Business Statistics: A First Course (7th Edition)
7th Edition
ISBN: 9780321979018
Author: David M. Levine, Kathryn A. Szabat, David F. Stephan
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 4.65CRP
A 2013 Sage North America survey examined the “financial literacy” of small business owners. The study found that 23% of small business owners indicated concern about income tax compliance for their business; 41% of small business owners use accounting software, given that the small business owner indicated concern about income tax compliance for his or her business. Given that a small business owner did not indicate concern about income tax compliance for his or her business, 58% of small business owners use accounting software. (Data extracted from “Sage Financial Capability Survey: What Small Business Owners Don’t Understand Could Be Holding Them Back,” April 17, 2013, http://bit.ly/Z3FAqx.)
- Use Bayes’ theorem to find the
probability that a small business owner uses accounting software, given that the small business owner indicated concern about income tax compliance for his or her business. - Compare the result in (a) to the probability that a small business owner uses accounting software and comment on whether small business owners who are concerned about income tax compliance for their business are generally more likely to use accounting software than small business owners who are not concerned about income tax compliance for their business.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Task Description:
Read the following case study and answer the questions that follow.
Ella is a 9-year-old third-grade student in an inclusive classroom. She has been diagnosed with Emotional and Behavioural Disorder (EBD). She has been struggling academically and socially due to
challenges related to self-regulation, impulsivity, and emotional outbursts. Ella's behaviour includes frequent tantrums, defiance toward authority figures, and difficulty forming positive relationships with peers. Despite her challenges, Ella shows an interest in art and creative activities and demonstrates strong verbal skills when calm.
Describe 2 strategies that could be implemented that could help Ella regulate her emotions in class (4 marks)
Explain 2 strategies that could improve Ella’s social skills (4 marks)
Identify 2 accommodations that could be implemented to support Ella academic progress and provide a rationale for your recommendation.(6 marks)
Provide a detailed explanation of 2 ways…
Question 2: When John started his first job, his first end-of-year salary was $82,500. In the following years, he received salary raises as shown in the following table.
Fill the Table: Fill the following table showing his end-of-year salary for each year. I have already provided the end-of-year salaries for the first three years. Calculate the end-of-year salaries for the remaining years using Excel. (If you Excel answer for the top 3 cells is not the same as the one in the following table, your formula / approach is incorrect) (2 points)
Geometric Mean of Salary Raises: Calculate the geometric mean of the salary raises using the percentage figures provided in the second column named “% Raise”. (The geometric mean for this calculation should be nearly identical to the arithmetic mean. If your answer deviates significantly from the mean, it's likely incorrect. 2 points)
Starting salary
% Raise
Raise
Salary after raise
75000
10%
7500
82500
82500
4%
3300…
I need help with this problem and an explanation of the solution for the image described below. (Statistics: Engineering Probabilities)
Chapter 4 Solutions
Business Statistics: A First Course (7th Edition)
Ch. 4 - Three coins are tossed. Give an example of a...Ch. 4 - An urn contains 12 red balls and 8 white balls....Ch. 4 - Consider the following contingency table: What is...Ch. 4 - Prob. 4.4LBCh. 4 - For each of the following, indicate whether the...Ch. 4 - For each of the following, state whether the...Ch. 4 - Which of the following events occur with a...Ch. 4 - Prob. 4.8ACCh. 4 - Referring to the contingency table in Problem 4.8,...Ch. 4 - Prob. 4.10AC
Ch. 4 - Referring to the contingency table in problem...Ch. 4 - What business and technical skills are critical...Ch. 4 - Prob. 4.13ACCh. 4 - Prob. 4.14ACCh. 4 - Prob. 4.15ACCh. 4 - Prob. 4.16LBCh. 4 - Prob. 4.17LBCh. 4 - Prob. 4.18LBCh. 4 - Prob. 4.19LBCh. 4 - Prob. 4.20LBCh. 4 - Prob. 4.21ACCh. 4 - Prob. 4.22ACCh. 4 - Prob. 4.23ACCh. 4 - Prob. 4.24ACCh. 4 - Prob. 4.25ACCh. 4 - Each year, ratings are compiled concerning the...Ch. 4 - Prob. 4.27ACCh. 4 - Prob. 4.28ACCh. 4 - Prob. 4.29ACCh. 4 - Prob. 4.30LBCh. 4 - Prob. 4.31LBCh. 4 - Prob. 4.32ACCh. 4 - A banking executive is studying the role of trust...Ch. 4 - Olive Construction Company is determining whether...Ch. 4 - According to a report by The Kauffman Foundation...Ch. 4 - Prob. 4.36ACCh. 4 - Prob. 4.37ACCh. 4 - Prob. 4.38ACCh. 4 - A lock on a bank vault consists of three dials,...Ch. 4 - If a coin is tossed seven times, how many...Ch. 4 - A particular brand of womens jeans is available in...Ch. 4 - Prob. 4.42ACCh. 4 - Prob. 4.43ACCh. 4 - Prob. 4.44ACCh. 4 - Prob. 4.45ACCh. 4 - Prob. 4.46ACCh. 4 - Prob. 4.47ACCh. 4 - Prob. 4.48ACCh. 4 - Prob. 4.49ACCh. 4 - Prob. 4.50ACCh. 4 - Prob. 4.51ACCh. 4 - Prob. 4.52CYUCh. 4 - Prob. 4.53CYUCh. 4 - Prob. 4.54CYUCh. 4 - What is the difference between mutually exclusive...Ch. 4 - Prob. 4.56CYUCh. 4 - Prob. 4.57CYUCh. 4 - Prob. 4.58CYUCh. 4 - Prob. 4.59CYUCh. 4 - Prob. 4.60CRPCh. 4 - Prob. 4.61CRPCh. 4 - Prob. 4.62CRPCh. 4 - Prob. 4.63CRPCh. 4 - Prob. 4.64CRPCh. 4 - A 2013 Sage North America survey examined the...
Additional Math Textbook Solutions
Find more solutions based on key concepts
Complete each statement with the correct term from the column on the right. Some of the choices may not be used...
Intermediate Algebra (13th Edition)
Check Your Understanding
Reading Check Complete each sentence using > or < for □.
RC1. 3 dm □ 3 dam
Basic College Mathematics
1. How is a sample related to a population?
Elementary Statistics: Picturing the World (7th Edition)
Empirical versus Theoretical A Monopoly player claims that the probability of getting a 4 when rolling a six-si...
Introductory Statistics
Reading, Writing, and Rounding Whole Numbers Write in words. 357
Mathematics for the Trades: A Guided Approach (11th Edition) (What's New in Trade Math)
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
- I need help with this problem and an explanation of the solution for the image described below. (Statistics: Engineering Probabilities)arrow_forward310015 K Question 9, 5.2.28-T Part 1 of 4 HW Score: 85.96%, 49 of 57 points Points: 1 Save of 6 Based on a poll, among adults who regret getting tattoos, 28% say that they were too young when they got their tattoos. Assume that six adults who regret getting tattoos are randomly selected, and find the indicated probability. Complete parts (a) through (d) below. a. Find the probability that none of the selected adults say that they were too young to get tattoos. 0.0520 (Round to four decimal places as needed.) Clear all Final check Feb 7 12:47 US Oarrow_forwardhow could the bar graph have been organized differently to make it easier to compare opinion changes within political partiesarrow_forward
- 30. An individual who has automobile insurance from a certain company is randomly selected. Let Y be the num- ber of moving violations for which the individual was cited during the last 3 years. The pmf of Y isy | 1 2 4 8 16p(y) | .05 .10 .35 .40 .10 a.Compute E(Y).b. Suppose an individual with Y violations incurs a surcharge of $100Y^2. Calculate the expected amount of the surcharge.arrow_forward24. An insurance company offers its policyholders a num- ber of different premium payment options. For a ran- domly selected policyholder, let X = the number of months between successive payments. The cdf of X is as follows: F(x)=0.00 : x < 10.30 : 1≤x<30.40 : 3≤ x < 40.45 : 4≤ x <60.60 : 6≤ x < 121.00 : 12≤ x a. What is the pmf of X?b. Using just the cdf, compute P(3≤ X ≤6) and P(4≤ X).arrow_forward59. At a certain gas station, 40% of the customers use regular gas (A1), 35% use plus gas (A2), and 25% use premium (A3). Of those customers using regular gas, only 30% fill their tanks (event B). Of those customers using plus, 60% fill their tanks, whereas of those using premium, 50% fill their tanks.a. What is the probability that the next customer will request plus gas and fill the tank (A2 B)?b. What is the probability that the next customer fills the tank?c. If the next customer fills the tank, what is the probability that regular gas is requested? Plus? Premium?arrow_forward
- 38. Possible values of X, the number of components in a system submitted for repair that must be replaced, are 1, 2, 3, and 4 with corresponding probabilities .15, .35, .35, and .15, respectively. a. Calculate E(X) and then E(5 - X).b. Would the repair facility be better off charging a flat fee of $75 or else the amount $[150/(5 - X)]? [Note: It is not generally true that E(c/Y) = c/E(Y).]arrow_forward74. The proportions of blood phenotypes in the U.S. popula- tion are as follows:A B AB O .40 .11 .04 .45 Assuming that the phenotypes of two randomly selected individuals are independent of one another, what is the probability that both phenotypes are O? What is the probability that the phenotypes of two randomly selected individuals match?arrow_forward53. A certain shop repairs both audio and video compo- nents. Let A denote the event that the next component brought in for repair is an audio component, and let B be the event that the next component is a compact disc player (so the event B is contained in A). Suppose that P(A) = .6 and P(B) = .05. What is P(BA)?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Probability & Statistics (28 of 62) Basic Definitions and Symbols Summarized; Author: Michel van Biezen;https://www.youtube.com/watch?v=21V9WBJLAL8;License: Standard YouTube License, CC-BY
Introduction to Probability, Basic Overview - Sample Space, & Tree Diagrams; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=SkidyDQuupA;License: Standard YouTube License, CC-BY