Questions from Business Statistics

Q: An investor wants to select one of seven mutual funds for the

An investor wants to select one of seven mutual funds for the coming year. Data showing the percentage annual return for each fund during five typical one-year periods are shown here. The assumption i...

Q: A simple random sample of 40 items resulted in a sample mean

A simple random sample of 40 items resulted in a sample mean of 25. The population standard deviation is σ = 5. a. What is the standard error of the mean, σx? b. At 95% confidence, what is the margi...

Q: A simple random sample of 50 items from a population with σ

A simple random sample of 50 items from a population with σ = 6 resulted in a sample mean of 32. a. Provide a 90% confidence interval for the population mean. b. Provide a 95% confidence interval fo...

Q: A simple random sample of 60 items resulted in a sample mean

A simple random sample of 60 items resulted in a sample mean of 80. The population standard deviation is σ = 15. a. Compute the 95% confidence interval for the population mean. b. Assume that the sa...

Q: Because of high production-changeover time and costs, a director

Because of high production-changeover time and costs, a director of manufacturing must convince management that a proposed manufacturing method reduces costs before the new method can be implemented....

Q: The manager of an automobile dealership is considering a new bonus plan

The manager of an automobile dealership is considering a new bonus plan designed to increase sales volume. Currently, the mean sales volume is 14 automobiles per month. The manager wants to conduct a...

Q: Data were collected on the amount spent by 64 customers for lunch

Data were collected on the amount spent by 64 customers for lunch at a major Houston restaurant. These data are contained in the file Houston. Based upon past studies the population standard deviation...

Q: In an attempt to assess total daily travel taxes in various cities

In an attempt to assess total daily travel taxes in various cities, the Global Business Travel Association conducted a study of daily travel taxes on lodging, rental car, and meals. The data contained...

Q: Money reports that the average annual cost of the first year of

Money reports that the average annual cost of the first year of owning and caring for a large dog in 2017 is $1448. The Irish Red and White Setter Association of America has requested a study to estim...

Q: Studies show that massage therapy has a variety of health benefits and

Studies show that massage therapy has a variety of health benefits and it is not too expensive. A sample of 10 typical one-hour massage therapy sessions showed an average charge of $59. The population...