Questions from Business Statistics

Q: At a medical clinic, patient office visits are found to last

At a medical clinic, patient office visits are found to last a mean time of 17 min, with a standard deviation of 10 min. Assume that the probability distribution of time is independent from one patien...

Q: Yourrestaurantwillserve50dinnergroupstonight.Assume that the mean check size of dinner groups in

Yourrestaurantwillserve50dinnergroupstonight.Assume that the mean check size of dinner groups in general is $60, the standard deviation is $40, and the distribution is slightly skewed with a longer ta...

Q: You have a factory with 40 production machines that are essentially identical

You have a factory with 40 production machines that are essentially identical, each producing a tame an daily rate of100productswithastandarddeviationof15.Youmay assume that they produce independently...

Q: Consider the profits as a percent of revenue for a group of

Consider the profits as a percent of revenue for a group of companies involved in petroleum and/or mining, as shown in Table 8.6.2. a. Construct a sampling frame, viewing this list as a population of...

Q: How much money would you make if there were no costs of

How much money would you make if there were no costs of extraction? Would this be enough to retire?

Q: Consider the percent change in revenues for the five largest soap and

Consider the percent change in revenues for the five largest soap and cosmetics firms as shown in Table 8.6.3. View this list as a (very small!) population with just N = 5 units. Consider drawing samp...

Q: Economists often make forecasts of future conditions. Consider the US unemployment

Economists often make forecasts of future conditions. Consider the US unemployment rate for June 2015 as predicted in October 2014 as part of a survey of economists, as shown in Table 8.6.4. a. Find t...

Q: Here is a list of the dollar amounts of recent billings:

Here is a list of the dollar amounts of recent billings: $994, $307, $533, $443, $646, $148, $307, $524, $71, $973, $710, $342, $494 a. Find the average sale. What does this number represent? b. Find...

Q: A poll involved interviews with 1,487 people and found that

A poll involved interviews with 1,487 people and found that 42.3% of those interviewed were in favor of the candidate in question. The election will be held in 3 weeks. a. Approximately what percentag...

Q: Theaccountsofafirmhavebeenclassifiedinto56large accounts, 956 medium-sized accounts, and 16,

Theaccountsofafirmhavebeenclassifiedinto56large accounts, 956 medium-sized accounts, and 16,246 small accounts. Each account has a book value (which is provided to you) representing the amount of mone...