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Essentials Of Modern Business Statistics 3rd Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams - Solutions
4. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums. Interpret your results.
3. Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
2. Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View condominiums.
1. Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View condominiums.
4. What other information would you recommend that BIS gather to provide the most useful information to its clients?
3. Discuss the implication of your findings in terms of how BIS could use this type of information in preparing its weekly newsletter.
2. Develop a 95% confidence interval estimate of the mean assets, mean 7-day yield, and mean 30-day yield for the population of money market funds. Provide a managerial interpretation of each interval estimate.
1. Use appropriate descriptive statistics to summarize the data on assets and yields for the money market funds.
60. Although airline schedules and cost are important factors for business travelers when choosing an airline carrier, a USA Today survey found that business travelers list an airline’s frequent flyer program as the most important factor. From a sample of n 1993 business travelers who
59. In a survey, 200 people were asked to identify their major source of news information; 110 stated that their major source was television news.a. Construct a 95% confidence interval for the proportion of people in the population who consider television their major source of news information.b.
58. A well-known bank credit card firm wishes to estimate the proportion of credit card holders who carry a nonzero balance at the end of the month and incur an interest charge. Assume that the desired margin of error is .03 at 98% confidence.a. How large a sample should be selected if it is
57. The 2003 Statistical Abstract of the United States reported the percentage of people 18 years of age and older who smoke. Suppose that a study designed to collect new data on smokers and nonsmokers uses a preliminary estimate of the proportion who smoke of .30.a. How large a sample should be
56. A Roper Starch survey asked employees ages 18 to 29 whether they would prefer better health insurance or a raise in salary (USA Today, September 5, 2000). Answer the following questions assuming 340 of 500 employees said they would prefer better health insurance over a raise.a. What is the
55. Which would be hardest for you to give up: Your computer or your television? In a recent survey of 1677 U.S. Internet users, 74% of the young tech elite (average age of 22) say their computer would be very hard to give up (PC Magazine, February 3, 2004). Only 48% say their television would be
54. A USA Today/CNN/Gallup survey of 369 working parents found 200 who said they spend too little time with their children because of work commitments.a. What is the point estimate of the proportion of the population of working parents who feel they spend too little time with their children because
53. The National Center for Education Statistics reported that 47% of college students work to pay for tuition and living expenses. Assume that a sample of 450 college students was used in the study.a. Provide a 95% confidence interval for the population proportion of college students who work to
52. Annual salary plus bonus data for chief executive officers are presented in the BusinessWeekAnnual Pay Survey. A preliminary sample showed that the standard deviation is $675 with data provided in thousands of dollars. How many chief executive officers should be in a sample if we want to
51. In developing patient appointment schedules, a medical center wants to estimate the mean time that a staff member spends with each patient. How large a sample should be taken if the desired margin of error is two minutes at a 95% level of confidence? How large a sample should be taken for a 99%
50. Mileage tests are conducted for a particular model of automobile. If a 98% confidence interval with a margin of error of 1 mile per gallon is desired, how many automobiles should be used in the test? Assume that preliminary mileage tests indicate the standard deviation is 2.6 miles per gallon.
49. A survey by Accountemps asked a sample of 200 executives to provide data on the number of minutes per day office workers waste trying to locate mislabeled, misfiled, or misplaced items. Data consistent with this survey are contained in the data set ActTemps.a. Use ActTemps to develop a point
48. US Airways conducted a number of studies that indicated a substantial savings could be obtained by encouraging Dividend Miles frequent flyer customers to redeem miles and schedule award flights online (US Airways Attaché, February 2003). One study collected data on the amount of time required
47. Many stock market observers say that when the P/E ratio for stocks gets over 20 the market is overvalued. The P/E ratio is the stock price divided by the most recent 12 months of earnings. Suppose you are interested in seeing whether the current market is overvalued and would also like to know
46. The motion picture Harry Potter and the Sorcerer’s Stone shattered the box office debut record previously held by The Lost World: Jurassic Park (The Wall Street Journal, November 19, 2001). A sample of 100 movie theaters showed that the mean three-day weekend gross was $25,467 per theater.
45 per day and a sample standard deviation of $74.50.a. Develop a 95% confidence interval estimate of the mean amount spent per day by a family of four visiting Niagara Falls.b. Based on the confidence interval from part (a), does it appear that the population mean amount spent per day by families
44. A survey of first-time home buyers found that the mean of annual household income was $50,000 (http://CNBC.com, July 11, 2000). Assume the survey used a sample of 400 firsttime home buyers and assume that the population standard deviation is $20,500.a. At 95% confidence, what is the margin of
43. A Phoenix Wealth Management/Harris Interactive survey of 1500 individuals with net worth of $1 million or more provided a variety of statistics on wealthy people (BusinessWeek, September 22, 2003). The previous three-year period had been bad for the stock market, which motivated some of the
42. A poll for the presidential campaign sampled 491 potential voters in June. A primary purpose of the poll was to obtain an estimate of the proportion of potential voters who favor each candidate. Assume a planning value of p* .50 and a 95% confidence level.a. For p* .50, what was the
41. An American Express retail survey found that 16% of U.S. consumers used the Internet to buy gifts during the holiday season (USA Today, January 18, 2000). If 1285 customers participated in the survey, what is the margin of error and what is the interval estimate of the population proportion
40. The professional baseball home run record of 61 home runs in a season was held for 37 years by Roger Maris of the New York Yankees. However, between 1998 and 2001, three players— Mark McGwire, Sammy Sosa, and Barry Bonds—broke the standard set by Maris with Bonds holding the current record
39. An Employee Benefit Research Institute survey explored the reasons small business employers offer a retirement plan to their employees (USA Today, April 4, 2000). The reason “competitive advantage in recruitment/retention” was anticipated 33% of the time.a. What sample size is recommended
38. Audience profile data collected at the ESPN SportsZone Web site showed that 26% of the users were women (USA Today, January 21, 1998). Assume that this percentage was based on a sample of 400 users.a. At 95% confidence, what is the margin of error associated with the estimated proportion of
37. Towers Perrin, a New York human resources consulting firm, conducted a survey of 1100 employees at medium-sized and large companies to determine how dissatisfied employees were with their jobs (The Wall Street Journal, January 29, 2003). The data are shown in the file named Job Satisfaction. A
36. A survey by the Society for Human Resource Management asked 346 job seekers why employees change jobs so frequently (The Wall Street Journal, March 28, 2000). The answer selected most (152 times) was “higher compensation elsewhere.”a. What is the point estimate of the proportion of job
35. Asurvey of 611 office workers investigated telephone answering practices, including how often each office worker was able to answer incoming telephone calls and how often incoming telephone calls went directly to voice mail (USA Today, April 21, 2002). A total of 281 office workers indicated
34. At 95% confidence, how large a sample should be taken to obtain a margin of error of .03 for the estimation of a population proportion? Assume that past data are not available for developing a planning value for p*.
33. In a survey, the planning value for the population proportion is p* .35. How large a sample should be taken to provide a 95% confidence interval with a margin of error of .05?
31. A simple random sample of 400 individuals provides 100 Yes responses.a. What is the point estimate of the proportion of the population that would provide Yes responses?b. What is your estimate of the standard error of , ?c. Compute the 95% confidence interval for the population proportion.
28. Smith Travel Research provides information on the one-night cost of hotel rooms throughout the United States (USA Today, July 8, 2002). Use $2 as the desired margin of error and $22.50 as the planning value for the population standard deviation to find the sample size recommended in (a), (b),
26. Bride’s magazine reported that the mean cost of a wedding is $19,000 (USA Today,April 17, 2000). Assume that the population standard deviation is $9400. Bride’s plans to use an annual survey to monitor the cost of a wedding. Use 95% confidence.a. What is the recommended sample size if the
21. Complaints about rising prescription drug prices caused the U.S. Congress to consider laws that would force pharmaceutical companies to offer prescription discounts to senior citi- zens without drug benefits. The House Government Reform Committee provided data on the prescription cost for some
20. The American Association of Advertising Agencies records data on nonprogram minutes on half-hour, prime-time television shows. Representative data in minutes for a sample of 20 prime-time shows on major networks at 8:30 p.m. follow. 6.0 6.6 5.8 7.0 6.3 6.2 7.2 5.7 6.4 7.0 6.5 6.2 6.0 6.5 7.2
14. A simple random sample with n 54 provided a sample mean of 22.5 and a sample standard deviation of 4.4. (See Table 2 of Appendix B for a more extensive t table.)a. Develop a 90% confidence interval for the population mean.b. Develop a 95% confidence interval for the population mean.c.
12. Find the t value(s) for each of the following cases.a. Upper tail area of .025 with 12 degrees of freedomb. Lower tail area of .05 with 50 degrees of freedomc. Upper tail area of .01 with 30 degrees of freedomd. Where 90% of the area falls between these two t values with 25 degrees of freedome.
10. Playbill magazine reported that the mean annual household income of its readers is $119,155 (Playbill, December 2003). Assume this estimate of the mean annual household income is based on a sample of 80 households and, based on past studies, the population standard deviation is known to be σ
9. A study was conducted of students admitted to the top graduate business schools. The data contained in the CD file named GPA show the undergraduate grade point average for students and is consistent with the findings reported (“Best Graduate Schools,” U.S. News and World Report, 2001).
5. In an effort to estimate the mean amount spent per customer for dinner at an Atlanta restaurant, data were collected for a sample of 49 customers. The data collected are shown in the CD file named Restaurant. Based upon past studies the population standard deviation is assumed known with σ
48. According to ORC International, 71% of Internet users connect their computers to the Internet by normal telephone lines (USA Today, January 18, 2000). Assume a population proportion p .71.a. What is the probability that a sample proportion from a simple random sample of 350 Internet users
46. As of June 13, 2001, 30.5% of individual investors were bullish on the stock market short term (AAII Journal, July 2001). Answer the following questions assuming a sample of 200 individual investors is used.a. Show the sampling distribution of , the sample proportion of individual investors who
42. The average annual salary for federal government employees in Indiana is $41,979 (The World Almanac 2001). Use this figure as the population mean and assume the population standard deviation is σ $5000. Suppose that a random sample of 50 federal government employees will be selected from the
38. Bob Miller, a food critic, wants to prepare an article on the quality of food at locally owned restaurants in Myrtle Beach, South Carolina. A list of 44 locally owned restaurants is contained in the data file named Dining that is on the CD accompanying the text (Coastal Carolina Dining, Fall
32. BusinessWeek reported that 56% of the households in the United States have Internet access (BusinessWeek, May 21, 2001). Use a population proportion p .56 and assume that a sample of 300 households will be selected.a. Show the sampling distribution of where is the sample proportion of
25. Money magazine reported that the average price of a gallon of gasoline in the United States during the first quarter of 2001 was $1.46 (Money,August 2001).Assume the price reported by Money is the population mean, and the population standard deviation is σ $.15.a. What is the probability
24. The average annual cost of automobile insurance is $687 (National Association of Insurance Commissioners, January 2003). Use this value as the population mean and assume that the population standard deviation is σ $230. Consider a sample of 45 automobile insurance policies.a. Show the
22. The mean annual starting salary for marketing majors is $34,000 (Time, May 8, 2000). Assume that for the population of graduates with a marketing major, the mean annual starting salary is µ 34,000, and the standard deviation is σ 2000.a. What is the probability that a simple random
19. In the EAI sampling problem (see Figure 7.8), we showed that for n 30, there was .5064 probability of obtaining a sample mean within $500 of the population mean.a. What is the probability that is within $500 of the population mean if a sample of size 60 is used?b. Answer part (a) for a
15. In a population with a mean of 200 and a standard deviation of 50, suppose a simple ran- dom sample of size 100 is selected and is used to estimate .a. What is the probability that the sample mean will be within 5 of the population mean?b. What is the probability that the sample mean will be
14. In this section we showed how a simple random sample of 30 EAI managers can be used to develop point estimates of the population mean annual salary, the population standard deviation for annual salary, and the population proportion having completed the manage- ment training program.a. Use Excel
13. A Louis Harris poll used a survey of 1008 adults to learn about how people feel about the economy (BusinessWeek, August 7, 2000). Responses were as follows: 595 adults The economy is growing. 332 adults The economy is staying about the same. 81 adults The economy is shrinking. Develop a point
11. Appliance Magazine provided estimates of the life expectancy of household appliances (USA Today, September 5, 2000). A simple random sample of 10 VCRs shows the follow- ing useful life in years. 6.5 8.0 6.2 7.4 7.0 8.4 9.5 4.6 5.0 7.4a. Develop a point estimate of the population mean life
9. A simple random sample of five months of sales data provided the following information: 2 3 45 Month 1 Units Sold 94 100 85 94 92a. Develop a point estimate of the population mean number of units sold per month.b. Develop a point estimate of the population standard deviation.
6. Indicate whether the following populations should be considered finite or infinite.a. All registered voters in the state of Californiab. All television sets that could be produced by the Allentown, Pennsylvania, plant of the TV-M Companyc. All orders that could be processed by a mail-order
5. In this section we used a two-step procedure to select a simple random sample of 30 EAI managers. Use this procedure to select a simple random sample of 50 EAI managers.
4. The 10 most active issues on the New York Stock Exchange on September 17, 2004, are listed here (The Sun News, September 18, 2004). Nortel Exxon/Mobil General Electric Citigroup Lucent Wal-Mart Pfizer EMC Texas Instruments Motorola Exchange authorities decided to sample three of these companies
3. The American League consists of 14 baseball teams. Suppose a sample of 5 teams is to be selected to conduct player interviews. The following table lists the 14 teams and the random numbers assigned by Excel’s RAND function. Use these random numbers to select a sample of size 5 .
5. Provide your own recommendation for an order quantity and note the associated profit projections. Provide a rationale for your recommendation.
4. One of Specialty's managers felt that the profit potential was so great that the order quantity should have a 70% chance of meeting demand and only a 30% chance of any stock-outs. What quantity would be ordered under this policy, and what is the projected profit under the three sales scenarios?
3. Compute the projected profit for the order quantities suggested by the management team under three scenarios: worst case in which sales 10,000 units, most likely case in which sales = 20,000 units, and best case in which sales 30,000 units.
2. Compute the probability of a stock-out for the order quantities suggested by mem- bers of the management team.
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 and show its mean and standard deviation.
41. According to Advertising Age, the average base salary for women working as copywriters in advertising firms is higher than the average base salary for men. The average base salary for women is $67,000 and the average base salary for men is $65,500 (Working Woman, July/August 2000). Assume
32. According to a Barron’s Primary Reader Survey, the average annual number of investment transactions for a subscriber is 30 (http://www.barronsmag.com, July 28, 2000). Suppose the number of transactions in a year follows the Poisson probability distribution.a. Show the probability distribution
26. Consider the following exponential probability density function. f(x) 1 8 ex /8a. Find P(x 6).b. Find P(x 4).c. Find P(x 6).d. Find P(4 x 6).
25. The average ticket price for a Washington Redskins football game was $81.89 for the 2001 season (USA Today, September 6, 2001). With the additional costs of parking, food, drinks, and souvenirs, the average cost for a family of four to attend a game totaled $442.54. Assume the normal
24. The daily trading volumes (millions of shares) for stocks traded on the New York Stock Exchange for 12 days in August and September are shown here (Barron’s, August 7, 2000, September 4, 2000, and September 11, 2000). 917 983 1046 944 723 783 813 1057 766 836 992 973 The probability
22. According to the Bureau of Labor Statistics, the average weekly pay for a U.S. production worker was $441.84 (The World Almanac, 2000). Assume that available data indicate that production worker wages were normally distributed with a standard deviation of $90.a. What is the probability that a
17. The average amount parents and children spent per child on back-to-school clothes in Autumn 2001 was $527 (CNBC, September 5, 2001). Assume the standard deviation is $160 and that the amount spent is normally distributed.a. What is the probability that the amount spent on a randomly selected
11. 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)
6. The label on a bottle of liquid detergent shows the contents to be 12 ounces per bottle. The production operation fills the bottle uniformly according to the following probability density function.a. What is the probability that a bottle will be filled with between 12 and 12.05 ounces?b. What
60. A poll conducted by Zogby International showed that of those Americans who said music plays a “very important” role in their lives, 30% said their local radio stations “always” play the kind of music they like (http://www.zogby.com, January 12, 2004). Suppose a sample of 800 people who
59. The unemployment rate is 4.1% (Barron’s, September 4, 2000). Assume that 100 employable people 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 unemployed?
56. A survey conducted by the Bureau of Transportation Statistics (BTS) 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 (http://www.bts.gov, January 12, 2004).a.
54. The American Association of Individual Investors publishes an annual guide to the top mutual funds (The Individual Investor’s Guide to the Top Mutual Funds, 22e, American Association of Individual Investors, 2003). Table 5.8 contains their ratings of the total risk for 29 categories of
45. The National Safety Council reported that air bag–related fatalities dropped to 18 in the year 2000 (http://www.nsc.org).a. Compute the expected number of air bag–related fatalities per month.b. Compute the probability of no air bag–related fatalities in a month.c. Compute the probability
44. From 1990 through 1999, an average of approximately 26 aircraft accidents per year involved one or more passenger fatalities. Since 2000, the average decreased to 15 accidents per year (The World Almanac and Book of Facts, 2004). Assume that aircraft accidents continue to occur at the rate of
42. More than 50 million guests stayed at bed and breakfasts (B&Bs) last year. The Web site for the Bed and Breakfast Inns of North America (http://www.cimarron.net), which averages approximately seven visitors per minute, enables many B&Bs to attract guests without waiting years to be mentioned
40. 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 five-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
37. Seventy-two percent of Americans have online access (CNBC, December 3, 2001). In a random sample of 30 people, what is the expected number of persons with online access? What are the variance and standard deviation?
36. For the special case of a binomial random variable, we stated that the variance could be computed using the formula σ2 np(1 p). For the Martin Clothing Store problem with n 3 and p .3 we found σ2 np(1 p) 3(.3)(.7) .63. Use the general definition of variance for a discrete
35. A university found that 20% of its students withdraw without completing the introductory statistics course. Assume that 20 students registered for the course this semester.a. Compute the probability that two or fewer will withdraw.b. Compute the probability that exactly four will withdraw.c.
34. Forty percent of business travelers carry either a cell phone or a laptop (USA Today, September 12, 2000). For a sample of 15 business travelers, make the following calculations.a. Compute the probability that three of the travelers carry a cell phone or laptop.b. Compute the probability that
29. According to a BusinessWeek/Harris poll of 1035 adults, 40% of those surveyed agreed strongly with the proposition that business has too much power over American life (BusinessWeek, September 11, 2000). Assume this percentage is representative of the American population. In a sample of 20
22. 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 Probability Unit Demand Probability 300 .20 500 .35 400 .30 600 .15a. If
21. The following probability distributions of job satisfaction scores for a sample of information systems (IS) senior executives and IS middle managers range from a low of 1 (very dissatisfied) to a high of 5 (very satisfied).Probability Job Satisfaction IS Senior IS Middle Score Executives
20. The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows.Payment ($) Probability Payment ($) Probability 0 .90 2000 .01 400 .04 4000 .01 1000 .03 6000 .01a. Use the expected collision payment to determine the collision
17. A volunteer ambulance service handles 0 to 5 service calls on any given day. The probability distribution for the number of service calls is as follows.Number of Service Calls Probability Number of Service Calls Probability 0 .10 3 .20 1 .15 4 .15 2 .30 5 .10a. What is the expected number of
15. The following table provides a probability distribution for the random variable x. 212 Chapter 5 Discrete Probability Distributions x f(x) 3 .25 6 .50 9 .25
14. The following table is a partial probability distribution for the MRA Company’s projected profits (x profit in $1000s) for the first year of operation (the negative value denotes a loss)a. What is the proper value for f(200)? What is your interpretation of this value?b. What is the
12. The director of admissions at Lakeville Community College subjectively assessed a probability distribution for x, the number of entering students, as follows.a. Is this probability distribution valid? Explain.b. What is the probability of 1200 or fewer entering students?
8. The following data were collected by counting the number of operating rooms in use at Tampa General Hospital over a 20-day period: On 3 of the days only one operating room was used, on 5 of the days two were used, on 8 of the days three were used, and on 4 days all four of the hospital’s
4. Suppose we know home mortgage rates for 12 Florida lending institutions. Assume that the random variable of interest is the number of lending institutions in this group that offers a 30-year fixed rate of 8.5% or less. What values may this random variable assume?
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