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statistical techniques in business
Statistical Techniques In Business And Economics 19th Edition Douglas Lind, William Marchal, Samuel Wathen - Solutions
Jody’s Florist has 15 delivery trucks, used mainly to deliver flowers and flower arrangements in the Greenville, South Carolina, area. Of these 15 trucks, six have brake problems. Five trucks are randomly selected. What is the probability that two of those tested have defective brakes?
In a Poisson distribution μ = 0.4.a. What is the probability that x = 0?b. What is the probability that x > 0?
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 services segment, Capital (2020 General Electric Form 10-K). Use the following information from General
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 services segment, Capital (2020 General Electric Form 10-K). Use the following information from General
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 Exchange using the symbol JNJ. For Exercises 17 through 22, use the following information taken from
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 Exchange using the symbol JNJ. For Exercises 17 through 22, use the following information taken from
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 Exchange using the symbol JNJ. For Exercises 17 through 22, use the following information taken from
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 Exchange using the symbol JNJ. For Exercises 17 through 22, use the following information taken from
Aliyah Edwards is employed by the state bureau of economic development. There is a demand for a leading economic index to review past economic activity and to forecast future economic trends in the state. Aliyah decides that several key factors should be included in the index: number of new
Refer to the Baseball 2021 data. Compute the mean number of home runs per game. To do this, first find the mean number of home runs per team for 2021. Next, divide this value by 162 (a season comprises 162 games). Then multiply by 2 because there are two teams in each game. Use the Poisson
In parts a, b, and c, use the t-distribution in Appendix B.5 to determine the margin of error in estimating the population mean with a 95% confidence interval if:a. s = 10 and n = 10.b. s = 10 and n = 20.c. s = 10 and n = 30.d. As sample size increases, how does the margin of error change? What
Ms. Malika Wilson is considering running for mayor of Bear Gulch, Montana. Before completing the petitions, she decides to conduct a survey of voters in Bear Gulch. A sample of 400 voters reveals that 300 would support her in the November election.a. Estimate the population proportion.b. Develop a
Use the t-distribution in Appendix B.5 to determine z-values, using three decimals, for a:a. 95% confidence interval.b. 90% confidence interval.c. 80% confidence interval.Appendix B.5
Dr. Hume 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 distribution with a population standard deviation of 2.44 words per essay. For her 10 a.m. section of 40
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season. Over the last decade, the mean attendance per team followed a normal distribution with a mean of 2.45 million per team and a standard deviation of 0.71 million. Compute the mean
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 less students do not complete the test in less than an hour?a. Test the conditions necessary to apply
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 particular day and finding the proportion is more than .40?a. Test the conditions necessary to apply
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. Are they satisfied? Why?b. What is the standard error of the sampling distribution of sample
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 necessary to apply the central limit theorem. Are they satisfied? Why?b. What is the standard error
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 distribution of sample proportions? Why?b. What is the standard error of this distribution?c. Applying
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 distribution of sample proportions? Why?b. What is the standard error of this distribution?c. Applying
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 seats.)a. A member of Congress is selected at random. What is the probability of selecting a
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 standard error of the sampling distribution of sample proportions?c. What is the probability that a
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 standard error of the sampling distribution of sample proportions?c. What is the probability that a
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) of the coins. For example, if the current year is 2022, then a coin with 2020 stamped on it is 2
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 the mean number of home runs per team.b. Develop a 95% confidence interval for the mean batting
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 above 80 indicates stress at a dangerous level. A random sample of 15 executives revealed the
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 of $4.50.a. What is the margin of error for a 95% confidence interval for the population mean?b.
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 more than 80 hours per week. The following is the number of weekly hours worked in 2022 by a sample
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 of times a home was shown was 24 and the standard deviation of the sample was 5.a. What is the
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 randomly selected to estimate the population proportion with a 99.9% confidence level and a 1% margin of
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 shipment this morning. To ensure the quality of the shipment, Vardon inspected a random sample of 300
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 comparing the number of outpatient surgeries between the three hospitals. In addition, the agency
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 higher wages. Sydney decided to investigate and gathered the following information. Would it be
A 2022 survey of American households with two or more children indicated the mean annual interest paid on household debt was $8,000. A sample of 12 households reported the following annual paid interest. At the .05 significance level is it reasonable to conclude that these households paid less than
Marlee Singh is the comptroller for Meek Industries. Marlee believes that the current cashflow problem at Meek is due to the slow collection of accounts and that more than 60% of the accounts are more than 3 months in arrears. A random sample of 200 accounts showed that 140 were more than 3 months
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season.a. At the .05 significance level, can we conclude that there is a difference in the mean salary of teams in the American League versus teams in the National League?b. At the .05
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season.TeamLeagueYear OpenedTeam SalaryAttendanceWinsERABAHRNet worth ($billion) Arizona DiamondbacksNational199889.081,043,010525.110.236144$1.320Atlanta
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% red, 23% blue, 23% orange, and 15% green. The author purchased a 19.20-ounce bag at the nearby
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, 69, 70, 79 26, 31, 35, 42, 51, 52, 57, 62
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 Denise Heban, a member of a high school 4-H club, evaluated and ranked the same hogs. Following are
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 season and those that did not. There are 162 games in the season, so define a winning season as
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, 29, 33, 40, 51 13, 16, 19, 21, 22, 33, 35, 43
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 emergency departments.Isaac Inc. is a designer and installer of industrial signs in the Denver, Colorado, area. The human
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 number should be equally likely. That is, the distribution should be uniform. Perform the chi-square
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 data. What do you observe?b. Calculate the correlation coefficient. What does it indicate about 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 snack and the type of movie. During a 1-month period, the owner gathered the following sample
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 services is collected. The variable definitions and an overview of the data follow.a. Conduct a regression
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 be independent variables: team batting average, team earned run average (ERA), number of home runs,
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 manufacturing, manufacturers’ new orders, and money supply. This index and similar indexes are designed
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 chicken in 2010 was $1.753. In 2020, the retail price for chicken was $1.908 per pound. Use the 2010
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 and 2020. By how much have net sales increased from the base period?
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. Year 2011 2012 2013 2014 2015 Earnings per
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 price over the 10-year period? Year 2012 2013 2014 2015 2016 Stock Price to Open
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 correlation between the two variables. At the .01 significance level, can you conclude that it is
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 of Classroom Teachers maintains information on the trends throughout the United States in classroom
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 period of 1982–84 was $19,800. What was the real income of the nurse in 2021? How much did the mean
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 in the industry. This index has a base period of 2010.Compute Sam’s real income for the selected
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 Exchange using the symbol JNJ. For Exercises 17 through 22, use the following information taken from
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 Exchange using the symbol JNJ. For Exercises 17 through 22, use the following information taken from
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 Exchange using the symbol JNJ. For Exercises 17 through 22, use the following information taken from
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 services segment, Capital (2020 General Electric Form 10-K). For Exercises 23 through 26, use 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 replacement parts and the quantity purchased is given here.Compute the Paasche index for 2022 using
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 replacement parts and the quantity purchased is given here.Compute a simple price index for each of
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 replacement parts and the quantity purchased is given here.Compute a simple aggregate price index
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 (pound) Milk (1/2 gallon) Potato
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 replacement parts and the quantity purchased is given here.Compute the Laspeyres price index for
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 replacement parts and the quantity purchased is given here.Determine a value index for 2022 using
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 period. Item Cabbage (pound) Carrots (bunch) Peas (quart) Endive
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 “Monthly Retail Trade Report,” then select “Time Series/Trend Charts” to find the data for many
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,” then select “Time Series/Trend Charts” to find the data for total U.S. sales of gasoline.)a.
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 sales) for each of the 2 years? Year 2015 2020 Producer Price Index 185.5 192.7 Sales $2,400,000 3,500,000
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%, total bank deposits 10%, industrial production in the area 40%, and nonagricultural employment 30%.
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 Average
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 complement their merchandise sales and Amazon recently purchased Whole Foods. For many companies,
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 and find the index for 2021.c. Use regression analysis to find the trend equation. What is the
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 simple average unemployment index for the region using the national unemployment rate as the base.
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 Trade Report,” then select “Time Series/Trend Charts” to find the data for the total U.S.
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 “Monthly Retail Trade Report,” then select “Time Series/Trend Charts.”)a. Graph the data.b.
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, forecast the net sales for 2021 and 2022.
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, each representative sends Blair a report that includes the number of professors visited during the
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. What is the probability that the random variable is not equal to 5?e. What is the probability that the
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. What is the probability that the random variable is 2 or more?e. What is the probability that the
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. For each team, use this variable to create a new variable, stadium age, by subtracting the value of
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. What is the probability that the random variable is not equal to 2?e. What is the probability that the
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 largest was 50.20. The first and third quartiles were 17.95 and 35.45 miles per gallon, respectively.
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 rule-of-thumb is that 90 or more wins in a season qualify a team for the post-season playoffs. To summarize
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 equally desirable and sell for about the same amount.a. What is the probability that the next two
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 answer results in a decrease in the score. A Daily Double is assigned to a clue or two on the board.
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 three interior plans that can be incorporated in any of the five exteriors. How many different ways
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 would you describe the shape of the distribution: bell shaped, negatively skewed, or positively
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 minimum, first quartile, median, third quartile, and maximum values of age.b. Determine and
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 (https://www.census.gov/programs-surveys/acs/data.html).Use a statistical software package such as Excel or Minitab to help answer the following questions.a.
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 change in the cost to attend each type of college? Compare the rates. Type of College Public
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 the median enrollment?d. Is there a mode for this distribution?e. Would you select the mean or the
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. Be sure to answer the following questions in your report.1. Around what values do the data tend to
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.
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