Applied Statistics in Business and Economics

5th Edition

ISBN: 9780077837303

Author: David Doane, Lori Seward Senior Instructor of Operations Management

Publisher: McGraw-Hill Education

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Concept explainers

Addition Rule of Probability

It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.

Expected Value

When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known …

Probability Distributions

Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosi…

Basic Probability

The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the prob…

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Textbook Question

Chapter 5.5, Problem 40SE

The following contingency table shows average yield (rows) and average duration (columns) for 38 bond funds. For a randomly chosen bond fund, find the probability that:

1. The bond fund is of long duration.
2. The bond fund has high yield.
3. The bond fund has high yield given that it is of short duration.
4. The bond fund is of short duration given that it has high yield.

Chapter 5.5, Problem 40SE, The following contingency table shows average yield (rows) and average duration (columns) for 38

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Chapter 5.5, Problem 39SE

Chapter 5.6, Problem 41SE

Chapter 5 Solutions

Applied Statistics in Business and Economics

Ch. 5.1 - A credit card customer at Barnes and Noble can use...Ch. 5.1 - A survey asked tax accounting firms their business...Ch. 5.1 - A baseball player bats either left-handed (L) or...Ch. 5.1 - A die is thrown (1, 2, 3, 4, 5, 6) and a coin is...Ch. 5.2 - Prob. 5SE Ch. 5.2 - Prob. 6SE Ch. 5.2 - Prob. 7SE Ch. 5.2 - Prob. 8SE Ch. 5.2 - Prob. 9SE Ch. 5.2 - Prob. 10SE

Ch. 5.2 - Prob. 11SE Ch. 5.2 - Prob. 12SE Ch. 5.3 - Prob. 13SE Ch. 5.3 - Are these events collectively exhaustive or not?...Ch. 5.3 - Prob. 15SE Ch. 5.3 - Given P(A) = .70, P(B) = .30, and P(A B) = .00,...Ch. 5.3 - Prob. 17SE Ch. 5.3 - Prob. 18SE Ch. 5.3 - Prob. 19SE Ch. 5.3 - Prob. 20SE Ch. 5.3 - Prob. 21SE Ch. 5.3 - Prob. 22SE Ch. 5.4 - Given P(J) = .26, P(K) = .48. If A and B are...Ch. 5.4 - Given P(A) = .40, P(B) = .50. If A and B are...Ch. 5.4 - Prob. 25SE Ch. 5.4 - Prob. 26SE Ch. 5.4 - Prob. 27SE Ch. 5.4 - Prob. 28SE Ch. 5.4 - The probability that a student has a Visa card...Ch. 5.4 - Bob sets two alarm clocks (battery-powered) to be...Ch. 5.4 - A hospitals backup power system has three...Ch. 5.4 - Over 1,000 people try to climb Mt. Everest every...Ch. 5.4 - Suppose 50 percent of the customers at Pizza...Ch. 5.5 - Prob. 34SE Ch. 5.5 - The contingency table below summarizes a survey of...Ch. 5.5 - Prob. 36SE Ch. 5.5 - A survey of 156 introductory statistics students...Ch. 5.5 - This contingency table describes 200 business...Ch. 5.5 - Based on the previous problem, is major...Ch. 5.5 - The following contingency table shows average...Ch. 5.6 - Of grocery shoppers who have a shopping cart, 70...Ch. 5.6 - A study showed that 60 percent of The Wall Street...Ch. 5.7 - A drug test for athletes has a 5 percent false...Ch. 5.7 - Half of a set of the parts are manufactured by...Ch. 5.7 - An airport gamma ray luggage scanner coupled with...Ch. 5.8 - (a) Find 8! without a calculator. Show your work....Ch. 5.8 - Prob. 47SE Ch. 5.8 - In the Minnesota Northstar Cash Drawing, you pick...Ch. 5.8 - Prob. 49SE Ch. 5.8 - Prob. 50SE Ch. 5.8 - Until 2005, the UPC bar code had 12 digits (09)....Ch. 5.8 - Bob has to study for four final exams: accounting...Ch. 5.8 - Prob. 53SE Ch. 5.8 - Prob. 54SE Ch. 5.8 - Prob. 55SE Ch. 5.8 - Prob. 56SE Ch. 5 - Prob. 1CR Ch. 5 - Prob. 2CR Ch. 5 - Prob. 3CR Ch. 5 - Prob. 4CR Ch. 5 - Prob. 5CR Ch. 5 - Prob. 6CR Ch. 5 - Prob. 7CR Ch. 5 - In a contingency table, explain the concepts of...Ch. 5 - Prob. 9CR Ch. 5 - Prob. 10CR Ch. 5 - Prob. 11CR Ch. 5 - Prob. 60CE Ch. 5 - Prob. 61CE Ch. 5 - A judge concludes that there is a 20 percent...Ch. 5 - Prob. 63CE Ch. 5 - Prob. 64CE Ch. 5 - In the first year after its release, 83 percent of...Ch. 5 - Prob. 66CE Ch. 5 - Prob. 67CE Ch. 5 - If Punxsutawney Phil sees his shadow on February...Ch. 5 - Prob. 69CE Ch. 5 - Bob owns two stocks. There is an 80 percent...Ch. 5 - Prob. 71CE Ch. 5 - A study showed that trained police officers can...Ch. 5 - The probability that a 2011 Audi A8 will be stolen...Ch. 5 - The probability of being struck by lightning is...Ch. 5 - Prob. 75CE Ch. 5 - A certain model of remote-control Stanley garage...Ch. 5 - (a) In a certain state, license plates consist of...Ch. 5 - Prob. 78CE Ch. 5 - Prob. 79CE Ch. 5 - Prob. 80CE Ch. 5 - Prob. 81CE Ch. 5 - A certain airplane has two independent alternators...Ch. 5 - Prob. 83CE Ch. 5 - Prob. 84CE Ch. 5 - A turboprop aircraft has two attitude gyroscopes,...Ch. 5 - Which are likely to be independent events? For...Ch. 5 - In child-custody cases, about 70 percent of the...Ch. 5 - A web server hosting company advertises 99.999...Ch. 5 - Prob. 89CE Ch. 5 - The probability is 1 in 4,000,000 that a single...Ch. 5 - Prob. 91CE Ch. 5 - Prob. 92CE Ch. 5 - Four students divided the task of surveying the...Ch. 5 - Refer to the contingency table shown below. (a)...Ch. 5 - Prob. 95CE Ch. 5 - High levels of cockpit noise in an aircraft can...Ch. 5 - Prob. 97CE Ch. 5 - A biometric security device using fingerprints...Ch. 5 - Dolon Web Security Consultants requires all job...

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Solution Summary: The author calculates that the probability of the bond function is of long duration, which is 0.3947. The formula for finding a bond fund's high yield is P(D_3)

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Chapter 5 Solutions