Basic Business Statistics Concepts And Applications 14th Edition Mark L. Berenson, David M. Levine, Kathryn A. Szabat, David F. Stephan - Solutions

Thirty companies comprise the DJIA. How big are these companies? One common method for measuring the size of a company is to use its market capitalization, which is computed by multiplying the number of stock shares by the price of a share of stock.On January 10, 2017 the market capitalization of
The file Property Taxes contains the property taxes on a $176K home for the 50 states and the District of Columbia. Decide whether the data appear to be approximately normally distributed bya. Comparing data characteristics to theoretical properties.b. Constructing a normal probability plot.
The annual NFL Super Bowl is the most widely watched sporting event in the United States each year. In recent years, there has been a great deal of interest in the ads that appear during the game. These ads vary in length, with most lasting 30 seconds or 60 seconds. The file SuperBowlAdScore
In 2015, the per capita consumption of soft drinks in the United States was reported to be 650 eight-ounce servings.Source: Data extracted from fortune.com/2016/03/29/soda-sales-drop-11th-year.Assume that the per capita consumption of soft drinks in the United States is approximately normally
A Nielsen study indicates that 18- to 34-year olds spend a mean of 93 minutes watching video on their smartphones per week.Source: Data extracted from bit.ly/2rj8GHm.Assume that the amount of time watching video on a smartphone per week is normally distributed and that the standard deviation is 15
Toby’s Trucking Company determined that the distance traveled per truck per year is normally distributed, with a mean of 50 thousand miles and a standard deviation of 12 thousand miles.a. What proportion of trucks can be expected to travel between 34 and 50 thousand miles in a year?b. What
Millennials spent an average of $103 on monthly dining in 2016.Source: Data extracted from Consumer Response Annual Report,available at bit.ly/2x4CN5w.Assume that the amount spent on a monthly dining is normally distributed and that the standard deviation is $12.a. What is the probability that a
In 2015, the per capita consumption of bottled water in the United States was reported to be 36.2 gallons.Source: Data extracted from bottledwater.org/economics/bottled-water-market.Assume that the per capita consumption of bottled water in the United States is approximately normally distributed
Spurious correlation refers to the apparent relationship between variables that either have no true relationship or are related to other variables that have not been measured. One widely publicized stock market indicator in the United States that is an example of spurious correlation is the
One theory concerning the S&P 500 Index is that if it increases during the first five trading days of the year, it is likely to increase during the entire year. From 1950 through 2016, the S&P 500 Index had these early gains in 42 years (in 2011 there was virtually no change). In 37 of
Refer to Problem 5.40. In the same time period, 24% of the consumers registering a bank account and service compliant cited “deposit and withdrawal” as the type of complaint; these are issues such as transaction holds and unauthorized transactions.a. What is the expected value, or mean, of the
Response Team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing their complaints. Of the consumers who registered a bank account and service complaint, 46% cited “account
Social log-ins involve recommending or sharing an article that you read online. According to Janrain, in the first quarter of 2017, 45% signed in via Facebook compared with 26% for Google.Source: Jainrain.com blog, “Identity and social login trends across the web,”
Smartphone adoption among American younger adults has increased substantially and mobile access to the Internet is pervasive. Seventeen percent of young adults, ages 18–29, who own a smartphone are “smartphone-dependent,” meaning that they do not have home broadband service and have limited
Between 1896—when the Dow Jones index was created—and 2016, the index rose in 67% of the years.Sources: M. Hulbert, “What the Past Can’t Tell Investors,” The New York Times, January 3, 2010, p. BU2 and bit.ly/100zwvT.Based on this information, and assuming a binomial distribution, what do
What is the meaning of the expected value of a variable?
Refer to Problem 5.27. If you purchased a Toyota in the 2016 model year, what is the probability that in the past 12 months the car hada. Zero problems?b. Two or fewer problems?c. Compare your answers in (a) and (b) to those for the Ford in Problem 5.27 (b) and (c).
J.D. Power and Associates calculates and publishes various statistics concerning car quality. The dependability score measures problems experienced during the past 12 months by owners of vehicles (2016). For these models of cars, Ford had 1.02 problems per car and Toyota had 0.93 problems per
The Consumer Financial Protection Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing their complaints. An analysis of complaints registered in
The U.S. Department of Transportation maintains statistics for mishandled bags. In September 2016, the American Airlines rate of mishandled bags was 0.68 per 1,000 passengers. What is the probability that in the next 1,000 passengers, there will bea. No mishandled bags?b. At least one mishandled
The U.S. Department of Transportation maintains statistics for mishandled bags per 1,000 airline passengers. In September 2016, Delta mishandled 1.35 bags per 1,000 passengers. What is the probability that in the next 1,000 passengers, Delta will havea. No mishandled bags?b. At least one mishandled
Assume that the number of airline customer service complaints filed with the Department of Transportation’s Office of Aviation Enforcement and Proceedings (OAEP) in one day is distributed as a Poisson variable. The mean number of airline customer service complaints filed is 5.0 per day.Source:
In Example 5.4 on page 209, you and two friends decided to go to Wendy’s. Now, suppose that instead you go to McDonald’s, which recently filled approximately 92.2% of the orders correctly. What is the probability thata. All three orders will be filled correctly?b. None of the three will be
A manufacturing company regularly conducts quality control checks at specified periods on the products it manufactures. Historically, the failure rate for LED light bulbs that the company manufactures is 3%. Suppose a random sample of 10 LED light bulbs is selected. What is the probability thata.
According to the Pew Research Center, 51% of American adults own tablets.Source: Data extracted from pewrsr.ch/2riDGV6.Using the binomial distribution, what is the probability that in the next six American adults surveyed,a. Four will own a tablet?b. All six will own a tablet? c. at least four will
The increase or decrease in the price of a stock between the beginning and the end of a trading day is assumed to be an equally likely random event. What is the probability that a stock will show an increase in its closing price on five consecutive days?
The manager of the commercial mortgage department of a large bank has collected data during the past two years concerning the number of commercial mortgages approved per week. The results from these two years (104 weeks) are as follows:Number of CommercialMortgages Approved
The number of arrivals per minute at a bank located in the central business district of a large city was recorded over a period of 200 minutes, with the following results:Arrivals
The following table contains the probability distribution for the number of traffic accidents daily in a small town:a. Compute the mean number of accidents per day.b. Compute the standard deviation.c. What is the probability that there will be at least 2 accidents on a given day? Number of
The CMO Survey collects and disseminates the opinions of top marketers in order to predict the future of markets, track marketing excellence, and improve the value of marketing in firms and in society. Part of the survey is devoted to the topic of marketing analytics and the understanding of what
To better understand the website builder market, Clutch surveyed individuals who created a website using a do-it-yourself (DIY) website builder. Respondents, categorized by the type of website they built—business or personal, were asked to indicate the primary purpose for building their website.
A survey by Accenture indicated that 64% of millennials as compared to 28% of baby boomers prefer “hybrid” investment advice—a combination of traditional advisory services and low-cost digital tools—over either a dedicated human advisor or conventional robo-advisory services
What is the difference between a permutation and a combination?
What is the difference between Counting Rule 1 and Counting Rule 2?
In Bayes’ theorem, how does the prior probability differ from the revised probability?
How can you use Bayes’ theorem in light of new information?
How does conditional probability relate to the concept of independence?
What is the difference between mutually exclusive events and collectively exhaustive events?
How can you use the general addition rule to find the probability of occurrence of event A or B?
What is the difference between a simple event and a joint event?
How many different ways can a senior project manager and an associate project manager be selected for an analytics project if there are eight data scientists available?
A gardener has six rows available in his vegetable garden to place tomatoes, eggplant, peppers, cucumbers, beans, and lettuce. Each vegetable will be allowed one and only one row. How many ways are there to position these vegetables in this garden?
Referring to Problem 4.44 how many different orders of finish are possible for the first four positions?.In ProblemIn the National Basketball League there are five teams in the Pacific Division: Golden State, Los Angeles Clippers, Los Angeles Lakers, Phoenix, and Sacramento. How many different
In the National Basketball League there are five teams in the Pacific Division: Golden State, Los Angeles Clippers, Los Angeles Lakers, Phoenix, and Sacramento. How many different orders of finish are there for these five teams? (Assume that there are no ties in the standings.) Do you believe that
A team is being formed that includes four different people. There are four different positions on the teams. How many different ways are there to assign the four people to the four positions?
You would like to ”build-your-own-burger” at a fast-food restaurant. There are five different breads, seven different cheeses, four different cold toppings, and five different sauces on the menu. If you want to include one choice from each of these ingredient categories, how many different
A particular brand of women’s jeans is available in seven different sizes, three different colors, and three different styles. How many different women’s jeans does the store manager need to order to have one pair of each type?
If there are 10 multiple-choice questions on an exam, each having three possible answers, how many different sequences of answers are there?
The 2016 Global Information Security Workforce Study (GISWS) surveyed information security professionals regarding trends and issues affecting their profession and careers. In the study, women were asked about their impact on the security posture of their organization. Twenty-eight percent of women
Big Commerce launched a study to analyze modern, omnichannel consumer behavior. The data uncovers the details on how, when, where, and why Americans buy, educating the entire commerce industry on today’s consumer shopping preferences. Findings indicate that 23% of online shoppers shop online
If P(B) = 0.30, P(A|B) = 0.60, P(B') = 0.70, and P(A|B') = 0.50, find P(B|A).
If P(B) = 0.05, P(A|B) = 0.80, P(B') = 0.95, and P(A|B') = 0.40, find P(B|A).
A box of nine iPhone 7 cellphones contains two red cellphones and seven black cellphones.a. If two cellphones are randomly selected from the box, without replacement (the first cellphone is not returned to the box after it is selected), what is the probability that both cellphones selected will be
In 42 of the 66 years from 1950 through 2016 (in 2011 there was virtually no change), the S&P 500 finished higher after the first five days of trading. In 37 out of 42 years, the S&P 500 finished higher for the year. Is a good first week a good omen for the upcoming year? The following
A survey of 1,520 Americans adults asked “Do you feel overloaded with too much information?” The results indicated that of 785 males, 134 answered yes. Of 735 females, 170 answered yes.Source: Data extracted from “Information Overload,” pewrsr.ch/2h2OSQP.a. Suppose that the respondent
Have the gains in student learning attributed to education technology justified colleges’ spending in this area? As part of Inside Higher Ed’s 2016 Survey of Faculty Attitudes on Technology, professors, and technology leaders, were asked this question. The following table summarizes the
Do Generation X and Boomers differ in how they use credit cards? A sample of 1,000 Generation X and 1,000 Boomers revealed the following results:a. If a respondent selected is a member of Generation X, what is the probability that he or she pays the full amount each month?b. If a respondent
How will marketers change their social media use in the near future? A survey by Social Media Examiner of B2B marketers (marketers that focus primarily on attracting businesses) and B2C marketers (marketers that primarily target consumers) was based on 1,780 B2B marketers and 3,306 B2C marketers.
Do Millennials or Gen-Xers feel more tense or stressed out at work? A survey of employed adults conducted online by Harris Interactive on behalf of the American Psychological Association revealed the following:a. Given that the employed adult felt tense or stressed out at work, what is the
If P(A) = 0.3, P(B) = 0.4, and P(A and B) = 0.2, are A and B independent?
If P(A) = 0.7, P(B) = 0.6, and A and B are independent, find P(A and B).
If P(A and B) = 0.4 and P(B) = 0.8, find P(A|B).
A survey of 1,520 Americans adults asked, “Do you feel overloaded with too much information?” The results indicated that of 785 males, 134 answered yes. Of 735 females, 170 answered yes.Source: Data extracted from “Information Overload,” pewrsr.ch/2h2OSQP.Construct a contingency table to
Do Generation X and Boomers differ in how they use credit cards? A sample of 1,000 Generation X and 1,000 Boomers revealed the following results:If a respondent is selected at random, what is the probability that he or shea. pays the full amount each month?b. is a Generation X and pays the full
Have the gains in student learning attributed to education technology justified colleges’ spending in this area? As part of Inside Higher Ed’s 2016 Survey of Faculty Attitudes on Technology, academic professionals, professors and technology leaders, were asked this question. The following table
How will marketers change their social media use in the near future? A survey by Social Media Examiner reported that 76% of B2B marketers (marketers that focus primarily on attracting businesses) plan to increase their use of LinkedIn, as compared to 52% of B2C marketers (marketers that primarily
Do Millennials or Gen-Xers feel more tense or stressed out at work? A survey of employed adults conducted online by Harris Interactive on behalf of the American Psychological Association revealed the following:a. Give an example of a simple event.b. Give an example of a joint event.c. What is the
You are planning to study for your statistics examination with a group of classmates, one of whom you particularly want to impress. This individual has volunteered to use Microsoft Excel to generate the needed summary information, tables, and charts for a data set that contains several numerical
How much time do commuters living in or near cities spend commuting to work each week? The file CommutingTime contains the average weekly commuting time in 30 U.S. cities.Source: Data extracted from New York City Economics Brief, March 2015, p. 3.For the weekly commuting time data:a. Compute the
Have you wondered how Internet connection speed varies around the globe? The file ConnectionSpeed contains the mean connection speed, the mean peak connection speed, the % of the time the speed is above 4 Mbs, and the % of the time the connection speed is above 10 Mbps for various countries.Source:
The financial services call center in Problem 3.66 also monitors call duration, which is the amount of time spent speaking to customers on the phone. The file CallDuration contains the following data for time, in seconds, spent by agents talking to 50 customers:a. Compute the mean, median, range,
Call centers today play an important role in managing dayto- day business communications with customers. It’s important, therefore, to monitor a comprehensive set of metrics, which can help businesses understand the overall performance of a call center. One key metric for measuring overall call
The American Society for Quality (ASQ) conducted a salary survey of all its members. ASQ members work in all areas of manufacturing and service-related institutions, with a common theme of an interest in quality. Manager and quality engineer were the most frequently reported job titles among the
What is meant by the property of shape?
How does the empirical rule help explain the ways in which the values in a set of numerical data cluster and distribute?
What does the Z score measure?
What is meant by the property of variation?
What is meant by the property of central tendency?
What are the properties of a set of numerical data?
A Pew Research Center survey found a noticeable rise in smartphone ownership and internet usage in emerging and developing nations, and once online, adults in these nations are hungry for social interaction. The file GlobalInternetUsage contains the level of Internet usage, measured as the
The file MobileSpeed contains the overall download and upload speeds in mbps for nine carriers in the U.S.Source: Data extracted from “Best Mobile Network 2016,” bit.ly/1KGPrMm, accessed November 10, 2016.a. Compute the covariance between download speed and upload speed.b. Compute the
Movie companies need to predict the gross receipts of individual movies once a movie has debuted. The data, shown below and stored in PotterMovies , are the first weekend gross, the U.S. gross, and the worldwide gross (in $ millions) of the eight Harry Potter movies:a. Compute the covariance
A study of 267 college students investigated the impact of smartphones on student connectedness and out-of-class involvement.Source: Liu X, et al., “The Impact of Smartphone Educational Use on Student Connectedness and Out-of-Class Involvement,” The Electronic Journal of Communication
Thirty companies comprise the DJIA. Just how big are these companies? One common method for measuring the size of a company is to use its market capitalization, which is computed by multiplying the number of stock shares by the price of a share of stock. On January 10, 2017, the market
The file Energy contains the average residential price for electricity in cents per kilowatt hour in each of the 50 states and the District of Columbia during a recent year.a. Compute the mean, variance, and standard deviation for the population.b. What proportion of these states has an average
The file CigaretteTax contains the state cigarette tax (in $) for each of the 50 states and the District of Columbia as of January 1, 2017.a. Compute the population mean and population standard deviation for the state cigarette tax.b. Interpret the parameters in (a).
The file McDonaldsStores contains the number of McDonald’s stores located in each of the 50 U.S. states and the District of Columbia, as of December 31, 2016:Source: Data extracted from bit.ly/2qJjFpF.a. Compute the mean, variance, and standard deviation for this population.b. What percentage of
The following is a set of data for a population with N = 10:7 5 6 6 6 4 8 6 9 3a. Compute the population mean.b. Compute the population standard deviation.
The following is a set of data for a population with N = 10:7 5 11 8 3 6 2 1 9 8a. Compute the population mean.b. Compute the population standard deviation.
The file CD Rate contains the yields for one-year CDs and five-year CDs, for 39 banks in the United States, as of January 9, 2017.Source: Data extracted from www.Bankrate.com, January 9, 2017.For each type of account:a. Compute the first quartile (Q1), the third quartile (Q3), and the interquartile
The annual NFL Super Bowl is the most widely watched sporting event in the United States each year. In recent years, there has been a great deal of interest in the ads that appear during the game. These ads vary in length with most lasting 30 seconds or 60 seconds. The file SuperBowlAdScore
The file HotelAway contains the average room price (in US$) paid by various nationalities while traveling abroad (away from their home country) in 2016:124 101 115 126 114 112 138 85 138 96 130 116a. Compute the first quartile (Q1), the third quartile (Q3), and the interquartile range.b. List the
The file MobileCommerce contains the following mobile commerce penetration values, the percentage of the country population that bought something online via a mobile phone in the past month, for twenty-eight of the world’s economies:a. Compute the first quartile (Q1), the third quartile (Q3), and
The file AccountingPartners contains the number of partners in a cohort of rising accounting firms that have been tagged as “firms to watch.” The firms have the following number of partners:a. Compute the first quartile (Q1), the third quartile (Q3), and the interquartile range.b. List the
In 2013 through 2016, the value of precious metals fluctuated dramatically. The following data (stored in Metals ) represent the total rate of return (in percentage) for platinum, gold, and silver from 2013 through 2016:a. Compute the geometric mean rate of return per year for platinum, gold, and
The file Indices contains the total rate of return percentage for the Dow Jones Industrial Average (DJIA), the Standard & Poor’s 500 (S&P 500), and the technology-heavy NASDAQ Composite (NASDAQ) from 2013 through 2016. These data are:a. Compute the geometric mean rate of return per year
Facebook’s stock price in 2015 increased by 34.15%, and in 2016, it increased by 9.93%.Source: Data extracted from finance.yahoo.com, January 9, 2017.a. Compute the geometric mean rate of return per year for the two-year period 2015–2016. (Hint: Denote an increase of 9.93% as R1 = 0.0993.)b. If
General Electric (GE) is one of the world’s largest companies; it develops, manufactures, and markets a wide range of products, including medical diagnostic imaging devices, jet engines, lighting products, and chemicals. In 2015, the stock price rose 23.27%, and in 2016, the stock price rose
The file HotelAway contains the average room price (in US$) paid by various nationalities while traveling abroad (away from their home country) in 2016:124 101 115 126 114 112 138 85 138 96 130 116 132a. Compute the mean, median, and mode.b. Compute the range, variance, and standard deviation.c.
Is there a difference in the variation of the yields of different types of investments? The file CD Rate contains the yields for oneyear certificates of deposit (CDs) and five-year CDs for 39 banks listed for West Palm Beach, Florida on January 9, 2017.Source: Data extracted from www.Bankrate.com,

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Basic Business Statistics Concepts And Applications 14th Edition Mark L. Berenson, David M. Levine, Kathryn A. Szabat, David F. Stephan - Solutions

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