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 3.6, Problem 3.52LM
For two
- a. Find P (A∩B).
- b. Find P (B|A).
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The average number of minutes Americans commute to work is 27.7 minutes (Sterling's Best Places, April 13, 2012). The average commute time in minutes for 48 cities are as follows:
Click on the datafile logo to reference the data.
DATA file
Albuquerque
23.3
Jacksonville
26.2
Phoenix
28.3
Atlanta
28.3
Kansas City
23.4
Pittsburgh
25.0
Austin
24.6
Las Vegas
28.4
Portland
26.4
Baltimore
32.1
Little Rock
20.1
Providence
23.6
Boston
31.7
Los Angeles
32.2
Richmond
23.4
Charlotte
25.8
Louisville
21.4
Sacramento
25.8
Chicago
38.1
Memphis
23.8
Salt Lake City
20.2
Cincinnati
24.9
Miami
30.7
San Antonio
26.1
Cleveland
26.8
Milwaukee
24.8
San Diego
24.8
Columbus
23.4
Minneapolis
23.6
San Francisco
32.6
Dallas
28.5
Nashville
25.3
San Jose
28.5
Denver
28.1
New Orleans
31.7
Seattle
27.3
Detroit
29.3
New York
43.8
St. Louis
26.8
El Paso
24.4
Oklahoma City
22.0
Tucson
24.0
Fresno
23.0
Orlando
27.1
Tulsa
20.1
Indianapolis
24.8
Philadelphia
34.2
Washington, D.C.
32.8
a. What is the mean commute time for…
Morningstar tracks the total return for a large number of mutual funds. The following table shows the total return and the number of funds for four categories of mutual funds.
Click on the datafile logo to reference the data.
DATA file
Type of Fund
Domestic Equity
Number of Funds
Total Return (%)
9191
4.65
International Equity
2621
18.15
Hybrid
1419
2900
11.36
6.75
Specialty Stock
a. Using the number of funds as weights, compute the weighted average total return for these mutual funds. (to 2 decimals)
%
b. Is there any difficulty associated with using the "number of funds" as the weights in computing the weighted average total return in part (a)? Discuss. What else might be used for weights?
The input in the box below will not be graded, but may be reviewed and considered by your instructor.
c. Suppose you invested $10,000 in this group of mutual funds and diversified the investment by placing $2000 in Domestic Equity funds, $4000 in International Equity funds, $3000 in Specialty Stock…
The days to maturity for a sample of five money market funds are shown here. The dollar amounts invested in the funds are provided.
Days to
Maturity
20
Dollar Value
($ millions)
20
12
30
7
10
5
6
15
10
Use the weighted mean to determine the mean number of days to maturity for dollars invested in these five money market funds (to 1 decimal).
days
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. 3.35LMCh. 3.4 - Prob. 3.36LMCh. 3.4 - Use the applets Simulating the Probability of...Ch. 3.4 - Prob. 3.4AECh. 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. 3.50ACACh. 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. 3.70ACICh. 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. 3.78ACACh. 3.6 - Prob. 3.79ACACh. 3.6 - Encryption systems with erroneous ciphertexts. In...Ch. 3.7 - Suppose the events B1 and B2 are mutually...Ch. 3.7 - Prob. 3.82LMCh. 3.7 - Prob. 3.83LMCh. 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. 3.99LMCh. 3 - Prob. 3.100LMCh. 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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