Exercise 8-7
In order to estimate the mean 30-year fixed mortgage rate for a
home loan in the United States, a random sample of 28 recent
loans is taken. The average calculated from this sample is
5.25%. It can be assumed that 30-year fixed mortgage rates
1) Suppose that an independent laboratory has tested trash bags and has found that no 30-gallon bags
that are currently on the market have a mean breaking strength of 50 pounds or more. On the basis of
these results, the producer of the new, improved tras
Chapter 6
McGraw Hill Connect Problems - Solutions
A
1
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B
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G
H
I
P1 for Tutorial Chapter 6
Let X be normally distributed with mean = 10 and standard deviation = 6
Calcula
Exercise 2.22 THE BANK CUSTOMER WAITING TIME CASE
-2-2
http:/ /ezto.mhedu
Table 1.8 presents the waiting times for teller service during peak business hours of 100 randomly selected bank
customers. Figure 2.16 gives the MINITAB output of a histogram of th
Chapter 1:
a.
The dollar amount on an accounts receivable invoice. Quantitative
b.
The net profit for a company in 2009. Quantitative
c.
The stock exchange on which a companys stock is traded: Qualitative
d.
The national debt of the United States in 2009.
Top 10 Highest Paid Nascar Driver Valuations and Revenues
Rank
1
2
3
4
5
6
7
8
9
#
Team
Hendrick Motorsports
Roush Fenway
Richard Childress
Joe Gibbs Racing
Penske Racing
Stewart-Haas Racing
Michael Waltrip Racing
Earnhardt Ganassi Racing
Richard Petty Mo
Top 10 Highest Paid Nascar Driver Valuations and Revenues
Rank
1
2
3
4
5
6
7
8
9
#
Team
Hendrick Motorsports
Roush Fenway
Richard Childress
Joe Gibbs Racing
Penske Racing
Stewart-Haas Racing
Michael Waltrip Racing
Earnhardt Ganassi Racing
Richard Petty Mo
In class problems- Counting Rules for Probabilities
A fashion model is choosing her outfit to wear on the runway. She has 4 different blouses, 6 different skirts, and 4 ty
96
A college board plans to interview 8 student to possibly offer them a graduate a
The Dow Jones Travel Index reported what business travelers pay for hotel rooms per night in major U.S. cities (The Wall Street
January 16, 2004). The average hotel room rates for 20 cities are as follows:
Atlanta
Boston
Chicago
Cleveland
Dallas
Denver
De
An Introduction to Business Statistics
1.1 Data
Data: facts and figures from which conclusions can be drawn
Data set: the data that are collected for a particular study
Elements: may be people, objects, events, or other entities
Variable: any characterist
Preference
Little Caesars
Papa John's
Pizza Hut
Papa John's
Bruno's
Papa John's
Will's Uptown
Papa John's
Will's Uptown
Little Caesars
Papa John's
Will's Uptown
Little Caesars
Bruno's
Papa John's
Little Caesars
Papa John's
Domino's
Bruno's
Papa John's
Bru
Questions 1 to 5
MAKE SURE YOU SHOW CALCULATIONS AND/OR FORMULAS
1. A vendor at the Natchitoches Christmas Festival is preparing the items to be sold on the river bank from his booth. He can se
How many possible different order could he serve?
90
2. If a
A
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N
Chapter 6 (1) Solutions
(a) What is the probability that a gymnast weighs at most 104 pounds? Mean = 100 and s =5
Hint: 'at most' means less than or equal to. Area left of z
mean
s
100
5
STANDARDI
Visa Card USA studied how frequently consumers of various age groups use plactic cards (debit and credit cards) when mak
300 customers shows the use of plastic cards by four age groups.
alpha
0.05
a. Test for the independence between miethod of payment an
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, and .2
a) Show the probability distribution for the expense forecast.
Expense
9
10
11
12
13
Hypothesis Testing EXTRA HELP
Applying statistics is really using the scientific method, you may remember from your days of doing
science fair projects. Develop a hypothesis and then test it! Well, this chapter offers the basics of
testing hypotheses. Rea
Interval Estimation EXTRA HELP
This chapter starts exploring inferential statistics, which you should recall means drawing conclusions
about a population from a sample.
If you watch the news you will often hear mention of some national poll, such as, 55%
Remember, random variables may be classified as:
Discrete
The random variable assumes a countable number of distinct values.
Continuous
The random variable is characterized by (infinitely) uncountable values
within any interval.
Continuous Probabilit
Sampling and Sampling Distributions EXTRA HELP
This chapter introduces statistics in practice. How and why do we use stats? To begin with you must
understand the difference between a population and a sample. Basically, the population is the group we
want
Probability EXTRA HELP
Good ole probability. Next to a baseball players batting average, most people recognize determining the
probability of an event occurring as being the most common use of statistics. Probability is a numerical
measure of the likeliho
Chapter 2 Qualitative Data plus Bar Chart
How to Calculate Frequency Column
Step 1: Create Name Column and Enter the names.
Step 2: To calculate your frequencies for each Name category, press = then COUNTIF hit tab,
then Highlight your data set (range) pr
Descriptive Statistics: Numerical Measures EXTRA HELP
Descriptive statistics are procedures used to summarize, organize and simplify data. In later chapters you
will study aspects of inferential statistics which consists of techniques that allow generaliz
Data & Statistics EXTRA HELP
Learn the terminology! Read the chapter for complete understanding. The Glossary serves as a good
summary of the key terms and definitions.
Note: Try to answer the question or work the problem first, then go check your answer.
Problem 1 - Parts a, b, c, and d
Consider the following data for two independent random samples taken from two normal populations.
Sample 1
11
8
14
8
10
8
Sample 2
9
8
9
5
7
10
a) Compute the two sample means
Sample 1 =
Sample 2 =
9.8333333333
8
b) Comput
How to Calculate Frequency Column
Step 1: Create your Bins and Classes. [Hint: press ' before a number to make it text.]
Step 2: To calculate your frequencies for each Class category, press = then FREQ Tab,
then Highlight your data set, press , (comma) th
Lecture Notes Counting Rules, Combination, and Permutations
Simple COUNTING RULE
Being able to identify and count the experimental outcomes is a necessary step
in assignment probabilities.
Multiple-step experiments: The first counting rule applies to mu
Chapter 9 Hypothesis Testing Problem - In Class
The manager of a paint supply store wants to determine whether the mean amount of paint contai
1-gallon can purchased from a nationally known manufacturer is actually 1 gallon. You know from th
manufacturer'
Chapter 7
Sampling and Sampling Distributions
7.1 Random Sampling
1.
If we select n elements from a population in such a way that every set of n elements in the population has the same chance of being
selected, the then elements we select are said to be a
In order to estimate the mean 30-year fixed mortgage rate for a home
loan in the United States, a random sample of 28 recent loans is
taken. The average calculated from this sample is 5.25%. It can be
assumed that 30-year fixed mortgage rates are normally