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business statistics communicating

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

1. Construct a 95% confidence interval for the population standard deviation. Discuss any assumptions you made for the analysis.Due to environmental concerns and the never-ending volatility of gas prices, drivers are becoming more concerned with their cars’ gasoline consumption. Cameron White, a
40. FILE (Use Excel) Adidas revenues (in millions of €) in Asia and Latin America for the years 2005 through 2009 are shown in the accompanying table; the data, labeled Adidas Revenues, are also available on the text website.2005 2006 2007 2008 2009 Asia 1,523 2,020 2,254 2,662 2,614 Latin
39. FILE (Use Excel) Barbara Dwyer, the manager at Lux Hotel, makes every effort to ensure that customers attempting to make phone reservations do not have to wait too long to speak with a reservation specialist. Since the hotel accepts phone reservations 24 hours a day, Barbara is especially
38. Annual growth rates for individual firms in the toy industry tend to fluctuate dramatically, depending on consumers'tastes and current fads. Consider the following growth rates(in percent) for two companies in this industry, Hasbro and Mattel.Year 2005 2006 2007 2008 2009 Hasbro 3.0 2.1 21.8
37. John Daum and Chris Yin are star swimmers at a local college.They are preparing to compete at the NCAA Division II national championship meet, where they both have a good shot at earning a medal in the men's 100-meter freestyle event. The coach feels that Chris is not as consistent as John,
36. FILE (Use Excel) The following table presents the returns of Fidelity's Select Automotive Fund; the data are also available on the text website, labeled A u tom o t iv e . This mutual fund invests primarily in companies engaged in the manufacturing, the marketing, or the sales of automobiles,
34. A consumer advocacy group is concerned about the variability in the cost of a generic drug. There is cause for concern if the variance of the cost exceeds 5 ($)2. The group surveys seven local pharmacies and obtains the following prices (in $) for a particular generic drug: 3 2 , 3 6 , 3 8 , 3
33. A replacement part for a machine must be produced within close specifications in order for it to be acceptable to customers. A production process is considered to be working properly as long as the variance in the lengths of the parts does not exceed 0.05 squared-units. Suppose the sample
32. FILE Ac ce s s th e data labe led R e n ta l s o n th e te x t w e b s i t e that inc lude s mon th ly rents o f a tw o -b e d r o om ap a r tmen t in tw o c amp u s towns : Ann Arbor, Michigan, and Davis, California.Davis, California, is kn own to ha v e higher rents th an Ann Arbor, Michigan;
31. FILE (Use Excel) A variety o f p a ck a g in g solut ion s exis t for product s th a t mu s t b e kept within a spe cif ic temp e r a tu r e range. Cold chain distribution is particularly useful in th e fo o d and pharmaceut ical indus tries . A p a ck a g in g c om p a n y is trying o u t a n
30. F I L E (Use Excel) The mon th ly c lo s ing s tock prices (rounded to th e nea r e s t dollar) for Starbucks Corp. and Panera Bread Co. for th e first six mo n th s o f 2 0 1 0 are reported in th e fo l lowin g table. The data are also avai lable on th e text web s i t e , labe led M o n th ly
29. (Use Excel) Nike's total r e v en u e s (in mi l l ions o f $) for th e Asian and Latin American r eg ions for th e years 2 0 0 5 th rou gh 2 0 0 9 are as fol lows :2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 Asia 1,897 2,054 2,296 2,888 3,322 Latin America 696 905 967 1,165 1,285 S o urce: N ik e
28. The fo l lowin g ta b le s h ow s th e annual returns (in percent ) for Fidelity's Electronic and Utilities funds .Year Electronic U t ilit ie s 2005 13.23 9.36 2006 1.97 32.33 2007 2.77 21.03 2008 − 50.00 − 35.21 2009 81.65 14.71 Source: w w w . f in a n c e .y a h o o .c o m .Using th e
27. Two basketbal l players on a s ch o o l t e am are working hard on c o n s i s t en c y o f their pe r formanc e . In particular, th e y are h o p in g to bring d ow n th e variance o f their scores. The c o ach b e l ie v e s th a t th e players are n o t equa l ly c o n s i s t en t in their
26. A firm h as ju s t d e v e l o p e d a n e w c o s t -r e d u c in g t e c h n o l o g y for producing a certain rep lacem en t part for autom obiles. Since a replacem ent part m ust be produced within close specifications in order for it to b e a c c e p ta b le to cu stom ers, the n ew
25. Cons ider th e fo l lowin g c om p e t in g h y p o th e s e s a nd relevant summa r y statistics:H0: σ2 1 / σ2 2 ≥ 1 HA: σ21/ σ22 < 1 Samp le 1 : s21 = 1,315 and n 1 = 17 S amp le 2 : s21 = 1,523 and n2 = 19 Condu c t this lef t - tai led h yp o th e s i s t e s t at th e 5% s igni f
24. Cons ider th e fo l lowin g c om p e t in g h y p o th e s e s and relevant summa r y statistics:H0: σ2 1 / σ2 2 ≤ 1 HA: σ21/ σ22 > 1 S amp le 1 : s21 = 9 3 5 a nd n 1 = 14 Samp le 2: s22 = 8 1 2 and n2 = 11 Use th e critical v a lu e app ro a ch to c o n d u c t this h yp o th e s i s t
22. Cons ider th e fol lowing me a su r e s ba s ed on in d ep en d e n t ly drawn s amp l e s from normal ly di s tributed populat ions:Sample 1: s21 = 22 0 , and n 1 = 20 Sample 2: s22 = 196, and n2 = 15a. Cons truct a 95% interval e s t im a t e o f th e ratio o f th e pop u la t ion
18. F IL E (Use Excel) While the housing market has not recovered, real estate investment in college towns continues to promise good returns (The Wall Street Journal, September 24, 2010). With rents holding up, this is good news for investors but the same cannot be said for students. There also
17. FILE (Use Excel) Ac ces s th e mi les per g a l lon (mpg ) data on th e te x t w e b s i t e labe led MPG.a. State th e null and th e alternative h yp o the s e s in order to tes t whe the r or not th e variance o f mp g differs from 62 m p g 2.b. Calculate th e relevant t e s t statistic.c.
16. FILE (Use Excel) A realtor in Mission Viejo, California, b e l ie v e s that th e s tandard dev ia t ion o f h o u s e prices is mo r e th an 100 units, w h e r e e a ch uni t eq u a l s $ 1 ,0 0 0 . A s sume h o u s e prices are normal ly distributed.a. State th e null and th e alternat ive h
15. India Fund, Inc. (IFN) is a d o s e - e n d e d eq u i ty mutual fund laun ch ed by th e Blackstone Group, A s s e t Ma n a g emen t Arm. Al th ou gh it promis e s impre s s ive returns, it d o e s s o a t th e c o s t o f gr eater risk. An analys t w ou ld like to t e s t if th e variance o f
14. A res taurant ow n e r is c on c e rn ed a b o u t th e c o n s i s t en cy o f bus ines s . He w a n t s to d e te rmin e if th e s tandard deviat ion o f th e profits for e a ch w e e k is less than $ 3 0 0 . The profits from last w e e k are listed b e low (in dollars). A s sume that profits
13. The m a n a g e r o f a su p e rma r k e t w o u ld like th e v a r ian c e o f th e w a i t in g t im e s o f th e c u s t om e r s n o t t o e x c e e d 3 m in u t e s - sq u a r e d . S h e w o u ld a d d a n ew c a sh r eg i s te r if th e v a r ian c e e x c e e d s thi s th r e sh o ld .
12. The fo l lowing tab le s h ow s th e annual returns (in percent ) for th e Vanguard Energy Fund from 2 0 0 5 th rou gh 2 009.Year Energy 2005 44.60 2006 19.68 2007 37.00 2008 − 42.87 2009 38.36 Source: www.finance.yahoo.com.a. Calculate th e p o in t e s t ima te o f σ .b. Cons truct a 95% c
11. A consumer advocacy group is concerned about the va riab ility in the cost o f prescription medication. The group surveys e ig h t local pharmacies and obtains the fo llow in g prices fo r a particular brand o f medication:$25.50 32.00 33.50 28.75 29.50 35.00 27.00 29.00a. Calculate th e po in
10. A replacement part fo r a machine must be produced w ith in close specifications in order fo r it to be acceptable to customers. Suppose the sample variance fo r 20 parts turns o u t to b e s2 = 0.03.a. Construct a 95% confidence interval o f th e population variance.b. Production
9. A research analyst is examining a stock fo r possible inclusion in his client's p o rtfo lio . Over a 10-year period, th e sample mean and the sample standard deviation o f annual returns on the stock were 20% and 15%, respectively. The client wants to know if th e risk, as measured by the
8. You would like to test th e claim th a t th e variance o f a normally distribu te d p opulation is more than 2 squared units. You draw a random sample o f 10 observations as 2 , 4, 1 , 3 , 2 , 5 , 2 , 6 , 1 , 4. At α = 0.10, test the above claim using(a) th e p -value approach and (b) th e
7. Consider the following hypotheses:H0: σ 2 = 200 HA: σ2 ≠ 200 Approximate the p-value based on the following sample information, where the sample is drawn from a normally distributed population.a. s2 = 300; n = 25b. s2 = 100; n = 25c. Which of the above sample information enables us to reject
5. The following values are drawn from a normal population.20 29 32 27 34 25 30 31a. Calculate the point estimates of the population variance and the population standard deviation.b. Compute a 95% confidence interval for the population variance and the population standard deviation.
4. A random sample of 25 observations is used to estimate the population variance. The sample mean and sample standard deviation are calculated as 52.5 and 3.8, respectively. Assume that the population is normally distributed.a. Construct a 90% interval estimate of the population variance.b.
3. In order to derive a confidence interval of the population variance, a random sample of n observations is drawn from a normal population. Use this information to find χ2α/2,df and χ21 − α/2,df under the following scenarios.a. A 95% confidence level with n = 18.b. A 95% confidence level
LO 1 1 .6 Conduct a h ypo the sis te s t for th e ratio o f two p opulation variances.
LO 1 1 .5 Construct a con fidenc e interval for th e ratio o f tw o population variances.
LO 1 1 .4 Discuss featur es o f th e F distribution.
LO 1 1 .3 Conduct a h yp o th e sis te s t for th e population variance.
LO 1 1 .2 Construct a confidenc e interval for th e population variance.
LO 1 1 .1 Discuss featur es o f th e χ2 distribution.
Many communities are finding it more and more difficult to fill municipal positions such as town administrators, finance directors, and treasurers. The following table shows the percentage of municipal managers by age group in the United States for the years 1971 and 2006. P-258a. In 1971, what was
At four community health centers on Cape Cod, Massachusetts, 15,164 patients were asked to respond to questions designed to detect depression (The Boston Globe, June 11, 2008). The survey produced the following results. P-258a. What is the probability that a randomly selected patient suffered from
Prior to the Academy Awards ceremony in 2009, the United Kingdom bookmaker Ladbrokes reported the following odds for winning an Oscar in the category of best actress (The W all S tre e t J o u rn a l, February 20, 2009). P-258a. Express the odds for each actress w inning as a probability.b.
Consider the following contingency table.a. Convert the contingency table into a joint probability table.b. What is the probability that A occurs?c. What is the probability that A and B occur?d. Given that B has occurred, what is the probability that A occurs?e. Given that A c has occurred, what is
Consider the following jo int probability table.a. What is the probability that A occurs?b. What is the probability that B2 occurs?c. What is the probability that A c and B4 occur?d. What is the probability that A or B3 occurs?e. Given that B2 has occurred, what is the probability that A occurs?f.
According to an online survey by Harris Interactive for job site CareerBuilder.com, more than half of IT (information technology) workers say they have fallen asleep at work(In fo r m a tio n W eek, September 27, 2007). Sixty-four percent of government workers admitted to falling asleep on the job.
A recent poll asked 16- to 21 -year-olds whether or not they are likely to serve in the U.S. military. The following table, cross-classified by gender and race, reports the percentage o f those polled who responded that they are likely or very likely to serve in the active-duty military. P-258 a.
Merck & Co. conducted a study to test the promise o f its experimental AIDS vaccine ( T h e B o s to n G lo b e , September 22, 2007). Volunteers in the study were all free of the human immunodeficiency virus (HIV), which causes AIDS, at the start of the study, but all were at high risk for
More and more households are struggling to pay utility bills given a shaky economy and high heating costs (The W a ll S tre e t J o u r n a l, February 14, 2008). Particularly hard hit are households w ith homes heated w ith propane or heating oil. Many o f these households are spending twice as
The research team at a leading perfume company is trying to test the market for its newly introduced perfume.In particular the team wishes to look for gender and international differences in the preference for this perfume.They sample 2,500 people internationally and each person in the sample is
Com plete the follo w in g p robability table. P-258 Prior Conditional Joint Probability Probability Probability Posterior Probability P(B)=0.85 P(A|B)=0.05 P(ANB)= P(ANB)= P(B|A) P(B) = P(A|B) 0.80 P(AB)= P(B|A) = Total = P(A)= Total=
Let a sample space be partitioned into three mutually exclusive and exhaustive events, B 1, B2, and B 3. Complete the following probability table. P-258 Prior Conditional Probabilities Probabilities Joint Posterior Probabilities Probabilities P(B) = 0.10 P(A|B) 0.40 P(ANB) = P(B|A)= P(B)
An analyst thinks th a t next year there is a 20% chance th a t the w orld econom y w ill be good, a 50% chance th a t it w ill be neutral, and a 30% chance th a t it w ill be poor. She also predicts probabilities th a t a start-up firm , Creative Ideas, w ill be good, neutral, or poor fo r each o
Calculate the following values. P-258 8! a. 81 and 6! b. Co C. Po
Calculate the following values. P-258 a. 7! and 3! b. G P C.
The following frequency distribution shows the ages of India's 40 richest individuals. One of these individuals is selected at random. P-258 a. What is the probability that the individual is between 50 and 60 years of age?b. What is the probability that the individual is younger than 50 years of
A recent study in the Journal o f the American Medical Association (February 20, 2008) found that patients who 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 that occurred during the day or evening. Of
lt has been reported that women end up unhappier than men later in life, even though they start out happier (Yahoo News, August 1, 2008). Early in life, women are more likely to fulfill their family life and financial aspirations, leading to greater overall happiness. However, men report a higher
Given the events in Example 4,2 and the probabilities in Table 4,2, calculate the following probabilities. P-258 a. P(BUC) b. P(ANC) c. P(B)
A sample space 5 yields five equally likely events, A, B, C, D, and E. P-258 a. Find P(D). b. Find P(B). c. Find P(AUCUE).
Small, energy-efficient, Internet-centric, new computers are increasingly gaining popularity (New York Times, July 20, 2008). These computers, often called netbooks, have scant onboard memory and are intended largely for surfing websites and checking e-mail. Some of the biggest companies are wary
A mortgage specialist would like to analyze the average mortgage rates for Atlanta, Georgia. He studies the following sample APR quotes. These are the annual percentage rates(APR) for 30-year fixed loans. If he is willing to assume that these rates are randomly drawn from a normally distributed
(Use Excel) One of the consequences of the economic meltdown has been a free fall of the stock market's average price/earnings ratio, or P/E ratio (The Wall Street Journal, August 30, 2010). Generally, a high P/E ratio suggests that investors are expecting higher earnings growth in the future
A production process is designed to fill boxes with an average of 14 ounces of cereal. The population of filling w eights is norm ally distributed with a standard deviation of 2 ounces. Inspectors take periodic sam ples of 10 boxes. The following sam ple m eans are obtained.a. Construct an chart.
Major League Baseball Rule 1.09 states that "the baseball shall weigh not less than 5 or more than 5¼ ounces"(www.mlb.com). Use these values as the lower and the upper control limits, respectively. Assume the centerline equals 5.125 ounces. Periodic samples of 50 baseballs produce the following
FILE Fast bowling, also known as pace bowling, is an im portant component of the bowling attack in the sport of cricket. The objective is to bowl at high speed and make the ball turn in the air and off the ground so that it becomes difficult for the batsman to hit it cleanly. Kalwant Singh is a
A firm produces com puter chips for personal com puters.From past experience, th e firm knows th a t 4% of the chips are defective. The firm collects a sam ple of the first 500 chips m anufactured at 1:00 pm for the past tw o weeks. The following sam ple proportions are obtained: L056a. Construct a
Following customer complaints about the quality of service, Dell stopped routing corporate customers to a technical support call center in Bangalore, India(USA Today, November 24, 2003). Suppose Dell's decision to direct customers to call centers outside of India was based on consumer complaints in
FILE A variety of packaging solutions exist for products that must be kept within a specific temperature range.Cold chain distribution is particularly useful in the food and pharmaceutical industries. A packaging company strives to maintain a constant temperature for its packages. It is believed
In the previous question, suppose the management decides to use a chart for the analysis. As noted earlier, 10% of produced items are known to be nonconforming. The firm analyzes a batch of production items for 6 weeks and computes the following percentages of nonconforming items.a. Suppose weekly
Consider the following hypotheses:H0: μ ≤ 210 HA: μ > 210 Approximate the p-value for this test based on the following sample information. a. x=216;s b. x216;s 26; n = 40 26;n-80 C. c. x=216;s 16; n = 40 d. x 214;s 16; n = 40
We again use the Fund Returns data from the introductory case. At the 5% significance level, determine whether the median difference between the returns of the Metals fund and the Income fund differs from zero.
Applications 6 . During the fourth quarter o f 2009, rents declined in almost all major cities in the United States. The largest fall was in New York, where average rents fell nearly 20% to $44.69 per square foot annually (The Wall Street Journal, January 8, 2010). The follow ing table lists the
Use the salary data in Table 20.7 to determine whether the median computer science salary differs from the median finance salary at the 5% significance level.
Assuming that the distribution of W is approximately normal, let’s again determine whether the median computer science salary differs from the median finance salary at the 5% significance level.
Use the data in Table 20.12 to conduct the Kruskal-Wallis test to determine if median SAT scores differ by ethnic background at the 5% significance level.
A sociologist suspects differences in median incomes in three major eastern cities. He randomly samples 100 workers from each city. The top of Table 20.14 shows a portion of the data; the full data set can be found on the text website, labeled City Income.Unsure that the median income is the same
A sports statistician would like to analyze the relationship between a quarterback’s salary (in $ millions) and his age. He collects data on 32 quarterbacks. The top of Table 20.17 shows a portion of the data; the full data set can be found on the text website, labeled Quarterback Salary. He uses
In December 2009, Domino’s Pizza, Inc. released untraditional ads citing that its old recipe for pizza produced crust that tasted like cardboard and sauce that tasted like ketchup. Domino’s Pizza claims that its reformulated pizza is a vast improvement over the old recipe; for instance, garlic
Table 20.20 shows the growth rate in the gross domestic product (GDP) for the United States from 1980 through 2009; the data labeled US GDP can also be found on the text website. Use the method of runs above and below the median with a significance level of 10% to test the null hypothesis of
Nonparametric tests, also referred to as distribution-free tests, do not require stringent assumptions of parametric tests and are especially attractive when the underlying population is markedly nonnormal. Also, while parametric tests require data of interval or ratio scale, nonparametric tests
Use the runs test to determine whether the positive and negative residuals occur randomly at the 5% significance level.
Indicate which assumption might be violated, given that the analysis uses time series data.
Estimate and interpret the model: Consumption = ß 0 + ß1 Disposable Income + ε .
At the 5% significance level, use the Kruskal-Wallis test to determine whether total executive compensation varies across classifications.
Explain why the one-way ANOVA F test for comparing more than two means may be inappropriate in this case.
Calculate and interpret relevant summary measures for executive compensation in these four industries.
Use the Wilcoxon rank-sum method to determine whether the median home price in Southern California is greater than the median home price in the Inland Empire.
Explain why the t test for comparing means from independent samples might be inappropriate in this case.
Calculate and interpret relevant summary measures for California home prices in these two regions.
The fo llo w in g table shows a p o rtio n o f the percent change in the consum er price index (CPI) fo r the United States from 1980 through 2008; the full data set can be found on the text website, labeled US CPI. Use the m ethod o f runs above and below the m edian w ith a significance level of
A research analyst follow s the m onthly price data for the Dow Jones Industrial Average for the years 2008– 2010.The accompanying table shows a portion o f the price data;the full data set, labeled D ow Jones, can be found on the text website. The analyst wants to test the random -walk
The follow ing table shows a portion o f the grow th rate in the gross domestic product (GDP) for China from 1980 through 2008; the full data set is on the text website, labeled China GDP. Use the m ethod o f runs above and below the median w ith a significance level o f 5% to test the null
In order to ensure the public's health and safety, state health inspectors are required to rate the cleanliness and quality of all restaurants in the state. Restaurants that consistently score below a certain level often lose their licenses to operate. From a sample of 10 restaurants, two health
A research analyst believes th a t a positive relationship exists between a firm's advertising expenditures and its sales. For 65 firms, she collects data on each firm's yearly advertising expenditures and subsequent sales. She calculates a Spearman rank correlation coefficient o f 0.45.a. Specify
The following table shows a portion of the annual returns (in percent) for two of Fidelity's mutual funds: the Fidelity Advisor's Electronic Fund and the Fidelity Advisor's Utilities Fund; the full data set is on the text website, labeled Electronics and Utilities.Year Electronics Utilities 2001
An econom ist wants to determ ine w hether the Price/Earnings (P/E) ratio is the same for firm s in three industries.Source: h t tp : //fin a n c e .y a h o o .c o m .Independent samples o f five firm s in each industry show the follow ing results. The data are also available on the text website,
A psychiatrist believes th a t the location o f a test center may influence a test taker's performance. In order to test his claim, he collects SAT scores from four different locations(the data are also available on the te xt website, labeled Test Centers).Location 1 Location 2 Location 3 Location
A consumer advocate researches the length of life between tw o brands of refrigerators, Brand A and Brand B. He collects data on the longevity of 40 refrigerators for Brand A and repeats the sampling for Brand B. A portion of the data is shown in the accompanying table; the full data set is on the
The table below shows a portion of the returns for Fidelity's Equity Income mutual fund and Vanguard's Equity Income mutual fund from 2000 through 2010;the full data set is on the text website, labeled Fund Comparison.Year Fidelity Vanguard 2000 3.88 13.57 2001 − 5.02 − 2.34⋮ ⋮ ⋮2010
A farmer is concerned that a change in fertilizer to an organic variant m ight change his crop yield. He subdivides 6 lots and uses the old fertilizer on one half of each lot and the new fertilizer on the other half. The following table shows the results.Lot Crop Yield Using Old Fertilizer Crop

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