Statistics for Business and Economics (13th Edition)

13th Edition

ISBN: 9780134506593

Author: James T. McClave, P. George Benson, Terry Sincich

Publisher: PEARSON

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Estimation

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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Textbook Question

Chapter 7.4, Problem 7.29LM

Suppose you are interested in conducting the statistical test of H₀: μ = 255 against H_a: μ > 255 and you have decided to use the following decision rule: Reject H₀ if the sample mean of a random sample of 81 items is more than 270. Assume that the standard deviation of the population is 63.

a. Express the decision rule in terms of z.
b. Find α, the probability of making a Type I error, by using this decision rule.

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 7.4, Problem 7.28LM

Chapter 7.4, Problem 7.30LM

Chapter 7 Solutions

Statistics for Business and Economics (13th Edition)

Ch. 7.2 - Which hypothesis, the null or the alternative, is...Ch. 7.2 - Which element of a test of hypothesis is used to...Ch. 7.2 - What is the level of significance of a test of...Ch. 7.2 - What is the difference between Type I and Type II...Ch. 7.2 - List the four possible results of the combinations...Ch. 7.2 - We reject the null hypothesis when the test...Ch. 7.2 - If you test a hypothesis and reject the null...Ch. 7.2 - For each of the following rejection regions,...Ch. 7.2 - Use the applet Hypothesis Test for a Mean to...Ch. 7.2 - Americans favorite sport. The Harris Poll...

Ch. 7.2 - Play Golf America program. The Professional Golf...Ch. 7.2 - Student loan default rate. The national student...Ch. 7.2 - A border protection avatar. The National Center...Ch. 7.2 - Calories in school lunches. A University of...Ch. 7.2 - Libor interest rate. The interest rate at which...Ch. 7.2 - Prob. 7.15ACI Ch. 7.2 - Authorizing computer users with palm prints....Ch. 7.2 - Jury trial outcomes. Sometimes, the outcome of a...Ch. 7.2 - Intrusion detection systems. The Journal of...Ch. 7.3 - Consider the test of H0: = 7. For each of the...Ch. 7.3 - If a hypothesis test were conducted using = .05,...Ch. 7.3 - For each and observed significance level...Ch. 7.3 - In a test of the hypothesis H0: = 50 versus H0: ...Ch. 7.3 - In a test of H0: = 100 against Ha: 100 the...Ch. 7.3 - In a test of the hypothesis H0: = 10 versus Ha: ...Ch. 7.3 - In a test of H0: = 100 against Ha: 100, the...Ch. 7.3 - In a test of H0: = 75 performed using the...Ch. 7.3 - An analyst tested the null hypothesis that 20...Ch. 7.4 - Consider the test H0: = 70 versus Ha: 70 using...Ch. 7.4 - Suppose you are interested in conducting the...Ch. 7.4 - A random sample of 100 observations from a...Ch. 7.4 - A random sample of 64 observations produced the...Ch. 7.4 - Use the applet Hypotheses Test for a Mean to...Ch. 7.4 - Use the applet Hypotheses Test for a Mean to...Ch. 7.4 - Use the applet Hypotheses Test for a Mean to...Ch. 7.4 - Corporate sustainability of CPA firms. Refer to...Ch. 7.4 - Packaging of a childrens health food. Can...Ch. 7.4 - Stability of compounds in new drugs. Refer to the...Ch. 7.4 - Facial structure of CEOs. Refer to the...Ch. 7.4 - Trading skills of institutional investors. The...Ch. 7.4 - Producers and consumers risk. In quality-control...Ch. 7.4 - Unethical corporate conduct. Refer to the...Ch. 7.4 - Time required to complete a task. When a person is...Ch. 7.4 - Tipping points in daily deal transactions. Refer...Ch. 7.4 - Point spreads of NFL games. During the National...Ch. 7.4 - Revenue for a full-service funeral. According to...Ch. 7.4 - Buy-side vs. sell-side analysts earnings...Ch. 7.4 - Solder-joint inspections. Current technology uses...Ch. 7.4 - Prob. 7.45ACA Ch. 7.4 - Salaries of postgraduates. The Economics of...Ch. 7.5 - a. Consider testing H0: = 80. Under what...Ch. 7.5 - For each of the following rejection regions,...Ch. 7.5 - A random sample of n observations is selected from...Ch. 7.5 - A sample of five measurements, randomly selected...Ch. 7.5 - Suppose you conduct a 1-test for the null...Ch. 7.5 - Performance-based logistics. Refer to the Journal...Ch. 7.5 - Accidents at construction sites. In a study...Ch. 7.5 - Lobster trap placement. Refer to the Bulletin of...Ch. 7.5 - Radon exposure in Egyptian tombs. Refer to the...Ch. 7.5 - Performance of stock screeners. Recall, from...Ch. 7.5 - Oxygen bubble velocity in a purification process....Ch. 7.5 - Shopping vehicle and judgment. Refer to the...Ch. 7.5 - Minimizing tractor skidding distance. Refer to the...Ch. 7.5 - Crude oil biodegradation. Refer to the Journal of...Ch. 7.5 - Increasing hardness of polyester composites....Ch. 7.5 - Arsenic in smelters. The Occupational Safety and...Ch. 7.6 - Suppose a random sample of 100 observations from a...Ch. 7.6 - Suppose the sample in Exercise 7.64 has produced...Ch. 7.6 - A statistics student used a computer program to...Ch. 7.6 - Refer to Exercise 6.441 (p. 332), in which 50...Ch. 7.6 - For the binomial sample sizes and null...Ch. 7.6 - Use the applet Hypotheses Test for a Proportion to...Ch. 7.6 - Use the applet Hypotheses Test for a Proportion to...Ch. 7.6 - Customer participation in store loyalty card...Ch. 7.6 - Fraud survey of Asia-Pacific firms. The opinions...Ch. 7.6 - TV subscription streaming. Streaming of television...Ch. 7.6 - Gummi Bears: Red or yellow? Companies that produce...Ch. 7.6 - Toothpaste brands with the ADA seal. Consumer...Ch. 7.6 - Vacation-home owners. The National Association of...Ch. 7.6 - Organic-certified coffee. Coffee markets that...Ch. 7.6 - Dehorning of dairy calves. For safety reasons,...Ch. 7.6 - Effectiveness of skin cream. Ponds Age-Defying...Ch. 7.6 - Prob. 7.78ACI Ch. 7.6 - Prob. 7.79ACI Ch. 7.6 - Prob. 7.80ACA Ch. 7.6 - Prob. 7.81ACA Ch. 7.7 - Let X02 be a particular value of X2 Find the value...Ch. 7.7 - A random sample of n observations is selected from...Ch. 7.7 - A random sample of seven measurements gave x=9.4...Ch. 7.7 - Refer to Exercise 7.841. Suppose we had n = 100,...Ch. 7.7 - A random sample of n = 7 observations from a...Ch. 7.7 - Trading skills of institutional investors. Refer...Ch. 7.7 - Lobster trap placement. Refer to the Bulletin of...Ch. 7.7 - Prob. 7.89ACB Ch. 7.7 - Oil content of fried sweet potato chips. Refer to...Ch. 7.7 - Strand bond performance of pre-stressed concrete....Ch. 7.7 - Drug content assessment. Refer to the Analytical...Ch. 7.7 - Jitter in a water power system. Refer to the...Ch. 7.7 - Cooling method for gas turbines. During periods of...Ch. 7.7 - Why do small firms export? The Journal of Small...Ch. 7.8 - a. List three factors that will increase the power...Ch. 7.8 - Prob. 7.97LM Ch. 7.8 - Prob. 7.98LM Ch. 7.8 - Prob. 7.99LM Ch. 7.8 - Refer to Exercise 7.99. a. Find for each of the...Ch. 7.8 - Prob. 7.101LM Ch. 7.8 - Prob. 7.102ACI Ch. 7.8 - Prob. 7.103ACI Ch. 7.8 - Prob. 7.104ACI Ch. 7.8 - Prob. 7.105ACI Ch. 7.8 - Prob. 7.106ACI Ch. 7.8 - Prob. 7.107ACI Ch. 7 - Specify the differences between a large-sample and...Ch. 7 - Complete the following statement; The smaller the...Ch. 7 - Which of the elements of a test of hypothesis can...Ch. 7 - If you select a very small value for when...Ch. 7 - If the rejection of the null hypothesis of a...Ch. 7 - A random sample of 20 observations selected from a...Ch. 7 - A random sample of 175 measurements possessed a...Ch. 7 - A random sample of n = 200 observations from a...Ch. 7 - A t-test is conducted for the null hypothesis H0 :...Ch. 7 - A random sample of 41 observations from a normal...Ch. 7 - Effectiveness of online courses. The Survey of...Ch. 7 - Prob. 7.119ACB Ch. 7 - Latex allergy in health care workers. Refer to the...Ch. 7 - Latex allergy in health care workers (contd)....Ch. 7 - Made in the USA survey. Refer to the Journal of...Ch. 7 - Beta value of a stock. The beta coefficient of a...Ch. 7 - Accuracy of price scanners at Walmart. Refer to...Ch. 7 - Paying for music downloads. If you use the...Ch. 7 - Prob. 7.126ACB Ch. 7 - Prob. 7.127ACB Ch. 7 - Prob. 7.128ACI Ch. 7 - Prob. 7.129ACI Ch. 7 - Drivers use of the Lincoln Tunnel. The Lincoln...Ch. 7 - Prob. 7.131ACI Ch. 7 - Prob. 7.132ACI Ch. 7 - Prob. 7.133ACI Ch. 7 - Prob. 7.134ACI Ch. 7 - Prob. 7.135ACI Ch. 7 - Prob. 7.136ACI Ch. 7 - Prob. 7.137ACI Ch. 7 - Prob. 7.138ACI Ch. 7 - Prob. 7.139ACI Ch. 7 - Prob. 7.140ACI Ch. 7 - Prob. 7.141ACI Ch. 7 - Prob. 7.142ACI Ch. 7 - Prob. 7.143ACI Ch. 7 - Ages of cable TV shoppers. Cable TVs Home Shopping...Ch. 7 - Factors that inhibit learning in marketing. What...Ch. 7 - Prob. 7.146ACA Ch. 7 - The hot tamale caper. Hot tamales are chewy,...

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