Questions and Answers of Statistical Techniques in Business

A survey of 34 students at the Wall College of Business showed the following majors:Accounting..................................... 10Finance.............................................
The events A and B are mutually exclusive. Suppose P(A) = .30 and P(B) = .20. What is the probability of either A or B occurring? What is the probability that neither A nor B will happen?
The events X and Y are mutually exclusive. Suppose P(X) = .05 and P(Y) = .02. What is the probability of either X or Y occurring? What is the probability that neither X nor Y will happen?
Suppose the probability you will get an A in this class is .25 and the probability you will get a B is .50. What is the probability your grade will be above a C?
The probabilities of the events A and B are .20 and .30, respectively. The probability that both A and B occur is .15. What is the probability of either A or B occurring?
Wendy€™s offers eight different condiments (mustard, catsup, onion, mayonnaise, pickle, lettuce, tomato, and relish) on hamburgers. A store manager collected the following information on
The manager of Information Services at Wilkin Investigations, a private investigation firm, is studying the relationship between the age (in months) of a combination printer, copier, and fax machine
Listed below is the number of car thefts in a large city over the last week. Calculate the coefficient of skewness using both methods. 13 7 8 3 8 3 12 3
Listed below is the amount of commissions earned last month for the eight members of the sales staff at Best Electronics. Calculate the coefficient of skewness using both methods. 1,718.4 1,721.2
Walter Gogel Company is an industrial supplier of fasteners, tools, and springs. The amounts of its invoices vary widely, from less than $20.00 to more than $400.00. During the month of January the
The following box plot shows the number of daily newspapers published in each state and the District of Columbia. Write a brief report summarizing the number published. Be sure to include information
In a study of the gasoline mileage of model year 2016 automobiles, the mean miles per gallon was 27.5 and the median was 26.8. The smallest value in the study was 12.70 miles per gallon, and the
Determine the median and the first and third quartiles in the following data. 6.02 7.30 11.86 7.99 12.71 5.24 6.67 10.39 7.59 12.22 8.03 13.07 8.35 13.59 8.81 13.89 9.45 15.42 10.37 9.61
Determine the median and the first and third quartiles in the following data. 47 49 49 53 54 55 55 59 46 51 54
Describe the differences between a histogram and a stem-and-leaf display.
Bidwell Electronics Inc. recently surveyed a sample of employees to determine how far they lived from corporate headquarters. The results are shown below. Compute the mean and the standard deviation.
The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their
The enrollments of the 13 public universities in the state of Ohio are listed below.University of Akron.......................................................................... 26,106Bowling Green
The first Super Bowl was played in 1967. The cost for a 30-second commercial was $42,000. The cost of a 30-second commercial for Super Bowl 50 was $4.6 million. What was the geometric mean rate of
The American Diabetes Association recommends a blood glucose reading of less than 130 for those with Type 2 diabetes. Blood glucose measures the amount of sugar in the blood. Below are the readings
Rolland Poust is a sophomore in the College of Business at Scandia Tech. Last semester he took courses in statistics and accounting, 3 hours each, and earned an A in both. He earned a B in a 5-hour
The Split-A-Rail Fence Company sells three types of fence to homeowners in suburban Seattle, Washington. Grade A costs $5.00 per running foot to install, Grade B costs $6.50 per running foot, and
A recent study of the laundry habits of Americans included the time in minutes of the wash cycle. A sample of 40 observations follows. Determine the mean and the median of a typical wash cycle. 35 39
The Citizens Banking Company is studying the number of times the ATM located in a Loblaws Supermarket at the foot of Market Street is used per day. Following are the number of times the machine was
A sample of households that subscribe to United Bell Phone Company for landline phone service revealed the following number of calls received per household last week. Determine the mean and the
Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, 22.a. Compute the mean and median number of apples in a
When we compute the mean of a frequency distribution, why do we refer to this as an estimated mean?
The following graph portrays the distribution of the number of spicy chicken sandwiches sold at a nearby Wendy€™s for the last 141 days. The mean number of sandwiches sold per day is 91.9
According to Chebyshev’s theorem, at least what percent of any set of observations will be within 1.8 standard deviations of the mean?
The mean income of a group of sample observations is $500; the standard deviation is $40. According to Chebyshev’s theorem, at least what percent of the incomes will lie between $400 and $600?
The personnel files of all eight employees at the Pawnee location of Acme Carpet Cleaners Inc. revealed that during the last 6-month period they lost the following number of days due to illness:All
It is estimated that 60% of U.S. households subscribe to cable TV. You would like to verify this statement for your class in mass communications. If you want your estimate to be within 5 percentage
You need to estimate the mean number of travel days per year for salespeople. The mean of a small pilot study was 150 days, with a standard deviation of 14 days. If you must estimate the population
You want to estimate the mean family income in a rural area of central Indiana. The question is, how many families should be sampled? In a pilot sample of 10 families, the standard deviation of the
A survey of 25 randomly sampled judges employed by the state of Florida found that they earned an average wage (including benefits) of $65.00 per hour. The sample standard deviation was $6.25 per
A survey of 36 randomly selected iPhone owners showed that the purchase price has a mean of $650 with a sample standard deviation of $24.a. Compute the standard error of the sample mean.b. Compute
You plan to conduct a survey to find what proportion of the workforce has two or more jobs. You decide on the 95% confidence level and a margin of error of 2%. A pilot survey reveals that 5 of the 50
Police Chief Edward Wilkin of River City reports 500 traffic citations were issued last month. A sample of 35 of these citations showed the mean amount of the fine was $54, with a standard deviation
A random sample of 85 group leaders, supervisors, and similar personnel at General Motors revealed that, on average, they spent 6.5 years in a particular job before being promoted. The standard
There are 300 welders employed at Maine Shipyards Corporation. A sample of 30 welders revealed that 18 graduated from a registered welding course. Construct the 95% confidence interval for the
The attendance at the Savannah Colts minor league baseball game last night was 400. A random sample of 50 of those in attendance revealed that the mean number of soft drinks consumed per person was
A large on-demand, video streaming company is designing a large-scale survey to determine the mean amount of time corporate executives watch on-demand television. A small pilot survey of 10
A population’s standard deviation is 10. We want to estimate the population mean within 2, with a 95% level of confidence. How large a sample is required?
The Columbus, Ohio Area Chamber of Commerce wants to estimate the mean time workers who are employed in the downtown area spend getting to work. A sample of 15 workers reveals the following number of
Merrill Lynch Securities and Health Care Retirement Inc. are two large employers in downtown Toledo, Ohio. They are considering jointly offering child care for their employees. As a part of the
Dr. Patton is a professor of English. Recently she counted the number of misspelled words in a group of student essays. She noted the distribution of misspelled words per essay followed the normal
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal
Refer to the previous exercise. Instead of 49, suppose that 64 Americans were surveyed about their weekly expenditures on coffee. Assume the sample mean remained the same.a. What is the 95%
A sample of 81 observations is taken from a normal population with a standard deviation of 5. The sample mean is 40. Determine the 95% confidence interval for the population mean.
A sample of 49 observations is taken from a normal population with a standard deviation of 10. The sample mean is 55. Determine the 99% confidence interval for the population mean.
Refer to the Lincolnville School District bus data. Information provided by manufacturers of school buses suggests the mean maintenance cost per year is $4,400 per bus with a standard deviation of
Crossett Trucking Company claims that the mean weight of its delivery trucks when they are fully loaded is 6,000 pounds and the standard deviation is 150 pounds. Assume that the opulation
In the United States, the mean age of men when they marry for the first time follows the normal distribution with a mean of 29 years. The standard deviation of the distribution is 2.5 years. For a
Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $165,000. This distribution follows the normal distribution with
Majesty Video Production Inc. wants the mean length of its advertisements to be 30 seconds. Assume the distribution of ad length follows the normal distribution with a population standard deviation
In establishing warranties on HDTVs, the manufacturer wants to set the limits so that few will need repair at the manufacturer’s expense. On the other hand, the warranty period must be long enough
Refer to the Lincolnville School District bus data.a. Refer to the maintenance cost variable. The mean maintenance cost for last year is $4,552 with a standard deviation of $2332. Estimate the number
Management at Gordon Electronics is considering adopting a bonus system to increase production. One suggestion is to pay a bonus on the highest 5% of production based on past experience. Past records
The manufacturer of a laser printer reports the mean number of pages a cartridge will print before it needs replacing is 12,200. The distribution of pages printed per cartridge closely follows the
In economic theory, a “hurdle rate” is the minimum return that a person requires before he or she will make an investment. A research report says that annual returns from a specific class of
The SAT Reasoning Test is perhaps the most widely used standardized test for college admissions in the United States. Scores are based on a normal distribution with a mean of 1500 and a standard
Given the following hypotheses:H0: μ = 400H1: μ ≠ 400A random sample of 12 observations is selected from a normal population. The sample mean was 407 and the sample standard deviation 6. Using
The mean income per person in the United States is $50,000, and the distribution of incomes follows a normal distribution. A random sample of 10 residents of Wilmington, Delaware, had a mean of
Refer to the following table and the example just completed. With n = 100, Ïƒ = 400, xÌ…c= 9,922 and Î¼1= 9,880, verify that the probability of a Type II error is
Refer to the following table and the example just completed. With n = 100, Ïƒ = 400, xÌ…c= 10,078, and Î¼1 = 10,100, verify that the probability of a Type II
The management of KSmall Industries is considering a new method of assembling a computer. The current assembling method requires a mean time of 60 minutes with a standard deviation of 2.7 minutes.
A recent national survey found that parents read an average (mean) of 10 books per month to their children under five years old. The population standard deviation is 5. The distribution of books read
A recent survey by nerdwallet.com indicated Americans paid a mean of $6,658 interest on credit card debt in 2017. A sample of 12 households with children revealed the follow mounts. At the .05
A recent article in The Wall Street Journal reported that the home equity loan rate is now less than 4%. A sample of eight small banks in the Midwest revealed the following home equity loan rates (in
The number of €œdestination weddings€ has skyrocketed in recent years. For example, many couples are opting to have their weddings in the Caribbean. A Caribbean vacation resort
The North Valley Real Estate data reports information on the homes sold last year.Adam Marty recently joined North Valley Real Estate and was assigned twenty homes to market and show. When he was
Refer to the Baseball 2016 data, which report information on the 30 Major League Baseball teams for the 2016 season.a. Conduct a test of hypothesis to determine whether the mean salary of the teams
Do married and unmarried women spend the same amount of time per week using Facebook? A random sample of 45 married women who use Facebook spent an average of 3.0 hours per week on this social media
Mary Jo Fitzpatrick is the vice president for Nursing Services at St. Luke€™s Memorial Hospital. Recently she noticed in the job postings for nurses that those that are unionized seem to
Listed below are the 25 players on the opening-day roster of the 2016 New York Yankees Major League Baseball team, their salaries, and fielding positions.Sort the players into two groups, all
The Tampa Bay (Florida) Area Chamber of Commerce wanted to know whether the mean weekly salary of nurses was larger than that of school teachers. To investigate, they collected the following
The probability that the cause and the cure for all cancers will be discovered before the year 2020 is .20. What viewpoint of probability does this statement illustrate?
The number of times a particular event occurred in the past is divided by the number of occurrences. What is this approach to probability called?
The marketing research department at Pepsico plans to survey teenagers about a newly developed soft drink. Each will be asked to compare it with his or her favorite soft drink.a. What is the
Sam Snead’s restaurant in Conway, South Carolina, offers an early bird special from 4–6 pm each week day evening. If each patron selects a Starter Selection (4 options), an Entrée (8 options),
A representative of the Environmental Protection Agency (EPA) wants to select samples from 10 landfills. The director has 15 landfills from which she can collect samples. How many different samples
A pollster randomly selected 4 of 10 available people. How many different groups of 4 are possible?
Refer to the following table.a. Determine P(A1).b. Determine P(B1 | A2).c. Determine P(B2 and A3). Flrst Event Second Event A, A, 3 Total A, B, 2 B2 Total 3 4 10 3
All Seasons Plumbing has two service trucks that frequently need repair. If the probability the first truck is available is .75, the probability the second truck is available is .50, and the
Suppose P(X1) = .75 and P(Y2 | X1) = .40. What is the joint probability of X1 and Y2?
Suppose P(A) = .40 and P(B | A) = .30. What is the joint probability of A and B?
Suppose the two events A and B are mutually exclusive. What is the probability of their joint occurrence?
Let P(X) = .55 and P(Y) = .35. Assume the probability that they both occur is .20. What is the probability of either X or Y occurring?
The Tennessee Tourism Institute (TTI) plans to sample information center visitors entering the state to learn the fraction of visitors who plan to camp in the state. Current estimates are that 35% of
A sample of 352 subscribers to Wired magazine shows the mean time spent using the Internet is 13.4 hours per week, with a sample standard deviation of 6.8 hours. Find the 95% confidence interval for
A study conducted several years ago reported that 21 percent of public accountants changed companies within 3 years. The American Institute of CPA’s would like to update the study. They would like
As part of an annual review of its accounts, a discount brokerage selected a random sample of 36 customers and reviewed the value of their accounts. The mean was $32,000 with a sample standard
Refer to the Baseball 2016 data, which report information on the 30 Major League Baseball teams for the 2016 season. Assume the 2016 data represents a sample.a. Develop a 95% confidence interval for
Refer to the North Valley Real Estate data, which reports information on homes sold in the area during the last year. Select a random sample of twenty homes.a. Suppose that North Valley Real Estate
Slate is a daily magazine on the Web. Its business activities can be described by a number of variables. What is the level of measurement for each of the following variables?a. The number of hits on
Explain the difference between qualitative and quantitative variables. Give an example of qualitative and quantitative variables.
Explain the difference between a sample and a population.
Explain the difference between a discrete and a continuous variable. Give an example of each not included in the text.
Best Buy sells Fitbit wearable technology products that track a person’s activity. For example, the Fitbit technology collects daily information on a person’s number of steps so that a person can
The Struthers Wells Corporation employs more than 10,000 white-collar workers in its sales offices and manufacturing facilities in the United States, Europe, and Asia. A sample of 300 U.S. workers

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