Essentials of Statistics for Business and Economics, Loose-leaf Version

8th Edition

ISBN: 9781337114196

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: South-Western College Pub

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A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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Chapter 6, Problem 47SE

According to the National Association of Colleges and Employers, the average starting salary for new college graduates in health sciences is $51,541. The average starting salary for new college graduates in business is $53,901 (National Association of Colleges and Employers website, January 5, 2015). Assume that starting salaries are normally distributed and that the standard deviation for starting salaries for new college graduates in health sciences is $11,000. Assume that the standard deviation for starting salaries for new college graduates in business is $15,000.

a. What is the probability that a new college graduate in business will earn a starting salary of at least $65,000?
b. What is the probability that a new college graduate in health sciences will earn a starting salary of at least $65,000?
c. What is the probability that a new college graduate in health sciences will earn a starting salary less than $40,000?
d. How much would a new college graduate in business have to earn in order to have a starting salary higher than 99% of all starting salaries of new college graduates in the health sciences?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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Chapter 6, Problem 46SE

Chapter 6, Problem 48SE

Chapter 6 Solutions

Essentials of Statistics for Business and Economics, Loose-leaf Version

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Ch. 6.2 - Given that z is a standard normal random variable,...Ch. 6.2 - Given that z is a standard normal random variable,...Ch. 6.2 - 13. Given that z is a standard normal random...Ch. 6.2 - Given that z is a standard normal random variable,...Ch. 6.2 - Given that z is a standard normal random variable,...Ch. 6.2 - Given that z is a standard normal random variable,...Ch. 6.2 - 17. The mean cost of domestic airfares in the...Ch. 6.2 - The average return for large-cap domestic stock...Ch. 6.2 - Automobile Repair Costs. Automobile repair costs...Ch. 6.2 - Gasoline Prices. Suppose that the average price...Ch. 6.2 - Mensa Membership. A person must score in the upper...Ch. 6.2 - Television Viewing. Suppose that the mean daily...Ch. 6.2 - Time to Complete Final Exam. The time needed to...Ch. 6.2 - Labor Day Travel Costs. The American Automobile...Ch. 6.2 - 25. New York City is the most expensive city in...Ch. 6.3 - A binomial probability distribution has p=.20 and...Ch. 6.3 - Assume a binomial probability distribution has p =...Ch. 6.3 - Prob. 28E Ch. 6.3 - Prob. 29E Ch. 6.3 - 30. Playing video and computer games is very...Ch. 6.3 - Prob. 31E Ch. 6.4 - Consider the following exponential probability...Ch. 6.4 - 33. Consider the following exponential probability...Ch. 6.4 - 34. Battery life between charges for the Motorola...Ch. 6.4 - 35. The time between arrivals of vehicles at a...Ch. 6.4 - Prob. 36E Ch. 6.4 - Prob. 37E Ch. 6.4 - 38. The Boston Fire Department receives 911 calls...Ch. 6 - 39. A business executive, transferred from Chicago...Ch. 6 - NCAA Scholarships. The NCAA estimates that the...Ch. 6 - Production Defects. Motorola used the normal...Ch. 6 - 42. During early 2012, economic hardship was...Ch. 6 - 43. The port of South Louisiana, located along 54...Ch. 6 - Service Contract Offer. Ward Doering Auto Sales is...Ch. 6 - The XO Group Inc. conducted a survey of 13,000...Ch. 6 - College Admissions Test Scores. Assume that the...Ch. 6 - 47. According to the National Association of...Ch. 6 - 48. A machine fills containers with a particular...Ch. 6 - Prob. 49SE Ch. 6 - Playing Blackjack. A blackjack player at a Las...Ch. 6 - Mean Time Between Failures. The mean time between...Ch. 6 - Prob. 52SE Ch. 6 - Do you dislike waiting in line? Supermarket chain...Ch. 6 - Prob. 54SE

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Solution Summary: The author calculates the probability that a new college business graduate earns first salary of at least 65,000 by using MINITAB software.

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