than $15,000 per year. Neighborhoods with mean annual household income of $15,000 or more do not qualify. Funding decisions are based on a
74. Shorney Construction Company bids on projects assuming that the mean idle time per worker is 72 or fewer minutes per day. A sample of 30 construction workers will be used to test this assumption. Assume that the population standard deviation is 20 minutes.a. State the hypotheses to be tested.b.
73. According to the federal government, 24% of workers covered by their company’s health care plan were not required to contribute to the premium (Statistical Abstract of the United States: 2006). A recent study found that 81 out of 400 workers sampled were not required to contribute to their
72. Aradio station in Myrtle Beach announced that at least 90% of the hotels and motels would be full for the Memorial Day weekend. The station advised listeners to make reservations in advance if they planned to be in the resort over the weekend. On Saturday night a sample of 58 hotels and motels
71. During the 2004 election year, new polling results were reported daily. In an IBD/TIPP poll of 910 adults, 503 respondents reported that they were optimistic about the national outlook, and President Bush’s leadership index jumped 4.7 points to 55.3 (Investor’s Business Daily, January 14,
70. Virtual call centers are staffed by individuals working out of their homes. Most home agents earn $10 to $15 per hour without benefits versus $7 to $9 per hour with benefits at a traditional call center (BusinessWeek, January 23, 2006). Regional Airways is considering employing home agents, but
69. An airline promotion to business travelers is based on the assumption that two-thirds of business travelers use a laptop computer on overnight business trips.a. State the hypotheses that can be used to test the assumption.b. What is the sample proportion from an American Express sponsored
68. Astudy by the Center for Disease Control (CDC) found that 23.3% of adults are smokers and that roughly 70% of those who do smoke indicate that they want to quit (Associated Press, July 26, 2002). CDC reported that, of people who smoked at some point in their lives, 50%have been able to kick the
67. The U.S. Energy Administration reported that the mean price for a gallon of regular gasoline in the United States was $2.357 (U.S. Energy Administration, January 30, 2006). Data for a sample of regular gasoline prices at 50 service stations in the Lower Atlantic states are contained in the data
66. The chamber of commerce of a Florida Gulf Coast community advertises that area residential property is available at a mean cost of $125,000 or less per lot. Suppose a sample of 32 properties provided a sample mean of $130,000 per lot and a sample standard deviation of $12,500. Use a .05 level
65. An extensive study of the cost of health care in the United States presented data showing that the mean spending per Medicare enrollee in 2003 was $6883 (Money, Fall 2003). To investigate differences across the country, a researcher took a sample of 40 Medicare enrollees in Indianapolis. For
64. The College Board reported that the average number of freshman class applications to public colleges and universities is 6000 (USAToday,December26, 2002). During a recent application/enrollment period, a sample of 32 colleges and universities showed that the sample mean number of freshman class
63. On Friday, Wall Street traders were anxiously awaiting the federal government’s release of numbers on the January increase in nonfarm payrolls. The early consensus estimate among economists was for a growth of 250,000 new jobs (CNBC, February 3, 2006). However, a sample of 20 economists taken
62. Playbill is a magazine distributed around the country to people attending musicals and other theatrical productions. The mean annual household income for the population of Playbill readers is $119,155 (Playbill, January 2006). Assume the standard deviation is s $20,700. A San Francisco civic
61. At Western University the historical mean of scholarship examination scores for freshman applications is 900. Ahistorical population standard deviation σ 180 is assumed known.Each year, the assistant dean uses a sample of applications to determine whether the mean examination score for the
60. A production line operates with a mean filling weight of 16 ounces per container. Overfilling or underfilling presents a serious problem and when detected requires the operator to shut down the production line to readjust the filling mechanism. From past data, a population standard deviation σ
59. An automobile mileage study tested the following hypotheses. Hypothesis Ho: 25 mpg Ha:
58. Young Adult magazine states the following hypotheses about the mean age of its subscribers.If the manager conducting the test will permit a .15 probability of making a Type II error when the true mean age is 29, what sample size should be selected? Assume σ 6 and a .05 level of significance.
57. Aspecial industrial battery must have a life of at least 400 hours. Ahypothesis test is to be conducted with a .02 level of significance. If the batteries from a particular production run have an actual mean use life of 385 hours, the production manager wants a sampling procedure that only 10%
56. Suppose the project director for the Hilltop Coffee study (see Section 9.3) asked for a .10 probability of claiming that Hilltop was not in violation when it really was underfilling by 1 ounce ( μa 2.9375 pounds). What sample size would have been recommended?
55. Consider the following hypothesis test.The population standard deviation is 10. Use α .05. How large a sample should be taken if the researcher is willing to accept a .05 probability of making a Type II error when the actual population mean is 22? Ho: = 20 u Ha a- 20
54. Consider the following hypothesis test.The sample size is 120 and the population standard deviation is 5. Use α .05. If the actual population mean is 9, the probability of a Type II error is .2912. Suppose the researcher wants to reduce the probability of a Type II error to .10 when the
53. Sparr Investments, Inc., specializes in tax-deferred investment opportunities for its clients.Recently Sparr offered a payroll deduction investment program for the employees of a particular company. Sparr estimates that the employees are currently averaging $100 or less per month in
52. Refer to Exercise 48. Assume the firm selects a sample of 50 surveys and repeat parts (b)and (c). What observation can you make about how increasing the sample size affects the probability of making a Type II error?
51. A production line operation is tested for filling weight accuracy using the following hypotheses.Hypothesis Conclusion and Action H0: μ 16 Filling okay; keep running Ha: μ 16 Filling off standard; stop and adjust machine The sample size is 30 and the population standard deviation is σ
50. Young Adult magazine states the following hypotheses about the mean age of its subscribers.a. What would it mean to make a Type II error in this situation?b. The population standard deviation is assumed known at σ 6 years and the sample size is 100. With α .05, what is the probability of
49. Aconsumer research group is interested in testing an automobile manufacturer’s claim that a new economy model will travel at least 25 miles per gallon of gasoline (H0: μ 25).a. With a .02 level of significance and a sample of 30 cars, what is the rejection rule based on the value of for the
48. Fowle Marketing Research, Inc., bases charges to a client on the assumption that telephone surveys can be completed within 15 minutes or less. If more time is required, a premium rate is charged. With a sample of 35 surveys, a population standard deviation of 4 minutes, and a level of
47. Consider the following hypothesis test. Ho: = 20 Ha: 20 A sample of 200 items will be taken and the population standard deviation is = 10. Use a = .05. Compute the probability of making a Type II error if the population mean is: a. u=18.0 b. = 22.5 c. u = 21.0
46. Consider the following hypothesis test.The sample size is 120 and the population standard deviation is assumed known with σ 5. Use α .05.a. If the population mean is 9, what is the probability that the sample mean leads to the conclusion do not reject H0?b. What type of error would be made
45. Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA)provides a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a
44. In a cover story, BusinessWeek published information about sleep habits of Americans(BusinessWeek, January 26, 2004). The article noted that sleep deprivation causes a number of problems, including highway deaths. Fifty-one percent of adult drivers admit to driving while drowsy. A researcher
43. Eagle Outfitters is a chain of stores specializing in outdoor apparel and camping gear. They are considering a promotion that involves mailing discount coupons to all their credit card customers. This promotion will be considered a success if more than 10% of those receiving the coupons use
42. According to the Census Bureau’s American Housing Survey, the primary reason people who move choose their new neighborhood is because the location is convenient to work(USA Today, December 24, 2002). Based on 1990 Census Bureau data, we know that 24%of the population of people who moved
41. Speaking to a group of analysts in January 2006, a brokerage firm executive claimed that 70% of investors are currently confident of meeting their investment objectives. A UBS Investor Optimism Survey, conducted over the period January 2 to January 15, found that 67% of investors were confident
40. Before the 2003 Super Bowl, ABC predicted that 22% of the Super Bowl audience would express an interest in seeing one of its forthcoming new television shows, including 8 Simple Rules, Are You Hot?, and Dragnet. ABC ran commercials for these television shows during the Super Bowl. The day after
39. The National Center for Health Statistics released a report that stated 70% of adults do not exercise regularly (Associated Press, April 7, 2002). A researcher decided to conduct a study to see whether the claim made by the National Center for Health Statistics differed on a state-by-state
38. A study by Consumer Reports showed that 64% of supermarket shoppers believe supermarket brands to be as good as national name brands. To investigate whether this result applies to its own product, the manufacturer of a national name-brand ketchup asked a sample of shoppers whether they believed
37. A study found that, in 2005, 12.5% of U.S. workers belonged to unions (The Wall Street Journal, January 21, 2006). Suppose a sample of 400 U.S. workers is collected in 2006 to determine whether union efforts to organize have increased union membership.a. Formulate the hypotheses that can be
36. Consider the following hypothesis test: Ho: p.75 Ha: p

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