Basic Business Statistics, Student Value Edition
14th Edition
ISBN: 9780134685113
Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat
Publisher: PEARSON
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Chapter 1, Problem 39PS
What is the difference between a nominal scaled variable and an ordinal sealed variable?
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An Arts group holds a raffle. Each raffle ticket costs $2 and the raffle consists of 2500 tickets. The prize is a vacation worth $3,000.
a. Determine your expected value if you buy one ticket.
b. Determine your expected value if you buy five tickets.
How much will the Arts group gain or lose if they sell all the tickets?
Please show as much work as possible to clearly show the steps you used to find each solution. If you plan to use a calculator, please be sure to clearly indicate your strategy.
Consider the following game. It costs $3 each time you roll a six-sided number cube. If you roll a 6 you win $15. If you roll any other number, you receive nothing.
a) Find the expected value of the game.
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9.2 Testing the Mean mu:
Problem 3
(1 point)
Test the claim that the population of sophomore college
students has a mean grade point average greater than 2.2.
Sample statistics include n = 71, x = 2.44, and s = 0.9.
Use a significance level of a = 0.01.
The test statistic is
The P-Value is between :
The final conclusion is
< P-value <
A. There is sufficient evidence to support the claim that
the mean grade point average is greater than 2.2.
○ B. There is not sufficient evidence to support the claim
that the mean grade point average is greater than 2.2.
Note: You can earn partial credit on this problem.
Note: You are in the Reduced Scoring Period. All work counts for
50% of the original.
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Chapter 1 Solutions
Basic Business Statistics, Student Value Edition
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- Sketch to scale the orbit of Earth about the sun. Graph Icarus’ orbit on the same set of axesWhile the sun is the center of Earth’s orbit, it is a focus of Icarus’ orbit. There aretwo points of intersection on the graph. Based on the graph, what is the approximate distance between the two points of intersection (in AU)?arrow_forwardThe diameters of ball bearings are distributed normally. The mean diameter is 67 millimeters and the standard deviation is 3 millimeters. Find the probability that the diameter of a selected bearing is greater than 63 millimeters. Round to four decimal places.arrow_forwardSuppose you like to keep a jar of change on your desk. Currently, the jar contains the following: 22 Pennies 27 Dimes 9 Nickels 30 Quarters What is the probability that you reach into the jar and randomly grab a penny and then, without replacement, a dime? Express as a fraction or a decimal number rounded to four decimal places.arrow_forward
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