Bundle: Statistics for Business & Economics, Loose-leaf Version, 13th + MindTap Business Statistics with XLSTAT, 2 terms (12 months) Printed Access Card
13th Edition
ISBN: 9781337127264
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 11.2, Problem 17E
Most individuals are aware of the fact that the average annual repair cost for an automobile depends on the age of the automobile. A researcher is interested in finding out whether the variance of the annual repair costs also increases with the age of the automobile. A sample of 26 automobiles 4 years old showed a sample standard deviation for annual repair costs of $170 and a sample of 25 automobiles 2 years old showed a sample standard deviation for annual repair costs of $100.
- a. State the null and alternative versions of the research hypothesis that the variance in annual repair costs is larger for the older automobiles.
- b. At a .01 level of significance, what is your conclusion? What is the p-value? Discuss the reasonableness of your findings.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Most people know that the probability of getting a head when you flip a fair coin is . You want to use the relative frequency of the event to show that the probability is . How many times should you simulate flipping the coin in the experiment? Would it be better to use 300 trials or 3000 trials? Explain.
The qualified applicant pool for eight management trainee positions consists of ten women and six men. How many different groups of applicants can be selected for the positions
You want to make a salad from whatever vegetable you have in the fridge. You have seven different tomatoes. There are 2 red tomatoes, 4 yellow tomatoes, and one black tomato in the fridge. You have three different bell peppers. There is 1 red pepper, 1 yellow pepper, and 1 green pepper. What is the probability of randomly choosing a vegetable and getting a red tomato, and a green pepper? Round your answer to four decimal places.
Chapter 11 Solutions
Bundle: Statistics for Business & Economics, Loose-leaf Version, 13th + MindTap Business Statistics with XLSTAT, 2 terms (12 months) Printed Access Card
Ch. 11.1 - Find the following chi-square distribution values...Ch. 11.1 - A sample of 20 items provides a sample standard...Ch. 11.1 - A sample of 16 items provides a sample standard...Ch. 11.1 - The variance in drug weights is critical in the...Ch. 11.1 - John Calipari, head basketball coach for the 2012...Ch. 11.1 - Americans spend nearly 7 billion on Halloween...Ch. 11.1 - To analyze the risk, or volatility, associated...Ch. 11.1 - Consider a day when the Dow Jones industrial...Ch. 11.1 - An automotive part must be machined to close...Ch. 11.1 - Consumer Reports uses a 100-point customer...
Ch. 11.1 - At the end of 2008, the variance in the semiannual...Ch. 11.1 - A Fortune study found that the variance in the...Ch. 11.2 - Find the following F distribution values from...Ch. 11.2 - A sample of 16 items from population 1 has a...Ch. 11.2 - Consider the following hypothesis test....Ch. 11.2 - Investors commonly use the standard deviation of...Ch. 11.2 - Most individuals are aware of the fact that the...Ch. 11.2 - Data were collected on the top 1000 financial...Ch. 11.2 - The variance in a production process is an...Ch. 11.2 - On the basis of data provided by a Romac salary...Ch. 11.2 - Many smartphones, especially those of the...Ch. 11.2 - A research hypothesis is that the variance of...Ch. 11 - Because of staffing decisions, managers of the...Ch. 11 - Initial public offerings (IPOs) of stocks are on...Ch. 11 - The estimated daily living costs for an executive...Ch. 11 - Part variability is critical in the manufacturing...Ch. 11 - The filling variance for boxes of cereal is...Ch. 11 - City Trucking, Inc., claims consistent delivery...Ch. 11 - A sample of 9 days over the past six months showed...Ch. 11 - A sample standard deviation for the number of...Ch. 11 - Is there any difference in the variability in golf...Ch. 11 - The grade point averages of 352 students who...Ch. 11 - The accounting department analyzes the variance of...Ch. 11 - Two new assembly methods are tested and the...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- uppose automobile insurance companies gave annual premiums for top-rated companies in several states. The figure below shows box plots for the annual premium for urban customers in three states. Which state offers the lowest premium? Which state offers the highest premium?arrow_forwardWing Foot is a shoe franchise commonly found in shopping centers across the United States. Wing Foot knows that its stores will not show a profit unless they gross over $940,000 per year. Let A be the event that a new Wing Foot store grosses over $940,000 its first year. Let B be the event that a store grosses over $940,000 its second year. Wing Foot has an administrative policy of closing a new store if it does not show a profit in either of the first two years. Assume that the accounting office at Wing Foot provided the following information: 58% of all Wing Foot stores show a profit the first year; 72% of all Wing Foot store show a profit the second year (this includes stores that did not show a profit the first year); however, 86% of Wing Foot stores that showed a profit the first year also showed a profit the second year. Compute P(B|Ac). Round your answer to the nearest hundredth.arrow_forwardYou draw two cards from a standard deck of 52 cards, but before you draw the second card, you put the first one back and reshuffle the deck. If you get a3on the first card, find the probability of drawing a 3 for the second card.arrow_forward
- Do bonds reduce the overall risk of an investment portfolio? Let x be a random variable representing annual percent return for the Vanguard Total Stock Index (all Stocks). Let y be a random variable representing annual return for the Vanguard Balanced Index (60% stock and 40% bond). For the past several years, assume the following data. Compute the coefficient of variation for each fund. Round your answers to the nearest tenth. x: 14 0 37 21 35 23 24 -14 -14 -17 y: 8 -2 29 17 22 17 17 -2 -3 -8arrow_forwardWhat percentage of the general U.S. population have bachelor's degrees? Suppose that the Statistical Abstract of the United States, 120th Edition, gives the following percentage of bachelor’s degrees by state. For convenience, the data are sorted in increasing order. 17 18 18 18 19 20 20 20 21 21 21 21 21 22 22 22 22 22 23 23 24 24 24 24 24 25 25 25 25 26 26 26 26 26 26 27 27 27 28 28 28 29 29 31 31 32 32 34 35 38 Illinois has a bachelor's degree percentage rate of about 18%. Into what quartile does this rate fall?arrow_forwardWhat percentage of the general U.S. population have bachelor's degrees? Suppose that the Statistical Abstract of the United States, 120th Edition, gives the following percentage of bachelor’s degrees by state. For convenience, the data are sorted in increasing order. 17 18 18 18 19 20 20 20 21 21 21 21 21 22 22 22 22 22 23 23 24 24 24 24 24 25 25 25 25 26 26 26 26 26 26 27 27 27 28 28 28 29 29 31 31 32 32 34 35 38 Illinois has a bachelor's degree percentage rate of about 18%. Into what quartile does this rate fall?arrow_forward
- Find the range for the following sample data. x 23 17 11 30 27arrow_forwardDo bonds reduce the overall risk of an investment portfolio? Let x be a random variable representing annual percent return for the Vanguard Total Stock Index (all Stocks). Let y be a random variable representing annual return for the Vanguard Balanced Index (60% stock and 40% bond). For the past several years, assume the following data. Compute the sample mean for x and for y. Round your answer to the nearest tenth. x: 11 0 36 22 34 24 25 -11 -11 -22 y: 9 -3 28 14 23 16 14 -3 -4 -9arrow_forwardDo bonds reduce the overall risk of an investment portfolio? Let x be a random variable representing annual percent return for the Vanguard Total Stock Index (all Stocks). Let y be a random variable representing annual return for the Vanguard Balanced Index (60% stock and 40% bond). For the past several years, assume the following data. Compute the range for variable y. X 12 0 36 21 35 23 24 -12 -12 -21 Y 10 -2 26 15 22 18 15 -2 -3 -10arrow_forward
- Do bonds reduce the overall risk of an investment portfolio? Let x be a random variable representing annual percent return for the Vanguard Total Stock Index (all Stocks). Let y be a random variable representing annual return for the Vanguard Balanced Index (60% stock and 40% bond). For the past several years, assume the following data. Compute the range for variable y. X 12 0 36 21 35 23 24 -12 -12 -21 Y 10 -2 26 15 22 18 15 -2 -3 -10arrow_forwardDo bonds reduce the overall risk of an investment portfolio? Let x be a random variable representing annual percent return for the Vanguard Total Stock Index (all Stocks). Let y be a random variable representing annual return for the Vanguard Balanced Index (60% stock and 40% bond). For the past several years, assume the following data. Compute the range for variable x. X 15 0 37 23 33 25 26 -15 -15 -23 Y 6 -1 28 18 24 17 18 -1 -2 -6arrow_forward7.16. If the probability density of X is given by g kx³ for x>0 f(x) = (1+2x)6 0 10-01, elsewhere trolls inf ( 2X density of the random variable Y = where k is an appropriate constant, find the probability 1+2X distribution of Y, and thus determine the value of k. 7 Identify thearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Statistics 4.1 Point Estimators; Author: Dr. Jack L. Jackson II;https://www.youtube.com/watch?v=2MrI0J8XCEE;License: Standard YouTube License, CC-BY
Statistics 101: Point Estimators; Author: Brandon Foltz;https://www.youtube.com/watch?v=4v41z3HwLaM;License: Standard YouTube License, CC-BY
Central limit theorem; Author: 365 Data Science;https://www.youtube.com/watch?v=b5xQmk9veZ4;License: Standard YouTube License, CC-BY
Point Estimate Definition & Example; Author: Prof. Essa;https://www.youtube.com/watch?v=OTVwtvQmSn0;License: Standard Youtube License
Point Estimation; Author: Vamsidhar Ambatipudi;https://www.youtube.com/watch?v=flqhlM2bZWc;License: Standard Youtube License