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Questions and Answers of Business Statistics

Fannie Mae is a government-sponsored organization that was established in 1938 after the Depression to provide local banks with money from the federal government to be used for residential mortgages
According to the financial reports by Snapchat, the average daily user of Snapchat created 19 messages, or ?snaps,? per day in Q3 2017. You want to find out if the number of Snapchat messages has
According to National Retail Foundation, holiday shoppers spent an average of $935.58 over the Thanksgiving weekend in 2016. The following data show the amount spent by a random sample of holiday
Suppose the average size of a new house built in a certain county in 2014 was 2,272 square feet. A random sample of 25 new homes built in this county was selected in 2018. The average square footage
According to the 2016 Majoring in Money report bythe government-lending institution Sallie Mae, 18-to 20-year-old college students have an averagecredit card balance of $569. You want to find out
Determine the critical t-scores for each of the following conditions:a. One-tail test, α = 0.05, and n = 21b. Two-tail test, α = 0.02, and n = 10c. Two-tail test, α = 0.05, and n = 28d. Two-tail
According to the “Majoring in Money” 2016 report by the government-lending institution Sallie Mae, college students who have credit cards have an average credit card balance of $1,076. A random
Recently released data by the American Pet Products Association showed that in 2016 the majority (38%) of dog owners were part of Generation Y (born 1994–1980). You want to open a cage-free dog
The Board of Governors of the U.S. Federal Reserve System regularly monitors credit card delinquency rates in the United States. At its peak after the 2007–2008 recession, delinquency rates reached
According to recent data by the American Marketing Association, 78.6% of people in the 18–24 age group used Snapchat in 2017. You want to find out what the Snapchat penetration is among your
According to data from the Board of Governors of the Federal Reserve System, student loan debt reach $1.5 trillion in the first quarter of 2018. However, you also know from the research of economist
Because of the multitude of positive health benefits for infants and mothers, one provision of the Affordable Care Act, commonly known as Obamacare, requires that insurance plans pay
In 2017 the German Soccer Bundesliga introduced a video to review certain critical plays. However, the system has not been without its controversies. On April 16, 2018 the referee of the game Mainz
According to the Bureau of Labor Statistics, the average hourly wage in the United States was $26.84 in April 2018. To confirm this wage, a random sample of 36 hourly workers was selected during the
According to the Centers for Disease Control and Prevention, 15.5% of the U.S. population smoked in 2016. In 2018, a random sample of 650 Americans was selected, 79 of whom smoked.a. Construct a 90%
Although Germany has one of the healthiest economies in the euro zone, it has one of the lowest homeownership rates in Europe, and the homeownership rates in Germany have been declining since 2012.
The percentage of high school graduates applying to multiple colleges has been increasing over the past several years. According to the National Association for College Admission Counseling, 36% of
The IRS reported that 90% of individual tax returns were filed electronically in 2017. A random sample of 225 tax returns from 2018 was selected. From this sample, 197 were filed electronically.a.
The U.S. Department of Education reported that in 2015, 69.2% of students enrolled in college or a trade school within 12 months of graduating from high school. In 2017, a random sample of 160
The American Automobile Association (AAA) reported that the national average price of regular gasoline on May 17, 2018 was $2.90 per gallon. The following data show the price per gallon of regular
According to statista.com, workers in Brazil lead the world in paid vacation days, averaging 41 days per year. The following data show the number of paid vacation days for a random sample of 20
According to Autolist.com, the most popular car for millennials is the Honda Civic. However, according to JDPower.com, the average age of a Civic driver is actually 50. Suppose you draw a random
The cost of ink cartridges for inkjet printers can be substantial over the life of a printer. Printer manufacturers publish the number of pages that can be printed from an ink cartridge in an effort
The average selling price of an iPhone purchased by a random sample of 35 customers was $796. Assume the population standard deviation was $90.a. Construct a 90% confidence interval to estimate the
In January of 2018 Bank of America started charging customers a $12 checking account fee. Of course, customers were upset with this change. However, Bank of America claimed that their checking
According to Catalyst, 26.5% executive positions in Fortune 500 companies are occupied by women in 2016. A random sample of 180 Fortune 500 executives was selected.a. What is the probability that 30%
In 2016 Americans owed $1.3 trillion in student loans. The default rates of college student loans determine eligibility for colleges to receive federal student aid. According to the Department of
According to the Graduate Management Admission Council, the average starting salary for an MBA graduate in the class of 2016 was $105,000. Assume the population standard deviation for starting MBA
As of March 2018, 52 companies have been approved by the California Department of Motor Vehicles to test autonomous vehicles on the road. In May 2018 a panel of economics experts (University of
According to the Bureau of Labor Statistics, the average workweek for an adult in the United States in April 2018 was 34.5 hours. Assume the population standard deviation for the number of hours
The concerns about the impact of technology on our lives are growing. There have been recent research reports about the negative impact of digital technology usage on stress, work productivity,
Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. According to the New York Federal Reserve, the average student loan of somebody younger
According to the U.S. Energy Information Administration, regular gasoline averaged $2.65 per gallon in the United States in April 2018. Assume the standard deviation for gasoline prices is $0.12 per
According to the Bureau of Labor Statistics, the unemployment rate for workers aged 20 to 24 in April 2018 was 6.7%. Consider a random sample of 110 workers from this age group.a. What is the
According to the Bureau of Labor Statistics, the annual wage for a federal employee in 2017 was $76,250. Assume the population standard deviation is $28,025. A random sample of 34 federal employees
According to eMarketer.com, 36% of mobile phone users in the United States use the Snapchat app at least once a month (March 2017). A sample of 125 was selected.a. Calculate the standard error of the
First-time buyers are very important to the housing market because these buyers allow existing homeowners to “move up” into their next home. According to the National Association of Realtors, 34%
According to the Organisation for Economic Cooperation and Development (OECD), adults in the United States worked an average of 1,783 hours in 2016. Assume the population standard deviation is 400
According to the Bureau of Labor Statistics, Americans spend on average $2,913 in 2016 on entertainment. Assume the population standard deviation of this spending is $873. A random sample of 31
According to statista.com, the average hotel price in Miami, Florida, was $155 per night in 2017. Assume the population standard deviation is $26.00 and that a random sample of 35 hotels was
According to the National Association of Theater Owners, the average price for a movie in the United States in 2017 was $8.97. Assume the population standard deviation is $0.50 and that a sample of
The Excel file titled states.xlsx contains the median income in 2017 for all 50 states, the District of Columbia and Puerto Rico.a. Use Excel to draw a simple random sample consisting of four states,
The average number of days a house was on the market in Austin, Texas, in 2018 was 61 days (realyaustin. com). Assume the time on the market follows an exponential probability distribution.a. What is
Much of the NCAA men’s basketball tournament, otherwise known as March Madness, takes place during the workweek. According to a survey from marketwatch.com in 2018, 40% of workers say that they
According to data from facebook.com, in 2016 the average amount of time that users spend each day on Facebook, Instagram, and Messenger platforms is 50 minutes. Assume the data for time spent follow
Due to the Great Recession (2008–2010), new car sales plunged from 16.9 million cars sold in 2005 to 10.4 million cars sold in 2009. This trend resulted in a significant shortage of used cars
Pew Research Center surveyed adults that were 18–64 years old and had their own children under age 18 living in their household in 2015 on the amount of time spent on various activities. The
Pew Research Center surveyed adults who were 18–64 years old and had their own children under age 18 living in their household in 2015 on the amount of time spent on various activities. The results
According to the U.S. Bureau of Labor Statistics, the median weekly real earnings for wage and salary workers 16 years and older in the first quarter of 2018 was $350. Assume weekly wages in the
According to the Organisation for Economic Co-operation and Development (OECD), South Koreans worked an average of 2,069 hours per year in 2016 (compared with 1,783 for workers in the United States).
The average U.S. monthly cable bill in 2016 has been reported to be $103. Assume monthly cable bills follow a normal distribution with a standard deviation of $9.50.a. What is the probability that a
According to mashable.com, 37% of Snapchat users use the app for Creativity. A random sample of 30 of users was selected. Assuming this estimate is true, use the normal approximation to the binomial
According to the Bureau of Transportation Statistics, 81.9% of American Airline flights were on time during 2017. Assume this percentage still holds true for American Airlines. Using the normal
According to the Pew Research Center, 53% of U.S. adults owned a tablet in January 2018. Use the normal approximation to the binomial distribution to calculate the probability that, from a sample of
According to eMarketer, adults in the United States spent an average of 92 minutes per day on social media platforms Facebook, Snapchat, and Instagram in 2017. Assume that minutes per day on these
A credit score measures a person’s creditworthiness. According to the credit-scoring company Experian, the average credit score for Americans in March 2018 was 675. Assume the scores are normally
According to the Internal Revenue Service, the average income tax refund for the 2018 tax year was $2,780. Assume the refund per person follows the normal probability distribution with a standard
According to hybridcars.com, the market share of hybrid cars in the United States in September 2017 is 2.5%. Consider a random sample of 20 cars in the United States.a. Use the binomial distribution
According to Experian, 2.4% of car-loan payments were 30 days past due in 2016. Lenders prefer auto loans to home mortgages because when borrowers get into financial trouble they tend to pay the auto
According to the Department of Transportation, United Airlines lost an average of 2.01 bags per 1,000 passengers during October 2017. Assume the number of lost bags follows the Poisson
According to the Graduate Management Admission Council, applications to two-year MBA programs have been on the decline during the past few years. A survey during 2016 reported that 43% of U.S.
According to the American Marketing Association, in December 2015 20% of Facebook users were between 25 and 34 years old. If a random sample of nine adults was selected.a. What is the probability
According to the University Business Officers, in 2014–2015, 89% of first-time, full-time freshmen at private colleges were the recipients of some form of financial aid. If a random sample of six
In 2017, 80% of Southwest Airlines flights arrived at their destinations on time. Suppose a random sample of 12 Southwest Airlines flights was selected.a. What is the probability that all 12 flights
According to the IDC, in the fourth quarter of 2015 only 1.2% of cellphones in the world used a Windows based operating system. If a random sample of 25 mobile devices was selected:a. Use the
According to IDC, 87% of smartphones in the world use Google’s Android operating system in the third quarter of 2016. Answer the following questions based on a random sample of 14 smartphone
According to Fortune, as of January 2018, 5% of chief executive officers were women. Answer the following questions based on a random sample of 12 CEOs:a. What is the probability that one corporate
According to a survey by Statista from February 2016, about 35% of Snapchat users are 18 to 24 years old. Consider a random sample of nine Snapchat users.a. What is the probability that exactly three
A graduate class has 12 students with A grades and 16 students with B grades. Calculate the number of ways in which 4 A students and 5 B students can be uniquely selected.
Consider the following experiment—a card is chosen randomly from a 52-card deck, observed, and not replaced. A second card is drawn and observed. Consider the following events:A = The first card is
Consider the following experiment—a card is chosen randomly from a 52-card deck, observed, and then replaced. After shuffling the deck, a second card is drawn and observed. Consider the following
Consider an experiment with the following two events:A = A statistics test is scheduled for 8:00 a.m.B = Every student arrives to class on time for the testa. Are these two events mutually
Determine the number of ways in which a jury of 6 men and 6 women can be selected from a group of 13 men and 15 women.
A research study needs to select three people to participate from a group of nine. Calculate the total number of unique groups that can be formed.
An event planner needs to decide a seating arrangement for eight people at a table. Calculate the total number of possible arrangements from which to choose.
There are four teams in the NFL’s NFC North Division. How many different ways can the four teams finish at the end of the season in the standings?
A panel of 12 jurors needs to be selected from a group of 50 people. How many different juries can be selected?
In a race with eight swimmers, how many ways can the swimmers finish first, second, and third?
The following table shows the breakdown of Facebook?s global users by age and gender, in millions: Determine the probability that a randomly selected person a. Was a female b. Was 18 to 24 years
The following table shows the number of people, in thousands, in the United States with and without health insurance in 2016, according to the U.S. Census Bureau: a. What percentage of the U.S.
Determine the following probabilities:a. P(A | C)b. P(C | A)c. P(B | E)d. P(E | B) Event B 6 Event A Event C Event D Event E 21 3
Determine the following probabilities: a. P(A) b. P(B) c. P(C) d. P(D) e. P(E) Event B 6 Event A Event C Event D Event E 21 3
The following table shows the 2016 carbon emissions, in metric tons, for 20 countries emitting the most carbon emissions. These data can also be found in the Excel file titled emissions.xlsx.Country
The following table lists monthly average values for the Dow Jones Industrial Index for January 2016 until December 2017. These data can also be found in the Excel file titled Dow Jones.xls. a.
The following table lists the combined number of viewers for late-night news for ABC, CBS, FOX, and NBC affiliates.Year Viewers
The following data represent the number of days homes were on the market before being sold in New Castle County, Delaware, in 2017: a. Calculate the mean. b. Calculate the median. 55 56 64 44 13 13
The following table shows data you are already familiar with from Chapter 2, the number of wins and losses in the Major League for 2017. These data can also be found in the Excel file titled MLB
The following data show the monthly exchange rates for U.S. dollars in terms of 1 euro from January 2016 to December 2017. The data can also be found in the Excel file Euro Dollar Exchange
The following table shows the monthly seasonally adjusted U.S. civilian unemployment rate (bls.gov) from January 2016 until December 2017. You can find the data in the file titled US
The Excel file titled US Housing Starts.xlsx lists the number of housing starts in the United States each year from 1959 to 2017 provided by the U.S. Department of Commerce. Construct a display that
The Excel file titled gasoline prices.xlsx lists the average monthly price per gallon of regular gasoline in the United States from September 1990 to April 2018 from the U.S. Energy Information
The Excel file MLB payroll.xlsx provides the payroll and number of wins for all the Major League Baseball teams during the 2017 season. Construct a scatter plot using these data. Describe the
The following table lists market share for cell phone operating systems for Q1 2017. Construct a display that best describes these data Windows Phone Others Android ios 85% 14.7% 0.1% 0.1%
The following table shows the number (in millions) of worldwide paid subscribers for four music-streaming services. Construct a display that best describes these data. Streaming Service 2017 2016
The following table shows the numbers of worldwide Netflix subscribers in millions, each quarter from 2012 to 2017. Construct a line chart using these data. Describe the relationship between time
The following table shows the number of events (golf tournaments) played by the top 25 golfers on the PGA tour. These data can also be found in the Excel file PGA money list.xlsx. a. Construct a
The following table shows real gross domestic product (GDP) for various countries in 2006 and 2016: Construct a display that best describes these data. GDP ($ trillion) Country 2006 2016 United
A study has concluded that the average credit card debt of college graduates has increased from 2016 to 2017.
The education level of survey respondentsLevel Number of RespondentsHigh
The following table shows the number of students of the six most popular bachelor?s degrees conferred in the United States in 2015 and 2016. With the goal of comparing the number of graduating

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