Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card)

6th Edition

ISBN: 9780357191484

Author: David R. Anderson; Dennis J. Sweeney; Thomas A. Williams

Publisher: Cengage Learning US

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Textbook Question

Chapter 8.1, Problem 7E

The National Fire Protection Association reported that house fires in the United States result in $6.8 billion in losses annually (National Fire Protection Association, September 2015). Suppose a random sample of 50 house fires in San Antonio yields a mean loss of $18,503. If the population standard deviation is σ = $3300, what is the margin of error for a 95% confidence interval? What would you recommend if the study required a margin of error of $300 or less?

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Chapter 8 Solutions

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card)

Ch. 8.1 - 1. A simple random sample of 40 items resulted in...Ch. 8.1 - 2. A simple random sample of 50 items from a...Ch. 8.1 - 3. A simple random sample of 60 items resulted in...Ch. 8.1 - 4. A 95% confidence interval for a population mean...Ch. 8.1 - 5. Data were collected on the amount spent by 64...Ch. 8.1 - Travel Taxes. In an attempt to assess total daily...Ch. 8.1 - The National Fire Protection Association reported...Ch. 8.1 - 8. Studies show that massage therapy has a variety...Ch. 8.1 - Prob. 9E Ch. 8.1 - 10. Costs are rising for all kinds of medical...

Ch. 8.2 - For a t distribution with 16 degrees of freedom,...Ch. 8.2 - Find the t value(s) for each of the following...Ch. 8.2 - The following sample data are from a normal...Ch. 8.2 - 14. A simple random sample with n = 54 provided a...Ch. 8.2 - Prob. 15E Ch. 8.2 - Years to Bond Maturity. A sample containing years...Ch. 8.2 - Quality Ratings of Airports. The International Air...Ch. 8.2 - Unemployment in Older Workers. Older people often...Ch. 8.2 - Prob. 19E Ch. 8.2 - Automobile Insurance Premiums. The average annual...Ch. 8.2 - Telemedicine. Health insurers are beginning to...Ch. 8.2 - Prob. 22E Ch. 8.3 - 23. How large a sample should be selected to...Ch. 8.3 - Prob. 24E Ch. 8.3 - Prob. 25E Ch. 8.3 - Prob. 26E Ch. 8.3 - Annual starting salaries for college graduates...Ch. 8.3 - Prob. 28E Ch. 8.3 - 29. Customers arrive at a movie theater at the...Ch. 8.3 - Prob. 30E Ch. 8.4 - 31. A simple random sample of 400 individuals...Ch. 8.4 - 32. A simple random sample of 800 elements...Ch. 8.4 - Prob. 33E Ch. 8.4 - 34. At 95% confidence, how large a sample should...Ch. 8.4 - The Pew Research Center conducted a survey of...Ch. 8.4 - 36. According to statistics reported on CNBC, a...Ch. 8.4 - 37. One of the questions on a survey of 1000...Ch. 8.4 - According to Thomson Financial, through last...Ch. 8.4 - The percentage of Texans not covered by health...Ch. 8.4 - For many years businesses have struggled with the...Ch. 8.4 - 41. Fewer young people are driving. In 1983, 87%...Ch. 8.4 - Prob. 42E Ch. 8.4 - Prob. 43E Ch. 8.5 - Suppose a sample of 10001 erroneous Federal income...Ch. 8.5 - According to the Census Bureau, 2,475,780 people...Ch. 8.5 - Prob. 46E Ch. 8.5 - Prob. 47E Ch. 8 - 44. A sample survey of 54 discount brokers showed...Ch. 8 - 45. A survey conducted by the American Automobile...Ch. 8 - 46. The 92 million Americans of age 50 and over...Ch. 8 - Russia has recently started a push for stronger...Ch. 8 - 48. The Health Care Cost Institute tracks health...Ch. 8 - GlobalWebIndex reports that American Internet...Ch. 8 - 50. Mileage tests are conducted for a particular...Ch. 8 - Prob. 55SE Ch. 8 - Prob. 56SE Ch. 8 - 53. The National Center for Education Statistics...Ch. 8 - Prob. 58SE Ch. 8 - 55. The Pew Research Center has conducted...Ch. 8 - 56. A survey of 750 likely voters in Ohio was...Ch. 8 - The 2003 Statistical Abstract of the United States...Ch. 8 - 58. A well-known bank credit card firm wishes to...Ch. 8 - The American Enterprise Institute (AEI) Public...Ch. 8 - Prob. 64SE Ch. 8 - case Problem 1 Young Professional Magazine Young...Ch. 8 - Gulf Real Estate Properties Gulf Real Estate...Ch. 8 - Metropolitan Research, Inc. Metropolitan Research,...

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Solution Summary: The author explains the formula for finding the margin of error for 95% confidence interval.

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Chapter 8 Solutions