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Business Statistics 3rd Canadian Edition Norean D. Sharpe, Richard D. De Veaux, Paul F. Velleman, David Wright - Solutions

Last year, Maria sold a photo of a Canada goose to a nature magazine for $7,500, and she is keen to get some good shots again this year. She booked a spot in a hide at the edge of a lake in northeastern Manitoba for late September, the middle of the autumn migration. She believes the best shots of
When solar panels rated at 250 watts of power are manufactured, the power of a given panel is not exactly 250 watts, but there is a 0.5 probability that it is less than 250 watts and a 0.5 probability that it is more than 250 watts. When solar panels are connected together in series on a roof, the
Alice started a company upon graduating from the University of Guelph, and a few years later she sold it to a larger firm in the same industry. She used the money from that sale to start a second company that she also sold, and repeated the process for five companies in total, each time selling the
A German company has just submitted a 220-page bid on a contract to supply state-of-theart mining equipment to the Canadian mining company Barrick Gold. The supplier has supplied most of the major mining companies in the world and has equipment that it believes is not matched by its competitors.
An oil company executive and an executive of a mining company meet during the coffee break of a conference about opportunities in the Canadian Arctic. “They say 30% of the world’s undiscovered oil is in the Arctic,” started the oil man. “We’ve drilled 43 exploratory wells and all but 17
A mining company listed on the Toronto Stock Exchange is considering a merger with another company. The CEO thinks that the probability of the deal being acceptable to his shareholders is 0.9. He has lunch with the CEO of the other company and afterward assesses the probability of the merger being
Professor A. Voidim looked through the midterm exam marks of his 100 students and wondered whether there was a way to motivate them to do better on the final exam. He decided to try out two ideas. First, he sent a harsh email to the 10 students whose midterm marks were the lowest. He criticized
Four people each invest $1000, with each person garnering a different rate of return.a) The first three people invest $1000 each for one year in three different investments. The first person gets a return of 16% and the other two get 1% and 27%, respectively. What is the average return on the three
Countries divide natural gas into reserves (the amount economically extractable at current prices) and resources (the amount technically extractable if the price is high enough). Reserves and resources are given in the table below in trillion cubic metres for selected countries as available
The amount of debt for selected countries in 2013 is given in the table below (“trn” means trillions):Country DebtBritain..............................£1.4
Twenty-one countries won gold medals in the 2014 Winter Olympics. The following table lists the countries, along with the total number of medals each won:a) Try to make a display of these data. What problems do you encounter?b) Can you find a way to organize the data so that the graph is more
Data from the International Tanker Owners Pollution Federation Limited (www.itopf.com) give the cause of spillage for small and large oil tanker accidents for 1970–2013. Draw a graph comparing the causes of small spills with the causes of large spills. Give a reason for your choice of graph and
In the 2011 Canadian federal election, the number of seats and the percentage of votes were divided among the parties as follows:a) Draw a graph of this data that allows you to compare the percentage of seats with the percentage of votes for each party.b) Comment on whether the number of seats ref
In the 2008 Canadian federal election, the number of seats was divided among the parties as shown in the table in the next column. The Conservatives won the election, but formed a “minority” government; that is, they could be defeated on any particular issue if the other parties banded together
Here’s a bar chart of the data in Exercise 15:a) Compared to the pie chart in Exercise 15, which is better for displaying the relative portions of market share? Explain.b) What is missing from this display that might make it misleading? 50% 40% 30% 20% 10% 0% Coca-Cda PepsiCo Cott Dr Pepper
A local bookstore is keeping a database of its customers in order to find out more about their spending habits so that the store can start to make personal recommendations based on past purchases. The table lists the first rows of the store’s database.a) What does a row correspond to in this data
A real estate agent collected information on some recent local home sales. The first six lines of the database appear below. The columns correspond to the house identification number, the community name, the property’s number of acres, the year the house was built, the market value (in $), and
Air Canada and United Continental sell seats on each other’s cross-border flights, coordinating fare structures and discounts while competing for passengers. In 2011 they proposed a closer collaboration involving sharing revenue and coordinating schedules on 19 Canada–U.S. routes.In Canada,
The marketing manager for a department store wants to know how important quality is to her customers. A consultant reports that based on past research, 30% of all consumers nationwide are more interested in quantity than quality. The marketing manager suspects that customers from her store are
When a university sends out an offer of a place on an MBA program, it requires the applicant to respond to the offer within four weeks. The applicant may accept the offer within four weeks (in which case she or he is automatically admitted into the program), or reject the offer, or accept the offer
In Canada, provincial governments allocate to oil companies geographical regions in which to explore for oil. If they discover oil, they do not necessarily extract the oil since the cost of extraction may be higher than the market price for oil. However, the market price for oil continuously
According to a treaty with the United States, Canada may withdraw one-third of the water from the Niagara River before it reaches Niagara Falls. Canada uses a canal and two tunnels to take water to the Sir Adam Beck hydroelectric generating stations downstream. The geology of the area is complex,
Baffin Bay, located between Canada and Greenland, is being explored for oil and natural gas. First, an energy company conducts a geological survey, and if the data look promising it starts drilling. After one area’s recent survey, which cost $65 million, the geologists and engineers came to a
You’re considering buying shares in a small Canadian mining company that has just issued an initial public offering (IPO) of shares on the Vancouver Stock Exchange at $8 per share. A limited number of “early” investors were able to purchase these shares at $8 on the IPO date, but you
Researchers studying government records of small businesses found that the probability of a newly established small business still being operational in five years was 0.35. However, entrepreneurs starting new businesses estimate that the chance of their own business still being in operation in five
Environmentalists concerned that global warming may make planet Earth uninhabitable sometimes emphasize their point of view by saying “There is no Planet B.” But space agencies around the world have been cataloguing planets orbiting other stars to try to find potential candidates for Planet B.
In the 2006 federal election, the Liberal government that decriminalized the possession of small quantities of marijuana was replaced by a Conservative government. The new government considered modifying the Liberal legislation. In 2007, Angus Reid conducted a survey of 1028 adult Canadians,
A survey of 1056 houses found the following relationship between price (in $) and whether the house had a fireplace in 2006. Is the price of the house independent of whether it has a fireplace? Fireplace No Yes Low-less than $112,000 198 66 Med. Low ($112k to $152K) 133 131 Med. High ($152k to
Look again at the data from the GfK Roper Worldwide survey on skin care in Exercise 44.a) If we select a respondent at random, what’s the probability that we choose a person from France who agrees with the statement?b) Among those from India, what is the probability that a person responded
Look again at the data from the GfK Roper Worldwide survey on food attitudes in Exercise 43.a) If we select a respondent at random, what’s the probability that we choose a person between 13 and 19 years old who agreed with the statement?b) Among the 13- to 19-year-olds, what is the probability
Given the table of probabilities compiled for a department store chain in Exercise 48, are age <20 and shopping at the department store independent? Explain.
Twenty percent of cars that are inspected have faulty pollution control systems. The cost of repairing a pollution control system exceeds $250 about 40% of the time. When a driver takes a car in for inspection, what’s the probability of paying more than $250 to repair the pollution control system?
Suppose an online business organizes an email survey to find out if online shoppers are concerned about the security of business transactions on the web. Of the 42 individuals who respond, 24 are concerned and 18 are not concerned. Eight of those concerned about security are male and six of those
A GfK Roper Worldwide survey asked consumers in five countries whether they agreed with the statement “I follow a skin care routine every day.” Here are the responses classified by the country of the respondent:If we select a person at random from this sample,a) What is the probability that the
A GfK Roper Worldwide survey asked consumers in five countries whether they agreed with the statement “I am worried about the safety of the food I eat.” Here are the responses, classified by the age of the respondent:If we select a person at random from this sample,a) What is the probability
The Canadian mining company Barrick Gold operates the Donlin Creek mining project in the Yukon–Kuskokwin region, today providing stable employment with 90% First Nations people as employees and supervisors. When another mining company started the project in 1996, employment conditions were much
A Canadian mining company explores a site in Zambia for copper and zinc using exploratory drilling to obtain samples. The probability that a sample contains copper is 0.6 and the probability that a sample contains zinc is 0.5. The probability that a sample contains both zinc and copper is 0.4.a)
Canadian Blood Services has to track the supply of and demand for various blood types. It estimates that 46% of the Canadian population has Type O blood, 42% Type A, 9% Type B, and the rest Type AB.a) If a Canadian volunteers to give blood, what is the probability that this donori) Has Type AB
Following from Exercise 37, according to Pew Research, the contact rate (probability of contacting a selected household) in 1997 was 69%, and in 2003 it was 76%. However, the cooperation rate (probability of someone at the contacted household agreeing to be interviewed) was 58% in 1997 and dropped
Marketing research firms often contact their respondents by sampling random telephone numbers. Although interviewers currently reach about 76% of selected households, the percentage of those contacted who agree to cooperate with the survey has fallen and is now only 38%. Each household is assumed
A Gallup Poll in March 2007 asked 1005 adults whether increasing domestic energy production or protecting the environment should be given higher priority. Here are the results:Response
A toy company manufactures a spinning game and needs to decide what probabilities are involved in the game. The plastic arrow on the spinner stops rotating to point at a colour that will determine what happens next. Knowing these probabilities will help determine how easy or difficult it is for a
Using the probability tree in Exercise 16, what is the probability that a job applicant who is rejected by the polygraph was actually telling the truth? - Polygraph says "Lie" Applicant Tells Truth - Polygraph says "Truth" - Polygraph says "Lie" Applicant Lies - Polygraph says "Truth"
Using the probability tree in Exercise 15, if a randomly selected worker is female, what is the probability that she is white? Male White Female Male Black Female Male Hispanic/Latino Female
The following contingency table shows opinions about global warming (nonissue vs. serious concern) among registered voters, broken down by political party affiliation (Liberal, Conservative, and Independent).a) What is the probability that a registered voter selected at random believes that global
You and your friend decide to get your cars inspected. You are informed that 75% of cars pass inspection. If the event of your car’s passing is independent of your friend’s car,a) What is the probability that your car passes inspection?b) What is the probability that your car doesn’t pass
Which probability assessment method was used in each of the following examples: empirical, theoretical, or subjective?a) An insurance company analyzes past automobile claims and assesses the probability of a male driver aged 18–25 making a claim to be 0.43 in any given year.b) An economist
Which probability assessment method was used in each of the following examples: empirical, theoretical, or subjective?a) A construction company bids on a contract to build a new bridge over a river and assesses the probability of getting the contract to be 0.6.b) A bank analyzes the balances in
For the same kind of lottery as in Exercise 3, which of the following strategies can improve your chance of winning? If the method works, explain why. If not, explain why, using appropriate Statistics terms.a) Choose randomly from among the numbers that have not come up in the last three lottery
The Mercer Human Resource Consulting website (www.mercer.com) lists prices of certain items in selected cities around the world. It also reports an overall cost of living index for each city compared with the costs of hundreds of items in New York City. For example, London at 110.6 is 10.6% more
Companies marketing to consumers are very interested in statistics on retail sales. Statistics Canada puts out a monthly publication called “Retail Trade,” which is based on information from a sample of Canadian retailers who contribute to the Monthly Retail Trade Survey. Other commercial
For his Master’s degree thesis in Metallurgy at McGill University, Larry developed an alloy that was f lexible but also very hard, making it ideal for piston rings in internal combustion engines. Upon graduation, Larry set up his own production facility, and his piston rings were so popular that
The materials cost per kilometre of constructing a gas pipeline depends on the diameter of the pipe, and the table below summarizes such costs in thousands of dollars per kilometre for two recent years from the Oil and Gas Journal:a) Taking the two years together, obtain a linear regression of
A building supply company provides bricks to retail chains and construction companies across Canada. The marketing department decides on the price at which bricks will be sold according to the design of the brick, sales of similar designs in previous years, and whether the company has other bricks
After a successful business career, you decide to retire early and go into car racing, not as a driver yourself, but as an entrepreneur. You buy a car and a workshop and hire a celebrity driver who tells you that the key to winning is the car’s transmission. “The faster I can shift those
A company makes high quality paper for use in the printing of glossy corporate reports. Its monthly sales in three Canadian provinces over the past year are:Next year, the company will give an additional marketing budget to the province that has shown a consistent increase in sales over the past
Leadership in Energy and Environmental Design (LEED) is a program that certifies that buildings meet a range of energy and environmental efficiency standards, including extra insulation to reduce energy consumption for heating and cooling the building and efficient water use. Meeting these
A commercial bakery produces gluten-free pizza dough and sells it to chains of retail stores across Canada. The product is profitable, although some has to be discarded as spoilage since it is too close to its expiry date to be accepted by any of the retailers. Quarterly data over the past three
An emerging technology known as concentrating photovoltaics (CPV) has recently been introduced into the market. Morgan Solar of Toronto specializes in CPV. The cost of new technology is related to cumulative volume deployed since the industry gains more experience of the technology as it is
The global fertility rate (number of live births per woman) is given in the table as five-year averages from 1955 to
Executives at the same highend specialty supermarket in Exercise 35 are trying to determine the best location for a new store. They believe that sales are also related to the total number of housing units in the towns. Based on census data, they would like to develop a model to describe this
The following table shows the total sales for 10 high-end supermarket stores. These are the same stores that you examined in Exercises 35 and 36. In addition to the population of the towns in which the stores are located, supermarket executives believe their store products appeal to a younger
Take another look at the regression analysis of Sales and Population in Exercise 35.a) Estimate the Sales of a store located in a town with a population of 80,000.b) Interpret the meaning of the slope of the regression line in this context.c) What does the intercept mean? Does this make sense?
A regional high-end specialty supermarket is considering opening a new store and is curious about the relationship between demographic data and store sales for its existing stores. For example, are store sales related to the population in the town where the store is located? Data for 10 stores
Consider the regression described in Exercise 27 again. The regression analysis gives the modela) Explain what the slope of the line says.b) If the unemployment Rate is 6.0%, how much do you predict Sales will be?c) If the unemployment Rate next quarter is 4.0% and Sales are reported as $8.5
Consider the quarterly Home Depot Sales in Exercise 25 again. The regression analysis gives the modela) Explain what the slope of the line says.b) What would you predict for quarterly sales when housing starts are 500,000 units?c) If quarterly sales are $3 billion higher than predicted given the
A linear model to predict the Price of a 2012 Honda Civic EX (in dollars) from its Mileage (in miles) was fit to 18 cars that were available during the week of March 1, 2013 (Kelly’s Blue Book,www.kbb.com) within 200 miles of San Francisco, CA. The model wasa) What is the explanatory variable?b)
The linear model in Exercise 13 predicting Sales of frozen pizza (in kilograms) from Price ($/unit) has an R2 of 32.9% and a slope of -24,369.5.a) Interpret the meaning of R2.b) What is the correlation of Sales and Price?c) If in one week the Price is $0.50 higher than in another, what is the
Sales are often related to economic indicators. One possible indicator is the unemployment rate. Data for a large retail store were used to obtain a linear regression model to predict quarterly Sales ($ billion) based on unemployment Rate (in %) over a period of four years. This regression model
House prices are subject to a variety of economic factors but are, to some extent, based on the living area of the house. Analysts examined the recent sales of 1000 homes and found the correlation to be 0.79. After examining a scatterplot, they decide a linear model is appropriate and fit a
Analysts at The Home Depot want to predict quarterly sales from housing and find the correlation is 0.70. They then examine the scatterplot and decide it is appropriate to fit a regression model to predict Sales ($ billion) from Housing Starts (in thousands).a) What units does the slope have?b)
You wish to explain to your boss what effect taking the base-10 logarithm of the salary in the company’s database will have on the data. As simple example values, you compare a salary of $10,000 earned by a part-time shipping clerk, a salary of $100,000 earned by a manager, and the CEO’s
A linear regression of the price of external hard drives against their capacity in terabytes had a correlation coefficient of 0.994. What is the value of R2 for this regression and how do you interpret its meaning?
For the following bookstore sales data, the correlation is 0.965.Number of Salespeople Working Sales (in
Not only is the cost of conventional solar modules declining, as shown in Figure 6.5, but a new solar technology, known as concentrating photovoltaics, or CPV, is emerging as a potentially lower cost competitor. The data file ch06_MCSP_Solar gives data on the cost of CPV in dollars per watt of
Is crime worse in larger cities? Many people think it is, but what do the data say? Of course there are many types of crime, with some worse than others. A large city might have more traffic offences and fewer assault cases. We need a way of combining all types of crime, weighted according to how
With the ever-increasing price of gasoline, both drivers and auto companies are motivated to raise the fuel efficiency of cars. There are many simple ways to increase fuel efficiency: Avoid rapid acceleration, avoid driving over 90 km/h, reduce idling, and reduce the vehicle’s weight. An extra
IKEA sells a broad range of household products and offers a low-cost breakfast in its store restaurants to attract customers into the stores early in the day. Suppose you are the manager of a store like IKEA and are making a loss on the breakfasts. You need to know whether the breakfast attracts
A big box retailer with 87 stores across Canada wants to reduce its water and electricity usage to reduce both dollar costs and its environmental footprint, and it needs to know whether these two costs are correlated. For a preliminary analysis, it collects data on five stores that sell household
The online video streaming service of a Canadian cable company offers recommendations to viewers based on their past viewing choices. They monitor 1.7 million customers’ viewing habits by keeping track of four variables about each video viewed: (i) viewer’s age; (ii) hour when a video was
Consider the following two statements.(i) “The level of aluminum in the brain is higher in patients with Alzheimer’s disease than in other people.”(ii) “The ‘Alzheimer Severity Index,’ which measures the seriousness of Alzheimer’s disease, is related to the level of aluminum in the
Although some women are colourblind, this condition is found primarily in men. An advertisement for socks—which were marked so that they were easy for someone who was colour-blind to match—started out, “There’s a strong correlation between sex and colour-blindness.” Explain in statistics
The instructor in your International Economics course asks your class to investigate factors associated with the gross domestic product (GDP) of nations. Each student examines a different factor (such as Life Expectancy, Literacy Rate, etc.) for a few countries and reports to the class. Apparently,
Analysts at a philanthropic organization want to predict who is most likely to give to their next fundraising campaign. They considered the potential donors’ Marital Status (single = 1, married = 2, divorced = 3, widowed = 4) and Giving (no = 0, yes = 1). They found a correlation of 0.089 between
The Organisation for Economic Co-operation and Development (OECD) monitors math, reading, and science performance of high school students in 64 countries using standardized scores. The scores for 10 selected countries at the top of the rankings in 2012 are given in the following table:Investigate
Here is a scatterplot for the weekly sales of a brand of frozen pizza (in kilograms) for every fourth week vs. the unit price of the pizza for a sample of stores:a) Check the assumptions and conditions for correlation.b) Compute the correlation between sales and price.c) Does this graph support the
Regulators must keep an eye on the weights of trucks on major highways, but making trucks stop to be weighed is costly for both the regulators and the truckers. A transport department hoped to keep costs down by measuring the weights of big trucks without actually stopping the vehicles and instead
There is a strong association between the logarithm of oil consumption and life expectancy across many countries of the world.a) Does this mean that consuming oil is good for health?b) What might explain the strong correlation?
A customer shopping for a used car believes there should be a negative association between the kilometrage a used car has on it and the price of the car. Yet when she runs a correlation, it’s near 0, and she’s surprised. Explain how a scatterplot could help her understand the relationship.
An investment analyst looking at the association between sales and assets of companies was surprised when she calculated the correlation. She had expected to find a fairly strong association, yet the correlation was near 0. Explain how a scatterplot could still reveal the strong associations she
At a small company, the chief financial officer (CFO) is concerned about absenteeism among the employees and asks the head of human resources to investigate. The jobs are coded from 01 to 99, with 01 = Stockroom Clerk and 99 = President. The human resources manager plots number of days absent last
The head of the salesforce for a Canadian retail clothing chain is analyzing whether the company does better in some parts of the country than others. She examines a scatterplot of last year’s total Sales by Province, in which the provinces are numbered in alphabetical order, Alberta = 1, British
Maybe the number of total Rooms in the house is associated with the price of a house. Here is the scatterplot for the same homes we examined in Exercise 29:a) Is there an association?b) Check the assumptions and conditions for correlation. 6 0- 5.0 10.0 15.0 Rooms Price ($000,000) 2.
Using a random sample of homes for sale, a prospective buyer is interested in examining the relationship between price and number of bedrooms. The graph shows the scatterplot for Price vs. number of Bedrooms. The correlation is 0.723.a) Check the assumptions and conditions for correlation.b)
Instead of the age of a vineyard, considered in Exercise 27, perhaps the Size of the vineyard (in hectares) is associated with the price of the wines. Look at the scatterplot:a) The correlation is -0.022. Does price get lower with increasing vineyard size? Explain.b) If the point corresponding to
Here is the scatterplot and correlation for Case Price of wines from 36 vineyards in the Finger Lakes region of New York State and the Age of those vineyards. Correlation = 0.16.a) Check the assumptions and conditions for correlation.b) Does it appear that older vineyards get higher prices for
Since 1980, average mortgage interest rates have fluctuated from a low of under 6% to a high of over 14%. Is there a relationship between the amount of money people borrow and the interest rate that’s offered? Here is a scatterplot of Total Mortgages in the country (in millions of 2005 dollars)
The price of a diamond depends on its colour, cut, clarity, and carat weight. Here are data from a quality diamond merchant (so we can assume good cut) for diamonds of the best colour (D) and high clarity (VS1).a) Are the assumptions and conditions met for finding a correlation?b) The correlation
The relatives of a man recently diagnosed with Alzheimer’s disease are suing a company that sells drinks in aluminum cans, claiming damages. They say that the man consumed one to two of these drinks per day and that the cans contained no warning that the aluminum from the can could be absorbed
The altitude and speed of a Boeing 737 landing at Pearson Airport in Toronto are recorded at one minute intervals in the data file. Describe the strength, form, and direction of the relationship among three pairs of variables:a) Speed and timeb) Altitude and timec) Speed and altituded) A

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