Questions and Answers of Statistical Techniques in Business and Economics 1

The marketing research department at PepsiCo plans a national survey of 2,500 teenagers regarding a newly developed soft drink. Each teenager will be asked to compare it with his or her favorite soft
P(A1) = .20, P(A2) = .40, P(A3) = .40, P(B1 | A1) = .25, P(B1 | A2) = .05, and P(B1 | A3) = .10. Use Bayes’ theorem to determine P(A3 | B1).
P(A1) = .60, P(A2) = .40, P(B1 | A1) = .05, and P(B1 | A2) = .10. Use Bayes’ theorem to determine P(A1 | B1).
Let P(X) = .55 and P(Y) = .35. Assume the probability that they both occur is .20. What is the probability of either X or Y occurring?
Refer to the Lincolnville School District bus data.a. Referring to the maintenance cost variable, develop a box plot. What are the minimum, first quartile, median, third quartile, and maximum values?
Refer to the Baseball 2018 data that report information on the 30 Major League Baseball teams for the 2018 season.a. In the data set, the year opened is the first year of operation for that stadium.
Refer to the North Valley real estate data recorded on homes sold during the last year. Prepare a report on the selling prices of the homes based on the answers to thefollowing questions.a. Compute
The manager of Information Services at Wilkin Investigations, a private investigation firm, is studying the relationship between the age (in months) of a combination printer, copier, and fax machine
The American Society of PeriAnesthesia Nurses (ASPAN; www.aspan.org) is a national organization serving nurses practicing in ambulatory surgery, preanesthesia, and postanesthesia care. The
The corporate headquarters of Bank.com, an online banking company, is located in downtown Philadelphia. The director of human resources is making a study of the time it takes employees to get to
Listed below are the 30 companies that make up the Dow Jones Industrial Average (DJIA) and the percent change in their stock price between January 1, 2018, and November 22, 2018. Make a boxplot for
The Director of Planning for Devine Dining Inc. wishes to study the relationship between the time of day a customer dined and whether the guest orders dessert. To investigate the relationship, the
Silver Springs Moving and Storage Inc. is studying the relationship between the number of rooms in a move and the number of labor hours required for the move. As part of the analysis, create a
Create a scatter diagram and compute a correlation coefficient. How would you describe the relationship between the values? x-Value y-Value x-Value y-Value 10 11 6. 10 9. 6. 7 2 11 13 11 7 O 57
In a study of the gasoline mileage of model year 2020 automobiles, the mean miles per gallon was 27.5 and the median was 26.8. The smallest value in the study was 12.70 miles per gallon, and the
The box plot shows the undergraduate in-state tuition per credit hour at four-year public colleges.a. Estimate the median.b. Estimate the first and third quartiles.c. Determine the interquartile
The box plot below shows the amount spent for books and supplies per year by students at four-year public colleges.a. Estimate the median amount spent.b. Estimate the first and third quartiles for
Refer to the following diagram.a. What is the graph called?b. Estimate the median, and first and third quartile values.c. Is the distribution positively skewed? Tell how you know.d. Are there any
Listed below are the 2012-2017 Census Bureau estimates of median household income for the 50 states, the District of Columbia, and Puerto Rico. https://www.census.gov/programs-surveys/acs/.Use a
Consider the following chart.a. What is this chart called?b. How many observations are in the study?c. What are the maximum and the minimum values?d. Around what values do the observations tend to
The information below refers to the selling prices ($000) of homes sold in Warren, Pennsylvania, during 2016.Selling Price ($000)
Listed below are the 45 U.S. presidents and their age as they began their terms in office.Use a statistical software package such as Excel or Minitab to help answer the following questions.a.
Refer to the Baseball 2018 data, which report information on the 30 Major League Baseball teams for the 2018 season. Refer to the team salary variable.a. Prepare a report on the team salaries. Be
The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 2000, their
The enrollments of the 13 public universities in the state of Ohio for the 2017–18 academic year are listed below.University Main and Regional Campuses
The first Super Bowl was played in 1967. The cost for a 30-second commercial was $42,000. The cost of a 30-second commercial for Super Bowl 52, which was played on February 4, 2018, in Minneapolis,
All eight companies in the aerospace industry were surveyed as to their return on investment last year. The results are: 10.6%, 12.6%, 14.8%, 18.2%, 12.0%, 14.8%, 12.2%, and 15.6%.Calculate the(a)
The information below shows the cost for a year of college at a public and at a private college in 2008–09 and 2018–19. For the period of time between 2008–09 and 2018–19, what is the annual
In 2011 there were 232.2 million cell phone subscribers in the United States. By 2017 the number of subscribers increased to 265.9 million. What is the geometric mean annual percent increase for the
JetBlue Airways is an American low-cost airline headquartered in New York City. Its main base is John F. Kennedy International Airport. JetBlue’s revenue in 2002 was $635.2 million. By 2017,
The Consumer Price Index is reported monthly by the U.S. Bureau of Labor Statistics. It reports the change in prices for a market basket of goods from one period to another. The index for 2010 was
In 2001, a total of 40,244,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2017, the number increased to 127,277,000. What is the geometric mean
The Loris Healthcare System employs 200 persons on the nursing staff. Fifty are nurse’s aides, 50 are practical nurses, and 100 are registered nurses. Nurse’s aides receive $12 an hour, practical
In June, an investor purchased 300 shares of Oracle (an information technology company) stock at $53 per share. In August, she purchased an additional 400 shares at $42 per share. In November, she
Sally Reynolds sells real estate along the coastal area of Northern California. Below are her total annual commissions between 2008 and 2018. Find the mean, median, and mode of the commissions she
Refer to the Lincolnville School District bus data. Select the variable referring to the number of miles traveled since the last maintenance, and then organize these data into a frequency
Refer to the Baseball 2018 data that report information on the 30 Major League Baseball teams for the 2018 season. Create a frequency distribution for the Team Salary variable and answer the
Refer to the North Valley Real Estate data, which report information on homes sold during the last year. For the variable price, select an appropriate class interval and organize the selling prices
In the United States, the industrial revolution of the early 20th century changed farming by making it more efficient. For example, in 1910 U.S. farms used 24.2 million horses and mules and only
In 2017, the United States exported a total of $420.9 billion worth of products to Canada. The top five categories relative to dollar value, in billions of dollars, were:a. Summarize the table with a
Refer to the following chart:a. What is the name given to this type of chart?b. Suppose that 1,000 graduates will start a new job shortly after graduation. Estimate the number of graduates whose
According to PMQ Pizza Magazine (https://www.pizzatoday.com/pizzeriarankings/ 2018-top-100-pizza companies/), an estimate of pizza sales in the United States for the top 100 pizza companies was
Many companies rely on sales representatives to prospect for potential customers. To connect and speak with a potential customer, representatives often make multiple telephone calls. A sales group at
A set of data consists of 38 observations. How many classes would you recommend for the frequency distribution?
Refer to the Baseball 2018 data, which report information on the 30 Major League Baseball teams for the 2018 season. Consider the following variables: number of wins, payroll, season attendance,
Mark Lines is an online portal (www.marklines.com) that reports automotive industry data. The table below shows the number of cars sold in the United States from January to November in 2017 and 2018.
AVX Home Entertainment Inc recently began a “no-hassles” return policy. A sample of 500 customers who recently returned items showed 400 thought the policy was fair, 32 thought it took too long
Explain the difference between a discrete and a continuous variable. Give an example of each not included in the text.

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