Statistical Techniques in Business and Economics

16th Edition

ISBN: 9780077639723

Author: Lind

Publisher: Mcgraw-Hill Course Content Delivery

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Concept explainers

Inverse Normal Distribution

The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of tw…

Mean, Median, Mode

It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency o…

Z-Scores

A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow compar…

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Textbook Question

Chapter 11, Problem 24CE

A coffee manufacturer is interested in whether the mean daily consumption of regular-coffee drinkers is less than that of decaffeinated-coffee drinkers. Assume the population standard deviation for those drinking regular coffee is 1.20 cups per day and 1.36 cups per day for those drinking decaffeinated coffee. A random sample of 50 regular-coffee drinkers showed a mean of 4.35 cups per day. A sample of 40 decaffeinated-coffee drinkers showed a mean of 5.84 cups per day. Use the .01 significance level. Compute the p-value.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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Chapter 11, Problem 23CE

Chapter 11, Problem 25CE

Chapter 11 Solutions

Statistical Techniques in Business and Economics

Ch. 11 - Tom Sevits is the owner of the Appliance Patch....Ch. 11 - Prob. 1E Ch. 11 - Prob. 2E Ch. 11 - Prob. 3E Ch. 11 - As part of a study of corporate employees, the...Ch. 11 - Prob. 5E Ch. 11 - Mary Jo Fitzpatrick is the vice president for...Ch. 11 - Prob. 2SR Ch. 11 - Prob. 7E Ch. 11 - For Exercises 7 and 8: (a) state the decision...

Ch. 11 - Listed below are the 25 players on the opening-day...Ch. 11 - A recent study compared the time spent together by...Ch. 11 - Ms. Lisa Monnin is the budget director for Nexus...Ch. 11 - Prob. 12E Ch. 11 - It is often useful for companies to know who their...Ch. 11 - For exercises 13 and 14, assume the sample...Ch. 11 - Prob. 14E Ch. 11 - Prob. 15E Ch. 11 - Suppose you are an expert on the fashion industry...Ch. 11 - Prob. 4SR Ch. 11 - Prob. 17E Ch. 11 - Prob. 18E Ch. 11 - Prob. 19E Ch. 11 - Prob. 20E Ch. 11 - Prob. 21CE Ch. 11 - Prob. 22CE Ch. 11 - Fry Brothers Heating and Air Conditioning Inc....Ch. 11 - A coffee manufacturer is interested in whether the...Ch. 11 - Prob. 25CE Ch. 11 - A computer manufacturer offers technical support...Ch. 11 - Prob. 27CE Ch. 11 - Prob. 28CE Ch. 11 - Prob. 29CE Ch. 11 - Prob. 30CE Ch. 11 - Prob. 31CE Ch. 11 - Prob. 32CE Ch. 11 - Prob. 33CE Ch. 11 - Prob. 34CE Ch. 11 - Prob. 35CE Ch. 11 - Prob. 36CE Ch. 11 - Prob. 37CE Ch. 11 - Prob. 38CE Ch. 11 - Prob. 39CE Ch. 11 - A candy company taste-tested two chocolate bars,...Ch. 11 - An investigation of the effectiveness of an...Ch. 11 - Prob. 42CE Ch. 11 - Prob. 43CE Ch. 11 - Prob. 44CE Ch. 11 - Prob. 45CE Ch. 11 - A goal of financial literacy for children is to...Ch. 11 - Prob. 47DE Ch. 11 - Prob. 48DE Ch. 11 - Refer to the Buena School District bus data. Is...

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Solution Summary: The author concludes that there is evidence that the mean daily consumption of regular coffee is less than that of decaffeinated coffee drinkers.

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Chapter 11 Solutions