Essentials Of Statistics For Business & Economics
9th Edition
ISBN: 9780357045435
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: South-Western College Pub
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Chapter 14.6, Problem 33E
a.
To determine
Estimate the standard deviation of
b.
To determine
Obtain a 95% confidence interval for the
c.
To determine
Estimate the standard deviation of an individual value of y for
d.
To determine
Obtain a 95% prediction interval for y when
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Microsoft Excel snapshot for random sampling: Also note the formula used for the last
column
02
x✓ fx =INDEX(5852:58551, RANK(C2, $C$2:$C$51))
A
B
1
No.
States
2
1
ALABAMA
Rand No.
0.925957526
3
2
ALASKA
0.372999976
4
3
ARIZONA
0.941323044
5
4 ARKANSAS
0.071266381
Random Sample
CALIFORNIA
NORTH CAROLINA
ARKANSAS
WASHINGTON
G7
Microsoft Excel snapshot for systematic sampling:
xfx INDEX(SD52:50551, F7)
A
B
E
F
G
1
No.
States
Rand No. Random Sample
population
50
2
1 ALABAMA
0.5296685 NEW HAMPSHIRE
sample
10
3
2 ALASKA
0.4493186 OKLAHOMA
k
5
4
3 ARIZONA
0.707914 KANSAS
5
4 ARKANSAS 0.4831379 NORTH DAKOTA
6
5 CALIFORNIA 0.7277162 INDIANA
Random Sample
Sample Name
7
6 COLORADO 0.5865002 MISSISSIPPI
8
7:ONNECTICU 0.7640596 ILLINOIS
9
8 DELAWARE 0.5783029 MISSOURI
525
10
15
INDIANA
MARYLAND
COLORADO
Suppose the Internal Revenue Service reported that the mean tax refund for the year 2022 was $3401. Assume the standard deviation is $82.5 and that the amounts refunded follow a normal probability distribution. Solve the following three parts? (For the answer to question 14, 15, and 16, start with making a bell curve. Identify on the bell curve where is mean, X, and area(s) to be determined.
1.What percent of the refunds are more than $3,500?
2. What percent of the refunds are more than $3500 but less than $3579?
3. What percent of the refunds are more than $3325 but less than $3579?
A normal distribution has a mean of 50 and a standard deviation of 4. Solve the following three parts?
1. Compute the probability of a value between 44.0 and 55.0.
(The question requires finding probability value between 44 and 55. Solve it in 3 steps.
In the first step, use the above formula and x = 44, calculate probability value.
In the second step repeat the first step with the only difference that x=55.
In the third step, subtract the answer of the first part from the answer of the second part.)
2. Compute the probability of a value greater than 55.0.
Use the same formula, x=55 and subtract the answer from 1.
3. Compute the probability of a value between 52.0 and 55.0.
(The question requires finding probability value between 52 and 55. Solve it in 3 steps.
In the first step, use the above formula and x = 52, calculate probability value.
In the second step repeat the first step with the only difference that x=55.
In the third step, subtract the answer of the first part from the…
Chapter 14 Solutions
Essentials Of Statistics For Business & Economics
Ch. 14.2 - Given are five observations for two variables, x...Ch. 14.2 - Given are five observations for two variables, x...Ch. 14.2 - Given are five observations collected in a...Ch. 14.2 - Retail and Trade: Female Managers. The following...Ch. 14.2 - Production Line Speed and Quality Control. Brawdy...Ch. 14.2 - The National Football League (NFL) records a...Ch. 14.2 - Sales Experience and Performance. A sales manager...Ch. 14.2 - Broker Satisfaction. The American Association of...Ch. 14.2 - Estimating Landscaping Expenditures. David’s...Ch. 14.2 - Age and the Price of Wine. For a particular red...
Ch. 14.2 - Laptop Ratings. To help consumers in purchasing a...Ch. 14.2 - Stock Beta. In June of 2016, Yahoo Finance...Ch. 14.2 - Auditing Itemized Tax Deductions. To the Internal...Ch. 14.2 - Distance and Absenteeism. A large city hospital...Ch. 14.3 - 15. The data from exercise 1...Ch. 14.3 - Prob. 16ECh. 14.3 - The data from exercise 3 follow.
The estimated...Ch. 14.3 - Price and Quality of Headphones. The following...Ch. 14.3 - Prob. 19ECh. 14.3 - Price and Weight of Bicycles. Bicycling, the...Ch. 14.3 - Cost Estimation. An important application of...Ch. 14.3 - Prob. 22ECh. 14.5 - The data from exercise 1 follow.
Compute the mean...Ch. 14.5 - The data from exercise 2 follow.
Compute the mean...Ch. 14.5 - The data from exercise 3 follow.
What is the...Ch. 14.5 - Headphones Conclusion. In exercise 18, the data on...Ch. 14.5 - College CPA and Salary. Do students with higher...Ch. 14.5 - Broker Satisfaction Conclusion. In exercise 8,...Ch. 14.5 - Cost Estimation Conclusion. Refer to exercise 21,...Ch. 14.5 - Significance of Fleet Size on Rental Car Revenue....Ch. 14.5 - Significance of Racing Bike Weight on Price. In...Ch. 14.6 - The data from exercise 1 follow. xi 1 2 3 4 5 yi 3...Ch. 14.6 - Prob. 33ECh. 14.6 - 34. The data from exercise 3...Ch. 14.6 - Restaurant Lines. Many small restaurants in...Ch. 14.6 - 36. In exercise 7, the data on y = annual sales ($...Ch. 14.6 - In exercise 13, data were given on the adjusted...Ch. 14.6 - Prob. 38ECh. 14.6 - Entertainment Spend. The Wall Street Journal asked...Ch. 14.7 - Apartment Selling Price. The commercial division...Ch. 14.7 - Computer Maintenance. Following is a portion of...Ch. 14.7 - Annual Sales and Salesforce. A regression model...Ch. 14.7 - Estimating Setup Time. Sherry is a production...Ch. 14.7 - Auto Racing Helmet. Automobile racing,...Ch. 14.8 - Given are data for two variables, x and y. a....Ch. 14.8 - Prob. 46ECh. 14.8 - Restaurant Advertising and Revenue. Data on...Ch. 14.8 - Experience and Sales. Refer to exercise 7, where...Ch. 14.8 - Buy Versus Rent. Occasionally, it has been the...Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Consider the following data for two variables, x...Ch. 14.9 - Predicting Charity Expenses. Charity Navigator is...Ch. 14.9 - Supermarket Checkout Lines. Retail chain Kroger...Ch. 14.9 - Valuation of a Major League Baseball Team. The...Ch. 14 - 55. Does a high value of r2 imply that two...Ch. 14 - Prob. 56SECh. 14 - What is the purpose of testing whether 1 = 0? If...Ch. 14 - Stock Market Performance. The Dow Jones Industrial...Ch. 14 - Home Sire and Price. Is the number of square feet...Ch. 14 - Online Education. One of the biggest changes in...Ch. 14 - Machine Maintenance. Jensen Tire & Auto is in the...Ch. 14 - Production Rate and Quality Control. In a...Ch. 14 - Absenteeism and Location. A sociologist was hired...Ch. 14 - Bus Maintenance. The regional transit authority...Ch. 14 - Studying and Grades. A marketing professor at...Ch. 14 - Market Beta. Market betas for individual stocks...Ch. 14 - Income and Percent Audited. The Transactional...Ch. 14 - Used Car Mileage and Price. The Toyota Camry is...Ch. 14 - One measure of the risk or volatility of an...Ch. 14 - As part of a study on transportation safety, the...Ch. 14 - Consumer Reports tested 166 different...Ch. 14 - When trying to decide what car to buy, real value...Ch. 14 - Buckeye Creek Amusement Park is open from the...
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