STATISTICAL TECHNIQUES IN BUS.+ECON.
18th Edition
ISBN: 9781260239478
Author: Lind
Publisher: RENT MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 7, Problem 53CE
The weights of canned hams processed at Henline Ham Company follow the
- a. What proportion of the hams actually weigh less than the amount claimed on the label?
- b. The owner, Glen Henline, is considering two proposals to reduce the proportion of hams below label weight. He can increase the mean weight to 9.25 and leave the standard deviation the same, or he can leave the mean weight at 9.20 and reduce the standard deviation from 0.25 pound to 0.15. Which change would you recommend?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The annual aggregate claim amount of an insurer follows a compound Poisson distribution with
parameter 1,000. Individual claim amounts follow a Gamma distribution with shape parameter
a = 750 and rate parameter λ = 0.25.
1. Generate 20,000 simulated aggregate claim values for the insurer, using a random
number generator seed of 955.Display the first five simulated claim values in your
answer script using the R function head().
2. Plot the empirical density function of the simulated aggregate claim values from
Question 1, setting the x-axis range from 2,600,000 to 3,300,000 and the y-axis range
from 0 to 0.0000045.
3. Suggest a suitable distribution, including its parameters, that approximates the
simulated aggregate claim values from Question 1.
4. Generate 20,000 values from your suggested distribution in Question 3 using a random
number generator seed of 955. Use the R function head() to display the first five
generated values in your answer script.
5. Plot the empirical density…
Find binomial probability if:
x = 8, n = 10, p = 0.7
x= 3, n=5, p = 0.3
x = 4, n=7, p = 0.6
Quality Control: A factory produces light bulbs with a 2% defect rate. If a random sample of 20 bulbs is tested, what is the probability that exactly 2 bulbs are defective? (hint: p=2% or 0.02; x =2, n=20; use the same logic for the following problems)
Marketing Campaign: A marketing company sends out 1,000 promotional emails. The probability of any email being opened is 0.15. What is the probability that exactly 150 emails will be opened? (hint: total emails or n=1000, x =150)
Customer Satisfaction: A survey shows that 70% of customers are satisfied with a new product. Out of 10 randomly selected customers, what is the probability that at least 8 are satisfied? (hint: One of the keyword in this question is “at least 8”, it is not “exactly 8”, the correct formula for this should be = 1- (binom.dist(7, 10, 0.7, TRUE)). The part in the princess will give you the probability of seven and less than…
please answer these questions
Chapter 7 Solutions
STATISTICAL TECHNIQUES IN BUS.+ECON.
Ch. 7 - Microwave ovens only last so long. The life-time...Ch. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 2SRCh. 7 - The distribution of the annual incomes of a group...Ch. 7 - Explain what is meant by this statement: There is...
Ch. 7 - List the major characteristics of a normal...Ch. 7 - The mean of a normal probability distribution is...Ch. 7 - The mean of a normal probability distribution is...Ch. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - The temperature of coffee sold at the Coffee Bean...Ch. 7 - A normal population has a mean of 20.0 and a...Ch. 7 - A normal population has a mean of 12.2 and a...Ch. 7 - Prob. 15ECh. 7 - The mean of a normal probability distribution is...Ch. 7 - Prob. 5SRCh. 7 - Prob. 17ECh. 7 - A normal population has a mean of 80.0 and a...Ch. 7 - Prob. 19ECh. 7 - Prob. 20ECh. 7 - WNAE, an all-news AM station, finds that the...Ch. 7 - Prob. 22ECh. 7 - Prob. 6SRCh. 7 - A normal distribution has a mean of 50 and a...Ch. 7 - Prob. 24ECh. 7 - Prob. 25ECh. 7 - Prob. 26ECh. 7 - Prob. 27ECh. 7 - Prob. 28ECh. 7 - Prob. 29ECh. 7 - Prob. 30ECh. 7 - Prob. 7SRCh. 7 - Prob. 31ECh. 7 - The lifetime of LCD TV sets follows an exponential...Ch. 7 - Prob. 33ECh. 7 - Prob. 34ECh. 7 - Prob. 35CECh. 7 - Prob. 36CECh. 7 - Prob. 37CECh. 7 - Prob. 38CECh. 7 - Prob. 39CECh. 7 - Prob. 40CECh. 7 - Prob. 41CECh. 7 - Prob. 42CECh. 7 - Prob. 43CECh. 7 - Prob. 44CECh. 7 - Shaver Manufacturing Inc. offers dental insurance...Ch. 7 - The annual commissions earned by sales...Ch. 7 - Prob. 47CECh. 7 - Prob. 48CECh. 7 - Management at Gordon Electronics is considering...Ch. 7 - Fast Service Truck Lines uses the Ford Super Duty...Ch. 7 - Prob. 51CECh. 7 - Prob. 52CECh. 7 - The weights of canned hams processed at Henline...Ch. 7 - The price of shares of Bank of Florida at the end...Ch. 7 - Prob. 55CECh. 7 - Prob. 56CECh. 7 - Prob. 57CECh. 7 - Prob. 58CECh. 7 - Prob. 59CECh. 7 - Prob. 61DACh. 7 - Prob. 62DACh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 1CCh. 7 - Prob. 2CCh. 7 - Prob. 3CCh. 7 - Prob. 4CCh. 7 - Prob. 5CCh. 7 - Prob. 1.1PTCh. 7 - Prob. 1.2PTCh. 7 - Prob. 1.3PTCh. 7 - Prob. 1.4PTCh. 7 - Prob. 1.5PTCh. 7 - Prob. 1.6PTCh. 7 - Which of the following is NOT a requirement of the...Ch. 7 - Prob. 1.8PTCh. 7 - How many standard normal distributions are there?...Ch. 7 - Prob. 1.10PTCh. 7 - Prob. 1.11PTCh. 7 - Prob. 1.12PTCh. 7 - Prob. 1.13PTCh. 7 - Prob. 1.14PTCh. 7 - Prob. 1.15PTCh. 7 - Prob. 2.1PTCh. 7 - Prob. 2.2PTCh. 7 - Prob. 2.3PTCh. 7 - Prob. 2.4PTCh. 7 - Prob. 2.5PTCh. 7 - Prob. 2.6PTCh. 7 - Prob. 2.7PT
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
- Selon une économiste d’une société financière, les dépenses moyennes pour « meubles et appareils de maison » ont été moins importantes pour les ménages de la région de Montréal, que celles de la région de Québec. Un échantillon aléatoire de 14 ménages pour la région de Montréal et de 16 ménages pour la région Québec est tiré et donne les données suivantes, en ce qui a trait aux dépenses pour ce secteur d’activité économique. On suppose que les données de chaque population sont distribuées selon une loi normale. Nous sommes intéressé à connaitre si les variances des populations sont égales.a) Faites le test d’hypothèse sur deux variances approprié au seuil de signification de 1 %. Inclure les informations suivantes : i. Hypothèse / Identification des populationsii. Valeur(s) critique(s) de Fiii. Règle de décisioniv. Valeur du rapport Fv. Décision et conclusion b) A partir des résultats obtenus en a), est-ce que l’hypothèse d’égalité des variances pour cette…arrow_forwardAccording 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),…arrow_forwardA 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%?…arrow_forward
- Compute the relative risk of falling for the two groups (did not stop walking vs. did stop). State/interpret your result verbally.arrow_forwardMicrosoft 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_forward
- 4. (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_forwardQuestion 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_forward
- Solve please and thank you!arrow_forward7. 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_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Statistics 4.1 Point Estimators; Author: Dr. Jack L. Jackson II;https://www.youtube.com/watch?v=2MrI0J8XCEE;License: Standard YouTube License, CC-BY
Statistics 101: Point Estimators; Author: Brandon Foltz;https://www.youtube.com/watch?v=4v41z3HwLaM;License: Standard YouTube License, CC-BY
Central limit theorem; Author: 365 Data Science;https://www.youtube.com/watch?v=b5xQmk9veZ4;License: Standard YouTube License, CC-BY
Point Estimate Definition & Example; Author: Prof. Essa;https://www.youtube.com/watch?v=OTVwtvQmSn0;License: Standard Youtube License
Point Estimation; Author: Vamsidhar Ambatipudi;https://www.youtube.com/watch?v=flqhlM2bZWc;License: Standard Youtube License