Question: In 2018, the Simple Dollar website reported

> Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Provide the five-number summary for the data.

> 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 marke

> A sample of 10 NCAA college basketball game scores provided the following data. a. Compute the mean and standard deviation for the points scored by the winning teams. b. Assume that the points scored by the winning teams for all NCAA games follow a bel

> 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

> The Graduate Management Admission Test (GMAT) is astandardized exam used by many universities as part of the assessment for admission to graduate study in business. The average GMAT score is 547 (Magoosh website). Assume that GMAT scores are bell-shaped

> 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

> The results of a national survey showed that on average, adults sleep 6.9 hours per night. Suppose that the standard deviation is 1.2 hours. a. Use Chebyshev’s theorem to calculate the percentage of individuals who sleep between 4.5 and 9.3 hours. b. Use

> Scores turned in by an amateur golfer at the Bonita Fairways Golf Course in Bonita Springs, Florida, during 2017 and 2018 are as follows: a. Use the mean and standard deviation to evaluate the golfer’s performance over the two-year pe

> Many airlines use surveys to collect data on customer satisfaction related to flight experiences. Completing a flight, customers receive an email asking them to rate a variety of factors, including the reservation process, the check-in process, luggage p

> 100 companies that spend the most on advertising. Consumer-goods company Procter & Gamble has often topped the list, spending billions of dollars annually. Consider the data found in the file Advertising. It contains annual advertising expenditures for a

> 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

> The following table displays round-trip flight prices from 14 major U.S. cities to Atlanta and Salt Lake City. a. Compute the mean price for a round-trip flight into Atlanta and the mean price for a round-trip flight into Salt Lake City. Is Atlanta les

> Data collected by the Oil Price Information Service from more than 90,000 gasoline and convenience stores throughout the U.S. showed that the average price for a gallon of unleaded gasoline was $3.28 (MSN Auto website). The following data show the price

> Consider a sample with data values of 27, 25, 20, 15, 30, 34, 28, and 25. Compute the range, interquartile range, variance, and standard deviation.

> Suppose that at the beginning of Year 1 you invested $10,000 in the Stivers mutual fund and $5000 in the Trippi mutual fund. The value of each investment at the end of each subsequent year is provided in the table below. Which mutual fund performed bette

> The following table shows the total return and the number of funds for four categories of mutual funds. a. Using the number of funds as weights, compute the weighted average total return for these mutual funds. b. Is there any difficulty associated wit

> 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 unemplo

> A random sample of 30 colleges from Kiplinger’s list of the best values in private college provided the data shown in the file BestPrivateColleges (Kiplinger website). The variable named Admit Rate (%) shows the percentage of students that applied to the

> The Russell 1000 is a stock market index consisting of the largest U.S. companies. The Dow Jones Industrial Average is based on 30 large companies. The file Russell gives the annual percentage returns for each of these stock indexes for the years 1988 to

> Nielsen Media Research tracks the top-rated television shows. The following data show the television network that produced each of the 25 top-rated shows in the history of television. a. Construct a frequency distribution, percent frequency distributio

> Over the past 40 years, the percentage of homes in the United States with smoke detectors has risen steadily and has plateaued at about 96% as of 2015 (National Fire Protection Association website). With this increase in the use of home smoke detectors,

> A department of transportation’s study on driving speed and miles per gallon for midsize automobiles resulted in the following data: Compute and interpret the sample correlation coefficient.

> 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

> Five observations taken for two variables follow. a. Develop a scatter diagram for these data. b. What does the scatter diagram indicate about a relationship between x and y? c. Compute and interpret the sample covariance. d. Compute and interpret the

> Five observations taken for two variables follow. a. Develop a scatter diagram with x on the horizontal axis. b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? c. Compute and interpret the

> The Bureau of Transportation Statistics keeps track of all border crossings through ports of entry along the U.S.-Canadian and U.S.-Mexican borders. The data contained in the file BorderCrossings show the most recently published figures for the number of

> Fortune magazine’s list of the world’s most admired companies for 2014 is provided in the data contained in the file AdmiredCompanies (Fortune magazine website). The data in the column labeled “Return” shows the one- year total return (%) for the top ran

> Consumer Reports provides overall customer satisfaction scores for AT&T, Sprint, T-Mobile, and Verizon cell-phone services in major metropolitan areas throughout the United States. The rating for each service reflects the overall customer satisfactio

> Annual sales, in millions of dollars, for 21 pharmaceutical companies follow. a. Provide a five-number summary. b. Compute the lower and upper limits. c. Do the data contain any outliers? d. Johnson & Johnson’s sales are the large

> Naples, Florida, hosts a half-marathon (13.1-mile race) in January each year. The event attracts top runners from throughout the United States as well as from around the world. In the race results shown below 22 men and 31 women entered the 19â&#12

> In alphabetical order, the six most common last names in the United States in 2018 are Brown, Garcia, Johnson, Jones, Smith, and Williams (United States Census Bureau website). Assume that a sample of 50 individuals with one of these last names provided

> 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, media

> Show the five-number summary and the boxplot for the following data: 5, 15, 18, 10, 8, 12, 16, 10, 6.

> 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 a

> Each year America.EDU ranks the best paying college degrees in America. The following data show the median starting salary, the mid-career salary, and the percentage increase from starting salary to mid- career salary for the 20 college degrees with the

> The file EngineeringSalary contains the median starting salary and median mid-career salary (measured 10 years after graduation) for graduates from 19 engineering schools (The Wall Street Journal). Develop a stem-and-leaf display for both the median star

> The following data show the year to date percent change (YTD % Change) for 30 stock-market indexes from around the world (The Wall Street Journal). a. What index has the largest positive YTD % Change? b. Using a class width of 5 beginning with â&

> The Northwest regional manager of an outdoor equipment retailer conducted a study to determine how managers at three store locations are using their time. A summary of the results are shown in the following table. a. Create a stacked bar chart with sto

> Consider the following survey results that show smartphone ownership by age. a. Construct a stacked bar chart to display the above survey data on type of mobile phone ownership. Use age category as the variable on the horizontal axis. b. Comment on the

> 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?

> 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%

> Motorola used the normal distribution to determine the probability of defects and the number of defects expected in a production process. Assume a production process produces items with a mean weight of 10 ounces. Calculate the probability of a defect an

> People often wait until middle age to worry about having a healthy heart. However, many studies have shown that earlier monitoring of risk factors such as blood pressure can be very beneficial (The Wall Street Journal). Having higher than normal blood pr

> The NCAA estimates that the yearly value of a full athletic scholarship at in-state public universities is $19,000. Assume the scholarship value is normally distributed with a standard deviation of $2100. a. For the 10% of athletic scholarships of least

> A business executive, transferred from Chicago to Atlanta, needs to sell her house in Chicago quickly. The executive’s employer has offered to buy the house for $210,000, but the offer expires at the end of the week. The executive does not currently have

> 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 ta

> Undeliverable Mail Pieces. 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

> 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

> Lori Jeffrey is a successful sales representative for a major publisher of college textbooks. Historically, Lori obtains a book adoption on 25% of her sales calls. Viewing her sales calls for one month as a sample of all possible sales calls, assume that

> Reuters reports that 15 percent of Australians smoke. By introducing tough laws banning brand labels on cigarette packages, Australia hopes to ultimately reduce the percentage of people smoking to 10%. Answer the following questions based on a sample of

> Three firms carry inventories that differ in size. Firm A’s inventory contains 2000 items, firm B’s inventory contains 5000 items, and firm C’s inventory contains 10,000 items. The population standard deviation for the cost of the items in each firm’s in

> After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175. Assume the population standard deviation is $7400. Suppose that a random sample of 60 USC students will be taken from this population

> The file Snow contains temperature and snowfall data for 51 major U.S. cities over 30 years. For example, the average low temperature for Columbus, Ohio, is 44 degrees and the average annual snowfall is 27.5 inches. a. Construct a scatter diagram with th

> Table 1.7 shows data for eight phones (Consumer Reports). The Overall Score, a measure of the overall quality for the phone, ranges from 0 to 100. Voice Quality has possible ratings of poor, fair, good, very good, and excellent. Talk Time is the manufact

> 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 depa

> Foot Locker uses sales per square foot as a measure of store productivity. Sales are currently running at an annual rate of $406 per square foot. You have been asked by management to conduct a study of a sample of 64 Foot Locker stores. Assume the standa

> Data made available through the Petersen-Kaiser Health System Tracker in May 2018 showed health expenditures were $10,348 per person in the United States. Use $10,348 as the population mean and suppose a survey research firm will take a sample of 100 peo

> Jack Lawler, a financial analyst, wants to prepare an article on the Shadow Stock portfolio developed by the American Association of Individual Investors (AAII). A list of the 30 companies in the Shadow Stock portfolio is contained in the file ShadowStoc

> The time (in minutes) between telephone calls at an insurance claims office has the following exponential probability distribution. a. What is the mean time between telephone calls? b. What is the probability of having 30 seconds or less between telephon

> Do you dislike waiting in line? Supermarket chain Kroger has used computer simulation and information technology to reduce the average waiting time for customers at 2300 stores. Using a new system called Que- Vision, which allows Kroger to better predict

> 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

> The Car Repair Ratings website provides consumer reviews and ratings for garages in the United States and Canada. The time customers wait for service to be completed is one of the categories rated. The following table provides a summary of the wait-time

> Mahoney Custom Home Builders, Inc. of Canyon Lake, Texas, asked visitors to their website what is most important when choosing a home builder. Possible responses were quality, price, customer referral, years in business, and special features. Results sho

> The U.S. Coast Guard (USCG) provides a wide variety of information on boating accidents including the wind condition at the time of the accident. The following table shows the results obtained for 4401 accidents (USCG website, http://www.uscgboating.org/

> Entrepreneur magazine ranks franchises using performance measures such as growth rate, number of locations, startup costs, and financial stability. The number of locations for 20 U.S. franchises follows (The World Almanac). Use classes 0â€&#

> Many companies use a quality control technique called acceptance sampling to monitor incoming shipments of parts, raw materials, and so on. In the electronics industry, component parts are commonly shipped from suppliers in large lots. Inspection of a sa

> 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

> A Pew Research Survey asked adults in the United States which technologies would be “very hard” to give up. The following responses were obtained: Internet 53%, smartphone 49%, email 36%, and land-line phone 28% (USA Today website). a. If 20 adult Intern

> The Knowles/Armitage (KA) group at Merrill Lynch advises clients on how to create a diversified investment portfolio. One of the investment alternatives they make available to clients is the All World Fund composed of global stocks with good dividend yie

> Bookstore Customer Purchases. A bookstore at the Hartsfield-Jackson Airport in Atlanta sells reading materials (paper-back books, newspapers, magazines) as well as snacks (peanuts, pretzels, candy, etc.). A point-of-sale terminal collects a variety of in

> The budgeting process for a midwestern college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2, .25, .05

> A study by Forbes indicated that the five most common words appearing in spam emails are shipping!, today!, here!, available, and fingertips!. Many spam filters separate spam from ham (email not considered to be spam) through application of Bayes’ the

> An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil)= .50 P(medium-quality oil)= .20 P(no oil)= .30 a. What is the probability of finding oil? b. After

> 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 un

> A company studied the number of lost-time accidents occurring at its Brownsville, Texas, plant. Historical records show that 6% of the employees suffered losttime accidents last year. Management believes that a special safety program will reduce such acc

> University endowments are financial assets that are donated by supporters to be used to provide income to universities. There is a large discrepancy in the size of university endowments. The following table provides a listing of many of the universities

> Consider a multiple-choice examination with 50 questions. Each question has four possible answers. Assume that a student who has done the homework and attended lectures has probability .75 of answering any question correctly. a. A student must answer 43

> According to the National Association of Colleges and Employers, the 2015 mean starting salary for new college graduates in health sciences was $51,541. The mean 2015 starting salary for new college graduates in business was $53,901 (National Association

> The Pew Internet & American Life project conducted a survey that included several questions about how Internet users feel about search engines and other websites collecting information about them and using this information either to shape search resu

> Refer again to the data from the MBA new-matriculants survey in exercise 52. a. Given that a person applied to more than one school, what is the probability that the person is 24–26 years old? b. Given that a person is in the 36-and-over age group, what

> The website for the Bed and Breakfast Inns of North America gets approximately seven visitors per minute. Suppose the number of website visitors per minute follows a Poisson probability distribution. a. What is the mean time between visits to the website

> The U.S. Census Bureau serves as the leading source of quantitative data about the nation’s people and economy. The following crosstabulation shows the number of households (1000s) and the household income by the highest level of educat

> A blackjack player at a Las Vegas casino learned that the house will provide a free room if play is for four hours at an average bet of $50. The player’s strategy provides a probability of .49 of winning on any one hand, and the player knows that there a

> A study of 31,000 hospital admissions in New York State found that 4% of the admissions led to treatment-caused injuries. One-seventh of these treatment-caused injuries resulted in death, and one-fourth were caused by negligence. Malpractice claims were

> Assume that the test scores from a college admissions test are normally distributed, with a mean of 450 and a standard deviation of 100. a. What percentage of the people taking the test score between 400 and 500? b. Suppose someone receives a score of 63

> A financial manager made two new investments— one in the oil industry and one in municipal bonds. After a one-year period, each of the investments will be classified as either successful or unsuccessful. Consider the making of the two investments as a ra

> The London School of Economics and the Harvard Business School have conducted studies of how chief executive officers (CEOs) spend their time. These studies have found that CEOs spend many hours per week in meetings that include conference calls, busines

> A USA Today survey of adults aged 18 and older conducted by Princess Cruises asked how many days into your vacation does it take until you feel truly relaxed. The responses were as follows: 422—a day or less; 181—2 days; 80—3 days; 121—4 or more days; an

> The XO Group Inc. conducted a 2015 survey of 13,000 brides and grooms married in the United States and found that the average cost of a wedding is $29,858 (XO Group website). Assume that the cost of a wedding is normally distributed with a mean of $29,85

> An MBA new-matriculants survey provided the following data for 2018 students. a. For a randomly selected MBA student, prepare a joint probability table for the experiment consisting of observing the student’s age and whether the stude

> A survey to determine viewer response to a new television show obtained the following data. a. What is the probability that a randomly selected viewer will rate the new show as average or better? b. What is the probability that a randomly selected view

> A machine fills containers with a particular product. The standard deviation of filling weights is known from past data to be .6 ounce. If only 2% of the containers hold less than 18 ounces, what is the mean filling weight for the machine? That is, what

> Below are the results of a survey of 1364 individuals who were asked if they use a. What is the probability a respondent is female? b. What is the conditional probability a respondent uses social media and other websites to voice opinions about televisi

> Ward Doering Auto Sales is considering offering a special service contract that will cover the total cost of any service work required on leased vehicles. From experience, the company manager estimates that yearly service costs are approximately normally

> 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.

> A deck of playing cards contains 52 cards, four of which are aces. What is the probability that the deal of a five-card poker hand provides a. A pair of aces? b. Exactly one ace? c. No aces? d. At least one ace?

> Customer arrivals at a bank are random and independent; the probability of an arrival in any one-minute period is the same as the probability of an arrival in any other one-minute period. Answer the following questions, assuming a mean arrival rate of th

> Busiest North American Airports. Based on the total passenger traffic, the airports in the following list are the 20 busiest airports in North America in 2018 (The World Almanac). a. Which is busiest airport in terms of total passenger traffic? Which i

> A regional director responsible for business development in the state of Pennsylvania is concerned about the number of small business failures. If the mean number of small business failures per month is 10, what is the probability that exactly 4 small bu

> A new automated production process averages 1.5 breakdowns per day. Because of the cost associated with a breakdown, management is concerned about the possibility of having three or more breakdowns during a day. Assume that breakdowns occur randomly, tha