Basic Business Statistics, Student Value Edition (13th Edition)
13th Edition
ISBN: 9780321946393
Author: Mark L. Berenson, David M. Levine, Kathryn A. Szabat
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 5, Problem 25PS
When a customer places an order with Rudy’s On-Line Office Supplies. a computerized accounting information system (AIS) automatically checks to see if the customer has exceeded his or her credit limit. Past records indicate that the
limit is distributed as a binomial random variable.
a. What are the mean and standard deviation of the number of customers exceeding their credit limits?
b. What is the probability that zero customers will exceed their credit limits?
c. What is the probability that one customer will exceed his or her credit limit?
d. What is the probability that two or more customers will exceed their credit limits?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Show All WorkAwnsers will be checked
2. Consider the negative binomial distribution with parameters r,p and having pmf
nb(x;r,p) =
Ꮖ
(* + r − ¹) p*(1 − p)²
p'(1-p) x = 0, 1, 2, 3, … ….
(a) Supposer 2, then show that
T-1
p =
X+r−1
is an unbiased estimator for p. (Hint: write out E(p), then cancel out x+r −1 inside
the sum).
(b) A reporter wishing to interview five individuals who support a certain candidate (for
presidency?) begins asking people whether they support (S) or not support (F) the can-
didate.
If they observe the following sequence of responses SFFSfffffffffffSSS, esti-
mate p the true proportion of people who support the candidate.
How does the estimate change if the following sequence of responses were observed
ssssfffffffffffffs.
Does it matter to the estimate when the first four S's appear in the sequence of responses?
The overall distance traveled by a golf ball is tested by hitting the ball with Iron Byron, a
mechanical golfer with a swing that is said to emulate the distance hit by the legendary champion
Byron Nelson. Ten randomly selected balls of two different brands are tested and the overall
distance measured.
Brand 1: 275, 286, 287, 271, 283, 271, 279, 275, 263, 267
Brand 2: 258, 244, 260, 265, 273, 281, 271, 270, 263, 268
a) Is there evidence to support the claim that the standard deviation of overall distance is the
same for both brands of balls (use α = 0.05)?
b) Is there evidence to support the claim that the mean of the overall distance is the same for
both brands of balls (use α = 0.05)?
Chapter 5 Solutions
Basic Business Statistics, Student Value Edition (13th Edition)
Ch. 5 - Given the following probability distribution: a....Ch. 5 - Prob. 2PSCh. 5 - Recently , a regional automobile dealership sent...Ch. 5 - In the carnival game Under-or -Over-Seven, a pair...Ch. 5 - Prob. 5PSCh. 5 - Prob. 6PSCh. 5 - Prob. 7PSCh. 5 - Given the following probability distribution for...Ch. 5 - Prob. 9PSCh. 5 - The process of being served at a bank consists of...
Ch. 5 - In the portfolio example in this section (see page...Ch. 5 - Prob. 12PSCh. 5 - Prob. 13PSCh. 5 - Prob. 14PSCh. 5 - Suppose that in Example 5.1 on page 193, you...Ch. 5 - Prob. 16PSCh. 5 - Suppose that in Problem 5.16 you wanted to create...Ch. 5 - Determine the following:...Ch. 5 - Prob. 19PSCh. 5 - Determine the mean and standard deviation of the...Ch. 5 - The increase or decrease in the price of a stock...Ch. 5 - Prob. 22PSCh. 5 - Prob. 23PSCh. 5 - A manufacturing company regularly conducts quality...Ch. 5 - When a customer places an order with Rudy’s...Ch. 5 - Prob. 26PSCh. 5 - In Example 5.5 on page 200, you and two friends...Ch. 5 - Assume a Poisson distribution....Ch. 5 - Assume a Poisson distribution....Ch. 5 - Assume a Poisson distribution with =5.0. What is...Ch. 5 - Prob. 31PSCh. 5 - The quality control manager of Marilyn’s Cookies...Ch. 5 - Refer to Problem 5.22. How many cookies in a batch...Ch. 5 - Prob. 34PSCh. 5 - Prob. 35PSCh. 5 - The Consumer Financial Protection Bureau’s...Ch. 5 - J.D. Power and Associates calculates and publishes...Ch. 5 - Prob. 38PSCh. 5 - Prob. 39PSCh. 5 - Refer to Problem 5.27. if you purchased a Toyota...Ch. 5 - A toll-free phone number is available from 9 A.M....Ch. 5 - Prob. 42PSCh. 5 - Prob. 43PSCh. 5 - An auditor for the Internal Revenue Service is...Ch. 5 - Prob. 45PSCh. 5 - Prob. 46PSCh. 5 - Prob. 47PSCh. 5 - Prob. 48PSCh. 5 - Prob. 49PSCh. 5 - What are the four properties that must be present...Ch. 5 - Prob. 51PSCh. 5 - Prob. 52PSCh. 5 - Darwin Head, a 35-year-old sawmill worker, won 1...Ch. 5 - Between 1896-when the Dow Jones index was...Ch. 5 - Smartphone adoption among American teens has...Ch. 5 - One theory concerning the Dow jones industrial...Ch. 5 - Prob. 57PSCh. 5 - Prob. 58PSCh. 5 - Social log-ins involve recommending of sharing an...Ch. 5 - The Consumer Financial Protection Bureau’s...Ch. 5 - Prob. 61PSCh. 5 - One theory concerning the...Ch. 5 - Spurious correlation refers to the apparent...Ch. 5 - Prob. 64PSCh. 5 - Prob. 65PS
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
- Use technology to find (a) the multiple regression equation for the data shown in the accompanying table, (b) the standard error estimate and interpret the result, and (c) the coefficient of determination and interpret the result. The accompanying table shows the total square footages (in billions) of retailing space at shopping centers, the numbers (in thousands) of shopping centers, and the sales (in billions of dollars) for shopping centers for eight years. Click the icon to view the data table on shopping center sales. (a) What is the regression equation? ŷ = 1 + ( )×₁ + (1)×2 (Round to two decimal places as needed.) (b) The standard error is ☐ (Round to two decimal places as needed.) Interpret the standard error. Choose the correct answer below. Shopping center sales Sales, y Total square footage, X₁ Shopping centers, X2 123.4 211.5 385.6 475.5 641.3 716.5 768.2 806.8 851.7 893.9 933.7 1.3 2.8 3.3 3.7 4.1 4.6 4.7 4.8 4.9 5.0 5.1 13.6 17.3 22.2 25.5 32.8 38.0 39.1 39.2 40.5 41.2…arrow_forwardNot use ai pleasearrow_forwardFind the regression equation. Find the equation of the regression line for the given data. Then construct a scatter plot of the data and draw the regression line. (The pair of variables have a significant correlation.) Then use the regression equation to predict the value of y for each of the given x-values, if meaningful. The number of hours 6 students spent for a test and their scores on that test are shown below. Hours spent studying, x Test score, y 0 2 2 4 5 6 39 45 51 49 63 68 (a) x = 2 hours (c) x = 12 hours (b) x = 2.5 hours (d) x 3.5 hours y = x + (D ☐ x + (☐ (Round the slope to three decimal places as needed. Round the y-intercept to two decimal places as needed.) Choose the correct graph below. A. B. Test score 0 80- 0 Π 8 Test score 80- 0- 0 Hours studying Hours studying (a) Predict the value of y for x = 2. Choose the correct answer below. A. 47.2 B. 49.5 C. 54.0 D. not meaningful (b) Predict the value of y for x = 2.5. Choose the correct answer below. A. 54.0 B. 49.5 C.…arrow_forward
- In a survey of 2727 adults, 1463 say they have started paying bills online in the last year. Construct a 99% confidence interval for the population proportion. Interpret the results. A 99% confidence interval for the population proportion is (Round to three decimal places as needed.) Interpret your results. Choose the correct answer below. (D). A. With 99% confidence, it can be said that the population proportion of adults who say they have started paying bills online in the last year is between the endpoints of the given confidence interval. B. With 99% confidence, it can be said that the sample proportion of adults who say they have started paying bills online in the last year is between the endpoints of the given confidence interval. ○ C. The endpoints of the given confidence interval show that adults pay bills online 99% of the time.arrow_forwardA research center claims that at least 28% of adults in a certain country think that their taxes will be audited. In a random sample of 600 adults in that country in a recent year, 25% say they are concerned that their taxes will be audited. At a = 0.10, is there enough evidence to reject the center's claim? Complete parts (a) through (d) below. ... (a) Identify the claim and state Ho and Ha. Identify the claim in this scenario. Select the correct choice below and fill in the answer box to complete your choice. (Type an integer or a decimal. Do not round.) A. At least B. Less than % of adults in the country think that their taxes will be audited. % of adults in the country think that their taxes will be audited. C. The percentage of adults in the country who think that their taxes will be audited is not %. D. % of adults in the country think that their taxes will be audited. Let p be the population proportion of successes, where a success is an adult in the country who thinks that…arrow_forwardThe table shows the total square footage (in billions) of retailing space at shopping centers and their sales (in billions of dollars) for 10 years. Construct a 90% prediction interval for sales when the total square footage is 5.7 billion. The equation of the regression line is y = 567.939x - 1985.560. Total 4.9 5.2 5.3 5.4 5.5 5.6 5.9 5.9 5.9 6.1 Square Footage, x Sales, y 880.1 935.5 989.5 1056.9 1100.7 1201.9 1283.4 1346.3 1434.8 1549.5 Click the icon to view a table of critical values for the t-distribution. Construct a 90% prediction interval for the sales when the total square footage is 5.7 billion. Choose the correct prediction interval below, rounded to the nearest million dollars.arrow_forwardThe maximum weights (in kilograms) for which one repetition of a half squat can be performed and the times (in seconds) to run a 10-meter sprint for 12 international soccer players are shown in the attached data table with a sample correlation coefficient r of -0.941. A 13th data point was added to the end of the data set for an international soccer player who can perform the half squat with a maximum of 205 kilograms and can sprint 10 meters in 2.01 seconds. Describe how this affects the correlation coefficient r. Use technology. Click the icon to view the data set. The new correlation coefficient r (Round to three decimal places a going from 0.941 to - gets stronger, gets weaker, stays the same,arrow_forwardYou receive a brochure from a large university. The brochure indicates that the mean class size for full-time faculty is fewer than 31 students. You want to test this claim. You randomly select 18 classes taught by full-time faculty and determine the class size of each. The results are shown in the table below. At α = 0.05, can you support the university's claim? Complete parts (a) through (d) below. Assume the population is normally distributed. 36 28 25 27 29 35 32 39 31 28 380 22 26 29 24 27 24 30吋 24 (a) Write the claim mathematically and identify Ho and Ha. Which of the following correctly states Ho and H₂? ○ A. Ho: μ31 Нa: μ≤31 E. Ho: "=31 Ha: μ 31 OF. Ho: μ=31 Нa: μ31arrow_forwardTest the claim about the population mean μ at the level of significance α. Assume the population is normally distributed. μ Claim: <4715; α = 0.05 Sample statistics: x = 4917, s = 5501, n = 54 What are the null and alternative hypotheses? Ho: Ha (Type integers or decimals. Do not round.) Find the standardized test statistic t. t = ☐ (Round to two decimal places as needed.) Find the P-value. P = (Round to three decimal places as needed.) Decide whether to reject or fail to reject the null hypothesis. Choose the correct answer below. Ho. There enough evidence at the ☐ % level of significance to Fail to reject Reject .... the claim.arrow_forwardA politician claims that the mean salary for managers in his state is more than the national mean, $85,000. Assume the the population is normally distributed and the population standard deviation is $8700. The salaries (in dollars) for a random sample of 30 managers in the state are listed. At α = 0.01, is there enough evidence to support the claim? Use technology. 92,421 81,412 85,143 97,220 99,317 71,884 97,762 86,108 98,385 73,869 81,391 95,997 98,828 86,476 77,893 74,995 90,472 81,330 92,183 94,649 77,880 91,821 90,907 84,640 78,479 81,703 89,573 89,948 70,938 81,300 (a) Identify the null hypothesis and alternative hypothesis. O A. Ho: " =85,000 Нa: μ85,000 D. Hoi u >85,000 Нa: μ≤85,000 (b) Identify the standardized test statistic. Z= B. Hoμ≥85,000 Haμ85,000 Haμ≤85,000 (Round the final answer to two places as needed. Round all intermediate values to three places as needed.) (c) Find the P-value. Use technology. (Round to three decimal places as needed.) (d) Decide whether to reject…arrow_forwardI would like to get help to know how to make a report of the multiple regression analysis I performed about 30 employees salaries. it should include a description of the predictice model, pre-analysis, regression analysis, interpretation of the relevant findings and a conclusion with recommendations. thank youarrow_forwardTHE QUESTION: Set up a free RStudio account at posit.cloud. At the start of your R session, you should enter the following commands. set.seed(1) e<-rnorm(n = 100,mean = 0,sd = 80) x<-seq(1,100,1) y<-10+15*x + e Follow the examples in the Panopto Videos to use R to obtain the values requested below. (As always, if you round your answers, make sure you do so correctly and keep at least three decimal places.) (a) The smallest value of y = (b) The largest value of y = (c) The standard deviation of y = (d) The mean of y = (e) The median of y = (f) The correlation between x and y = (g) Using the variable e as data, the p-value for a test of Ho = 0 vs. Hд μ0 is ANSWERS I HAVE TRIED THAT ARE NOT CORRECT ↓ Answer Preview (BESIDES F, F IS CORRECT) (A) -104.123 (B) 1545.84 (C) 448.543 (D) 752.347 (E) 775.533 (F) (G) 0.987 0.497 PLEASSSEEE DO NOT GIVE ME BACK THE SAME ANSWERS THAT I HAVE SAID ARE WRONG Result incorrect incorrect incorrect incorrect incorrect correct incorrectarrow_forwardarrow_back_iosSEE MORE QUESTIONSarrow_forward_ios
Recommended textbooks for you
College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage
College Algebra (MindTap Course List)
Algebra
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:9781133382119
Author:Swokowski
Publisher:Cengage
Continuous Probability Distributions - Basic Introduction; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=QxqxdQ_g2uw;License: Standard YouTube License, CC-BY
Probability Density Function (p.d.f.) Finding k (Part 1) | ExamSolutions; Author: ExamSolutions;https://www.youtube.com/watch?v=RsuS2ehsTDM;License: Standard YouTube License, CC-BY
Find the value of k so that the Function is a Probability Density Function; Author: The Math Sorcerer;https://www.youtube.com/watch?v=QqoCZWrVnbA;License: Standard Youtube License