Questions and Answers of Statistical Techniques in Business

A professor writes a statistics test and estimates that 90% of test takers will complete the test in 1 hour or less. She gives the test to a class of 100 students. What is the probability that 5 or
At the Heathrow Airport in London, England, an airport administrator believes that the proportion of delayed flights is .15 per day. What is the probability of selecting a sample of 50 flights on a
A population proportion is 0.90. From this population you select random samples of 60.a. Test the conditions necessary to apply the central limit theorem to the distribution of sample proportions.
In Phoenix, a Rideshare company believes that 50% of all rides originate at the Sky Harbor International Airport. The company decides to sample 30 rides during a particular day.a. Test the conditions
The population mean proportion is .30. We decide to sample the population by randomly selecting 25 items and computing sample proportions.a. Can we use the normal distribution to approximate the
The population mean proportion is .80. We decide to sample the population by randomly selecting 40 items and computing sample proportions.a. Can we use the normal distribution to approximate the
The following table shows a breakdown of the 117th U.S. Congress by party affiliation. (There are two independent senators included in the count of Democratic senators. There are two vacant House
A population proportion is 0.35. From this population you select random samples of 50.a. Test the conditions necessary to apply the central limit theorem. Are they satisfied? Why?b. What is the
A population proportion is 0.70. From this population you select random samples of 30.a. Test the conditions necessary to apply the central limit theorem. Are they satisfied? Why?b. What is the
Collect a random assortment of at least 30 coins (pennies, nickels, dimes, quarters, etc.). Make a frequency table beginning with the current year and counting backward to record the ages (in years)
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season. Assume the 2021 data represents a sample.a. Develop a 95% confidence interval for
Dr. Kendi Sadek is an industrial psychologist. She is currently studying stress among executives of Internet companies. She has developed a questionnaire that she believes measures stress. A score
Police Chief Dannie 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
In 2003, the Accreditation Council for Graduate Medical Education (ACGME) implemented new rules limiting work hours for all residents. A key component of these rules is that residents should work no
An important factor in selling a residential property is the number of times real estate agents show a home. A sample of 15 homes recently sold in the Buffalo, New York, area revealed the mean number
Past surveys reveal that 30% of tourists going to Las Vegas to gamble spend more than $1,000. The Visitor’s Bureau of Las Vegas wants to update this percentage.a. How many tourists should be
The estimate of the population proportion should be within plus or minus .05, with a 99% level of confidence. The best estimate of the population proportion is .15. How large a sample is required?
We want to estimate the population mean within 5, with a 95% level of confidence. The population standard deviation is estimated to be 15. How large a sample is required?
A population’s standard deviation is 10. We want to estimate the population mean with a margin of error of 2, with a 95% level of confidence. How large a sample is required?
Schadek Silkscreen Printing Inc. purchases plastic cups and imprints them with logos for sporting events, proms, birthdays, and other special occasions. Vardon Schadek, the owner, received a large
A health care agency is studying differences between three hospitals in Tulsa, Oklahoma: Saint Francis Hospital, Oklahoma Surgical Hospital, and Hillcrest Hospital South. The agency is interested in
Sydney Fitzpatrick is the vice president for Nursing Services at St. Luke’s Memorial Hospital. Recently Sydney noticed in the job postings for nurses that those who are unionized seem to offer
A 2022 survey of American households with two or more children indicated the mean annual interest paid on household debt was $8,000. A sample of 12 households reported the following annual paid
Marlee Singh is the comptroller for Meek Industries. Marlee believes that the current cashflow problem at Meek is due to the slow collection of accounts and that more than 60% of the accounts are
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season.a. At the .05 significance level, can we conclude that there is a difference in the
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season.TeamLeagueYear OpenedTeam SalaryAttendanceWinsERABAHRNet worth
Did you ever purchase a bag of M&??s candies and wonder about the distribution of colors? Did you know in the beginning they were all brown? Now, peanut M&M’s are 12% brown, 15% yellow, 12%
Using the following data, apply a two-tailed Wilcoxon rank-sum test to determine if the two populations are different. Use the .05 significance level. Population A Population B 38, 45, 56, 57, 61,
At the Warren County Fair, one of the animal events was evaluating hogs on several criteria. Based on the criteria the hogs were rank ordered. Wally Sedwick, director of the Warren County Fair, and
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season. Set up a variable that divides the teams into two groups, those that had a winning
Using the following data, apply a two-tailed Wilcoxon rank-sum test to determine if the two populations are different. Use the .05 significance level. Population A Population B 12, 14, 15, 19, 23,
A recent national survey of patient visits found that 53% of patient visits were to primary care physicians, 19% to medical specialists, 17% to surgical specialists, and 11% to
A lottery that picks 5 balls from 10 balls numbered 0 through 9 is played once weekly. Over many weeks, the following table shows the frequency of each digit selected in the lottery is fair, each
Jaime Mendoza decides to buy a fuel-efficient used car. Here are several vehicles Jaime is considering, with the estimated cost to purchase and the age of the vehicle.a. Create a scatter plot of the
The owner of the Liberty Movie Theater Group wishes to investigate the relationship between The owner of the Liberty Movie Theater Group wishes to investigate the relationship between purchasing a
A marketing executive is studying online services, and is researching the effect of web page hits, advertising budget, and price on a service’s number of subscriptions. A sample of 25 online
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season. Let the number of games won be the dependent variable and the following variables
The index of leading economic indicators, compiled and published by the U.S. National Bureau of Economic Research, is composed of 12 time series, such as the average work hours of production in
According to the National Chicken Council (www.nationalchickencouncil.org/about-the-industry/statistics/wholesale-and-retail-prices-for-chicken-beef and pork), the mean retail price per pound of
Listed are the net sales for a San Francisco–area mail-order retailer for the years 2011 to 2020. Use the mean sales for the earliest 3 years to determine a base and then find the index for 2019
The table reports the earnings per share of common stock for Home Depot Inc. for 2011 through 2020. Develop an index, with 2011 as the base, for earnings per share for years 2012 through 2020.
Amazon.com Inc. reported the following stock price at the beginning of each year since 2012. Using 2012 as the base year, develop a simple index for stock prices. What is the percentage increase in
Refer to the Baseball 2021 data, which report information on the 2021 Major League Baseball season.a. Rank the teams by the number of wins and their total team salary. Compute the coefficient of rank
In 2010, the mean salary of classroom teachers in Tinora School District was $28,650. By 2015, the mean salary increased to $33,972, and further increased in 2022 to $37,382. The American Federation
In 2021, the mean salary for a nurse manager with a bachelor’s degree was $106,100. The Consumer Price Index for 2021 was 270.97 (1982–84 = 100). The mean annual salary for a nurse in the base
Sam Steward is a freelance Web page designer. Listed are Sam’s yearly wages between 2019 and 2022. Also included is an industry index for Web page designers that reports the rate of wage inflation
Johnson & Johnson is the world’s largest and most broadly based healthcare company, with corporate offices in New Brunswick, New Jersey. Its common stock is listed on the New York Stock
Johnson & Johnson is the world’s largest and most broadly based healthcare company, with corporate offices in New Brunswick, New Jersey. Its common stock is listed on the New York Stock
Johnson & Johnson is the world’s largest and most broadly based healthcare company, with corporate offices in New Brunswick, New Jersey. Its common stock is listed on the New York Stock
General Electric Company (GE) is a high-tech industrial company that operates worldwide through its four industrial segments, Power, Renewable Energy, Aviation, and Healthcare, and its financial
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 27 through 32, use the following information on food items for the years 2012 and 2022.Determine a value index for 2022 using 2012 as the base period. Item Margarine (pound) Shortening
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Compute a simple price index for each of the four items. Use 2015 as the base
The following data report total, monthly, U.S. grocery store sales in millions of dollars from January 2020 to December 2021. (On the site https://www.census.gov/retail/index.html#mrts, find
The table shows the total annual sales of U.S. gasoline in millions of dollars from 2010 to 2021. (On the site https://www.census.gov/retail/index.html#mrts, find “Monthly Retail Trade Report,”
Suppose that the Producer Price Index (Base = 1984) and the sales of Hoskin’s Wholesale Distributors for January 2015 and January 2020 are:What are Hoskin’s real sales (also called deflated
A special-purpose index is to be designed to monitor the overall economy of the Southwest. Four key series were selected. After considerable deliberation, it was decided to weight retail sales 20%,
Refer to the average annual baseball player salary data in the 2021 Major League Baseball data set. The data also include the CPI from 2010 to 2021. The CPI base is 1982 − 84 = 100.YearAnnual
Over the years the U.S. grocery distribution and sales industry has grown. Today, the total industry sales are in the billions of dollars. Major retailers, such as Walmart and Target, added food to
Listed are the net sales (in millions of euros) for the Adidas Group from 2014 to 2021.a. Determine the index for 2021 using 2014 as the base period.b. Use the period 2014 to 2016 as the base period
The table shows the labor force and the unemployment rate for three counties in northwest Pennsylvania for 2010 and 2019.a. In 2010, the national unemployment rate was 9.3%. For 2010, compute a
The following data report total, monthly U.S. book-store sales in millions of dollars from January 2019 to December 2021. (Go to https://www.census.gov/retail/index.html#mrts, find “Monthly Retail
The following data report total, monthly, U.S. new car sales in millions of dollars from January 2019 to December 2021. (To find the data, go to https://www.census.gov/retail/index.html#mrts, find
Develop a trend equation for the net sales ($ million) for Home Depot. Consider both a linear trend and a nonlinear trend. Which one would you select and why? Given the trend equation you selected,
Blair Jokinen is a sales manager for Pearson, one of the top publishing companies in the world. Blair manages 40 sales representatives who visit college professors in Europe. On Saturday mornings,
Using the following discrete probability distribution,a. What are the values of the random variable?b. What is the mean of the distribution?c. What is the standard deviation of the distribution?d.
Using the following discrete probability distribution,a. What are the values of the random variable?b. What is the mean of the distribution?c. What is the standard deviation of the distribution?d.
Refer to the Baseball 2021 data that report information on the 30 Major League Baseball teams for the 2021 season.a. In the data set, the year opened is the first year of operation for that stadium.
Using the following discrete probability distribution,a. What are the values of the random variable?b. What is the mean of the distribution?c. What is the standard deviation of the distribution?d.
In a study of the gasoline mileage of model year 2022 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
The Baseball data set (in Appendix A and Connect) reports information on the 30 Major League Baseball (MLB) teams for the 2021 season.1. In the MLB, each team plays 162 games in a season. A
Sora Kanzaki is the owner of Kanzaki Investment and Real Estate Company. The company recently purchased four tracts of land in Holly Farms Estates and six tracts in Newburg Woods. The tracts are all
On the trivia game show Jeopardy, three contestants select from a board of 30 clues; each clue is assigned a monetary value. Each correct answer adds to a contestant’s monetary score, an incorrect
The Swiftwater Construction Company has agreed not to build all “look-alike” homes in a new subdivision. Five exterior designs are offered to potential home buyers. The builder has standardized
The following chart presents a visual summary of a study’s data.a. What is this chart called?b. How many observations are in the study?c. What are the minimum, maximum, and range of the data?d. How
Listed are the 46 U.S. presidents and their age as they began their terms in office.Use a statistical software package such as Excel or Minitab to help answer the following questions.a. Determine the
Listed are the 2019 U.S. Census Bureau estimates of median annual family income for the 50 states, the District of Columbia, and Puerto Rico
The table shows the average annual tuition and fees for public and private colleges in 2011–2012 and 2021–2022. For the period between 2011–2012 and 2021–2022, what is the annual rate of
The undergraduate enrollments for the 13 public universities in the state of Ohio for the fall of 2020 are listed here.a. Is this a sample or a population?b. What is the mean enrollment?c. What is
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season. Refer to the team salary variable. a. Prepare a report on the team salaries.
For Exercises 49–54, do the following:a. Compute the sample variance.b. Determine the sample standard deviation.The following five values are a sample: 15, 7, 12, 8, and 8.
Chris Proust is a sophomore in the College of Business at Scandia Tech. Last semester Chris took courses in statistics and accounting, 3 hours each, and earned an A in both. Chris earned a B in a
In 2010, there were 232.2 million cell phone subscribers in the United States. By 2020, the number of subscribers increased to 276.7 million.a. What is the geometric mean annual percent increase for
JetBlue Airways is an American low-cost airline headquartered in New York City. Its main base is John F. Kennedy International Airport. JetBlue’s revenue in 2015 was $6.416 billion. In 2020, the
The Consumer Price Index is reported monthly by the U.S. Bureau of Labor Statistics. It reports the change in prices for a market basket of goods from one period to another. The index for 2010 was
In 2014, 125,821,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2019, the number increased to 151,812,000. What is the geometric mean annual
The Fitbit Blaze Smart Fitness Watch has been ranked as the number one best-selling wearable technology device. This wearable technology tracks heart rate, and many activities such as running,
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Compute the Laspeyres price index for 2022 using 2015 as the base period.
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Compute the Paasche index for 2022 using 2015 as the base period. Item Cabbage
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Determine Fisher’s ideal index using the values for the Laspeyres and
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Determine a value index for 2022 using 2015 as the base period. Item Cabbage
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Compute the Paasche index for 2022 using
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Compute a simple price index for each of
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Compute a simple aggregate price index.
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Compute the Laspeyres price index for
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Determine Fisher’s ideal index using

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