Statistics For Business And Economics 4th Edition Paul Newbold - Solutions

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You have been observing the local Democratic Party in a large city and have compiled some information about a small sample of party
A variety of information has been collected for each of the nine high schools in a district. Find the most appropriate measure of central tendency for each variable and summarize this information in a paragraph. (HINT: The level of measurement of the
to review the relationship between measure of central tendency and level of measurement. Also, remember that the mode is the most common score, and especially remember to array scores from high to low before finding the median.)
A variety of information has been gathered from a sample of college freshmen and seniors, including their region of birth, the extent to which they support legalization of marijuana (measured on a scale on which 7 strong support, 4 neutral, and 1 strong opposition), the amount of money they
Choose five or six more variables of interest to you and produce bar charts or line charts for each. Remember that bar charts are more appropriate for nominal and ordinal variables and line charts for interval-ratio variables. Write a sentence or two of interpretation for each chart.
Get a frequency distribution for prestg80 (respondent’s occupational prestige).Find the range of this variable and use this information to determine reasonable class intervals by following the procedures described in Section 2.5. Use the Recode command to produce a final frequency distribution
Get frequency distributions for the two variables (degree and educ) that measure education. Use the Recode command to collapse educ into categories comparable to degree. That is, use the categories 0–11 for less than high school, 12 for high school graduates, 13–15 to approximate the number of
Get frequency distributions for 5 or 10 nominal or ordinal variables, including race(raccen1) and religion (relig). Get bar charts for each variable and write a sentence or two summarizing each frequency distribution. Your description should clearly identify the most and least common scores and any
display trends in crime in the United States over the last two decades. Write a paragraph describing each of these graphs. What similarities and differences can you observe among the three graphs? (For example, do crime rates always change in the same direction?) Note the differences in the
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As part of an evaluation of the efficiency of your local police force, you have gathered the PA/CJ SOC 3This problem is optonal.following data on police response time to calls for assistance during two different years. (Response times were rounded off to whole minutes.) Convert both frequency
Following are reported the number of times 25 residents of a community for senior citizens left their homes for any reason during the past week.0 2 17 3 7 0 2 3 17 14 15 5 0 7 5 21 4 7 6 2 0 10 5 7a. Construct a frequency distribution to display these data.b. What are the midpoints of the class
Sixteen high school students completed a class to prepare them for the College Boards.Their scores were as follows.420 345 560 650 459 499 500 657 467 480 505 555 480 520 530 589 These same 16 students were given a test of math and verbal ability to measure their readiness for collegelevel work.
A local youth service agency has begun a sex education program for teenage girls who have been referred by the juvenile courts. The girls were given a 20-item test for general knowledge about sex, contraception, and anatomy and physiology upon admission to the program and again after completing the
The numbers of homicides in five states and five Canadian provinces for the years 1997 and 2005 were as follows:questions and other details, see Appendix G. The numerical codes for the variables are as follows:Support for Level of Sex Gun Control Education Age Male 1 In favor 0 Less Actual than
The scores of 15 respondents on four variables are as reported next. These scores were taken from a public opinion survey called the General Social Survey, or the GSS. This data set is used for the computer exercises in this text. Small subsamples from the GSS will be used throughout the text to
The town of Shinbone, Kansas, has a population of 211,732 and experienced 47 bank robberies, 13 murders, and 23 auto thefts during the past year. Compute a rate for each type of crime per 100,000 population. (HINT: Make sure that you set up the fraction with size of population in the denominator)CJ
At St. Algebra College, the numbers of males and females in the various major fields of study are as follows:Major Males Females Totals Humanities 117 83 200 Social sciences 97 132 229 Natural sciences 72 20 92 Read each of the following problems carefully before constructing the fraction and
The tables that follow report the marital status of 20 respondents in two different apartment complexes. (HINT: Make sure that you have the correct numbers in the numerator and denominator before solving the following problems. For example, problem 2.1a asks for “the percentage of respondents who
For each of the following research situations, identify the independent and dependent variables. Classify each in terms of level of measurement and whether or not the variable is discrete or continuous.a. A graduate student is studying sexual harassment on college campuses and asks 500 fe-male
For each of the following research situations, identify the level of measurement of all variables and indicate whether they are discrete or continuous. Also, decide which statistical applications are used: descriptive statistics (single variable), descriptive statistics (two or more variables), or
Following are brief descriptions of how researchers measured a variable. For each situation, determine the level of measurement of the variable and whether it is continuous or discrete.a. Race. Respondents were asked to select a category from the following list:_____ Black _____ White _____ Otherb.
Find a research article in any social science journal. Choose an article on a subject of interest to you, and don’t worry about being able to understand all of the statistics that are reported.a. How much of the article is devoted to statistics per se (as distinct from theory, ideas, discussion,
Interpret a scattergram.
Use any of the three measures of association to analyze and describe a bivariate relationship in terms of the three questions introduced in Chapter 12.
Explain the logic of proportional reduction in error in terms of lambda.
Calculate and interpret phi, Cramer’s V, and lambda.
Identify and cite examples of situations in which the two-sample test of hypothesis is afppropriate.
Distinguish between three applications of statistics (univariate descriptive, bivariate descriptive, and inferential) and identify situations in which each is appropriate.
Refer to Exercises 53 and 54.There are nine possible payoffs for this consultant, as fol- lows (in dollars): -250 -150 -100 0 550 700 750 950 1,050 A utility of 0 is assigned to a loss of $250 and a utility of 100 to a profit of $1,050. For each intermediate payoff I, the probabilities p such that
Refer to Exercise 53.The consultant believes that the probability is .7 that a bid for the first contract would be accepted and 4 that a bid for the second contract would be accepted. He also believes that the acceptance of one bid is independent of acceptance of the other. (a) What are the
A consultant is considering submitting detailed bids for two possible contracts. The bid for the first contract costs $100 to prepare, while that for the second contract costs $150 to prepare. If the bid for the first contract is accepted and the work is carried out, a profit of $800 will result.
Distinguish among aversion to risk, preference for risk, and indifference to risk. What is the relevance of these concepts to the analysis of business decision-making problems?
Of what potential value is sample information in the context of business decision-making? Provide examples of decision-making problems where it would be realistic to expect sam- ple information to be useful.
We have discussed the following four criteria for decision making: (i) Maximin criterion (ii) Minimax regret criterion (iii) Expected monetary value criterion (iv) Expected utility criterion Briefly outline the philosophies behind these criteria, and discuss their advantages and dis- advantages.
Consider the problem of the consultant of Exercise 24, and ignore the option in part (d). The possible payoffs (in dollars) are -2.250 -1,500 -750 -500 3,500 3,750 For each intermediate payoff 1.the probabilities p such that the consultant is indifferent between receiving / with certainty and a
The publisher of Exercise 22 faces a two-stage decision problem, for which the possible eventual payoffs (in dollars) are as follows: -110,000 -80,000 50,000 80,000 220,000 250,000 A utility of 0 is assigned to a loss of $110,000 and a utility of 100 to a profit of $250,000. For each intermediate
Consider the contractor of Exercise 19.In fact, this contractor is indifferent between submitting and not submitting a bid. What does this imply about the contractor's utility function?
The shoe store operator of Exercise 45 is unsure what value p to attach to indifference be- tween receiving $30,000 with certainty and a gamble in which $130,000 would be gained with probability p and $10,000 lost with probability (Ip). Assuming that the remaining problem specifications are as in
The shoe store operator of Exercise 7 has six possible payoffs (in dollars): -10,000 30,000 60,000 70,000 90,000 130,000 Assign utility 0 to a loss of $10,000 and utility 100 to a profit of $130,000. For each inter- mediate payoff /, the probabilities p such that the shoe store operator is
A decision maker faces a problem in which the possible payoffs (in dollars) are: 1,000 3,000 6,000 9,000 10,000 12,000 Utility 0 is assigned to a payoff of $1,000 and utility 100 to a payoff of $12,000. This de- cision maker is indifferent to risk for payoffs in this range. (a) Find the utilities
The investor of Exercise 1 has the following six possible payoffs (in dollars): -1,500 -600 800 1,200 4,300 6,600 We assign utility 0 to the payoff -$1,500 and utility 100 to the payoff $6,600. For each of the other four payoffs, the investor was asked the question: Q: Would you prefer to receive
Consider the Watts New Lightbulb Corporation of Exercise 31.The corporation can check one or more lightbulbs before deciding whether to ship a consignment to an industrial user or to a discount chain (a) What is the expected value to the corporation of checking a single lightbulb? (b) What is the
Refer to Exercise 29.The supplier of automobile parts is able to produce and examine a single part before deciding whether to check the production process. What is the expected value of this sample information?
Refer to Exercise 28.Before deciding whether to sell the patent of a new pain relief for- mula, the drug manufacturer carries out the new preliminary test. Find the expected value to the manufacturer of the test result.
Refer to Exercise 27.Find the expected value to the shoe store operator of an assessment of the shopping center's prospects provided by the consulting group.
Refer to Exercise 26.Find the largest fee the deodorant manufacturer should pay to the market research group, according to the expected monetary value criterion.
Refer to Exercise 25.The manufacturer is considering an advertising campaign and first seeks the advice of a media consultant. (a) What is the expected value to the manufacturer of the media consultant's advice? (b) The media consultant charges a fee of $5.000. What is the expected net value of the
In Section 19.5, before showing how to find the expected value of sample information, we discussed separately the determination of the expected value of perfect information. In fact, this was not necessary because perfect information is just a special kind of sample in- formation. Given the general
The manufacturer of automobile parts of Exercise 18 must decide whether to check the production process before beginning a full production run. Give that the production process functions correctly 80% of the time, what is the value of perfect information to this manufacturer?
For the shoe store operator of Exercise 7, the prior probabilities are 4 that the new shop- ping center will be very successful, .4 that it will be moderately successful, and .2 that it will be unsuccessful. What is the expected value of perfect information to this shoe store operator?
For the deodorant manufacturer of Exercise 2, the prior probabilities are 3 for high de- mand, 4 for moderate demand, and 3 for low demand. Find the expected value of perfect information to this manufacturer.
Refer to the problem of the investor of Exercise 1.(a) Explain what is meant by "perfect information" in the context of this investor's problem. (b) The prior probabilities are 2 for a strong stock market, 5 for a moderate stock market. and 3 for a weak stock market. What is the expected value of
The Watts New Lightbulb Corporation ships large consignments of lightbulbs to big in- dustrial users. When the production process is functioning correctly (which is 90% of the time), 10% of all bulbs produced are defective. However, the process is susceptible to an occasional malfunction, leading
Continuing Exercise 29, suppose now that before making a decision on whether to check the production process, two parts are made and examined. (a) If, in fact, repair is not needed, what are the probabilities that both parts, just one part. and neither part will fail to meet specifications? (b)
In Exercise 18, a supplier of parts to the automobile industry had to decide whether to check the production process for a certain malfunction before stai.ing a production run. The two states of nature were s: Repair not needed (10% of all parts produced fail to meet specifications) 5: Repair
Consider the drug manufacturer of Example 19.5, who had to decide whether to sell the patent for a pain relief formula before subjecting the drug to thorough testing. In the ex- ample, we saw that whatever the result of a certain preliminary test of the drug's efficacy. the optimal decision was to
The shoe store operator of Exercise 7 has available two courses of action. His decision is based on his view of the likely level of success of the new shopping center. Historically, 40% of new centers of this type have been very successful, 40% moderately successful. and 20% unsuccessful. A
Refer to Exercise 2.The deodorant manufacturer has four possible production processes from which to choose, depending on the view that is taken of future demand levels. On the basis of past experience, the prior probabilities are .3 for high demand, 4 for moderate de- mand, and 3 for low demand.
A manufacturer must decide whether to mount, at a cost of $100,000, an advertising cam- paign for a product whose sales have been rather flat. It is estimated that a highly success- ful campaign would add $400,000 (from which the campaign's costs must be subtracted) to profits, a moderately
A consultant is considering preparing proposals for one of two contracts. He has the alter- native of preparing proposals for neither, but time constraints prevent his preparing pro- posals for both. The costs of preparation of initial outline proposals are $500 for contract A and $750 for contract
Consider a decision problem with two actions,a, and as, and two states of nature, s. and 5.Let My denote the payoff corresponding to actiona, and state of nature s. Assume that the probability of occurrence of state of natures, is p. so the probability of state is (1-p). (a) Show that actiona, is
A publisher intends to sign a contract for an accounting text with one of three authors. Smith, Brown, or Jones. If the text turns out to be very successful, profits (excluding any extraordinary advertising costs) will be $250,000; if the book is only moderately success- ful, these profits will be
A contractor has decided to place a bid for a project. Bids are to be set in multiples of $20,000. It is estimated that the probability that a bid of $240,000 will secure the contract is 2, the probability that a bid of $220,000 will be successful is .6, and the probability that a bid of $200,000
On Thursday evening, the manager of a small branch of a car rental agency finds that he has available six cars for rental on the following day. However, he is able to request deliv ery of additional cars, at a cost of $20 each, from the regional depot. Each car that is rented produces an expected
A contractor has to decide whether to submit a bid for a construction project. It will cost $16,000 to prepare the bid. This cost would be incurred whether or not the bid was ac cepted. The contractor intends to bid at a level that will produce a $110,000 profit (less the cost of preparing the
A manufacturer receives regular contracts for large consignments of parts for the automo- bile industry. This manufacturer's production process is such that when it is operating cor- rectly, 10% of all parts produced do not meet industry specifications. However, the pro- duction process is prone to
Refer to the problem of the shoe store operator of Exercises 7 and 14.(a) The shoe store operator is happy with the assessment that the probability is 2 that the new shopping center will be unsuccessful but is less sure about the probability assess ments for the other two states of nature. Under
Refer to the problem of the deodorant manufacturer of Exercises 2 and 11(a) The manufacturer is comfortable with an assessment that the probability of low demand is .3, but is less secure about the probabilities for the other two demand levels. Under what range of probabilities for moderate demand
Refer to the decision-making problem of the investor of Exercises 1 and 10.This investor is comfortable with the assessment of a probability of 2 for a strong market. However, she is less sure of the probability assessments for the other two states of nature. Under what range of probabilities for a
The shoe store operator of Exercise 7 believes that the probability is 4 that the new shop- ping center will be very successful. 4 that it will be moderately successful, and .2 that it will be unsuccessful. (a) According to the expected monetary value criterion, where should the shoe store be
A decision problem has K possible actions and H possible states of nature. If one of these actions is inadmissible, show that it cannot be chosen by the expected monetary value criterion.
Consider a decision problem with two admissible actions and two possible states of na- ture, each of which is equally likely to occur. (a) Determine whether each of the following statements is true or false for such problems: (i) The action chosen by the expected monetary value criterion will
Refer to Exercise 2.The deodorant manufacturer knows that historically 30% of new products of this type have met high demand, 40% moderate demand, and 30% low.de- mand. (a) According to the expected monetary value criterion, which production process should be used? (b) Draw the decision tree for
The investor of Exercise I believes that the probability of a strong stock market is .2. the probability of a moderate stock market is .5, and the probability of a weak stock market is 3.(a) Which action should be chosen according to the expected monetary value criterion? (b) Draw the decision tree
A manager has to choose between two actions,a, and as. There are two possible states of nature, s and 3.The payoffs are shown in the accompanying table. If the manager be- lieves that each state of nature is equally likely to occur, which action should be chosen according to the expected monetary
A student already has offers of employment. She must now decide whether to visit another potential employer for further interviews. She views the time and effort of doing so as a cost of 5500, which will be incurred whether or not she takes a job with this employer. If the employer offers a
The prospective operator of a shoe store has the opportunity to locate in an established and successful shopping center. Alternatively, at lower cost, he can locate in a new center. whose development has recently been completed. If the new center turns out to be very successful, it is expected that
Consider a decision problem with two admissible actions and two possible states of na- ture. Formulate a description of the form that the payoff table must take in order that the same action be chosen by the maximin criterion and by the minimax regret criterion.
Consider a decision problem with two possible actions and two states of nature. (a) Provide an example of a payoff table according to which both actions are admissible and the same action is chosen by both the maximin criterion and the minimax regret criterion. (b) Provide an example of a payoff
The candy bar manufacturer has three admissible actions processes A. B. and C. When these are considered together, process B is chosen by the minimax regret criterion. Suppose now that a fourth admissible alternative, production process E. is available. Estimated payoffs for this action are $60,000
Another criterion for selecting a decision is the maximax criterion, sometimes known as the criterion of optimism. This criterion chooses the action with the largest possible payoff. (a) What action would be chosen by the candy bar manufacturer, with the payoffs of Table 19.1, according to this
A manufacturer of deodorant is about to expand production capacity to make a new prod- uct. Four alternative production processes are available. The accompanying table shows estimated profits, in dollars, for these processes for each of three possible demand levels for the product.(a) Are any of
An investor is considering three alternatives-a certificate of deposit, a low-risk stock fund, and a high-risk stock fund for a $20,000 investment. She considers three possible states of nature: 3: Strong stock market 3: Moderate stock market 5: Weak stock market(a) Are any of these actions
A market research group takes a random sample of eight of a city's fifty precincts. Every household in each sampled precinct is questioned as to whether it has a central air-condi tioning system and also on its summer monthly electricity costs. The results are shown in the table. MEAN MONTHLY
A population can be divided into K strata, with numbers N. NN. Let ..... denote the stratum population standard deviations, and define where N N N = N (a) Show that N ( 2 (3) (b) From the result in (a), deduce that unless the , are all the same (N) (c) From the result in (b), deduce that unless the
A simple random sample is to be taken of 527 business majors in a college to estimate the proportion favoring greater emphasis on business ethics in the curriculum. How many ob- servations are necessary to ensure that a 95% confidence interval for the population pro- portion extends at most .06 on
An automobile dealer has an inventory of 328 used cars. The mean mileage of these vehi- cles is to be estimated. Previous experience suggests that the population standard devia- tion is likely to be about 12.000 miles. If a 90% confidence interval for the population mean is to extend 2.000 miles on
You intend to sample the students in your university to assess their views on the adequacy of space in the library. You decide to use a stratified sample by year freshman, sopho more. and so forth. Discuss the factors you would take into account in deciding how many sample observations to take in
Refer to the data of Exercise 63.If a total of forty pages are to be sampled, determine how many sampled pages would be technical under each of the following schemes: (a) Proportional allocation. (b) Optimum allocation, assuming that the stratum population standard deviations are the same as the
Refer to the data of Exercise 62.If a total of eighty managers were sampled, determine how many sample members would be from subdivision I under each of the following schemes: (a) Proportional allocation. (b) Optimum allocation, assuming that the stratum population standard deviations are the same
In the analysis of Exercise 63, it was found that nine of the sampled technical pages and fifteen of the sampled nontechnical pages, contained no errors. Find a 90% confidence in- terval for the proportion of all pages in this book that have no errors.
Of the 300 pages in a particular book, 180 are primarily nontechnical, while the remainder are technical. Independent random samples of technical and nontechnical pages were taken, and the numbers of errors per page were recorded. The results are summarized in the table.(a) Find a 95% confidence
A company has three subdivisions, employing a total of 970 managers. Independent ran- dom samples of managers were taken from each subdivision, and the number of years with the company was determined for each sample member. The results are summarized in the accompanying table.(a) Find a 99%
A corporation employs 148 sales representatives. A random sample of sixty of them was taken, and it was found that for thirty-six of the sample members, volume of orders taken this month was higher than for the same month last year. Find a 95% confidence interval for the population proportion of
The U.S. Senate has 100 members. Information was obtained from the individuals respon- sible for managing correspondence in sixty-one senators' offices. Of these, thirty-eight specified a minimum number of letters that must be received on an issue before a form let ter in response is created. (a)
A corporation has 272 accounts receivable in a particular category. A random sample of fifty of them was taken. The sample mean was $492.36 and the sample standard deviation was $149.92. (a) Find a 99% confidence interval for the population mean value of these accounts re- ceivable. (b) Find a 95%
A test was taken by 90 students. A random sample of ten scores found the following re- sults: 93 71 62 75 81 63 87 59 84 72 (a) Find a 90% confidence interval for the population mean score. (b) Without doing the calculations, state whether a 95% confidence interval for the popu lation mean would be
Based on a random sample of ten members of your class, estimate the average amount of money per semester spent by class members on textbooks.

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Statistics For Business And Economics 4th Edition Paul Newbold - Solutions

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