Introduction to Probability and Statistics
14th Edition
ISBN: 9781133103752
Author: Mendenhall, William
Publisher: Cengage Learning
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Textbook Question
Chapter 4.8, Problem 4.96E
FDA Testing The maximum patent life for a new drug is 17 years. Subtracting the length of time required by the FDA for testing and approval of the drug provides the actual patent life of the drug—that is, the length of time that a company has to recover research and development costs and make a profit. Suppose the distribution of the lengths of patent life for new drugs is as shown here:
a. Find the expected number of years of patent life for
a new drug.
b. Find the standard deviation of x.
c. Find the
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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?
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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
c. What are the first and third quartiles?
First Quartiles (to 1 decimals)
Third Quartiles (to 4 decimals)
× ☑
Which companies spend the most money on advertising? Business Insider maintains a list of the top-spending companies. In 2014, Procter & Gamble spent more than any other company, a whopping $5 billion. In second place was Comcast, which spent $3.08 billion (Business Insider website, December 2014). The top 12 companies and
the amount each spent on advertising in billions of dollars are as follows.
Click on the datafile logo to reference the data.
DATA file
Company
Procter & Gamble
Comcast
Advertising
($billions)
$5.00
3.08
2.91
Company
American Express
General Motors
Advertising
($billions)
$2.19
2.15
ETET
AT&T
Ford
Verizon
L'Oreal
2.56
2.44
2.34
Toyota
Fiat Chrysler
Walt Disney Company
J.P Morgan
a. What is the mean amount spent on advertising? (to 2 decimals)
2.55
b. What is the median amount spent on advertising? (to 3 decimals)
2.09
1.97
1.96
1.88
Chapter 4 Solutions
Introduction to Probability and Statistics
Ch. 4.3 - Tossing a Die An experiment involves tossing a...Ch. 4.3 - Prob. 4.2ECh. 4.3 - A sample space contains 10 simple events:...Ch. 4.3 - Free Throws A particular basketball player hits...Ch. 4.3 - Four Coins A jar contains four coins: a nickel, a...Ch. 4.3 - Preschool or Not? On the first day of...Ch. 4.3 - Prob. 4.7ECh. 4.3 - The Urn Problem, continued Refer to Exercise 4.7....Ch. 4.3 - Need Eyeglasses? A survey classified a large...Ch. 4.3 - Prob. 4.10E
Ch. 4.3 - Jury Duty Three people are randomly selected to...Ch. 4.3 - Prob. 4.12ECh. 4.3 - Tea Tasters A food company plans to conduct an...Ch. 4.3 - -Meter Run Four equally qualified runners, John,...Ch. 4.3 - Fruit Flies In a genetics experiment, the...Ch. 4.3 - Prob. 4.16ECh. 4.4 - You have two groups of distinctly different items,...Ch. 4.4 - Prob. 4.18ECh. 4.4 - Prob. 4.19ECh. 4.4 - Combinations Evaluate these combinations: a. C35...Ch. 4.4 - Choosing People In how many ways can youselect...Ch. 4.4 - Choosing People, again In how many ways canyou...Ch. 4.4 - Prob. 4.23ECh. 4.4 - Coins Four coins are tossed. How many simple...Ch. 4.4 - The Urn Problem, again Three balls are...Ch. 4.4 - What to Wear? You own 4 pairs of jeans, 12...Ch. 4.4 - Itineraries A businessman in New York is...Ch. 4.4 - Vacation Plans Your family vacation involves...Ch. 4.4 - A Card Game Three students are playing a cardgame....Ch. 4.4 - Dinner at Gerard’s A French restaurant offers...Ch. 4.4 - Playing Poker Five cards are selected from...Ch. 4.4 - Prob. 4.32ECh. 4.4 - A Hospital Survey A study is to be conducted in...Ch. 4.4 - Traffic Problems Two city council members are tobe...Ch. 4.4 - Prob. 4.35ECh. 4.4 - Prob. 4.36ECh. 4.4 - Prob. 4.37ECh. 4.4 - Cramming A student prepares for an exam bystudying...Ch. 4.4 - Monkey Business A monkey is given 12 blocks:3...Ch. 4.6 - An experiment can result in one of five equally...Ch. 4.6 - Refer to Exercise 4.40. Use the definition of a...Ch. 4.6 - Refer to Exercise 4.40. Use the definition of...Ch. 4.6 - Refer to Exercise 4.40. Use the Addition and...Ch. 4.6 - Prob. 4.44ECh. 4.6 - Suppose P(A)=.1 and P(B)=.5 . a. If P(A|B)=.1 ,...Ch. 4.6 - Dice An experiment consists of tossing a single...Ch. 4.6 - Prob. 4.47ECh. 4.6 - Two fair dice are tossed. a. What is the...Ch. 4.6 - Suppose that P(A)=.4 and P(B)=.2 . If events A and...Ch. 4.6 - Prob. 4.50ECh. 4.6 - Suppose that P(A)=.4 and P(AB)=.12 . a. Find...Ch. 4.6 - Prob. 4.52ECh. 4.6 - Prob. 4.53ECh. 4.6 - Prob. 4.54ECh. 4.6 - Grant Funding Suppose a group of research...Ch. 4.6 - Drug Offenders A study of drug offenders who have...Ch. 4.6 - Prob. 4.57ECh. 4.6 - The Birthday Problem Two people enter a room and...Ch. 4.6 - Prob. 4.59ECh. 4.6 - Starbucks or Peet’s®? A college student frequents...Ch. 4.6 - Prob. 4.61ECh. 4.6 - Smoking and Cancer A survey of people in a...Ch. 4.6 - Smoke Detectors A smoke-detector system usestwo...Ch. 4.6 - Plant Genetics In 1865, Gregor Mendel suggesteda...Ch. 4.6 - Prob. 4.65ECh. 4.6 - Choosing a Mate Men and women often disagreeon how...Ch. 4.6 - Prob. 4.67ECh. 4.6 - Golfing Player A has entered a golf tournament but...Ch. 4.7 - Prob. 4.69ECh. 4.7 - Prob. 4.70ECh. 4.7 - Prob. 4.71ECh. 4.7 - Violent Crime City crime records show that 20%...Ch. 4.7 - Worker Error A worker-operated machine producesa...Ch. 4.7 - Airport Security Suppose that, in a particular...Ch. 4.7 - Football Strategies A particular football team is...Ch. 4.7 - No Pass, No Play Under the “no pass, no play”rule...Ch. 4.7 - Medical Diagnostics Different illnesses can...Ch. 4.7 - Cheating on Your Taxes? Suppose 5% of all...Ch. 4.7 - Screening Tests Suppose that a certain diseaseis...Ch. 4.8 - Discrete or Continuous? Identify the following as...Ch. 4.8 - Discrete or Continuous? II Identify the following...Ch. 4.8 - Probability Distribution I A random variable x has...Ch. 4.8 - Prob. 4.83ECh. 4.8 - Dice Let x equal the number observed on the throw...Ch. 4.8 - Grocery Visits Let x represent the number of times...Ch. 4.8 - If you toss a pair of dice, the sum T of the...Ch. 4.8 - RU Texting? The proportion of adults (18 years or...Ch. 4.8 - Which Key Fits? A key ring contains four office...Ch. 4.8 - Gender Bias? A company has five applicants for two...Ch. 4.8 - Defective Equipment A piece of electronic...Ch. 4.8 - Drilling Oil Wells Past experience has shown that,...Ch. 4.8 - Tennis, Anyone? Two tennis professionals, A and B,...Ch. 4.8 - Prob. 4.93ECh. 4.8 - Prob. 4.94ECh. 4.8 - Insuring Your Diamonds You can insure a $50,000...Ch. 4.8 - FDA Testing The maximum patent life for a new drug...Ch. 4.8 - Coffee Breaks Most coffee drinkers take a little...Ch. 4.8 - Prob. 4.98ECh. 4.8 - Actuaries A CEO is considering buying an insurance...Ch. 4 - Playing the Slots A slot machine has three slots;...Ch. 4 - Whistle Blowers Although there is legal...Ch. 4 - Prob. 4.102SECh. 4 - Refer to Exercise 4.102. By summing the...Ch. 4 - DVRs A retailer sells two styles of digital...Ch. 4 - Prob. 4.105SECh. 4 - Prob. 4.106SECh. 4 - Prob. 4.107SECh. 4 - Fire Alarms A fire-detection device uses three...Ch. 4 - Prob. 4.109SECh. 4 - Prob. 4.110SECh. 4 - Prob. 4.111SECh. 4 - Prob. 4.112SECh. 4 - Prob. 4.113SECh. 4 - Prob. 4.114SECh. 4 - Prob. 4.115SECh. 4 - Prob. 4.116SECh. 4 - Prob. 4.117SECh. 4 - Prob. 4.118SECh. 4 - Prob. 4.119SECh. 4 - Prob. 4.120SECh. 4 - Prob. 4.121SECh. 4 - Contract Negotiations Experience has shown...Ch. 4 - Prob. 4.123SECh. 4 - Prob. 4.124SECh. 4 - Prob. 4.125SECh. 4 - Prob. 4.126SECh. 4 - Mass Transit Only 40% of all people in a...Ch. 4 - Prob. 4.128SECh. 4 - Prob. 4.129SECh. 4 - Prob. 4.130SECh. 4 - Flextime A survey to determine the availability of...Ch. 4 - Prob. 4.132SECh. 4 - Pepsi™ or Coke™? A taste-testing experiment is...Ch. 4 - Viruses A certain virus afflicted the families in...Ch. 4 - Prob. 4.135SECh. 4 - Independence and Mutually Exclusive Suppose that...Ch. 4 - Prob. 4.137SE
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