Statistics for Business and Economics (13th Edition)

13th Edition

ISBN: 9780134506593

Author: James T. McClave, P. George Benson, Terry Sincich

Publisher: PEARSON

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Textbook Question

Chapter 3, Problem 3.114ACI

Characteristics of a new product. The long-run success of a business depends on its ability to market products with superior characteristics that maximize consumer satisfaction and that give the firm a competitive advantage (Kotler & Keller, Marketing Management, 2015}. Ten new products have been developed by a food-products firm. Market research has indicated that the 10 products have the characteristics described by the following Venn diagram:

Chapter 3, Problem 3.114ACI, Characteristics of a new product. The long-run success of a business depends on its ability to

a. Write the event that a product possesses all the desired characteristics as an intersection of the events defined in the Venn diagram. Which products are contained in this intersection?
b. If one of the 10 products were selected at random to be marketed, what is the probability that it would possess all the desired characteristics?
c. Write the event that the randomly selected product would give the firm a competitive advantage or would satisfy consumers as a union of the events defined in the Venn diagram. Find the probability of this union.
d. Write the event that the randomly selected product would possess superior product characteristics and satisfy consumers. Find the probability of this intersection.
e. Two of the 10 products will be selected for an ad campaign. How many different pairs of products are possible?

Expert Solution & Answer

Chapter 3 Solutions

Statistics for Business and Economics (13th Edition)

Ch. 3.1 - An experiment results in one of the following...Ch. 3.1 - The diagram below describes the sample space of a...Ch. 3.1 - The sample space for an experiment contains five...Ch. 3.1 - Compute each of the following: a. (94) b. (72) c....Ch. 3.1 - Compute the number of ways you can select n...Ch. 3.1 - Two fair dice are tossed, and the face on each die...Ch. 3.1 - Two marbles are drawn at random and without...Ch. 3.1 - Use the applet Simulating the Probability of...Ch. 3.1 - Use the applet Simulating the Probability of a...Ch. 3.1 - Cable TV subscriptions and "cord cutters." Refer...

Ch. 3.1 - Do social robots walk or roll? Refer to the...Ch. 3.1 - Colors of MMs candies. When they were first...Ch. 3.1 - Male nannies. In a survey conducted by the...Ch. 3.1 - Working on summer vacation. Is summer vacation a...Ch. 3.1 - Mobile access to social media. The Marketing...Ch. 3.1 - Performance-based logistics. Refer to the Journal...Ch. 3.1 - Who prepares your tax return? As part of a study...Ch. 3.1 - Consumer recycling behavior. Refer to the Journal...Ch. 3.1 - Museum management. Refer to the Museum Management...Ch. 3.1 - USDA chicken inspection. The U.S. Department of...Ch. 3.1 - Jamming attacks on wireless networks. Refer to the...Ch. 3.1 - Randomization in a study of TV commercials....Ch. 3.1 - Jai-alai bets. The Quinella bet at the paramutual...Ch. 3.1 - Investing in stocks. From a list of 15 preferred...Ch. 3.1 - Highest-rated car brands. Consumer Reports 2015...Ch. 3.1 - Volkswagen emissions scandal. Refer to the...Ch. 3.1 - Drug testing of firefighters. Hillsborough County...Ch. 3.1 - Odds of winning a race. Handicappers for greyhound...Ch. 3.1 - Lead bullets as forensic evidence. Chance (Summer...Ch. 3.1 - Making your vote count. Democratic and Republican...Ch. 3.4 - Suppose P (A) = A, P(B) = 7, and P (A B) = 3....Ch. 3.4 - A fair coin is tossed three times, and the events...Ch. 3.4 - A pair of fair dice is tossed. Define the...Ch. 3.4 - Consider the Venn diagram below, where P(E1) =...Ch. 3.4 - Consider the Venn diagram in the next column,...Ch. 3.4 - Prob. 3.35LM Ch. 3.4 - Prob. 3.36LM Ch. 3.4 - Use the applets Simulating the Probability of...Ch. 3.4 - Prob. 3.4AE Ch. 3.4 - Do social robots walk or roll? Refer to the...Ch. 3.4 - Firefighter glove sizing. Human Factors (December...Ch. 3.4 - Study of analysts' forecasts. The Journal of...Ch. 3.4 - Problems at major companies The Organization...Ch. 3.4 - Scanning errors at Walmart. The National Institute...Ch. 3.4 - Social networking Web sites in the United Kingdom....Ch. 3.4 - Paying monthly bills online. Do most people pay...Ch. 3.4 - Fuzzy logic in supply chain management. A branch...Ch. 3.4 - Study of why EMS workers leave the job. An...Ch. 3.4 - Stock market participation and IQ. The Journal of...Ch. 3.4 - Cell phone handoff behavior. A "handoff' is a term...Ch. 3.4 - Guilt in decision making. The effect of guilt...Ch. 3.4 - Likelihood of a tax return audit. At the beginning...Ch. 3.4 - Prob. 3.50ACA Ch. 3.4 - Encoding variability in software. At the 2012 Gulf...Ch. 3.6 - For two events, A and B, P (A) .4, P (B) .2, and...Ch. 3.6 - For two events, A and B, P (A) = .4, P (B) = .2,...Ch. 3.6 - An experiment results in one of three mutually...Ch. 3.6 - For two independent events, A and B, P (A) = .4...Ch. 3.6 - Two fair coins are tossed, and the following...Ch. 3.6 - Consider the experiment depicted by the Venn...Ch. 3.6 - Two fair dice are tossed, and the following events...Ch. 3.6 - A sample space contains six sample points and...Ch. 3.6 - Use the applet Simulating the Probability of...Ch. 3.6 - On-the-job arrogance and task performance. Human...Ch. 3.6 - World's largest public companies. Forbes (May 6,...Ch. 3.6 - Guilt in decision making. Refer to the Journal of...Ch. 3.6 - Blood diamonds. According to Global Research News...Ch. 3.6 - Do social robots walk or roll? Refer to the...Ch. 3.6 - Shopping with a smartphone. Each year, United...Ch. 3.6 - Identity theft victims. According to The National...Ch. 3.6 - Study of why EMS workers leave the job. Refer to...Ch. 3.6 - Working on summer vacation. Refer to the Harris...Ch. 3.6 - Stock market participation and IQ. Refer to The...Ch. 3.6 - Prob. 3.70ACI Ch. 3.6 - Ambulance response time. Geographical Analysis...Ch. 3.6 - Working mothers with children. The U S Census...Ch. 3.6 - Firefighters' use of gas detection devices. Two...Ch. 3.6 - Wine quality and soil. The Journal of Wine...Ch. 3.6 - Are you really being served red snapper? Red...Ch. 3.6 - Random shuffling of songs on Spotify. Spotify is a...Ch. 3.6 - Forensic evidence in a criminal court case. In our...Ch. 3.6 - Prob. 3.78ACA Ch. 3.6 - Prob. 3.79ACA Ch. 3.6 - Encryption systems with erroneous ciphertexts. In...Ch. 3.7 - Suppose the events B1 and B2 are mutually...Ch. 3.7 - Prob. 3.82LM Ch. 3.7 - Prob. 3.83LM Ch. 3.7 - Confidence of feedback information for improving...Ch. 3.7 - Fingerprint expertise. A study published in...Ch. 3.7 - Tests for Down syndrome. Currently, there are...Ch. 3.7 - Fish contaminated by a plants toxic discharge....Ch. 3.7 - Errors in estimating job costs. A construction...Ch. 3.7 - Mining for dolomite. Dolomite is a valuable...Ch. 3.7 - Nondestructive evaluation. Nondestructive...Ch. 3.7 - Drug testing in the workplace. In Canada, the...Ch. 3.7 - Intrusion detection systems. The Journal of...Ch. 3.7 - Forensic analysis of JFK assassination bullets....Ch. 3 - Which of the following pairs of events are...Ch. 3 - A sample space consists of four sample points,...Ch. 3 - For two events A and B, suppose P (A) = .7, P (B)...Ch. 3 - A and B are mutually exclusive events, with P (A)...Ch. 3 - Two events, A and B , are independent, with P (A) ...Ch. 3 - Prob. 3.99LM Ch. 3 - Prob. 3.100LM Ch. 3 - The Venn diagram below illustrates a sample space...Ch. 3 - Use the applet entitled Random Numbers to generate...Ch. 3 - Find the numerical value of a. 6! b. (109) c....Ch. 3 - Management system failures. Refer to the Process...Ch. 3 - Workers unscheduled absence survey. Each year CCH,...Ch. 3 - Ownership of small businesses. According to the...Ch. 3 - Condition of public school facilities. The...Ch. 3 - New car crash tests. Refer to the National Highway...Ch. 3 - Speeding linked to fatal car crashes. According to...Ch. 3 - Choosing portable grill displays. Consider a study...Ch. 3 - Inactive oil and gas structures. U.S. federal...Ch. 3 - Is a product green? A green product (e.g., a...Ch. 3 - Monitoring quality of power equipment. Mechanical...Ch. 3 - Appeals of federal civil trials. The Journal of...Ch. 3 - Characteristics of a new product. The long-run...Ch. 3 - Testing a watch manufacturers claim. A...Ch. 3 - Ranking razor blades. The corporations in the...Ch. 3 - Reliability of gas station air gauges. Tire and...Ch. 3 - Which events are independent? Use your intuitive...Ch. 3 - Home modifications for wheelchair users. The...Ch. 3 - World Cup soccer match draws. Every 4 years the...Ch. 3 - Chance of an Avon sale. The probability that an...Ch. 3 - Drug testing in athletes. When Olympic athletes...Ch. 3 - Profile of a sustainable farmer. Sustainable...Ch. 3 - Evaluating the performance of quality inspectors....Ch. 3 - Using game simulation to teach a course. In...Ch. 3 - Patient medical instruction sheets. Physicians and...Ch. 3 - Detecting traces of TNT. University of Florida...Ch. 3 - The three-dice gambling problem. According to...Ch. 3 - Scrap rate of machine parts. A press produces...Ch. 3 - Chance of winning at craps. A version of the dice...Ch. 3 - Chance of winning blackjack. Blackjack, a favorite...Ch. 3 - Software defects in NASA spacecraft instrument...Ch. 3 - Lets Make a Deal. Marilyn vos Savant, who is...Ch. 3 - Flawed Pentium computer chip. In October 1994, a...Ch. 3 - Exit polls are conducted in selected locations as...Ch. 3 - Define events A and B as follows: A: {Purchase...Ch. 3 - Now define events A and B in this manner: A:...

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