Statistics for Business and Economics, Student Value Edition (13th Edition)
13th Edition
ISBN: 9780134456997
Author: James T. McClave, P. George Benson, Terry Sincich
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 4.6, Problem 4.113ACI
a.
To determine
To propose: A procedure for randomly selecting 100 card users.
b.
To determine
To find: The expected number of customers who carry Visa for a random sample of 100 users.
To find: The expected number of customers who carry Discover for a random sample of 100 users.
c.
To determine
To find: The approximate probability that half or more of the sample of card users carry Visa.
To find: The approximate probability that half or more of the sample of card users carry American Express.
d.
To determine
To justify: The use of normal approximation to the binomial in answering the question in part c.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
According to an economist from a financial company, the average expenditures on "furniture and household appliances" have been lower for households in the Montreal area than those in the Quebec region.
A random sample of 14 households from the Montreal region and 16 households from the Quebec region was taken, providing the following data regarding expenditures in this economic sector.
It is assumed that the data from each population are distributed normally.
We are interested in knowing if the variances of the populations are equal. a) Perform the appropriate hypothesis test on two variances at a significance level of 1%. Include the following information:
i. Hypothesis / Identification of populations ii. Critical F-value(s) iii. Decision rule iv. F-ratio value v. Decision and conclusion
b) Based on the results obtained in a), is the hypothesis of equal variances for this socio-economic characteristic measured in these two populations upheld?
c) Based on the results obtained in a),…
A major company in the Montreal area, offering a range of engineering services from project preparation to construction execution, and industrial project management, wants to ensure that the individuals who are responsible for project cost estimation and bid preparation demonstrate a certain uniformity in their estimates. The head of civil engineering and municipal services decided to structure an experimental plan to detect if there could be significant differences in project evaluation.
Seven projects were selected, each of which had to be evaluated by each of the two estimators, with the order of the projects submitted being random. The obtained estimates are presented in the table below.
a) Complete the table above by calculating: i. The differences (A-B) ii. The sum of the differences iii. The mean of the differences iv. The standard deviation of the differences
b) What is the value of the t-statistic?
c) What is the critical t-value for this test at a significance level of 1%?…
Compute the relative risk of falling for the two groups (did not stop walking vs. did stop). State/interpret your result verbally.
Chapter 4 Solutions
Statistics for Business and Economics, Student Value Edition (13th Edition)
Ch. 4.1 - Types of random variables. Which of the following...Ch. 4.1 - Types of finance random variables. Security...Ch. 4.1 - NHTSA crash tests. Refer to the National Highway...Ch. 4.1 - Customers in line at a Subway shop. The number of...Ch. 4.1 - Executive pay. Refer to Glassdoor Economic...Ch. 4.1 - Banking. Give an example of a discrete random...Ch. 4.1 - Economics. Give an example of a continuous random...Ch. 4.1 - Hotel management. Give an example of a discrete...Ch. 4.1 - Retailing. Give two examples of discrete random...Ch. 4.1 - Stock market. Give an example of a continuous...
Ch. 4.2 - A discrete random variable x can assume five...Ch. 4.2 - The random variable x has the following discrete...Ch. 4.2 - A discrete random variable x can assume five...Ch. 4.2 - Explain why each of the following is or is not a...Ch. 4.2 - A die is tossed. Let x be the number of spots...Ch. 4.2 - Toss three fair coins and let x equal the number...Ch. 4.2 - Use the apple! Random Numbers to generate a list...Ch. 4.2 - Run the applet Simulating the Probability of a...Ch. 4.2 - Consider the probability distribution shown here:...Ch. 4.2 - Consider the probability distribution for the...Ch. 4.2 - Consider the probability distributions shown here:...Ch. 4.2 - Apps not working on smartphone. In a Pew Research...Ch. 4.2 - NHTSA crash tests. Refer to the NHTSA crash tests...Ch. 4.2 - Ages of dot-com employees. The age (in years)...Ch. 4.2 - Variable speed limit control for freeways. A...Ch. 4.2 - Choosing portable grill displays. Refer to the...Ch. 4.2 - Do social robots walk or roll? Refer to the...Ch. 4.2 - Reliability of a manufacturing network. A team of...Ch. 4.2 - Prob. 4.27ACICh. 4.2 - Prob. 4.28ACICh. 4.2 - Contaminated gun cartridges. A weapons...Ch. 4.2 - The last name effect in purchasing. The Journal of...Ch. 4.2 - Mail rooms contaminated with anthrax. During...Ch. 4.2 - Investment risk analysis. The risk of a portfolio...Ch. 4.2 - Prob. 4.33ACICh. 4.2 - Stock market participation and IQ. Refer to The...Ch. 4.2 - Expected loss due to flood damage. The National...Ch. 4.2 - Expected Lotto winnings. Most states offer weekly...Ch. 4.2 - Prob. 4.37ACACh. 4.2 - Prob. 4.38ACACh. 4.2 - Prob. 4.39ACACh. 4.3 - Compute the following: a. 6!2!(62)! b. (52) c....Ch. 4.3 - Consider the following probability distribution:...Ch. 4.3 - Suppose x is a binomial random variable with n = 3...Ch. 4.3 - If x is a binomial random variable, compute p (x)...Ch. 4.3 - If x is a binomial random variable, use Table I in...Ch. 4.3 - If x is a binomial random variable, calculate , 2,...Ch. 4.3 - The binomial probability distribution is a family...Ch. 4.3 - Use the applets Simulating the Probability of a...Ch. 4.3 - Open the applet Sample from a Population. On the...Ch. 4.3 - Use the applet Simulating the Stock Market to...Ch. 4.3 - Working on summer vacation. Recall (Exercise 3.13,...Ch. 4.3 - Privacy and information sharing. Some grocery...Ch. 4.3 - Hotel guest satisfaction. Each year, J. D. Power...Ch. 4.3 - Physicians opinions on a career in medicine. The...Ch. 4.3 - Playing sports related to job pay. Does...Ch. 4.3 - Immediate feedback to incorrect exam answers....Ch. 4.3 - Fingerprint expertise. Refer to the Psychological...Ch. 4.3 - Making your vote count. Refer to the Chance (Fall...Ch. 4.3 - Bridge inspection ratings. According to the...Ch. 4.3 - Tax returns audited by the IRS. According to the...Ch. 4.3 - FDA report on pesticides in food. Periodically,...Ch. 4.3 - Prob. 4.58ACACh. 4.3 - USGA golf ball specifications. According to the...Ch. 4.3 - Network forensic analysis. A network forensic...Ch. 4.4 - Consider the probability distribution shown here:...Ch. 4.4 - Assume that x is a random variable having a...Ch. 4.4 - Prob. 4.63LMCh. 4.4 - Prob. 4.64LMCh. 4.4 - Prob. 4.65LMCh. 4.4 - Suppose x is a random variable for which a Poisson...Ch. 4.4 - Prob. 4.67LMCh. 4.4 - Prob. 4.68LMCh. 4.4 - Prob. 4.69ACBCh. 4.4 - FDIC bank failures. The Federal Deposit Insurance...Ch. 4.4 - Airline fatalities. Over the past 5 years, U.S....Ch. 4.4 - Male nannies. According to the International Nanny...Ch. 4.4 - Contaminated gun cartridges. Refer to the...Ch. 4.4 - Prob. 4.74ACBCh. 4.4 - Prob. 4.75ACICh. 4.4 - Traffic fatalities and sporting events. The...Ch. 4.4 - Prob. 4.77ACICh. 4.4 - Guilt in decision making. The Journal of...Ch. 4.4 - Flaws in plastic-coated wire. The British Columbia...Ch. 4.4 - Making high-stakes insurance decisions. The...Ch. 4.4 - Prob. 4.81ACACh. 4.4 - Waiting for a car wash. An automatic car wash...Ch. 4.4 - Elevator passenger arrivals. A study of the...Ch. 4.6 - Find the area under the standard normal...Ch. 4.6 - Find the following probabilities for the standard...Ch. 4.6 - Find the following probabilities for the standard...Ch. 4.6 - Find each of the following probabilities for the...Ch. 4.6 - Find a value of the standard normal random...Ch. 4.6 - Find a value of the standard normal random...Ch. 4.6 - Give the z-score for a measurement from a normal...Ch. 4.6 - Suppose the random variable x is best described by...Ch. 4.6 - The random variable x has a normal distribution...Ch. 4.6 - Suppose x is a normally distributed random...Ch. 4.6 - Suppose x is a normally distributed random...Ch. 4.6 - Suppose x is a binomial random variable with p =...Ch. 4.6 - Assume that x is a binomial random variable with n...Ch. 4.6 - Open the applet Sample from a Population. On the...Ch. 4.6 - Variable life insurance return rates. With a...Ch. 4.6 - Hotels use of ecolabels. Refer to the Journal of...Ch. 4.6 - Tomato as a taste modifier. Miraculina protein...Ch. 4.6 - Corporate sustainability of CPA firms. Refer to...Ch. 4.6 - Shopping vehicle and judgment. Refer to the...Ch. 4.6 - Buy-side vs. sell-side analysts earnings...Ch. 4.6 - Blood diamonds. According to Global Research News...Ch. 4.6 - Prob. 4.104ACBCh. 4.6 - Executive networking and firm performance. Refer...Ch. 4.6 - Voltage sags and swells. Refer to the Electrical...Ch. 4.6 - Prob. 4.107ACICh. 4.6 - Safety of underground tunnels. Research published...Ch. 4.6 - Prob. 4.109ACICh. 4.6 - Manufacturing hourly pay rate. Government data...Ch. 4.6 - Personnel dexterity tests. Personnel tests are...Ch. 4.6 - Californias electoral college votes. During a...Ch. 4.6 - Prob. 4.113ACICh. 4.6 - Industrial filling process. The characteristics of...Ch. 4.6 - Prob. 4.115ACACh. 4.6 - Box plots and the standard normal distribution....Ch. 4.7 - If a population data set is normally distributed,...Ch. 4.7 - Prob. 4.118LMCh. 4.7 - Prob. 4.119LMCh. 4.7 - Examine the sample data in the accompanying table....Ch. 4.7 - Prob. 4.121ACBCh. 4.7 - Prob. 4.122ACBCh. 4.7 - Drug content assessment. Scientists at...Ch. 4.7 - Prob. 4.124ACBCh. 4.7 - Prob. 4.125ACBCh. 4.7 - Wear-out of used display panels. Wear-out failure...Ch. 4.7 - Rankings of research universities. Refer to the...Ch. 4.7 - Sanitation inspection of cruise ships. Refer to...Ch. 4.7 - Ranking driving performance of professional...Ch. 4.7 - Permeability of sandstone during weathering. Refer...Ch. 4.7 - Prob. 4.131ACACh. 4.8 - Suppose x is a random variable best described by a...Ch. 4.8 - Suppose x is a random variable best described by a...Ch. 4.8 - Refer to Exercise 4.133. Find the following...Ch. 4.8 - Suppose x has an exponential distribution with =...Ch. 4.8 - Prob. 4.136LMCh. 4.8 - Prob. 4.137LMCh. 4.8 - Prob. 4.138LMCh. 4.8 - Prob. 4.7AECh. 4.8 - Prob. 4.8AECh. 4.8 - Load on timber beams. Timber beams are widely used...Ch. 4.8 - Preventative maintenance tests. The optimal...Ch. 4.8 - Maintaining pipe wall temperature. Maintaining a...Ch. 4.8 - Detecting anthrax. Researchers at the University...Ch. 4.8 - Lead in metal shredder residue. On the basis of...Ch. 4.8 - Critical-part failures in NASCAR vehicles. In...Ch. 4.8 - Social network densities. Social networking sites...Ch. 4.8 - Boeing 787 Dreamliner. An assessment of the new...Ch. 4.8 - Soft-drink dispenser. The manager of a local...Ch. 4.8 - Prob. 4.148ACICh. 4.8 - Prob. 4.149ACICh. 4.8 - Cycle availability of a system. In the jargon of...Ch. 4.8 - Prob. 4.151ACICh. 4.8 - Reliability of CO-ROMs. In Reliability Ques (March...Ch. 4.8 - Prob. 4.153ACACh. 4.8 - Reliability of a robotic device. The reliability...Ch. 4.8 - Prob. 4.155ACACh. 4 - For each of the following examples, decide whether...Ch. 4 - Given that x is a binomial random variable,...Ch. 4 - Consider the discrete probability distribution...Ch. 4 - Suppose x is a binomial random variable with n =...Ch. 4 - Suppose x is a Poisson random variable. Compute p...Ch. 4 - Identify the type of random variablebinomial,...Ch. 4 - Prob. 4.162LMCh. 4 - Which of the following describe discrete random...Ch. 4 - Assume that x is a random variable best described...Ch. 4 - Find the following probabilities for the standard...Ch. 4 - Find a z-score, call it z0, such that a. P (z z0)...Ch. 4 - Identify the type of continuous random...Ch. 4 - Assume that x has an exponential distribution with...Ch. 4 - The random variable x has a normal distribution...Ch. 4 - Assume that x is a binomial random variable with n...Ch. 4 - The random variable x has a normal distribution...Ch. 4 - Analysis of bottled water. Is the bottled water...Ch. 4 - Downloading apps to your cell phone. According to...Ch. 4 - LASIK surgery complications. According to studies,...Ch. 4 - Requests to a Web server. According to Brighton...Ch. 4 - NASA and rare planet transits. A planet transit is...Ch. 4 - Hospital patient interarrival times. The length of...Ch. 4 - Dutch elm disease. A nursery advertises that it...Ch. 4 - Tracking missiles with satellite imagery. The...Ch. 4 - The business of casino gaming. Casino gaming...Ch. 4 - Machine repair times. An article in IEEE...Ch. 4 - Public transit deaths. Millions of suburban...Ch. 4 - On-site treatment of hazardous waste. The Resource...Ch. 4 - When to replace a maintenance system. An article...Ch. 4 - Software file updates. Software configuration...Ch. 4 - NHTSA crash safety tests. Refer to Exercise 4.21...Ch. 4 - Errors in measuring truck weights. To help highway...Ch. 4 - Detecting a computer virus attack. Chance (Winter...Ch. 4 - Whistle-blowing among federal employees....Ch. 4 - Ambulance response time. Ambulance response time...Ch. 4 - Optimal goal target in soccer. When attempting to...Ch. 4 - Marine losses for an oil company. The frequency...Ch. 4 - Reliability of a flow network. The journal...Ch. 4 - Doctors and ethics. Refer to the Journal of...Ch. 4 - Prob. 4.195ACICh. 4 - Testing for spoiled wine. Suppose that you are...Ch. 4 - Estimating demand for white bread. A bakery has...Ch. 4 - Checkout lanes at a supermarket. A team of...Ch. 4 - Rating employee performance. Almost all companies...Ch. 4 - Ship-to-shore transfer times. Lack of port...Ch. 4 - Prob. 4.201ACACh. 4 - Establishing tolerance limits. The tolerance...Ch. 4 - The showcase showdown. On the popular television...Ch. 4 - Reliability of a one-shot device. A one-shot...Ch. 4 - Super weapons development. The U.S. Army is...Ch. 4 - Space shuttle disaster. On January 28, 1986, the...Ch. 4 - Warehouse clubs are retailers that offer lower...Ch. 4 - Prob. 4.1.2ACh. 4 - Prob. 4.1.3ACh. 4 - Prob. 4.1.4ACh. 4 - Prob. 4.1.5ACh. 4 - Prob. 4.1.6ACh. 4 - Prob. 4.1.7ACh. 4 - Warehouse clubs are retailers that offer lower...
Knowledge Booster
Similar questions
- Microsoft Excel include formulasarrow_forwardQuestion 1 The data shown in Table 1 are and R values for 24 samples of size n = 5 taken from a process producing bearings. The measurements are made on the inside diameter of the bearing, with only the last three decimals recorded (i.e., 34.5 should be 0.50345). Table 1: Bearing Diameter Data Sample Number I R Sample Number I R 1 34.5 3 13 35.4 8 2 34.2 4 14 34.0 6 3 31.6 4 15 37.1 5 4 31.5 4 16 34.9 7 5 35.0 5 17 33.5 4 6 34.1 6 18 31.7 3 7 32.6 4 19 34.0 8 8 33.8 3 20 35.1 9 34.8 7 21 33.7 2 10 33.6 8 22 32.8 1 11 31.9 3 23 33.5 3 12 38.6 9 24 34.2 2 (a) Set up and R charts on this process. Does the process seem to be in statistical control? If necessary, revise the trial control limits. [15 pts] (b) If specifications on this diameter are 0.5030±0.0010, find the percentage of nonconforming bearings pro- duced by this process. Assume that diameter is normally distributed. [10 pts] 1arrow_forward4. (5 pts) Conduct a chi-square contingency test (test of independence) to assess whether there is an association between the behavior of the elderly person (did not stop to talk, did stop to talk) and their likelihood of falling. Below, please state your null and alternative hypotheses, calculate your expected values and write them in the table, compute the test statistic, test the null by comparing your test statistic to the critical value in Table A (p. 713-714) of your textbook and/or estimating the P-value, and provide your conclusions in written form. Make sure to show your work. Did not stop walking to talk Stopped walking to talk Suffered a fall 12 11 Totals 23 Did not suffer a fall | 2 Totals 35 37 14 46 60 Tarrow_forward
- Question 2 Parts manufactured by an injection molding process are subjected to a compressive strength test. Twenty samples of five parts each are collected, and the compressive strengths (in psi) are shown in Table 2. Table 2: Strength Data for Question 2 Sample Number x1 x2 23 x4 x5 R 1 83.0 2 88.6 78.3 78.8 3 85.7 75.8 84.3 81.2 78.7 75.7 77.0 71.0 84.2 81.0 79.1 7.3 80.2 17.6 75.2 80.4 10.4 4 80.8 74.4 82.5 74.1 75.7 77.5 8.4 5 83.4 78.4 82.6 78.2 78.9 80.3 5.2 File Preview 6 75.3 79.9 87.3 89.7 81.8 82.8 14.5 7 74.5 78.0 80.8 73.4 79.7 77.3 7.4 8 79.2 84.4 81.5 86.0 74.5 81.1 11.4 9 80.5 86.2 76.2 64.1 80.2 81.4 9.9 10 75.7 75.2 71.1 82.1 74.3 75.7 10.9 11 80.0 81.5 78.4 73.8 78.1 78.4 7.7 12 80.6 81.8 79.3 73.8 81.7 79.4 8.0 13 82.7 81.3 79.1 82.0 79.5 80.9 3.6 14 79.2 74.9 78.6 77.7 75.3 77.1 4.3 15 85.5 82.1 82.8 73.4 71.7 79.1 13.8 16 78.8 79.6 80.2 79.1 80.8 79.7 2.0 17 82.1 78.2 18 84.5 76.9 75.5 83.5 81.2 19 79.0 77.8 20 84.5 73.1 78.2 82.1 79.2 81.1 7.6 81.2 84.4 81.6 80.8…arrow_forwardName: Lab Time: Quiz 7 & 8 (Take Home) - due Wednesday, Feb. 26 Contingency Analysis (Ch. 9) In lab 5, part 3, you will create a mosaic plot and conducted a chi-square contingency test to evaluate whether elderly patients who did not stop walking to talk (vs. those who did stop) were more likely to suffer a fall in the next six months. I have tabulated the data below. Answer the questions below. Please show your calculations on this or a separate sheet. Did not stop walking to talk Stopped walking to talk Totals Suffered a fall Did not suffer a fall Totals 12 11 23 2 35 37 14 14 46 60 Quiz 7: 1. (2 pts) Compute the odds of falling for each group. Compute the odds ratio for those who did not stop walking vs. those who did stop walking. Interpret your result verbally.arrow_forwardSolve please and thank you!arrow_forward
- 7. In a 2011 article, M. Radelet and G. Pierce reported a logistic prediction equation for the death penalty verdicts in North Carolina. Let Y denote whether a subject convicted of murder received the death penalty (1=yes), for the defendant's race h (h1, black; h = 2, white), victim's race i (i = 1, black; i = 2, white), and number of additional factors j (j = 0, 1, 2). For the model logit[P(Y = 1)] = a + ß₁₂ + By + B²², they reported = -5.26, D â BD = 0, BD = 0.17, BY = 0, BY = 0.91, B = 0, B = 2.02, B = 3.98. (a) Estimate the probability of receiving the death penalty for the group most likely to receive it. [4 pts] (b) If, instead, parameters used constraints 3D = BY = 35 = 0, report the esti- mates. [3 pts] h (c) If, instead, parameters used constraints Σ₁ = Σ₁ BY = Σ; B = 0, report the estimates. [3 pts] Hint the probabilities, odds and odds ratios do not change with constraints.arrow_forwardSolve please and thank you!arrow_forwardSolve please and thank you!arrow_forward
- Question 1:We want to evaluate the impact on the monetary economy for a company of two types of strategy (competitive strategy, cooperative strategy) adopted by buyers.Competitive strategy: strategy characterized by firm behavior aimed at obtaining concessions from the buyer.Cooperative strategy: a strategy based on a problem-solving negotiating attitude, with a high level of trust and cooperation.A random sample of 17 buyers took part in a negotiation experiment in which 9 buyers adopted the competitive strategy, and the other 8 the cooperative strategy. The savings obtained for each group of buyers are presented in the pdf that i sent: For this problem, we assume that the samples are random and come from two normal populations of unknown but equal variances.According to the theory, the average saving of buyers adopting a competitive strategy will be lower than that of buyers adopting a cooperative strategy.a) Specify the population identifications and the hypotheses H0 and H1…arrow_forwardYou assume that the annual incomes for certain workers are normal with a mean of $28,500 and a standard deviation of $2,400. What’s the chance that a randomly selected employee makes more than $30,000?What’s the chance that 36 randomly selected employees make more than $30,000, on average?arrow_forwardWhat’s the chance that a fair coin comes up heads more than 60 times when you toss it 100 times?arrow_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
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL