Statistics: The Art and Science of Learning from Data (4th Edition)
4th Edition
ISBN: 9780321997838
Author: Alan Agresti, Christine A. Franklin, Bernhard Klingenberg
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 8, Problem 66CP
Born again A poll of a random sample of n = 2000 Americans by the Pew Research Center (www.people-press. org) indicated that 36% considered themselves born-again or evangelical Christians. How would you explain to someone who has not studied statistics:
- a. What it means to call this a point estimate?
- b. Why this does not
mean that exactly 36% of all Americans consider themselves to be born-again or evangelical Christians?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1 No.
2
3
4
Binomial Prob.
X
n
P
Answer
5
6 4
7
8
9
10
12345678
8
3
4
2
2552
10
0.7
0.233
0.3
0.132
7
0.6
0.290
20
0.02
0.053
150
1000
0.15
0.035
8
7
10
0.7
0.383
11
9
3
5
0.3
0.132
12
10
4
7
0.6
0.290
13
Poisson Probability
14
X
lambda
Answer
18 4
19
20
21
22
23 9
15
16
17 3
1234567829
3
2
0.180
2
1.5
0.251
12
10
0.095
5
3
0.101
7
4
0.060
3
2
0.180
2
1.5
0.251
24 10
12
10
0.095
step by step on Microssoft on how to put this in excel and the answers please
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,…
Kate, Luke, Mary and Nancy are sharing a cake. The cake had previously been divided into four slices (s1, s2, s3 and s4). What is an example of fair division of the cake
S1
S2
S3
S4
Kate
$4.00
$6.00
$6.00
$4.00
Luke
$5.30
$5.00
$5.25
$5.45
Mary
$4.25
$4.50
$3.50
$3.75
Nancy
$6.00
$4.00
$4.00
$6.00
Chapter 8 Solutions
Statistics: The Art and Science of Learning from Data (4th Edition)
Ch. 8.1 - Health care A study dealing with health care...Ch. 8.1 - Video on demand A recent study from Nielsen...Ch. 8.1 - Projecting winning candidate News coverage during...Ch. 8.1 - Believe in hell? Using the General Social Survey...Ch. 8.1 - Government spying In 2014, news reports worldwide...Ch. 8.1 - Game apps The Google Play app store for...Ch. 8.1 - Nutrient effect on growth rate Researchers are...Ch. 8.1 - Believe in heaven? When a GSS asked 1326 subjects,...Ch. 8.1 - Feel lonely often? The GSS has asked On how many...Ch. 8.1 - CI for loneliness Refer to the previous exercise....
Ch. 8.2 - Putin A Gallup poll of 2000 Russians taken between...Ch. 8.2 - Flu shot In a clinical study (the same as...Ch. 8.2 - How green are you? When the 2000 GSS asked...Ch. 8.2 - Make industry help environment? When the 2006 GSS...Ch. 8.2 - Favor death penalty In the 2012 General Social...Ch. 8.2 - Oppose death penalty Refer to the previous...Ch. 8.2 - Stem cell research A Harris poll of a random...Ch. 8.2 - z-score and confidence level Which z-score is used...Ch. 8.2 - Believe in ghosts A Harris poll of a random sample...Ch. 8.2 - Stem cell research and religion In Exercise 8.18,...Ch. 8.2 - Fear of breast cancer A recent survey of 1000...Ch. 8.2 - Chicken breast In a 2014 Consumer Reports article...Ch. 8.2 - Same-sex marriage A national survey by the Pew...Ch. 8.2 - Exit poll predictions A national television...Ch. 8.2 - Exit poll with smaller sample In the previous...Ch. 8.2 - Simulating confidence intervals Repeat the...Ch. 8.2 - Simulating confidence intervals with poor coverage...Ch. 8.3 - Females ideal number of children The 2012 General...Ch. 8.3 - Males ideal number of children Refer to the...Ch. 8.3 - Using t-table Using Table B, the web app, software...Ch. 8.3 - Anorexia in teenage girls A study6 compared...Ch. 8.3 - Talk time on smartphones One feature smartphone...Ch. 8.3 - Heights of seedlings Exercise 8.7 reported heights...Ch. 8.3 - Buy it now Example 6 mentioned closing prices for...Ch. 8.3 - Time spent on e-mail When the GSS asked n = 1050...Ch. 8.3 - Grandmas using e-mail For the question about...Ch. 8.3 - Prob. 38PBCh. 8.3 - Prob. 39PBCh. 8.3 - Political views The General Social Survey asks...Ch. 8.3 - Prob. 41PBCh. 8.3 - Prob. 42PBCh. 8.3 - Effect of confidence level Find the margin of...Ch. 8.3 - Prob. 44PBCh. 8.3 - Number of children For the question, How many...Ch. 8.3 - Prob. 46PBCh. 8.4 - South Africa study The researcher planning the...Ch. 8.4 - Binge drinkers A study at the Harvard School of...Ch. 8.4 - Prob. 49PBCh. 8.4 - Prob. 50PBCh. 8.4 - Prob. 51PBCh. 8.4 - Farm size An estimate is needed of the mean...Ch. 8.4 - Prob. 53PBCh. 8.4 - Prob. 54PBCh. 8.4 - Prob. 55PBCh. 8.4 - Prob. 56PBCh. 8.4 - Prob. 57PBCh. 8.4 - Prob. 58PBCh. 8.5 - Why bootstrap? Explain the purpose of using the...Ch. 8.5 - Estimating variability Refer to Example 11 about...Ch. 8.5 - Bootstrap interval for the mean In 2014, the...Ch. 8.5 - Prob. 62PBCh. 8 - Unemployed college grads The U.S Bureau of the...Ch. 8 - Prob. 64CPCh. 8 - Prob. 65CPCh. 8 - Born again A poll of a random sample of n = 2000...Ch. 8 - Life after death The variable POSTLIFE in the 2012...Ch. 8 - Prob. 68CPCh. 8 - Prob. 69CPCh. 8 - Prob. 70CPCh. 8 - Prob. 71CPCh. 8 - Wife supporting husband Consider the statement...Ch. 8 - Legalize marijuana? The General Social Survey has...Ch. 8 - Prob. 74CPCh. 8 - Streaming A Harris Poll of 2300 U.S. adults...Ch. 8 - Prob. 76CPCh. 8 - Prob. 77CPCh. 8 - Grandpas using e-mail When the GSS asked in 2012,...Ch. 8 - Prob. 79CPCh. 8 - Prob. 80CPCh. 8 - Fuel efficiency The government website...Ch. 8 - Prob. 82CPCh. 8 - Prob. 83CPCh. 8 - Prob. 84CPCh. 8 - Prob. 85CPCh. 8 - Prob. 86CPCh. 8 - Prob. 87CPCh. 8 - Revisiting mountain bikes Use the Mountain Bike...Ch. 8 - Prob. 89CPCh. 8 - Prob. 90CPCh. 8 - Prob. 91CPCh. 8 - Prob. 92CPCh. 8 - Working mother In response to the statement on a...Ch. 8 - Miami spring break For a trip to Miami, Florida,...Ch. 8 - Prob. 95CPCh. 8 - Prob. 96CPCh. 8 - Prob. 97CPCh. 8 - Prob. 98CPCh. 8 - Prob. 99CPCh. 8 - Prob. 100CPCh. 8 - Kicking accuracy A football coach decides to...Ch. 8 - Prob. 103CPCh. 8 - Prob. 104CPCh. 8 - Prob. 106CPCh. 8 - Width of a confidence interval Why are confidence...Ch. 8 - Prob. 108CPCh. 8 - Prob. 109CPCh. 8 - Prob. 110CPCh. 8 - Prob. 111CPCh. 8 - Prob. 112CPCh. 8 - Prob. 113CPCh. 8 - Prob. 114CPCh. 8 - Prob. 115CPCh. 8 - Prob. 116CPCh. 8 - Prob. 117CPCh. 8 - Prob. 118CPCh. 8 - Prob. 119CPCh. 8 - Prob. 120CPCh. 8 - Prob. 121CPCh. 8 - Prob. 122CPCh. 8 - Prob. 123CPCh. 8 - Why called degrees of freedom? You know the sample...Ch. 8 - Prob. 125CPCh. 8 - Prob. 126CPCh. 8 - Median as point estimate When the population...
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
- Faye cuts the sandwich in two fair shares to her. What is the first half s1arrow_forwardQuestion 2. An American option on a stock has payoff given by F = f(St) when it is exercised at time t. We know that the function f is convex. A person claims that because of convexity, it is optimal to exercise at expiration T. Do you agree with them?arrow_forwardQuestion 4. We consider a CRR model with So == 5 and up and down factors u = 1.03 and d = 0.96. We consider the interest rate r = 4% (over one period). Is this a suitable CRR model? (Explain your answer.)arrow_forward
- Question 3. We want to price a put option with strike price K and expiration T. Two financial advisors estimate the parameters with two different statistical methods: they obtain the same return rate μ, the same volatility σ, but the first advisor has interest r₁ and the second advisor has interest rate r2 (r1>r2). They both use a CRR model with the same number of periods to price the option. Which advisor will get the larger price? (Explain your answer.)arrow_forwardQuestion 5. We consider a put option with strike price K and expiration T. This option is priced using a 1-period CRR model. We consider r > 0, and σ > 0 very large. What is the approximate price of the option? In other words, what is the limit of the price of the option as σ∞. (Briefly justify your answer.)arrow_forwardQuestion 6. You collect daily data for the stock of a company Z over the past 4 months (i.e. 80 days) and calculate the log-returns (yk)/(-1. You want to build a CRR model for the evolution of the stock. The expected value and standard deviation of the log-returns are y = 0.06 and Sy 0.1. The money market interest rate is r = 0.04. Determine the risk-neutral probability of the model.arrow_forward
- Several markets (Japan, Switzerland) introduced negative interest rates on their money market. In this problem, we will consider an annual interest rate r < 0. We consider a stock modeled by an N-period CRR model where each period is 1 year (At = 1) and the up and down factors are u and d. (a) We consider an American put option with strike price K and expiration T. Prove that if <0, the optimal strategy is to wait until expiration T to exercise.arrow_forwardWe consider an N-period CRR model where each period is 1 year (At = 1), the up factor is u = 0.1, the down factor is d = e−0.3 and r = 0. We remind you that in the CRR model, the stock price at time tn is modeled (under P) by Sta = So exp (μtn + σ√AtZn), where (Zn) is a simple symmetric random walk. (a) Find the parameters μ and σ for the CRR model described above. (b) Find P Ste So 55/50 € > 1). StN (c) Find lim P 804-N (d) Determine q. (You can use e- 1 x.) Ste (e) Find Q So (f) Find lim Q 004-N StN Soarrow_forwardIn this problem, we consider a 3-period stock market model with evolution given in Fig. 1 below. Each period corresponds to one year. The interest rate is r = 0%. 16 22 28 12 16 12 8 4 2 time Figure 1: Stock evolution for Problem 1. (a) A colleague notices that in the model above, a movement up-down leads to the same value as a movement down-up. He concludes that the model is a CRR model. Is your colleague correct? (Explain your answer.) (b) We consider a European put with strike price K = 10 and expiration T = 3 years. Find the price of this option at time 0. Provide the replicating portfolio for the first period. (c) In addition to the call above, we also consider a European call with strike price K = 10 and expiration T = 3 years. Which one has the highest price? (It is not necessary to provide the price of the call.) (d) We now assume a yearly interest rate r = 25%. We consider a Bermudan put option with strike price K = 10. It works like a standard put, but you can exercise it…arrow_forward
- In this problem, we consider a 2-period stock market model with evolution given in Fig. 1 below. Each period corresponds to one year (At = 1). The yearly interest rate is r = 1/3 = 33%. This model is a CRR model. 25 15 9 10 6 4 time Figure 1: Stock evolution for Problem 1. (a) Find the values of up and down factors u and d, and the risk-neutral probability q. (b) We consider a European put with strike price K the price of this option at time 0. == 16 and expiration T = 2 years. Find (c) Provide the number of shares of stock that the replicating portfolio contains at each pos- sible position. (d) You find this option available on the market for $2. What do you do? (Short answer.) (e) We consider an American put with strike price K = 16 and expiration T = 2 years. Find the price of this option at time 0 and describe the optimal exercising strategy. (f) We consider an American call with strike price K ○ = 16 and expiration T = 2 years. Find the price of this option at time 0 and describe…arrow_forward2.2, 13.2-13.3) question: 5 point(s) possible ubmit test The accompanying table contains the data for the amounts (in oz) in cans of a certain soda. The cans are labeled to indicate that the contents are 20 oz of soda. Use the sign test and 0.05 significance level to test the claim that cans of this soda are filled so that the median amount is 20 oz. If the median is not 20 oz, are consumers being cheated? Click the icon to view the data. What are the null and alternative hypotheses? OA. Ho: Medi More Info H₁: Medi OC. Ho: Medi H₁: Medi Volume (in ounces) 20.3 20.1 20.4 Find the test stat 20.1 20.5 20.1 20.1 19.9 20.1 Test statistic = 20.2 20.3 20.3 20.1 20.4 20.5 Find the P-value 19.7 20.2 20.4 20.1 20.2 20.2 P-value= (R 19.9 20.1 20.5 20.4 20.1 20.4 Determine the p 20.1 20.3 20.4 20.2 20.3 20.4 Since the P-valu 19.9 20.2 19.9 Print Done 20 oz 20 oz 20 oz 20 oz ce that the consumers are being cheated.arrow_forwardT Teenage obesity (O), and weekly fast-food meals (F), among some selected Mississippi teenagers are: Name Obesity (lbs) # of Fast-foods per week Josh 185 10 Karl 172 8 Terry 168 9 Kamie Andy 204 154 12 6 (a) Compute the variance of Obesity, s²o, and the variance of fast-food meals, s², of this data. [Must show full work]. (b) Compute the Correlation Coefficient between O and F. [Must show full work]. (c) Find the Coefficient of Determination between O and F. [Must show full work]. (d) Obtain the Regression equation of this data. [Must show full work]. (e) Interpret your answers in (b), (c), and (d). (Full explanations required). Edit View Insert Format Tools Tablearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
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...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning
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
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
College Algebra (MindTap Course List)
Algebra
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:Cengage Learning
Hypothesis Testing - Solving Problems With Proportions; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=76VruarGn2Q;License: Standard YouTube License, CC-BY
Hypothesis Testing and Confidence Intervals (FRM Part 1 – Book 2 – Chapter 5); Author: Analystprep;https://www.youtube.com/watch?v=vth3yZIUlGQ;License: Standard YouTube License, CC-BY