Question: We are given the following probability

> A statistics practitioner wants to estimate the mean age of children in his city. Unfortunately, he does not have a complete list of households. Describe a sampling plan that would be suitable for his purposes.

> The operations manager of a large plant with four departments wants to estimate the person-hours lost per month from accidents. Describe a sampling plan that would be suitable for estimating the plantwide loss and for comparing departments.

> A telemarketing firm has recorded the households that have purchased one or more of the company’s products. These number in the millions. The firm would like to conduct a survey of purchasers to acquire information about their attitude concerning the tim

> A large university campus has 60,000 students. The president of the students’ association wants to conduct a survey of the students to determine their views on an increase in the student activity fee. She would like to acquire information about all the s

> Monthly returns for the Toronto Stock Exchange Index and the following selected stocks on the Toronto Stock Exchange were recorded for the years 2011 to 2015: Rogers Communication (RCI.B) and Telus (T) Calculate the beta coefficient and the coefficient o

> Refer to Exercise 7.22. Determine the mean and variance of the number of games played. Data from Exercise 7.22: After watching a number of children playing games at a video arcade, a statistics practitioner estimated the following probability distributio

> Monthly returns for the Toronto Stock Exchange Index and the following selected stocks on the Toronto Stock Exchange were recorded for the years 2011 to 2015: Encana (ECA), Enbridge (ENB), and Suncor Energy (SU) Calculate the beta coefficient and the coe

> Monthly returns for the Toronto Stock Exchange Index and the following selected stocks on the Toronto Stock Exchange were recorded for the years 2011 to 2015: Bank of Montreal (BMO), Bank of Nova Scotia (BNS), and Royal Bank of Canada (RY) Calculate the

> Monthly returns for the Toronto Stock Exchange Index and the following selected stocks on the Toronto Stock Exchange were recorded for the years 2011 to 2015: Telus (T) Determine the average beta coefficient for the stocks in the listed portfolio. Calcul

> Monthly returns for the Toronto Stock Exchange Index and the following selected stocks on the Toronto Stock Exchange were recorded for the years 2011 to 2015: Enbridge (ENB) Calculate the beta coefficient and the coefficient of determination for the list

> Monthly returns for the Toronto Stock Exchange Index and the following selected stocks on the Toronto Stock Exchange were recorded for the years 2011 to 2015: Barrick Gold (ABX) Calculate the beta coefficient and the coefficient of determination for the

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. Merck (MRK), Pfiz

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. Travelers (TRV),

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. Boeing (BA), Cate

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. Visa (V) For the

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. Nike (NKE) For th

> After watching a number of children playing games at a video arcade, a statistics practitioner estimated the following probability distribution of X, the number of games per visit. a. What is the probability that a child will play more than four games?

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. Home Depot (HD) F

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. General Electric

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. American Express

> We have recorded the monthly returns for the S&P 500 index and the following 26 of the 30 Dow Jones Industrials stocks listed on the New York Stock Exchange (The other four are on the NASDAQ.) for the period January 2011– December 2015. McDonald’s (MCD)

> Repeat Exercise 4.109 for the 2012–2013 National Hockey league season. Data from Exercise 4.109: We recorded the number of wins, team payrolls, home attendance, and away attendance for the 2015–2016 National Hockey League season. a. Estimate the marginal

> A statistics practitioner would like to conduct a survey to ask people their views on a proposed new shopping mall in their community. According to the latest census, there are 500 households in the community. The statistician has numbered each household

> We recorded the number of wins, team payrolls, home attendance, and away attendance for the 2015–2016 National Hockey League season. a. Estimate the marginal cost of winning one more game. b. Estimate the marginal number of tickets sold for each addition

> Repeat Exercise 4.107 for the 2012–2013 National Football League season Data from Exercise 4.107: The number of wins, team payrolls, home attendance, and away attendance were recorded for the 2015–2016 National Football League season. a. Estimate the mar

> The number of wins, team payrolls, home attendance, and away attendance were recorded for the 2015–2016 National Football League season. a. Estimate the marginal cost of winning one more game. b. Estimate the marginal number of tickets sold for each addi

> Repeat Exercise 4.105 for the 2012–2013 National Basketball Association season. Data from Exercise 4.105: The number of wins, team payrolls, home attendance, and away attendance were recorded for the 2015–2016 National Basketball Association season. a. C

> Refer to Exercise 7.20. If the pizzeria makes a profit of $3 per pizza, determine the mean and variance of the profits per student. Data from Exercise 7.20: The number of pizzas delivered to university students each month is a random variable with the fo

> The number of wins, team payrolls, home attendance, and away attendance were recorded for the 2015–2016 National Basketball Association season. a. Conduct an analysis to determine the marginal cost of winning one more game. b. Analyze the relationship be

> Repeat Exercise 4.102 for the 2012 baseball season. Data from Exercise 4.102: The practitioner also recorded the average away attendance for each team in the 2015 season. Since visiting teams take a share of the gate, owners should be interested in this

> Repeat Exercise 4.101 for the 2012 baseball season. Data from Exercise 4.101: The chapter-opening example showed that there is a very weak linear relationship between a baseball teams’ payroll and the number of wins. This raises the question: Are success

> Refer to Exercise 4.101. The practitioner also recorded the average away attendance for each team in the 2015 season. Since visiting teams take a share of the gate, owners should be interested in this analysis. a. Are visiting team attendance related to

> The chapter-opening example showed that there is a very weak linear relationship between a baseball teams’ payroll and the number of wins. This raises the question: Are success on the field and attendance related? If the answer is no, then profit-driven

> The U.S.–Canada exchange rate has fluctuated over the past 45 years. Can any single commodity explain these fluctuations? Is it oil, for example? Canada sells a lot of oil to the United States. It may be lumber or gold. A statistician set out to investig

> Suppose your statistics professor distributes a questionnaire about the course. One of the questions asks, “Would you recommend this course to a friend?” Can the professor use the results to infer something about all statistics courses? Explain.

> Briefly describe the difference between observational and experimental data.

> An investment you made 5 years ago has realized the following rates of return. a. Compute the mean and median of the rates of return. b. Compute the geometric mean. c. Which one of the three statistics computed in parts (a) and (b) best describes the re

> The following returns were realized on an investment over a 5-year period. a. Compute the mean and median of the returns. b. Compute the geometric mean. c. Which one of the three statistics computed in parts (a) and (b) best describes the return over th

> The number of pizzas delivered to university students each month is a random variable with the following probability distribution. a. Find the probability that a student has received delivery of two or more pizzas this month. b. Determine the mean and v

> What is the geometric mean of the following rates of return? .50 .30 −.50 −.25

> Compute the geometric mean of the following rates of return. .25 −.10 .50

> The professors at Wilfrid Laurier University are required to submit their final exams to the registrar’s office 10 days before the end of the semester. The exam coordinator sampled 20 professors and recorded the number of days before th

> The midterm test for a statistics course has a time limit of 1 hour. However, like most statistics exams this one was quite easy. To assess how easy, the professor recorded the amount of time taken by a sample of nine students to hand in their test paper

> A random sample of 12 joggers was asked to keep track and report the number of miles they ran last week. The responses are a. Compute the three statistics that measure central location. b. Briefly describe what each statistic tells you. 5.5 7.2 1.6

> The number of sick days due to colds and flu last year was recorded by a sample of 15 adults. The data are Compute the mean, median, and mode. 6 5 9 2 0 12 7 0 3 15 3 8 10 5

> The number of copies made by an office copier was recorded for each of the past 75 days. Graph the data using a suitable technique. Describe what the graph tells you.

> A random sample of households was surveyed. Each was asked how old their refrigerators were (in months). a. Compute the mean and median of these data. b. What have you learned about this data set from the statistics?

> In an effort to slow drivers, traffic engineers painted a solid line 3 feet from the curb over the entire length of a road and filled the space with diagonal lines. The lines made the road look narrower. A sample of car speeds was taken after the lines w

> In the United States, banks and financial institutions often require buyers to pay fees in order to arrange mortgages. In a survey conducted by the U.S. Federal Housing Finance Board, 400 buyers of new houses who received a mortgage from a bank were aske

> According to a recent National Household Survey (NHS), roughly 15.4 million Canadians commuted to work. Overall, about four out of five Canadian commuters used private vehicles. Specifically, 74.0% of commuters, or 11.4 million workers, drove a vehicle t

> The amount of time spent commuting by residents of Washington D.C. was recorded for a sample of 235 commuters. a. Compute the mean and median. b. What do the mean and median tell you about this data set?

> The starting salaries of a sample of 300 recent Bachelor of Business Administration graduates were recorded. Calculate the mean and median. Interpret the meaning of each statistic.

> An auction house conducts an auction once every week listing items such as jewelry, furniture, art, coins, and many others. The number of bidders from each of the auctions over the last 3 years was recorded. Determine the mean and median of the weekly nu

> Suppose that you bought a stock 6 years ago at $12 . The stock’s price at the end of each year is shown here. a. Compute the rate of return for each year. b. Compute the mean and median of the rates of return. c. Compute the geometric

> An investment of $1,000 you made 4 years ago was worth $1,200 after the first year, $1,200 after the second year, $1,500 after the third year, and $2,000 today. a. Compute the annual rates of return. b. Compute the mean and median of the rates of return.

> A sample of 12 people was asked how much change they had in their pockets and wallets. The responses (in cents) are Determine the mean, median, and mode for these data. 52 25 15 0 104 44 60 30 33 81 40

> The total light beer sales in the United States is approximately 3 million gallons annually. With this large a market, breweries often need to know more about who is buying their product. The marketing manager of a major brewery wanted to analyze the lig

> An increasing number of statistics courses use a computer and software rather than manual calculations. A survey of statistics instructors asked each to report the software his or her course uses. The responses are as follows: 1. Excel 2. Minitab 3. SAS

> Many business and economics courses require the use of computer, so students often must buy their own computers. A survey asks students to identify which computer brand they have purchased. The responses are as follows: 1. HP 2. Lenovo 3. Dell 4. Other a

> The random variable X has the following distribution. a. Find the mean and variance for the probability distribution below. b. Determine the probability distribution of Y where Y = 5X. c. Use the probability distribution in part (b) to compute the mean

> Who applies to MBA programs? To help determine the background of the applicants, a sample of 230 applicants to a university’s business school was asked to report their undergraduate degree. The degrees were recorded using these codes. 1. BA 2. BBA 3. B.E

> For each of the following examples of data, determine the type. a. The weekly closing price of the stock of Amazon.com b. The month of highest vacancy rate at a La Quinta motel c. The size of soft drink (small, medium, or large) ordered by a sample of Mc

> Subway train riders frequently pass the time by reading a newspaper. New York City has a subway and four newspapers. A sample of 360 subway riders who regularly read a newspaper was asked to identify that newspaper. The responses are as follows: 1. New

> A survey asked 392 homeowners which area of the home they would most like to renovate. The responses and frequencies are shown next. Use a graphical technique to present these results. Briefly summarize your findings. Area

> Where do consumers get information about cars? A sample of recent car buyers was asked to identify the most useful source of information about the cars they purchased. The responses are as follows: 1. Consumer guide 2. Dealership 3. Word of mouth 4. Int

> What are the most important characteristics of colleges and universities? This question was asked of a sample of college-bound high school seniors. The responses are as follows: 1. Location 2. Majors 3. Academic reputation 4. Career focus 5. Community 6

> Governments in both Canada and the United States have considered passing legislation that increases the minimum hourly wage to $15. The current (as of October 2015) minimum hourly wage in each Canadian province and the percentage of employees earning the

> The amount of time (in seconds) needed to complete a critical task on an assembly line was measured for a sample of 50 assemblies. These data are listed here. Draw a histogram to describe these data. 30,3 34.5 31.1 30.9 33.7 31.9 33.1 31.1 30.0 32.7

> The following table lists the annual world production of 21 fruits (in millions of metric tons). Use a graphical technique to present these figures. Fruit Annual Production

> Each year Michigan State University’s Collegiate Employment Research Institute (CERI) conducts a broad-based survey that tracks starting salaries. This year CERI collected data from the employment offices at 200 universities, which gathered starting sala

> Refer to Exercise 7.16. Find the following probabilities. a. Two heads b. One head c. At least one head d. At least two heads Data from Exercise 7.16: Draw a probability tree to describe the flipping of three fair coins.

> The following table lists the top 10 countries and the amounts of oil (in thousands of barrels per day) they exported to the United States in 2015. Country Oil Imports

> The table below is breakdown of types and amounts of garbage the world creates. Use an appropriate graphical technique to present these figures. Type Amount of Garbage Organic

> The monthly unemployment rate in one state for the past 12 months is listed here. a. Draw a bar chart of these data with 6.0% as the lowest point on the vertical axis. b. Draw a bar chart of these data with 0.0% as the lowest point on the vertical axis.

> The accompanying table lists the average test scores in the Scholastic Assessment Test (SAT) for the years 1967, 1970, 1975, 1980, 1985, 1990, 1995, and 1997 to 2007. Draw a chart for each of the following. a. You wish to show that both verbal and mathem

> Last year the world generated almost 2.6 trillion pounds of garbage. Here is a breakdown of the amounts of garbage produced by different regions of the world. Use a graphical technique to present these statistics. Region

> The numbers of weekly sales calls by a sample of 30 telemarketers are listed here. Draw a histogram of these data and describe it. 3 10 9 17 3 9 18 17 5 16 19 14 12 8 20 19 15 8 21 15 17 7 10 6 4 25 5 14 10 8

> The total reserves of oil in the world are 1,689,078,618,100 barrels. The total reserves of the top 15 countries listed in Exercise 2.13 are 1,563,350,000,000 barrels. Use a graphical technique that emphasizes the percentage breakdown of the top 15 count

> When will the world run out of oil? One way to judge is to determine the oil reserves of the countries around the world. The next table displays the known reserves of the top 15 countries. Graphically describe the figures. Country O

> A random sample of car owners was asked these questions. Identify the type of data. a. Make of car b. Age of your car in months c. Amount of annual insurance d. Number of miles on odometer

> A survey of taxpayers who complete their own tax returns were asked the following questions. Determine the type of data each question produces. a. Did you use software? b. How long did it take you to complete this year’s return? c. Rate the ease with whi

> Draw a probability tree to describe the flipping of three fair coins.

> At the end of the term, university and college students often complete questionnaires about their courses. Suppose that in one university, students were asked the following. a. Rate the course (highly relevant, relevant, irrelevant) b. Rate the professor

> Does temperature affect the distance that golf balls travel? A Florida golfer decided to try to answer the question. Over the course of a year he measured the distance his drive traveled on a particular flat 400 yard par 4. The temperature (degrees Fahre

> Provide two examples each of nominal, ordinal, and interval data.

> The 17th hole at the TPC (Tournament Players Club) is an island green that causes even professional players to put their tee shots into the surrounding pond. A statistics practitioner kept track of the number of golf balls put into the pond by amateurs f

> It is generally believed that higher interest rates result in less employment because companies are more reluctant to borrow to expand their business. To determine whether there is a relationship between bank prime rate and unemployment, an economist col

> An analyst employed at a commodities trading firm wanted to explore the relationship between prices of grains and livestock. Theoretically, the prices should move in the same direction because, as the price of livestock increases, more livestock are bred

> A very large contribution to profits for a movie theater is the sales of popcorn, soft drinks, and candy. A movie theater manager speculated that the longer the time between showings of a movie, the greater the sales of concession items. To acquire more

> Are younger workers less likely to stay with their jobs? To help answer this question, a random sample of workers was selected. All were asked to report their ages and how many months they had been employed with their current employers. a. Produce a scat

> Do chief executive officers (CEOs) of publicly traded companies earn their compensation? Every year the National Post’s Business magazine attempts to answer the question by reporting the CEO’s annual compensation ($1,000), the profit (or loss) ($1,000),

> The Red Lobster Restaurant chain conducts regular surveys of its customers to monitor the performance of individual restaurants. One of the questions asks customers to rate the overall quality of their last visit. The listed responses are Poor (1), Fair

> Refer to Exercise 7.14. Find the following probabilities. a. No heads b. One head c. Two heads d. At least one head Data from Exercise 7.14: Use a probability tree to compute the probability of the following events when flipping two fair coins.

> Many downhill skiers eagerly look forward to the winter months and fresh snowfalls. However, winter also entails cold days. How does the temperature affect skiers’ desire? To answer this question, a local ski resort recorded the temperature for 50 random

> A sample of 200 people who had purchased food at the concession stand at Yankee Stadium was asked to rate the quality of the food. The responses are as follows: 1. Poor 2. Fair 3. Good 4. Very good 5. Excellent Draw a graph that describes the data. What

> A statistics professor formed the theory that students who handed in quiz and exams early outperformed students who handed in their papers later. To develop data to decide whether her theory is valid, she recorded the amount of time (in minutes) taken by

> It is well known that mathematicians do their best work before the age of 30. But, what happens to them as they grow older? A statistician took a random sample of mathematics professors who were older than 40 and determined their age and the number of to

> There are a number of minor-league baseball players who never make it to the major leagues. A statistics practitioner kept track of the age at which 32 players realized their dream of playing in the majors would never be fulfilled and retired. Draw a his

> The cost of repairing cars involved in collisions is one reason insurance premiums are so high. In an experiment, 10 cars were driven into a wall. The speeds were varied between 2 and 20 mph. The costs of repair were estimated and are listed here. Draw a

> In a university where calculus is a prerequisite for the statistics course, a sample of 15 students was drawn. The marks for calculus and statistics were recorded for each student. The data are as follows: a. Draw a scatter diagram of the data. b. What