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business statistics communicating

Business Statistics Communicating With Numbers 1st Edition Kelly Jaggia - Solutions

A decision maker is interested in estimating the mean of a population based on a random sample. She wants the confidence level to be 90% and the margin of error to be {0.30. She does not know what the population standard deviation is, so she has selected the following pilot sample:8.80 4.89 10.98
Calculate the smallest sample size required to estimate the population mean under the following specifications:a. confidence level 95,, s = 16, and e = 4b. confidence level 90,, s = 23, and e = 0.5c. confidence level 99,, s = 0.5, and e = 1d. confidence level 98,, s = 1.5, and e = 0.2e. confidence
A sample size must be determined for estimating a population mean given that the confidence level is 90%and the desired margin of error is 0.30. The largest value in the population is thought to be 15 and the smallest value is thought to be 5. Calculate the sample size required to estimate the
The per capita consumption of chicken rose from 36.9 pounds in 1965 to 90.1 pounds in 2015 according to the National Chicken Council (www.nationalchickencouncil.org). Suppose the organization wishes to estimate the mean chicken consumption for the year 2016. A file titled Chickwt contains the
The TSA PreCheck program is intended to be a way to shorten airline security lines for “trusted travelers.”Suppose 13,000 people living in a major southern city paid an annual $80 fee to participate in the program.They spent an average of 200 seconds in security lines. For comparison purposes,
The manager at a new tire and repair shop in Hartford, Connecticut, wants to establish guidelines for the time it should take to put new brakes on vehicles. In particular, he is interested in estimating the mean installation time for brakes for passenger cars and SUVs made by three different
One of the reasons for multiple car accidents on highways is thought to be poor visibility. One of this text’s authors participated in a study of one rural section of highway in Idaho that had been the scene of several multiple-car accidents (source: Michael Kyte, Patrick Shannon, and Fred
In a company, the HR department is able to identify a small number of staff members who were clocking in at irregular hours in the morning. To determine the punctuality of the staff members, the HR manager would like to identify whether the staff members’ travel time to work (in minutes) affects
Dior has been conducting business on the Internet for the past two years. He sells products that include beauty products, supplements, and household essentials. Managing the online business has proved to be extremely stressful for Dior, so he decided to hire people to help in managing the online
A regional U.S. commercial bank issues both Visa and MasterCard credit cards. As a part of its annual review of the profitability of each type of credit card, the bank randomly samples 36 customers to measure the average quarterly charges per card. It has completed its analysis of the Visa card
In a study conducted by a national credit card company, corporate clients were surveyed to determine the extent to which hotel room rates quoted by central reservation systems differ from the rates negotiated by the companies.The study found that the mean overcharge by hotels was $11.35 per night.
Bolton, Inc., an Internet service provider (ISP), has experienced rapid growth in the past five years. As a part of its marketing strategy, the company promises fast connections and dependable service. To achieve its objectives, the company constantly evaluates the capacity of its servers. One
Car buyers often add accessories to their new cars. A sample of 179 Mini Cooper purchasers yielded a sample mean of $5,000 worth of accessories added to the purchase above the $20,200 base sticker price.Suppose the cost of accessories purchased for all Minis has a standard deviation of $1,500.a.
A consumer group conducted a study of SUV owners to estimate the mean highway mileage for their vehicles. A simple random sample of 91 SUV owners was selected, and the owners were asked to report their highway mileage. The following results were summarized from the sample data:x = 21.3 mpg s = 6.3
The BelSante Company operates retail pharmacies in 10 eastern states. The company’s internal audit department selected a random sample of 300 prescriptions issued throughout the system. The objective of the sampling was to estimate the average dollar value of all prescriptions issued by the
Allante Pizza delivers pizzas throughout its local market area at no charge to the customer. However, customers often tip the driver. The owner is interested in estimating the mean tip income per delivery. To do this, she has selected a simple random sample of 12 deliveries and has recorded the
A random sample was selected from a population having a normal distribution. Calculate a 90%confidence interval estimate for m for each of the following situations:a. x = 134, n = 10, s = 3.1b. x = 3,744, n = 120, s = 8.2c. x = 40.5, n = 9, s = 2.9d. x = 585.9, x2 = 15,472.37, n = 27(Hint:
A random sample of n = 9 values taken from a normally distributed population with a population variance of 25 resulted in the following sample values:53 46 55 45 44 52 46 60 49 Use the sample values to construct a 90% confidence interval estimate for the population mean.
A random sample of n = 12 values taken from a normally distributed population resulted in the following sample values:107 109 99 91 103 105 105 94 107 94 97 113 Use the sample information to construct a 95%confidence interval estimate for the population mean.
The following sample data have been collected based on a simple random sample from a normally distributed population:2 8 0 2 3 5 3 1 4 2a. Compute a 90% confidence interval estimate for the population mean.b. Show what the impact would be if the confidence level is increased to 95%. Discuss why
Construct a 98% confidence interval estimate for the population mean given the following values:x = 120 s = 20 n = 50
Construct a 95% confidence interval estimate for the population mean given the following values:x = 300 s = 55 n = 250
Construct a 90% confidence interval estimate for the population mean given the following values:x = 70 s = 15 n = 65
Assuming the population of interest is approximately normally distributed, construct a 95% confidence interval estimate for the population mean given the following values:x = 18.4 s = 4.2 n = 13
A qualitative variable is normally described in words rather than numerically. A quantitative variable assumes meaningful numerical values, and can be further categorized as either discrete or continuous. A discrete variable assumes a countable number of distinct values, whereas a continuous
In general, we use sample data rather than population data for two main reasons:(1) obtaining information on the entire population is expensive, and/or (2) it is impossible to examine every item of the population.Cross-sectional data contain values of a characteristic of many subjects at the same
The study of statistics is generally divided into two branches: descriptive statistics and inferential statistics. Descriptive statistics refers to the summary of a data set in the form of tables, graphs, or the calculation of numerical measures. Inferential statistics refers to extracting useful
A proper understanding of statistical ideas and concepts helps us understand more of the real world around us, including issues in business, finance, health, and social interactions. We must understand statistics or risk making bad decisions and costly mistakes. A knowledge of statistics also
In each of the following scenarios, define the type of measurement scale.a. A meteorologist records the amount of monthly rainfall over the past year.b. A sociologist notes the birth year of 50 individuals.c. An investor m onitors the daily stock price o f BP follow ing the 2010 oil disaster in the
In each of the following scenarios, define the type of measurement scale.a. An investor collects data on the weekly closing price of gold throughout a year.b. An analyst assigns a sample o f bond issues to one o f the following credit ratings, given in descending order of credit quality (increasing
In each of the following scenarios, define the type of measurement scale.a. A kindergarten teacher marks whether each student is a boy o r a girl.b. A ski resort records the daily temperature during the month of January.c. A restaurant surveys its customers about the quality of its w aiting staff
Which of the following variables are qualitative and which are quantitative? If the variable is quantitative, then specify whether the variable is discrete or continuous.a. Colors of cars in a mall parking lot.b. Time it takes each student to complete a final exam.c. The number of patrons who
Which of the following variables are qualitative and which are quantitative? If the variable is quantitative, then specify whether the variable is discrete or continuous.a. Points scored in a football game.b. Racial composition of a high school classroom.c. Heights of 15-year-olds. P-7
What is the measurement scale of the money data? Why is it considered the strongest form of data? P-7
How are the time data classified? In what ways do the time data differ from ordinal data? What is a potential weakness of this measurement scale? P-7
How are the data based on the ratings of the food quality similar to the radio station data? How are the data different? P-7
What is the scale of measurement of the radio station data? P-7
Another good source of data is the U.S. Census Bureau. Go to http://www.census.gov/ and extract the most recent state median income by family size (total) for Alabama, Arizona, California, Florida, Georgia, Indiana, Iowa, Maine, Massachusetts, Minnesota, Mississippi, New Mexico, North Dakota, and
The Federal Reserve Bank of St. Louis is a g o o d source for d o w nloading econom ic data. Go to http://research.stlouisfed.org/fred2/ to extract quarterly d ata on gross private saving (GPSAVE) from 200 7 to 2 0 1 0 (16 o b se rv atio n s).C reate a ta b le th a t uses this inform ation. Plot th
Go to http://www.zillow.com/ and find the sale price data of 20 single-family homes sold in Las Vegas, Nevada, in the last 30 days. You must include in the data set the sale price, the number of bedrooms, the square footage, and the age of the house. What type of data do these numbers
Ask 20 of your friends whether they live in a dormitory, a rental unit, or other form of accommodation. Also find out their approximate monthly lodging expenses. Create a table that uses this information. What type of data do these numbers represent? Comment on the data. P-7
Go to http://w w w .finance.yahoo.com / to g e t a current stock q u o t e for G oogle, Inc. (ticker sy m b o l = GOOG). T hen, click on historical prices to record th e m onthly adjusted close price of G o o g le stock in 2010. C reate a ta b le t h a t use s this inform ation. W h a t ty p e of d
Recent research suggests that depression significantly increases the risk of developing dementia later in life (BBC News, July 6 , 2010). In a study involving 949 elderly persons, it was reported that 22% of those who had depression went on to develop dementia, compared to only 17% of those who did
Business g ra d u a te s in th e U.S. w ith a m arketing c oncentration earn high salaries. According to t h e Bureau o f Labor Statistics, th e averag e annual salary for m arketing m a n a g e rs w as$104,400 in 2007.a. What is the relevant population?b. Do you think the average salary of
An accounting professor wants to know the average GPA of the students enrolled in her class. She looks up information on Blackboard about the students enrolled in her class and computes the average GPA as 3.29.a. Describe the relevant population.b. Does the value 3.29 represent the population
Many p eople regard video g a m e s as an obsession for youngsters, b u t in fact, th e averag e a g e of a video g a m e player is 35 years (Reuters.com, A ugust 2 1 , 2009). Is th e value 35 likely th e actual or th e estim a te d averag e a g e of th e population? Explain. P-7
It came as a big surprise when Apple's touch screen iPhone 4, considered by many to be the best smartphone ever, was found to have a problem (The New York Times, June 24, 2010).Users complained of weak reception, and sometimes even dropped calls, when they cradled the phone in their hands in a
What Is Statistics? P-7
How much of your own money did you spend at the lodge today? P-7
Presently, the main dining area closes at 3:00 pm. W hat tim e do you th in k it should close?
On a scale o f 1 to 4, rate the quality o f the food at the resort (where 1 is poor, 2 is fair, 3 is good, and 4 is excellent). P-7
On your car drive to the resort, w hich radio station was playing? P-7
Describe variables and various types of measurement scales. P-7
Explain the need for sampling and discuss various data types. P-7
Differentiate between descriptive statistics and inferential statistics. P-7
Describe the importance of statistics. P-7
40. FILE (Use Excel) Access the data file on the text website labeled Arlington Homes. It contains data on various variables, including price and square footage, for 36 singlefamily homes in Arlington, Massachusetts, sold in the first quarter of 2009.a. Use the Jarque-Bera test to test if house
39. The following frequency d istribution shows the monthly stock returns for Home Depot for the years 2003 through 2007.Class (in percent) Observed Frequency Less than − 5 13− 5 u p to 0 16 0 up to 5 20 5 or more 11 n = 60 Source: www.yahoo.finance.com.Over this time period, the following
38. Given a shaky economy and high heating costs, more and more households are struggling to pay u t ility bills (The Wall Street Journal, February, 1 4 , 2008). Particularly hard h it are households with homes heated with propane or heating oil. Many o f these households are spending twice as much
37. A recent poll asked 3,228 Americans aged 16 to 21 whether they are likely to serve in the U.S. military. The following table, cross-classified by gender and race, reports those w ho responded that they are likely or very likely to serve in the active-duty military.Gender Race Hispanic Black
36. Many parents have turned to St. John's w ort, a herbal remedy, to treat their children with attention deficit hyperactivity disorder (ADHD). The Journal o f the American Medical Association (June 11, 2008) recently published an article that explored the herb's effectiveness. Children with ADHD
35. An analyst is trying to determine w hether the prices of certain stocks on the NASDAQ are independent o f the industry to which they belong. She examines four industries and classifies the stock prices in these industries into one o f three categories (high-priced, average-priced,
34. A recent study in the Journal o f the American Medical Association (February 2 0 , 2008) found tha t patients w ho go into cardiac arrest while in the hospital are more likely to die if it happens after 11 pm. The study investigated 58,593 cardiac arrests during the day or evening. Of those,
33. Although founded only in 2004, Facebook has more than 500 million active users, o f which 50% log on to Facebook on any given day. In a recent survey by Facebook, young users(those born after 1984) were asked about their preference for delivering the news about breaking up a relationship (The
32. A local TV station claims th at 60% of people support Candidate A, 30% support Candidate B, and 10% support Candidate C. A survey of 500 registered voters is taken. The accompanying table indicates how they are likely to vote.Candidate A Candidate B Candidate C 350 125 25a. Specify the
31. A study suggests tha t airlines have increased restrictions on cheap fares by raising overnight requirements (The Wall Street Journal, August 19, 2008). This w ould force business travelers to pay more for their flights, since they tend to need the most flexibility and want to be home on
30. The following table lists the market share of the four firms in a particular industry in 2010 and total sales for each firm in 2011.Firm Market Share in 2010 Total Sales in 2011(in billions of $)1 0.40 200 2 0.30 180 3 0.20 100 4 0.10 70a. Specify the competing hypotheses to test w hether the
29. FILE (Use Excel) Access the miles per gallon (MPG) data on the text website, labeled MPG.a. Specify the competing hypotheses for the Jarque-Bera test o f normality o f MPG.b. Calculate the value of the Jarque-Bera test statistic. Use Excel to calculate the p -value.c. At α = 0.05 can you
28. (Use Excel) Access the weekly stock prices for Home Depot in the data file on the text website, labeled Home Depot.a. Specify the competing hypotheses for the Jarque-Bera test o f normality of Home Depot's stock prices.b. Calculate the value o f the Jarque-Bera test statistic. Use Excel to
27. The following frequency distribution shows the distribution of monthly returns for Starbucks Corp. for the years 2003 through 2007.Class (in percent) Observed Frequency Less than − 5 14− 5 up to 0 9 0 up to 5 18 5 up to 10 11 10 or more 8 n = 60 Source: www.yahoo.finance.com.Over this time
26. Total 2005 CEO compensation for the largest U.S. companies by revenue is reported in the following frequency distribution, along with some summary statistics. Total compensation includes salary, bonuses, stock and incentives, the potential value o f stock options, and gains from stock options
25. Fifty cities provided information on vacancy rates (in percent)in local apartments in the following frequency d istribution.The sample mean and the sample standard deviation are 9%and 3.6%, respectively.Vacancy Rate (in percent) Frequency Less than 6 10 6 up to 9 10 9 up to 12 20 12 or more 10
24. An economics professor states on her syllabus that final grades will be d istributed using the normal distribution. The final averages o f 300 students are calculated, and she groups the data into a frequency d istribution as shown below.The mean and the standard deviation of the final averages
23. You are given the following summary statistics from a sample of 50 observations:Mean 77.25 Standard Deviation 11.36 Skewness 1.12 Kurtosis 1.63a. Using the Jarque-Bera test, specify the null and alternative hypotheses to determine w hether or not the data are normally distributed.b. Calculate
22. The following frequency distribution has a sample mean of- 3 .5 and a sample standard deviation of 9.7.Class Frequency Less than − 10 70− 1 0 up to 0 40 0 up to 10 80 10 or more 10 At the 1% significance level, use the goodness-of-fit test for normality to determine w hether or not the data
21. Consider the following sample data with mean and standard deviation o f 20.5 and 5.4, respectively.Class Frequency Less than 10 25 10 up to 20 95 20 up to 30 65 30 o r more 15 n = 200a. Using the goodness-of-fit test for normality, specify the competing hypotheses in order to determine whether
20. Founded in February 2004, Facebook is a social u tility that helps people communicate w ith their friends and family. In just six years, Facebook has acquired more than 500 million active users, o f which 50% log on to Facebook in any given day. In a survey o f 3,000 Facebook users, the
19. A study by the Massachusetts Community & Banking Council found that blacks, and to a lesser extent, Latinos, remain largely unable to borrow money at the same interest rate as whites (The Boston Globe, February 28,2008). The following contingency table shows representative data for the city of
18. According to a 2008 survey by the Pew Research Center, people in China are highly satisfied with their roaring economy and the direction o f their nation(USA Today, July 2 2 , 2008). Eighty-six percent o f those who were surveyed expressed positive views o f the way China is progressing and
17. The following sample data reflect shipments received by a large firm from three different vendors.Vendor Defective Acceptable 1 14 112 2 10 70 3 22 150a. Specify the competing hypotheses to determine whether quality is associated with the source o f the shipments.b. Conduct the test at a 1%
16. A market researcher for an automobile company suspects differences in preferred color between male and female buyers. Advertisements targeted to different groups should take such differences into account, if they exist. The researcher examines the most recent sales information o f a particular
15. According to an online survey by Harris Interactive for jo b site CareerBuilder.com (lnformationWeek.com, September 27, 2007), more than half o f IT workers say they have fallen asleep at work. Sixty-four percent o f government workers admitted to falling asleep on the job. Assume that the
14. Given the following contingency table, conduct a test of independence at the 1% significance level using (a) the p -value approach and (b) the critical value approach.Category 2 Category 1 1 2 3 4 1 120 112 100 110 2 127 115 120 124 3 118 115 110 124 Applications
13. Given the following contingency table, conduct a test of independence at the 5% significance level using (a) the critical value approach and (b) the p -value approach.Category 2 Category 1 1 2 1 23 47 2 32 53
12. Suppose you are conducting a test o f independence.Specify the critical value under the following scenarios:a. rows = 5, columns = 2, and α = 0.025.b. rows = 3, columns = 5, and α = 0.01.
11. Suppose you are conducting a test o f independence. Specify the critical value under the following scenarios:a. rows = 3, columns = 3, and α = 0.10.b. rows = 4, columns = 5, and α = 0.05.
10. An Associated Press-GfK Poll shows that 38% o f American drivers favor U.S. cars, while 33% prefer Asian brands, with the remaining 29% going for other foreign cars (www.msnbc.com, April 2 1 , 2010). This highlights a significant improvement for U.S. automakers, especially when just a few years
8. Despite Zimbabwe's shattered economy, with endemic poverty and widespread political strife and repression, thousands o f people from overseas still head there every year (BBC News,August 27,2008). Main attractions include the magnificent Victoria Falls, the ruins o f Great Zimbabwe, and herds of
7. A rent-to-own (RTO) agreement appeals to low-income and financially distressed consumers. It allows immediate access to merchandise, and by making all payments, the consumer acquires the merchandise. At the same time, goods can be returned at any point w ith o u t penalty. Suppose a recent study
6 . A study conducted in September and October o f 2010 found that fewer than half of employers who hired new college graduates last academic year plan to definitely do so again(The Wall Street Journal, November 29, 2010). Suppose the hiring intentions of the respondents were as follows:Definitely
5. You suspect that an unscrupulous employee at a casino has tampered with a die; th at is, he is using a loaded die. In order to test this claim, you roll the die 2 0 0 times and obtain the following frequencies:1 2 3 4 5 6 40 35 33 30 33 29a. Specify the null and alternative hypotheses in order
4. A multinomial experiment produced the following results:Category 1 2 3 Frequency 128 87 185 At the 1 % significance level, can we reject H0: p 1 = 0.30, p2 = 0.20, and p 3 = 0.50?
3. A multinomial experiment produced the following results:Category 1 2 3 4 5 Frequency 57 63 70 55 55 Can we conclude at the 1 % significance level that the population proportions are not equal?
2. Consider a multinomial experiment w ith n = 400 and k = 3.The null hypothesis is H0: p 1 = 0.60, p2 = 0.25, and p 3 = 0.15.The observed frequencies resulting from the experiment are:Category 1 2 3 Frequency 250 94 56a. Define the alternative hypothesis.b. Calculate the value o f the test
1. Consider a multinomial experiment with n = 250 and k = 4. The null hypothesis to be tested is H0: p1 = p 2 = p 3 =p4 = 0.25.The observed frequencies resulting from the experiment are:Category 1 2 3 4 Frequency 70 42 72 66a. Specify the alternative hypothesis.b. Calculate the value o f the test
LO 12.4 Conduct the Jarque-Bera test for normality.
LO 12.3 Conduct a goodness-of-fit test for normality.
LO 12.2 Determine whether two classifications of a population are independent.
LO 12.1 Conduct a goodness-of-fit test for a multinomial experiment.
2. Determine whether variability has significantly increased from the original standard deviation of 1 mpg at a 5% level of significance.Due to environmental concerns and the never-ending volatility of gas prices, drivers are becoming more concerned with their cars’ gasoline consumption. Cameron

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