If an asset declines in value from $5000 to $3500 over nine years, what is the mean annual growth rate in the asset’s value over these nine years?
> Three students scheduled interviews for summer employment at the Brookwood Institute. In each case the interview results in either an offer for a position or no offer. Experimental outcomes are defined in terms of the results of the three interviews. a.
> The demand for a product of Carolina Industries varies greatly from month to month. The probability distribution in the following table, based on the past two years of data, shows the company’s monthly demand. a. If the company bases
> Consider the experiment of a worker assembling a product. a. Define a random variable that represents the time in minutes required to assemble the product. b. What values may the random variable assume? c. Is the random variable discrete or continuous?
> Establishing Patient Trust. A psychologist determined that the number of sessions required to obtain the trust of a new patient is either 1, 2, or 3. Let x be a random variable indicating the number of sessions required to gain the patientâ€&#
> 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 technician services mailing machines at companies in the Phoenix area. Depending on the type of malfunction, the service call can take 1, 2, 3, or 4 hours. The different types of malfunctions occur at about the same frequency. a. Develop a probability
> The following data are for 30 observations involving two categorical variables, x and y. The categories for x are A, B, and C; the categories for y are 1 and 2. a. Develop a crosstabulation for the data, with x as the row variable and y as the column v
> Consider the experiment of tossing a coin twice. a. List the experimental outcomes. b. Define a random variable that represents the number of heads occurring on the two tosses. c. Show what value the random variable would assume for each of the experimen
> Simple random sampling uses a sample of size n from a population of size N to obtain data that can be used to make inferences about the characteristics of a population. Suppose that, from a population of 50 bank accounts, we want to take a random sample
> A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment: P(E1) = .10, P(E2) = .15, P(E3) = .40, and P(E4) = .20. Are these probability assignments valid? Explain.
> An experiment with three outcomes has been repeated 50 times, and it was learned that E1 occurred 20 times, E2 occurred 13 times, and E3 occurred 17 times. Assign probabilities to the outcomes. What method did you use?
> Suppose an experiment has five equally likely outcomes: E1, E2, E3, E4, E5. Assign probabilities to each outcome and show that the requirements in equations (4.3) and (4.4) are satisfied. What method did you use?
> A local bank reviewed its credit card policy with the intention of recalling some of its credit cards. In the past approximately 5% of cardholders defaulted, leaving the bank unable to collect the outstanding balance. Hence, management established a prio
> A consulting firm submitted a bid for a large research project. The firm’s management initially felt they had a 50–50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the b
> Consider the experiment of tossing a coin three times. a. Develop a tree diagram for the experiment. b. List the experimental outcomes. c. What is the probability for each experimental outcome?
> The prior probabilities for events A1 and A2 are P(A1) = .40 and P(A2) = .60. It is also known that P(A1 ∩ A2) = 0. Suppose P(B ∣ A1) = .20 and P(B ∣ A2) = .05. a. Are A1 and A2 mutually exclusive? Explain. b. Compute P(A1 ∩ B) and P(A2 ∩ B). c. Compute
> Assume that we have two events, A and B, that are mutually exclusive. Assume further that we know P(A) = .30 and P(B) = .40. a. What is P(A ∩ B)? b. What is P(A ∣ B)? c. A student in statistics argues that the concepts of mutually exclusive events and in
> The Flying Pig is a marathon (26.2 mile long) running race held every year in Cincinnati, Ohio. Suppose that the following data show the ages for a sample of 40 marathon runners. a. Construct a stretched stem-and-leaf display. b. Which age group had th
> Suppose that we have two events, A and B, with P(A) = .50, P(B) = .60, and P(A ∩ B) = .40. a. Find P(A ∣ B). b. Find P(B ∣ A). c. Are A and B independent? Why or why not?
> How many permutations of three items can be selected from a group of six? Use the letters A, B, C, D, E, and F to identify the items, and list each of the permutations of items B, D, and F.
> Survey on Car Rentals. A survey of magazine subscribers showed that 45.8% rented a car during the past 12 months for business reasons, 54% rented a car during the past 12 months for personal reasons, and 30% rented a car during the past 12 months for bot
> 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 ra
> Clarkson University surveyed alumni to learn more about what they think of Clarkson. One part of the survey asked respondents to indicate whether their overall experience at Clarkson fell short of expectations, met expectations, or surpassed expectations
> How many ways can three items be selected from a group of six items? Use the letters A, B, C, D, E, and F to identify the items, and list each of the different combinations of three items.
> Refer to the KP&L sample points and sample point probabilities in Tables 4.2 and 4.3. a. The design stage (stage 1) will run over budget if it takes 4 months to complete. List the sample points in the event the design stage is over budget. b. What is
> An experiment has four equally likely outcomes: E1, E2, E3, and E4. a. What is the probability that E2 occurs? b. What is the probability that any two of the outcomes occur (e.g., E1 or E3)? c. What is the probability that any three of the outcomes occur
> The Powerball lottery is played twice each week in 44 states, the District of Columbia, and the Virgin Islands. To play Powerball, a participant must purchase a $2 ticket, select five numbers from the digits 1 through 69, and then select a Powerball numb
> An experiment has three steps with three outcomes possible for the first step, two outcomes possible for the second step, and four outcomes possible for the third step. How many experimental outcomes exist for the entire experiment?
> Consumer Reports evaluates products for consumers. The file CompactSUV contains the data shown in Table 1.8 for 15 compact sports utility vehicles (SUVs) from the 2018 model line (Consumer Reports website): Make—manufacturer Modelâ
> Which companies spend the most money on advertising? Business Insider maintains a list of the top-spending companies. In 2014, Procter & Gamble spent more than any other company, a whopping $5 billion. In second place was Comcast, which spent $3.08 b
> 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
> Consider a sample with data values of 53, 55, 70, 58, 64, 57, 53, 69, 57, 68, and 53. Compute the mean, median, and mode.
> A data set has a first quartile of 42 and a third quartile of 50. Compute the lower and upper limits for the corresponding boxplot. Should a data value of 65 be considered an outlier?
> Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Compute the 20th, 25th, 65th, and 75th percentiles.
> Show the boxplot for the data in exercise 46. Data from exercise 46: Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Provide the five-number summary for the data.
> Consider the following data. What is the mean growth rate over these five periods?
> Suppose the data have a bell-shaped distribution with a mean of 30 and a standard deviation of 5. Use the empirical rule to determine the percentage of data within each of the following ranges: a. 20 to 40 b. 15 to 45 c. 25 to 35
> Consider a sample with a mean of 30 and a standard deviation of 5. Use Chebyshev’s theorem to determine the percentage of the data within each of the following ranges: a. 20 to 40 b. 15 to 45 c. 22 to 38 d. 18 to 42 e. 12 to 48
> Consider a sample with a mean of 500 and a standard deviation of 100. What are the z-scores for the following data values: 520, 650, 500, 450, and 280?
> A sample of midterm grades for five students showed the following results: 72, 65, 82, 90, 76. Which of the following statements are correct, and which should be challenged as being too generalized? a. The average midterm grade for the sample of five stu
> Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for additional storage. Suppose that the mean price for a customized wooden, shingled backyard structure is $3100. Assume that the standar
> Consider the following data and corresponding weights. a. Compute the weighted mean. b. Compute the sample mean of the four data values without weighting. Note the difference in the results provided by the two computations.
> The current value of a company is $25 million. If the value of the company six year ago was $10 million, what is the company’s mean annual growth rate over the past six years?
> A study on driving speed (miles per hour) and fuel efficiency (miles per gallon) for midsize automobiles resulted in the following data: a. Construct a scatter diagram with driving speed on the horizontal axis and fuel efficiency on the vertical axis.
> The following crosstabulation summarizes the data for two categorical variables, x and y. The variable x can take on values low, medium, or high and the variable y can take on values yes or no. a. Compute the row percentages. b. Construct a stacked per
> Consider the following data on two categorical variables. The first variable, x, can take on values A, B, C, or D. The second variable, y, can take on values I or II. The following table gives the frequency with which each combination occurs. a. Constr
> The following 20 observations are for two quantitative variables, x and y. a. Develop a scatter diagram for the relationship between x and y. b. What is the relationship, if any, between x and y?
> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the z-score for each of the five observations.
> The following times were recorded by the quarter- mile and mile runners of a university track team (times are in minutes). After viewing this sample of running times, one of the coaches commented that the quarter-milers turned in the more consistent ti
> Pew Research Center is a nonpartisan polling organization that provides information about issues, attitudes, and trends shaping America. In a poll, Pew researchers found that 73% of teens aged 13–17 have a smartphone, 15% have a basic phone and 12% ha
> Consider a sample with data values of 10, 20, 21, 17, 16, and 12. Compute the mean and median.
> 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
> The following data were used to construct the histograms of the number of days required to fill orders for Dawson Supply, Inc., and J.C. Clark Distributors Use the range and standard deviation to support the previous observation that Dawson Supply prov
> The Los Angeles Times regularly reports the air quality index for various areas of Southern California. A sample of air quality index values for Pomona provided the following data: 28, 42, 58, 48, 45, 55, 60, 49, and 50. a. Compute the range and interqua
> Annual revenue for Corning Supplies grew by 5.5% in 2014, 1.1% in 2015, −3.5% in 2016, −1.1% in 2017, and 1.8% in 2018. What is the mean growth annual rate over this period?
> Based on a survey of master’s programs in business administration, magazines such as U.S. News & World Report rank U.S. business schools. These types of rankings are based in part on surveys of business school deans and corporate re
> The grade point average for college students is based on a weighted mean computation. For most colleges, the grades are given the following data values: A (4), B (3), C (2), D (1), and F (0). After 60 credit hours of course work, a student at State Unive
> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the mean and median.
> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the variance and standard deviation.
> Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the range and interquartile range.
> A survey conducted by Better Homes and Gardens Real Estate LLC showed that one in five U.S. homeowners has either moved from their home or would like to move because their neighborhood or community isn’t ideal for their lifestyle (Better Homes and Garden
> Construct a stem-and-leaf display for the following data. Use a leaf unit of 10.
> Construct a stem-and-leaf display for the following data.
> Construct a histogram for the data in exercise 12. Data from exercise 12:
> Consider the following data. a. Develop a frequency distribution using classes of 12–14, 15–17, 18–20, 21–23, and 24–26. b. Develop a relative frequency distribut
> A random telephone survey of 1021 adults (aged 18 and older) was conducted by Opinion Research Corporation on behalf of CompleteTax, an online tax preparation and e-filing service. The survey results showed that 684 of those surveyed planned to file thei
> A manager of a large corporation recommends a $10,000 raise be given to keep a valued subordinate from moving to another company. What internal and external sources of data might be used to decide whether such a salary increase is appropriate?
> Skechers U.S.A., Inc., is a performance footwear company headquartered in Manhattan Beach, California. The sales revenue for Skechers over a four-year period are as follows: Are these cross-sectional or time-series data? b. Construct a bar graph similar
> Jewelry Sales. The U.S. Census Bureau tracks sales per month for various products and services through its Monthly Retail Trade Survey. Figure 1.9 shows monthly jewelry sales in millions of dollars for 2016. a. Are the data quantitative or categorical?
> Consider the following data. a. Construct a dot plot. b. Construct a frequency distribution. c. Construct a percent frequency distribution.
> Figure 1.8 provides a bar chart showing the annual advertising revenue for Facebook from 2010 to 2017 (Facebook Annual Reports). a. What is the variable of interest? b. Are the data categorical or quantitative? c. Are the data time series or cross-sect
> A seven-year medical research study reported that women whose mothers took the drug diethylstilbestrol (DES) during pregnancy were twice as likely to develop tissue abnormalities that might lead to cancer as were women whose mothers did not take the drug
> Consider the following frequency distribution. Construct a cumulative frequency distribution and a cumulative relative frequency distribution.
> A Gallup Poll utilizing a random sample of 1,503 adults ages 18 or older was conducted in April 2018. The survey indicated a majority of Americans (53%) say driverless cars will be common in the next 10 years (Gallup, https://news.gallup.com/poll/234152/
> The response to a question has three alternatives: A, B, and C. A sample of 120 responses provides 60 A, 24 B, and 36 C. Show the frequency and relative frequency distributions.
> Based on data from the U.S. Census Bureau, a Pew Research study showed that the percentage of employed individuals ages 25–29 who are college educated is at an all-time high. The study showed that the percentage of employed individuals aged 25–29 with at
> The Tennessean, an online newspaper located in Nashville, Tennessee, conducts a daily poll to obtain reader opinions on a variety of current issues. In a recent poll, 762 readers responded to the following question: “If a constitutional amendment to ban
> Assume that we want to identify a simple random sample of 12 of the 372 doctors practicing in a particular city. The doctors’ names are available from a local medical organization. Use the eighth column of five-digit random numbers in T
> 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 samplin
> 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
> 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 that
> 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 t
> A survey of 131 investment managers in Barron’s Big Money poll revealed the following: ●● 43% of managers classified themselves as bullish or very bullish on the stock market. ●● The average expected return over the next 12 months for equities was 11.2%.
> Tablet PC Comparison provides a wide variety of information about tablet computers. The company’s website enables consumers to easily compare different tablets using factors such as cost, type of operating system, display size, battery
> A sample of size 100,000 is selected from a population with p 5 .75. a. What is the expected value of /? b. What is the standard error of /? c. Show the sampling distribution of /. d. What does the sampling distribution of / show?
> Assume the population standard deviation is σ=25. Compute the standard error of the mean, , 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 s
> 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 / will be used to estimate the population mean. a. What is the expected value of /? b. What is the standard deviation of /? c. Sho
> The Food Marketing Institute shows that 17% of households spend more than $100 per week on groceries. Assume the population proportion is p = .17 and a sample of 800 households will be selected from the population. a. Show the sampling distribution of ,
> The Grocery Manufacturers of America reported that 76% of consumers read the ingredients listed on a product’s label. Assume the population proportion is p = .76 and a sample of 400 consumers is selected from the population. a. Show the sampling distribu
> 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
> 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 t
> The Wall Street Journal reported that the age at first startup for 55% of entrepreneurs was 29 years of age or less and the age at first startup for 45% of entrepreneurs was 30 years of age or more. a. Suppose a sample of 200 entrepreneurs will be taken
> The president of Doerman Distributors, Inc., believes that 30% of the firm’s orders come from first-time customers. A random sample of 100 orders will be used to estimate the proportion of first-time customers. a. Assume that the president is correct and
> A Bloomberg Businessweek North American subscriber study collected data from a sample of 2861 subscribers. Fifty-nine percent of the respondents indicated an annual income of $75,000 or more, and 50% reported having an American Express credit card. What
> The population proportion is .30. What is the probability that a sample proportion will be within ±.04 of the population proportion for each of the following sample sizes? a. n = 100 b. n = 200 c. n = 500 d. n = 1000 e. What is the advantage of a larger
> A population proportion is .40. A sample of size 200 will be taken and the sample proportion / will be used to estimate the population proportion. a. What is the probability that the sample proportion will be within ±.03 of the population proportion? b.
> To estimate the mean age for a population of 4000 employees, a simple random sample of 40 employees is selected. a. Would you use the finite population correction factor in calculating the standard error of the mean? Explain. b. If the population standar
> 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 probability that t
> The state of California has a mean annual rainfall of 22 inches, whereas the state of New York has a mean annual rainfall of 42 inches. Assume that the standard deviation for both states is 4 inches. A sample of 30 years of rainfall for California and a
> The Economic Policy Institute periodically issues reports on worker’s wages. The institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviati
