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Statistics For Business & Economics 14th Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran - Solutions
Carl Allen and Norm Nixon are two loan officers at Brea Federal Savings and Loan Bank. The bank manager is interested in comparing the default rate on the loans approved by Carl to the default rate on the loans approved by Norm. In the sample of loans collected, there are 60 loans approved by Carl
Tourism is extremely important to the economy of Florida. Hotel occupancy is an often-reported measure of visitor volume and visitor activity (Orlando Sentinel, https://www.orlandosentinel.com/business/tourism/os-bz-hotel -occupancy-dip-20180522-story.html). Hotel occupancy data for February in two
Minnesota had the highest turnout rate of any state for the 2016 presidential election (United States Election Project website). Political analysts wonder if turnout in rural Minnesota was higher than turnout in the urban areas of the state. A sample shows that 663 of 884 registered voters from
Hotel room pricing changes over time (Lodging Magazine), but is there a difference between Europe hotel prices and U.S. hotel prices? The file IntHotels contains changes in the hotel prices for 47 major European cities and 53 major U.S. cities. a. On the basis of the sample results, can we
The Tippie College of Business obtained the following results on the salaries of a recent graduating class: a. Formulate hypothesis so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics
Consider the following hypothesis test? The following results are for two independent samples taken from the two populations.? a. What is the value of the test statistic?? b. What is the p-value?? c. With ? = .05, what is your hypothesis testing conclusion? Hi H - Hz>0 Sample 1 Sample 2 n, =
According to the U.S. Transportation Security Administration (TSA), 2% of the 771,556,886 travelers who utilized 440 federalized airports in 2017 waited more than 20 minutes in the TSA security line. The file TSAWaitTimes contains waiting times in TSA security lines at a major U.S. airport for a
NDC Technology’s MM710e On-Line Snacks Gauge rapidly measures surface brownness of potato chips just before packaging. This allows for a high degree of control over this important characteristic of a potato chip; chips that are too brown are overfried, and chips that are not sufficiently brown
According to Ericsson’s 2016 ConsumerLab TV & Media report, the average person in the United States spends 23 minutes per day channel surfing. The file ChannelSurfing provides the number of minutes per day looking for something to watch on television for a random sample 8783 people in
According to Inc.com, 79% of job seekers used social media in their job search in 2018. Many believe this number is inflated by the proportion of 22- to 30-year-old job seekers who use social media in their job search. A survey of 22- to 30-year-old job seekers showed that 310 of the 370
According to the National Association of Realtors, it took an average of three weeks to sell a home in 2017. Data for the sale of 40 randomly selected homes sold in Greene County, Ohio, in 2017 showed a sample mean of 3.6 weeks with a sample standard deviation of 2 weeks. Conduct a hypothesis test
SmartAsset reports that the average weekly earnings for workers who have not received a high school diploma is $493 in 2018. Suppose you would like to determine if the average weekly earnings for workers who have received a high school diploma is significantly greater than average weekly earnings
Michigan State University’s Collegiate Employment Research Institute found that starting salary for recipients of bachelor's degrees in business was $50,032 in 2017. The results for a sample of 100 business majors receiving a bachelor’s degree in 2018 showed a mean starting salary of $51,276
On its municipal website, the city of Tulsa states that the rate it charges per 5 CCF of residential water is $21.62. How do the residential water rates of other U.S. public utilities compare to Tulsa's rate? The file ResidentialWater contains the rate per 5 CCF of residential water for 42 randomly
According to the Vivino website, the mean price for a bottle of red wine that scores 4.0 or higher on the Vivino Rating System is $32.48. A New England–based lifestyle magazine wants to determine if red wines of the same quality are less expensive in Providence, and it has collected prices for 56
According to the IRS, taxpayers calling the IRS in 2017 waited 13 minutes on average for an IRS telephone assister to answer. Do callers who use the IRS help line early in the day have a shorter wait? Suppose a sample of 50 callers who placed their calls to the IRS in the first 30 minutes that the
The American Institute of Certified Tax Planners reports that the average U.S. CPA works 60 hours per week during tax season. Do CPAs in states that have flat state income tax rates work fewer hours per week during tax season? Conduct a hypothesis test to determine if this is so. a. Formulate
TextRequest reports that adults 18–24 years old send and receive 128 texts every day. Suppose we take a sample of 25–34-year-olds to see if their mean number of daily texts differs from the mean for 18–24-year-olds reported by TextRequest. a. State the null and alternative hypotheses we
According to the National Beer Wholesalers Association, U.S. consumers 21 years and older consumed 26.9 gallons of beer and cider per person during 2017. A distributor in Milwaukee believes that beer and cider consumption are higher in that city. A sample of consumers 21 years and older in
The Infrastructure Report Card (IRC) reports that of 614,387 U.S. bridges, 9.1% were structurally deficient as of last year. The IRC also reports that more than 1300 California bridges fall under this category. How does California compare to the nation? Consider a random sample of 8749 bridges in
In 2017, 42.54% of the nearly 2.7 million reports taken nationwide by the Federal Trade Commission’s Consumer Sentinel Network dealt with instances of fraud. Consider results of a random sample of 42,296 of the reports taken by the Consumer Sentinel Network from Florida that are provided the file
Huston Systems Private Limited reports that smart traffic signals and signs can measure a passing vehicle’s speed. Consider the speeds of 15,717 vehicles collected as they passed 35 MPH speed limit signs throughout the United States in 2018 that are provided in the file 35MPH. a. What is the
Obesity is a risk factor for many health problems such as type 2 diabetes, high blood pressure, joint problems, and gallstones. Using data collected in 2018 through the National Health and Nutrition Examination Survey, the National Institute of Diabetes and Digestive and Kidney Diseases estimates
Credit card ownership varies across age groups. In 2018, CreditCards.com estimated that the percentage of people who own at least one credit card is 67% in the 18–24 age group, 83% in the 25–34 age group, 76% in the 35–49 age group, and 78% in the 50+ age group. Suppose these estimates are
The Centers for Disease Control and Prevention (CDC) define a healthy sleep duration to be at least seven hours per day. The CDC reports that the percentage of people who report a healthy sleep duration varies by marital status. The CDC also reports that in 2018, 67% of those who are married report
One of the questions Rasmussen Reports included on a 2018 survey of 2.500 likely voters asked if the country is headed in the right direction. Representative data are shown in the file RightDirection. A response of Yes indicates that the respondent does think the country is headed in the right
In the spring of 2017, the Consumer Reports National Research Center conducted a survey of 1007 adults to learn about their major health-care concerns. The survey results showed that 574 of the respondents lack confidence they will be able to afford health insurance in the future. a. What is
At 95% confidence, how large a sample should be taken to obtain a margin of error of .03 for the estimation of a population proportion? Assume that past data are not available for developing a planning value for p*.
ABC News reports that 58% of U.S. drivers admit to speeding. Suppose that a new satellite technology can instantly measure the speed of any vehicle on a U.S. road and determine whether the vehicle is speeding, and this satellite technology was used to take a random sample of 20,000 vehicles at 6
Of the 155 billion mailpieces the U.S. Postal Service (USPS) processed and delivered in 2017, 4.3% were undeliverable as addressed. Suppose that a brief questionnaire about USPS service is attached to each mailpiece in a random sample of 114,250 mailpieces. a. What is the sampling distribution
According to USC Annenberg, the mean time spent by Americans on the Internet in their home per week is 17.6 hours. Assume that the standard deviation for the time spent by Americans on the Internet in their home per week is 5.1 hours. Suppose the Florida Department of State plans to select a random
In 2018, the Simple Dollar website reported that the mean life of 14-watt compact fluorescent lights (CFLs) is 8000 hours. Assume that for this population the standard deviation for CFL life is 480. Suppose the U.S. Department of Energy would like to select a random sample of 35,000 from the
The mean airfare for flights departing from Buffalo Niagara International Airport during the first three months of 2017 was $320.51. Assume the standard deviation for this population of fares is known to be $80. Suppose a random sample of 60 flights departing from Buffalo Niagara International
According to the U.S. Department of Health and Human Services, only 49.2% of homes in the United States used landline telephone service in 2017. a. Suppose a sample of 207,000 U.S. homes will be taken to learn about home telephone usage. Show the sampling distribution of p̅ where p̅ is the
The president of Colossus.com, Inc., believes that 42% of the firm’s orders come from customers who have purchased from Colossus.com in the past. A random sample of 108,700 orders from the past six months will be used to estimate the proportion of orders placed by repeat customers. a. Assume
The New York Times reported that 17.2 million new cars and light trucks were sold in the United States in 2017, and the U.S. Environmental Protection Agency projects the average efficiency for these vehicles to be 25.2 miles per gallon. Assume that the population standard deviation in miles per
The U.S. Bureau of Labor Statistics (BLS) reported that the mean annual number of hours of vacation time earned by blue-collar and service employees who work for small private establishments and have at least 10 years of service is 100. Assume that for this population the standard deviation for the
Assume that the population proportion is .44. Compute the standard error of the proportion, sp, for sample sizes of 500,000; 1,000,000; 5,000,000; 10,000,000; and 100,000,000. What can you say about the size of the standard error of the sample proportion as the sample size is increased?
A sample of size 100,000 is selected from a population with p =.75. a. What is the expected value of p̅? b. What is the standard error of p̅? c. Show the sampling distribution of p̅. d. What does the sampling distribution of p̅ show?
Assume the population standard deviation is σ = 25. Compute the standard error of the mean, σx, for sample sizes of 500,000; 1,000,000; 5,000,000; 10,000,000; and 100,000,000. What can you say about the size of the standard error of the mean as the sample size is increased?
A population has a mean of 400 and a standard deviation of 100. A sample of size 100,000 will be taken, and the sample mean x̅ will be used to estimate the population mean. a. What is the expected value of x̅? b. What is the standard deviation of x̅? c. Show the sampling
In 2016 the Better Business Bureau settled 80% of complaints they received in the United States. Suppose you have been hired by the Better Business Bureau to investigate the complaints they received this year involving new car dealers. You plan to select a sample of new car dealer complaints to
In 2017, the Restaurant Hospitality website reported that only 10% of surplus food is being recovered in the food-service and restaurant sector, leaving approximately 1.5 billion meals per year uneaten. Assume this is the true population proportion and that you plan to take a sample survey of 525
Rocky Mountain National Park is a popular park for outdoor recreation activities in Colorado. According to U.S. National Park Service statistics, 46.7% of visitors to Rocky Mountain National Park in 2018 entered through the Beaver Meadows park entrance, 24.3% of visitors entered through the Fall
greater? Why? 29. Income Tax Return Preparation Fees. The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as the population mean and assume the population standard deviation of preparation fees is $100. a. What is the
In May 2018, The College Board reported the following mean scores for two parts of the Scholastic Aptitude Test (SAT): Evidence-Based Reading and Writing.......533 Mathematics...............527 Assume that the population standard deviation on each part of the test is s = 100. a.
The Pew American Trends Survey includes a series of questions on attitudes toward automation. The May 2018 results showed that 2977 of 4135 respondents are worried about a future in which robots and computers can do many human jobs, 2770 are worried about the development of algorithms that can
According to Wine-Searcher, wine critics generally use a wine-scoring scale to communicate their opinions on the relative quality of wines. Wine scores range from 0 to 100, with a score of 95–100 indicating a great wine, 90–94 indicating an outstanding wine, 85–89 indicating a very good wine,
The mean time between failures (MTBF) is a common metric used to measure the performance of manufacturing systems. MTBF is the elapsed time between failures of a system during normal operations. The failures could be caused by broken machines or computer errors, among other failures. Suppose that
Alexa is the popular virtual assistant developed by Amazon. Alexa interacts with users using artificial intelligence and voice recognition. It can be used to perform daily tasks such as making to-do lists, reporting the news and weather, and interacting with other smart devices in the home. In
One indicator of the level of economic hardship is the number of people who bring items to a pawnbroker. Assume that the number of people bringing items to a pawnshop per day in is normally distributed with a mean of 658. a. Suppose you learn that on 3% of the days, 610 or fewer people brought
Intensive care units (ICUs) generally treat the sickest patients in a hospital. ICUs are often the most expensive department in a hospital because of the specialized equipment and extensive training required to be an ICU doctor or nurse. Therefore, it is important to use ICUs as efficiently as
Battery life between charges for a certain mobile phone is 20 hours when the primary use is talk time, and drops to 7 hours when the phone is primarily used for Internet applications over a cellular network. Assume that the battery life in both cases follows an exponential distribution. a.
Consider the following exponential probability density function.? a. Write the formula for P(x ? x0).? b. Find P(x ? 2).? c. Find P(x ? 3).? d. Find P(x ? 5).? e. Find P(2 ? x ? 5).? -x/3 f(x) = 3 for x20
According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847 (Time.com website). Assume that annual household income in Maryland follows a normal distribution with a median of $75,847 and standard deviation of $33,800. a. What is the
Males in the Netherlands are the tallest, on average, in the world with an average height of 183 centimeters (cm) (BBC News website). Assume that the height of men in the Netherlands is normally distributed with a mean of 183 cm and standard deviation of 10.5 cm. a. What is the probability
The electric-vehicle manufacturing company Tesla estimates that a driver who commutes 50 miles per day in a Model S will require a nightly charge time of around 1 hour and 45 minutes (105 minutes) to recharge the vehicle’s battery (Tesla company website). Assume that the actual recharging time
The random variable x is known to be uniformly distributed between 1.0 and 1.5. a. Show the graph of the probability density function. b. Compute P(x = 1.25). c. Compute P(1.0 ≤ x ≤ 1.25). d. Compute P(1.20 < x < 1.5).
According to U.S. News & World Reports, 7 of the top 10 graduate schools of business have students with an average undergraduate grade point average (GPA) of 3.50 or higher. Suppose that we randomly select 2 of the top 10 graduate schools of business. a. What is the probability that
According to a 2017 Gallup survey, the percentage of individuals in the United States who are invested in the stock market by age is as shown in the following table (Gallup website).? Suppose Gallup wishes to complete a follow-up survey to find out more about the specific type of stocks people in
According to a 2017 survey conducted by the technology market research firm The Radicati Group, U.S. office workers receive an average of 121 emails per day (Entrepreneur magazine website). Assume the number of emails received per hour follows a Poisson distribution and that the average number of
According to a 2017 Wired magazine article, 40% of emails that are received are tracked using software that can tell the email sender when, where, and on what type of device the email was opened (Wired magazine website). Suppose we randomly select 50 received emails. a. What is the expected
Suppose a sample of 20 Americans is selected as part of a study of the state of the nation. The Americans in the sample are asked whether or not they are satisfied with the way things are going in the United States. a. Compute the probability that exactly 4 of the 20 Americans surveyed are
According to a 2018 survey by Bankrate.com, 20% of adults in the United States save nothing for retirement (CNBC website). Suppose that 15 adults in the United States are selected randomly. a. Is the selection of the 15 adults a binomial experiment? Explain.b. What is the probability that all
Consider a binomial experiment with n = 10 and p = .10. a. Compute f(0). b. Compute f(2). c. Compute P(x ≤ 2). d. Compute P(x ≥ 1). e. Compute E(x). f. Compute Var(x) and σ.
New legislation passed in 2017 by the U.S. Congress changed tax laws that affect how many people file their taxes in 2018 and beyond. These tax law changes will likely lead many people to seek tax advice from their accountants (The New York Times). Backen and Hayes LLC is an accounting firm in New
During the summer of 2018, Coldstream Country Club in Cincinnati, Ohio, collected data on 443 rounds of golf played from its white tees. The data for each golfer’s score on the twelfth hole are contained in the DATAfile Coldstream12. a. Construct an empirical discrete probability
Spectrum provides cable television and Internet service to millions of customers. Suppose that the management of Spectrum subjectively assesses a probability distribution for the number of new subscribers next year in the state of New York as follows.? a. Is this probability distribution valid?
Many undergraduate students in the U.S. study abroad as part of their education. Assume that 60% of the undergraduate students who study abroad are female and that 49% of the undergraduate students who do not study abroad are female. a. Given a female undergraduate student, what is the
The National Center for Health Statistics, housed within the U.S. Centers for Disease Control and Prevention (CDC), tracks the number of adults in the United States who have health insurance. According to this agency, the uninsured rates for Americans in 2018 are as follows: 5.1% of those under the
According to a 2018 article in Esquire magazine, approximately 70% of males over age 70 will develop cancerous cells in their prostate. Prostate cancer is second only to skin cancer as the most common form of cancer for males in the United States. One of the most common tests for the detection of
A 2018 Pew Research Center survey found that more Americans believe they could give up their televisions than could give up their cell phones (Pew Research website). Assume that the following table represents the joint probabilities of Americans who could give up their television or cell
Suppose that a particular NBA player makes 93% of his free throws. Assume that late in a basketball game, this player is fouled and is awarded two shots. a. What is the probability that he will make both shots? b. What is the probability that he will make at least one shot? c. What
A 2018 Pew Research Center survey (Pew Research website) examined the use of social media platforms in the United States. The survey found that there is a .68 probability that a randomly selected American will use Facebook and a .25 probability that a randomly selected American will use LinkedIn.
The National Highway Traffic Safety Administration (NHTSA) collects traffic safety-related data for the U.S. Department of Transportation. According to NHTSA?s data, 10,426 fatal collisions in 2016 were the result of collisions with fixed objects (NHTSA website, https://www.careforcrashvictims
Suppose that the following table represents a sample of 944 teenagers? responses to the question, ?When do you think you will become financially independent??? Consider the experiment of randomly selecting a teenager from the population of teenagers aged 14 to 18.? a. Compute the probability of
Code Churn is a common metric used to measure the efficiency and productivity of software engineers and computer programmers. It?s usually measured as the percentage of a programmer?s code that must be edited over a short period of time. Programmers with higher rates of code churn must rewrite code
Smartphones have become ubiquitous for most people and have become the predominant means of communication among people. Consider the following data indicating the number of minutes in a month spent interacting with others via a smartphone for a sample of 50 smartphone users. a. What is the
The file StockComparison contains monthly adjusted stock prices for technology company Apple, Inc., and consumer-goods company Procter & Gamble (P&G) from 2013–2018. a. Develop a scatter diagram with Apple stock price on the horizontal axis and P&G stock price on the vertical
The New York Times reported that Apple has unveiled a new iPad marketed specifically to school districts for use by students (The New York Times website). The 9.7-inch iPads will have faster processors and a cheaper price point in an effort to take market share away from Google Chromebooks in
Each year Money magazine publishes a list of “Best Places to Live in the United States.” These listings are based on affordability, educational performance, convenience, safety, and livability. The list below shows the median household income of Money magazine’s top city in each U.S. state
Suppose that the mean retail price per gallon of regular grade gasoline in the United States is $3.43 with a standard deviation of $.10 and that the retail price per gallon has a bell-shaped distribution. a. What percentage of regular-grade gasoline sold between $3.33 and $3.53 per
According to the 2016 Consumer Expenditure Survey, Americans spend an average of $1124 on cellular phone service annually (U.S. Bureau of Labor Statistics website). Suppose that we wish to determine if there are differences in cellular phone expenditures by age group. Therefore, samples of 10
The movie industry is a competitive business. More than 50 studios produce hundreds of new movies for theater release each year, and the financial success of each movie varies considerably. The opening weekend gross sales ($ millions), the total gross sales ($ millions), the number of theaters the
Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for the different salespeople in the organization for the most recent fiscal year.? a. Compute the mean, variance, and standard deviation for these annual sales values.? b. In the previous
The U.S. Bureau of Labor Statistics collects data on unemployment rates in each state. The data contained in the file UnemploymentRates show the unemployment rate for every state and the District of Columbia over two consecutive years. To compare unemployment rates for the previous year with
The creator of a new online multiplayer survival game has been tracking the monthly downloads of the newest game. The following table shows the monthly downloads (in thousands) for each month of the current and previous year.? a. Compute the mean, median, and mode for number of downloads in the
Nielsen tracks the amount of time that people spend consuming media content across different platforms (digital, audio, television) in the United States. Nielsen has found that traditional television viewing habits vary based on the age of the consumer as an increasing number of people consume
OutdoorGearLab is an organization that tests outdoor gear used for climbing, camping, mountaineering, and backpacking. Suppose that the following data show the ratings of hardshell jackets based on the breathability, durability, versatility, features, mobility, and weight of each jacket. The
There is a severe shortage of critical care doctors and nurses to provide intensive-care services in hospitals. To offset this shortage, many hospitals, such as Emory Hospital in Atlanta, are using electronic intensive-care units (eICUs) to help provide this care to patients (Emory University News
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