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All Textbook Solutions for Essentials of Modern Business Statistics with Microsoft Office Excel (Book Only)

Discuss the differences between statistics as numerical facts and statistics as a discipline or field of study.Tablet PC Comparison provides a wide variety of information about tablet computers. Their website enables consumers to easily compare different tablets using factors such as cost, type of operating system, display size, battery life, and CPU manufacturer. A sample of 10 tablet computers is shown in Table 1. 6 (Tablet PC Comparison website, February 28, 2013). a. How many elements are in this data set? b. How many variables are in this data set? c. Which variables are categorical and which variables are quantitative? d. What type of measurement scale is used for each of the variables?Refer to Table 1. 6. a. What is the average cost for the tablets? b. Compare the average cost of tablets with a Windows operating system to the average cost of tablets with an Android operating system. c. What percentage of tablets use a CPU manufactured by TI OMAP? d. What percentage of tablets use an Android operating system?Table 1. 7 shows data for eight cordless telephones (Consumer Reports, November 2012). The Overall Score, a measure of the overall quality for the cordless telephone, ranges from 0 to 100. Voice Quality has possible ratings of poor, fair, good, very good, and excellent. Talk Time is the claim of how long the handset can be used it is fully charged. a. How many elements are in this data set? b. For the variables Price, Overall Score, Voice Quality, Handset on Base, and Talk Time, which variables are categorical and which variables are quantitative? c. What scale of measurement is used for each variable?Refer to the data set in Table 1. 7. a. What is the average price for the cordless telephones? b. What is the average talk time for the cordless telephones? c. What percentage of the cordless telephones have a voice quality of excellent? d. What percentage of the cordless telephones have a handset on the base?J D. Power and Associates surveys new automobile to learn about the quality of recently purchased vehicles. The following questions were asked in the J. D. Power Initial Quality Survey, May 2012. a. Did you purchase or lease the vehicle? b. What price did you pay? c. What is the overall attractiveness ofyour vehicle's exterior? (Unacceptable, Average, Outstanding, or Truly Exceptional) d. What is your average number of miles per gallon? e. What is your overall rating of your new vehicle? (l- to 10-point scale with 1 Unacceptable and 10 Truly Exceptional) Comment on whether each question provides categorical or quantitative data.The Kroger Company is one of the largest grocery retailers in the United States, with over 2000 grocery stores across the country. Kroger uses an online customer opinion questionnaire to obtain performance data about its products and services and learn about what motivates its customers (Kroger website, April 2012). In the survey, Kroger customers were asked if they would be willing to pay more for products that had each of the following four characteristics. The four questions were as follows: Would you pay more for products that have a brand name? products that are environmentally friendly? products that are organic? products that have been recommended by others? For each question, the customers had the option of responding Yes if they would pay more or No if they would not pay more. a. Are the data collected by Kroger in this example categorical or quantitative? b. What measurement scale is used?The Tennessean, an online newspaper located in Nashville, Tennessee, conducts a dailypoll to obtain reader opinions on a variety of current issues. In a recent poll, 762 readersresponded to the following question: "If a constitutional amendment to ban a state income tax is placed on the ballot in Tennessee, would you want it to pass?" Possible responses Yes, No, or Not Sure (The Tennessean website, February 15, 2013). a. What was the sample size for this poll? b. Are the data categorical or quantitative? c. Would it make more sense to use averages or percentages as a summary of the data for this question? d. Of the respondents, 67% said Yes, they would want it to pass. How many individuals provided this response?The Commerce Department reported receiving the following applications for the Malcolm Baldrige National Quality Award: 23 from large manufacturing firms, 18 from large service firms, and 30 from small businesses. a. Is type of business a categorical or quantitative variable? b. What percentage of the applications came from small businesses?The Bureau of Transportation Statistics Omnibus Household Survey is conducted annually and serves as an information source for the U. S. Department of Transportation. In one part of the survey the person being interviewed was asked to respond to the following statement: "Drivers of motor vehicles should be allowed to talk on a hand-held cell phone while driving. " Possible responses were strongly agree, somewhat agree, somewhat disagree, and strongly disagree. Forty-four respondents said that they strongly agree with this statement, 130 said that they somewhat agree, 165 said they somewhat disagree, and 741 said they strongly disagree with this statement. a. Do the responses for this statement provide categorical or quantitative data? b. Would it make more sense to use averages or percentages as a summary of the responses for this statement? c. What percentage of respondents strongly agree with allowing drivers of motor vehicles to talk on a hand-held cell phone while driving? d. Do the results indicate general support for or against allowing drivers of motor vehicles to talk on a hand-held cell phone while driving?In a Gallup telephone survey conducted on April 9-10, 2013, each person being interviewed was asked if they would vote for a law in their state that would increase the gas tax by up to 20 cents a gallon, with the new gas tax money going to improve roads and bridges and build more mass transportation in their state. Possible were vote for, vote against, and no opinion. Two hundred and ninety-five respondents said they would vote for the law, 672 said they would vote against the law, and 51 said they had no opinion (Gallup website, June 14, 2013). a. Do the responses for this question provide categorical quantitative data? b. What was the sample size for this Gallup poll? c. What percentage of respondents would vote for a law increasing the gas tax? d. Do the results indicate general support for or against increasing the gas tax to improve roads and bridges and build more mass transportation?The Hawaii Visitors Bureau collects data on visitors to Hawaii. The following questions among 16 asked in a questionnaire handed out to passengers during incoming airline flights. • This trip to Hawaii is my: 1st, 2nd, 3rd, 4th, etc. • The primary reason for this trip is: (10 categories, including vacation, convention, honey moon) • Where I plan to stay: (11 categories, including hotel, apartment, relatives, camping) • Total days in Hawaii a. What is the population being studied? b. Is the use of a questionnaire a good way to reach the population of passengers on incoming airline flights? c. Comment on each of the four questions in terms of whether it will provide categorical or quantitative data.Figure 1. 10 provides a bar chart showing the annual revenue for Google from 2004 to 2014. (The Wall Street Journal, August 19, 2014). a. What is the variable of interest? b. Are the data categorical quantitative? c. Are the data time series or cross-sectional? d. Comment on the trend in Google revenue over time.The following data show the number of rental cars in service for three rental car companies: Hertz, Avis, and Dollar, over a four-year period. a. Construct a time series graph for the years 1 to 4 showing the number of rental cars in service for each company. Show the time series for all three companies on the same graph. b. Comment on who appears to be the market share leader and how the market shares are changing over time. c. Construct a bar chart showing rental cars in service for Year 4. Is this chart based on cross-sectional or time series data?The U. S. Census Bureau tracks sales per month for various products and services through its Monthly Retail Trade Survey. Figure 1. 11 shows monthly bookstore sales in millions of dollars for 2014. a. Are the data quantitative or categorical? b. Are the data cross-sectional or time series? c. Which month has the highest sales? d. Which month has the second highest sales? e. Why do you think the answers to parts (c) and (d) might be the two highest months? Explain.The Energy Information Administration of the U. S. Department of Energy provided time series data for the U. S. average price per gallon of conventional regular gasoline between January 2007 and March 2012 (Energy Information Administration website, April 2012). Use the Internet to obtain the average price per gallon of conventional regular gasoline since March 2012. a. Extend the graph of the time series shown in Figure 1. 1. b. What interpretations can you make about the average price per gallon of conventional regular gasoline since March 2012? c. Does the time series continue to show a summer increase in the average price per gallon? Explain.A manager of a large corporation recommends a $10,000 raise be given to keep a valued subordinate from moving to another company. What internal and external sources of data might be used to decide whether such a salary increase is appropriate?A random telephone survey of 1021 adults (aged 18 and older) was conducted by Opinion Research Corporation on behalf of Complete Tax, an online tax preparation and e-filing service. The survey results showed that 684 of those surveyed planned to file their taxes electronically. a. Develop a descriptive statistic that can be used to estimate the percentage of all taxpayers who file electronically. b. The survey reported that the most frequently used method for preparing the tax return was to hire an accountant or professional tax prepare-. If 60% of the people surveyed had their tax return prepared this way, how many people used an accountant professional tax preparer? c. Other methods that the person filing the return often used include manual preparation, use of an online tax service, and use of a software tax program. Would the data for the method for preparing the tax return be considered categorical or quantitative?A Bloomberg Businessweek North American subscriber study collected data from a sample of 2861 subscribers. Fifty-nine percent of the respondents indicated an annual income of $75,000 more, and 50% reported having an American Express credit card. a. What is the population of interest in this study? b. Is annual income a categorical or quantitative variable? c. Is ownership of an American Express card a categorical or quantitative variable? d. Does this study involve cross-sectional or time series data? e. Describe any statistical inferences Bloomberg Businessweek might make on the basis of the survey.A survey of 131 investment managers in Barron 's Big Money poll revealed the following: • Forty-three percent of managers classified themselves as bullish or very bullish on the stock market. • The average expected return over the next 12 months for equities was 11. 2%. • Twenty-one percent selected health care as the sector most likely to lead the market in the next 12 months. • When asked to estimate how long it would take for technology and telecom stocks to resume sustainable growth; the managers' average response was 2. 5 years. a. Cite two descriptive statistics. b. Make an inference about the population of all investment managers concerning the average return expected on equities over the next 12 months. c. Make an inference about the length of time it will take for technology and telecom stocks to resume sustainable growth.A seven-year medical research study reported that women whose mothers took the drug DES during pregnancy were twice as likely to develop tissue abnormalities that might lead to cancer as were women whose mothers did not take the drug. a. This study compared two populations. What were the populations? b. Do you suppose the data were obtained in a survey or an experiment? c. For the population of women whose mothers took the drug DES during pregnancy, a sample of 3980 women showed that 63 developed tissue abnormalities that might lead to cancer. Provide a descriptive statistic that could be used to estimate the number of women out of 1000 in this population who have tissue abnormalities. d. For the population of women whose mothers did not take the drug DES during pregnancy, what is the estimate of the number of women out of 1000 who would be expected to have tissue abnormalities? e. Medical studies often use a relatively large sample (in this case, 3980). Why?A survey conducted by Better Homes and Gardens Real Estate LLC showed that one in five U. S. homeowners have either moved from their home or would like to move because theirneighborhood community isn't ideal for their lifestyle (Better Homes and Gardens Real Estate website, September 26, 2013). The top lifestyle priorities of respondents whensearching for their next home include ease of commuting by car, access to health and safety services, family-friendly neighborhood, availability of retail stores, access to cultural activities, public transportation access, and nightlife and restaurant access. Suppose a real estate agency in Denver, Colorado, hired you to conduct a similar study to determine the top lifestyle priorities for clients that currently have a home listed for sale with the agency have hired the agency to help them locate a new home. a. What is the population for the survey you will be conducting? b. How would you collect the data for this study?Pew Research Center is a nonpartisan polling organization that provides information about issues, attitudes, and trends shaping America. In a poll, Pew researchers found that 73% of teens aged 13-17 have a smartphone, 15% have a basic phone and 12% have phone. The study also asked the respondents how they communicated with their closest friend. Of those with a smartphone, 58% responded texting, 17% social media and phone calls. Of those with no smartphone, 25% responded texting, 29% social media and 21 % phone calls. (Pew Research Center website, October 2015). a. One statistic (58%) concerned the use of texting to contact his/her closest friend, if the teen owns a smartphone. To what population is that applicable? b. Another statistic (25%) concerned the use of texting by those who do not own a smart-phone. To what population is that applicable? c. Do you think the Pew researchers conducted a census or a sample survey to obtain their results? Why?A sample of midterm grades for five students showed the following results: 72, 65, 82, 90, 76. Which of the following statements are correct, and which should be challenged as being too generalized? a. The average midterm grade for the sample of five students is 77. b. The average midterm grade for all students who took the exam is 77. c. An estimate of the average midterm grade for all students who took the exam is 77. d. More than half of the students who take this exam will score between 70 and 85. e. If five other students are included in the sample, their grades will be between 65 and 90.Table 1. 8 shows a data set containing information for 25 of the shadow stocks tracked by the American Association of Individual Investors. Shadow stocks are common stocks of smaller companies that are not closely followed by Wall Street analysts. The data set is also on the website that accompanies the text in the DATA file named Shadow02. a. How many variables are in the data set? b. Which of the variables are categorical and which are quantitative? c. For the Exchange variable, show the frequency and the percent frequency for AMEX, NYSE, and OTC. Construct a bar graph similar to Figure 1. 4 for the Exchange variable. d. Show the frequency distribution for the Gross Profit Margin using the five intervals: 0-14. 9, 15-29. 9, 30-44. 9, 45-59. 9, and 60-74. 9. Construct a histogram similar to Figure 1. 5. e. What is the average price/earnings ratio?Approximately 1.5 million high school students take the SAT each year and nearly 80% of colleges and universities without open admissions policies use SAT scores in making admission decisions. The current version of the SAT includes three parts: reading comprehension, mathematics, and writing. A perfect combined score for all three parts is 2400. A sample of SAT scores for the combined three-part SAT is as follows. a. Show a frequency distribution and histogram. Begin with the first class starting at 800 and use a class width of 200. b. Comment on the shape of the distribution. c. What other observations can be made about the SAT scores based on the tabular and graphical summaries?Data showing the population by state in millions of people follow (The World Almanac, 2012 a. Develop a frequency distribution, a percent frequency distribution, and a histogram. Use a class width of 2.5 million. b. Does there appear to be any skewness in the distribution? Explain. c. What observations can you make about the population of the 50 states?A startup company's ability to gain funding is a key to success. The funds raised (in millions of dollars) by 50 startup companies follow (The Wall Street Journal, March 10, 2011). a. Construct a stem-and-leaf display. b. Comment on the display.49SE 50SE Western University has only one women's softball scholarship remaining for the coming year. The final two players that Western is considering are Allison Fealey and Emily Janson. The coaching staff has concluded that the speed and defensive skills are virtually identical for the two players, and that the final decision will be based on which player has the best batting average. Crosstabulations of each player's batting performance in their junior and senior years of high school are as follows: A player' s batting average is computed by dividing the number of hits a player has by the total number of at-bats. Batting averages are represented as a decimal number with three places after the decimal. a. Calculate the batting average for each player in her junior year. Then calculate the batting average of each player in her senior year. Using this analysis, which player should be awarded the scholarship? Explain. b. Combine or aggregate the data for the junior and senior years into one crosstabulation as follows: Calculate each player' s batting average for the combined two years. Using this analysis, which player should be awarded the scholarship? Explain. c. Are the recommendations you made in parts (a) and (b) consistent? Explain any apparent inconsistencies.53SE 57SE A zoo has categorized its visitors into three categories: member, school, and general. The member category refers to visitors who pay an annual fee to support the zoo. Members receive certain benefits such as discounts on merchandise and trips planned by the zoo. The school category includes faculty and students from day care and elementary and secondary schools; these visitors generally receive a discounted rate. The general category includes all other visitors. The zoo has been concerned about a recent drop in attendance. To help better understand attendance and membership, a zoo staff member has collected the following data: a. Construct a bar chart of total attendance over time. Comment on any trend in the data. b. Construct a side-by-side bar chart showing attendance by visitor category with year as the variable on the horizontal axis. c. Comment on what is happening to attendance based on the charts from parts (a) and (b).Pelican Stores, a division of National Clothing, is a chain of women 's apparel stores operating throughout the country. The chain recently ran a promotion in which discount coupons were sent to customers of other National Clothing stores. Data collected for a sample of 100 in-store credit card transactions at Pelican Stores during one day while the promotion was running are contained in the DATAfile named PelicanStores. Table 2.19 shows a portion of the data set. The Proprietary Card method of payment refers to charges made using a National Clothing charge card. Customers who made a purchase using a discount coupon are referred to as promotional customers, and customers who made a purchase but did not use a discount coupon are referred to as regular customers. Because the promotional coupons were not sent to regular Pelican Stores customers, management considers the sales made to people presenting the promotional coupons as sales it would not otherwise make. Of course, Pelican also hopes that the promotional customers will continue to shop at its stores. Most of the variables shown in Table 2.19 are self-explanatory, but two of the variables require some clarification. ItemsThe total number of items purchased Net SalesThe total amount ($) charged to the credit card Pelican's management would like to use this sample data to learn about its customer base and to evaluate the promotion involving discount coupons. Managerial Report Use the tabular and graphical methods of descriptive statistics to help management develop a customer profile and to evaluate the promotional campaign. At a minimum. your report should include the following: 1. Percent frequency distribution for key variables.2.1.2CP Pelican Stores, a division of National Clothing, is a chain of women's apparel stores operating throughout the country. The chain recently ran a promotion in which discount coupons were sent to customers of other National Clothing stores. Data collected for a sample of 100 in-store credit card transactions at Pelican Stores during one day while the promotion was running are contained in the DATAfile named PelicanStores. Table 2.19 shows a portion of the data set. The Proprietary Card method of payment refers to charges made using a National Clothing charge card. Customers who made a purchase using a discount coupon are referred to as promotional customers, and customers who made a purchase but did not use a discount coupon are referred to as regular customers. Because the promotional coupons were not sent to regular Pelican Stores customers, management considers the sales made to people presenting the promotional coupons as sales it would not otherwise make. Of course, Pelican also hopes that the promotional customers will continue to shop at its stores. Most of the variables shown in Table 2.19 are self-explanatory, but two of the variables require some clarification. Items The total number of items purchased Net SalesThe total amount ($) charged to the credit card Pelican's management would like to use this sample data to learn about its customer base and to evaluate the promotion involving discount coupons. Managerial Report Use the tabular and graphical methods of descriptive statistics to help management develop a customer profile and to evaluate the promotional campaign. At a minimum. your report should include the following: 3. A cross tabulation of type of customer (regular or promotional) versus net sales. Comment on any similarities or differences present.Pelican Stores, a division of National Clothing, is a chain of women's apparel stores operating throughout the country. The chain recently ran a promotion in which discount coupons were sent to customers of other National Clothing stores. Data collected for a sample of 100 in-store credit card transactions at Pelican Stores during one day while the promotion was running are contained in the DATAfile named PelicanStores. Table 2.19 shows a portion of the data set. The Proprietary Card method of payment refers to charges made using a National Clothing charge card. Customers who made a purchase using a discount coupon are referred to as promotional customers, and customers who made a purchase but did not use a discount coupon are referred to as regular customers. Because the promotional coupons were not sent to regular Pelican Stores customers, management considers the sales made to people presenting the promotional coupons as sales it would not otherwise make. Of course, Pelican also hopes that the promotional customers will continue to shop at its stores. Most of the variables shown in Table 2.19 are self-explanatory, but two of the variables require some clarification. ItemsThe total number of items purchased Net SalesThe total amount ($) charged to the credit card Pelican's management would like to use this sample data to learn about its customer base and to evaluate the promotion involving discount coupons. Managerial Report Use the tabular and graphical methods of descriptive statistics to help management develop a customer profile and to evaluate the promotional campaign. At a minimum. your report should include the following: 4. A scatter diagram to explore the relationship between net sales and customer age.Case Problem 2Motion Picture Industry The motion picture industry is a competitive business. More than 50 studios produce a total of 300 to 400 new motion pictures each year, and the financial success of each motion picture varies considerably. The opening weekend sales ($ millions), the total gross sales ($ millions), the number of theaters the movie was shown in, and the number of weeks the motion picture was in release are common variables used to measure the success of a motion picture. Data collected for the top I (X) motion pictures produced in 2011 are contained in the DATAfile named 2011Movies (Box Office Mojo, March 17, 2012). Table 2.20 shows the for the first 10 motion pictures in this file. Managerial Report Use the tabular and graphical methods of descriptive statistics to learn how these variables contribute to the success of a motion picture. Include the following in your report. 1. Tabular and graphical summaries for each of the four variables along with a discussion of what each summary tells us about the motion picture industry.2.2.2CP Case Problem 2 Motion Picture Industry The motion picture industry is a competitive business. More than 50 studios produce a total of 300 to 400 new motion pictures each year, and the financial success of each motion picture varies considerably. The opening weekend sales ($ millions), the total gross sales ($ millions), the number of theaters the movie was shown in, and the number of weeks the motion picture was in release are common variables used to measure the success of a motion picture. Data collected for the top I (X) motion pictures produced in 2011 are contained in the DATAfile named 2011Movies (Box Office Mojo, March 17, 2012). Table 2.20 shows the for the first 10 motion pictures in this file Managerial Report Use the tabular and graphical methods of descriptive statistics to learn how these variables contribute to the success of a motion picture. Include the following in your report. 3. A scatter diagram to explore the relationship between Total Gross Sales and Number of Theaters. Discuss.Case Problem 2 Motion Picture Industry The motion picture industry is a competitive business. More than 50 studios produce a total of 300 to 400 new motion pictures each year, and the financial success of each motion picture varies considerably. The opening weekend sales ($ millions), the total gross sales ($ millions), the number of theaters the movie was shown in, and the number of weeks the motion picture was in release are common variables used to measure the success of a motion picture. Data collected for the top I (X) motion pictures produced in 2011 are contained in the DATAfile named 2011Movies (Box Office Mojo, March 17, 2012). Table 2.20 shows the for the first 10 motion pictures in this file Managerial Report Use the tabular and graphical methods of descriptive statistics to learn how these variables contribute to the success of a motion picture. Include the following in your report. 4. A scatter diagram to explore the relationship between Total Gross Sales and Number of Weeks in Release. Discuss.Case Problem 3Queen City Cincinnati, Ohio, also known as the Queen City, has a population of approximately 298,000 and is the third largest city in the state of Ohio. The Cincinnati metropolitan area has a population of about 2.2 million. The city is governed by a mayor and a nine-member city council. The city manager, who is responsible for the day-to-day operation of the city, reports to the mayor and city council. The city manager recently created the Office of Performance and Data Analytics with the goal of improving the efficiency of city operations. One of the first tasks of this new office is to review the previous year's expenditures. The file QueenCity contains data on the previous year's expenditures, including the following: Department The number of the department incurring the expenditure Department Description The name of the department incurring the description Category The category of the expenditure Fund The fund to which the expenditure was charged Expenditure The dollar amount of the expense DATA file QueenCity Table 2.21 shows the first four entries of the 5427 expenditures for the year. The city manager would like to use this data to better understand how the city's budget is being spent. Managerial Report Use tabular and graphical methods of descriptive statistics to help the city manager get a better understanding of how the city is spending its funding. Your report should include the following: l. Tables and/or graphical displays that show the amount of expenditures by category and percentage of total expenditures by category.Case Problem 3Queen City Cincinnati, Ohio, also known as the Queen City, has a population of approximately 298,000 and is the third largest city in the state of Ohio. The Cincinnati metropolitan area has a population of about 2.2 million. The city is governed by a mayor and a nine-member city council. The city manager, who is responsible for the day-to-day operation of the city, reports to the mayor and city council. The city manager recently created the Office of Performance and Data Analytics with the goal of improving the efficiency of city operations. One of the first tasks of this new office is to review the previous year's expenditures. The file QueenCity contains data on the previous year's expenditures, including the following: Department The number of the department incurring the expenditure Department Description The name of the department incurring the description Category The category of the expenditure Fund The fund to which the expenditure was charged Expenditure The dollar amount of the expense DATA file QueenCity Table 2.21 shows the first four entries of the 5427 expenditures for the year. The city manager would like to use this data to better understand how the city's budget is being spent. Managerial Report Use tabular and graphical methods of descriptive statistics to help the city manager get a better understanding of how the city is spending its funding. Your report should include the following: 2. A table that shows the amount of by department and the percentage of total expenditures by department. Combine any department with less than 1% into a category named "Other."Case Problem 3Queen City Cincinnati, Ohio, also known as the Queen City, has a population of approximately 298,000 and is the third largest city in the state of Ohio. The Cincinnati metropolitan area has a population of about 2.2 million. The city is governed by a mayor and a nine-member city council. The city manager, who is responsible for the day-to-day operation of the city, reports to the mayor and city council. The city manager recently created the Office of Performance and Data Analytics with the goal of improving the efficiency of city operations. One of the first tasks of this new office is to review the previous year's expenditures. The file QueenCity contains data on the previous year's expenditures, including the following: Department The number of the department incurring the expenditure Department Description The name of the department incurring the description Category The category of the expenditure Fund The fund to which the expenditure was charged Expenditure The dollar amount of the expense DATA file QueenCity Table 2.21 shows the first four entries of the 5427 expenditures for the year. The city manager would like to use this data to better understand how the city's budget is being spent. Managerial Report Use tabular and graphical methods of descriptive statistics to help the city manager get a better understanding of how the city is spending its funding. Your report should include the following: 3. A table that shows the amount of by fund and the percentage of total expenditures by fund. Combine any fund with less than 1 % into a category named "Other."Case Problem 4Cut-Rate Machining, Inc. Jon Weideman, first shift foreman for Cut-Rate Machining, Inc., is attempting to decide on a vendor from whom to purchase a drilling machine. He narrows his alternatives to four vendors: The Hole-Maker, Inc. (HM); Shafts Judge's Jigs (JJ); and Drill-for-Bits, Inc. (DB). Each of these vendors is offering machines of similar capabilities at similar prices, so the effectiveness of the machines is the only selection criteria that Mr. Weideman can use. He invites each vendor to ship one machine to his Richmond, Indiana manufacturing facility for a test. He starts all four machines at 8:00 A.M. and lets them warm up for two hours before starting to use any of the machines. Sometime after the warmup period, one of his employees will use each of the shipped machines to drill 3-centimeter-diameter holes in 25-centimeter-thick stainless-steel sheets for two hours. The widths of holes drilled with each machine are then measured and recorded. The results of Mr. Weideman's data collection are shown in Table 2.22.Case Problem 4Cut-Rate Machining, Inc. Jon Weideman, first shift foreman for Cut-Rate Machining, Inc., is attempting to decide on a vendor from whom to purchase a drilling machine. He narrows his alternatives to four vendors: The Hole-Maker, Inc. (HM); Shafts Judge's Jigs (JJ); and Drill-for-Bits, Inc. (DB). Each of these vendors is offering machines of similar capabilities at similar prices, so the effectiveness of the machines is the only selection criteria that Mr. Weideman can use. He invites each vendor to ship one machine to his Richmond, Indiana manufacturing facility for a test. He starts all four machines at 8:00 A.M. and lets them warm up for two hours before starting to use any of the machines. Sometime after the warmup period, one of his employees will use each of the shipped machines to drill 3-centimeter-diameter holes in 25-centimeter-thick stainless-steel sheets for two hours. The widths of holes drilled with each machine are then measured and recorded. The results of Mr. Weideman's data collection are shown in Table 2.22.Case Problem 4Cut-Rate Machining, Inc. Jon Weideman, first shift foreman for Cut-Rate Machining, Inc., is attempting to decide on a vendor from whom to purchase a drilling machine. He narrows his alternatives to four vendors: The Hole-Maker, Inc. (HM); Shafts Judge's Jigs (JJ); and Drill-for-Bits, Inc. (DB). Each of these vendors is offering machines of similar capabilities at similar prices, so the effectiveness of the machines is the only selection criteria that Mr. Weideman can use. He invites each vendor to ship one machine to his Richmond, Indiana manufacturing facility for a test. He starts all four machines at 8:00 A.M. and lets them warm up for two hours before starting to use any of the machines. Sometime after the warmup period, one of his employees will use each of the shipped machines to drill 3-centimeter-diameter holes in 25-centimeter-thick stainless-steel sheets for two hours. The widths of holes drilled with each machine are then measured and recorded. The results of Mr. Weideman's data collection are shown in Table 2.22.The response to a question has three alternatives: A, B, and C. A sample of 120 responses provides 60 A, 24 B, and 36 C. Show the frequency and relative frequency distributions.A partial relative frequency distribution is given. a. What is the relative frequency of class D? b. The total sample size is 200. What is the frequency of class D? c. Show the frequency distribution. d. Show the percent frequency distribution.A questionnaire provides 58 Yes, 42 No, and 20 No-Opinion answers. a. In the construction of a pie chart, how many degrees would be in the section of the pie showing the Yes answers? b. How many degrees would be in the section of the pie showing the No answers? c. Construct a pie chart. d. Construct a bar chart.4E In alphabetical order, the six most common last names in the United States are Brown, Johnson, Jones, Miller, Smith, and Williams (The World Almanac, 2012). Assume that a sample of 50 individuals with one of these last names provided the following data. Summarize the data by constructing the following: a. Relative and percent frequency distributions b. A bar chart c.A pie chart d. Based on these data, what are the three most common last names?Nielsen Media Research provided the list of the 25 top-rated single shows in television history. The following data show the television network that produced each of these 25 top-rated shows. a. Construct a frequency distribution, percent frequency distribution, and bar chart for the data. b. Which network networks have done the best in terms of presenting top-rated television shows? Compare the performance of ABC, CBS, and NBC.The Canmark Research Center Airport Customer Satisfaction Survey uses an onlinequestionnaire to provide airlines and airports with customer satisfaction ratings for all aspects of the customers' flight experience (airport survey website, July 2012). After completing a flight, customers receive an e-mail asking them to go to the website and rate a variety of factors, including the reservation process, the check-in process, luggage policy, cleanliness of gate area, service by flight attendants, food/beverage selection, on-time arrival, and so on. A five-point scale, with Excellent (E), Very Good (V), Good (G), Fair (F), and Poor (P), is used to record customer ratings. Assume that passengers on a Delta Airlines flight from Myrtle Beach, South Carolina to Atlanta, Georgia provided the following ratings for the question "Please rate the airline based on your overall experience with this flight." The sample ratings are shown below. a. Use a percent frequency distribution and a bar chart to summarize these data. What do these summaries indicate about the overall customer satisfaction with the Delta flight? b. The online survey questionnaire enabled respondents to explain any aspect of the flight that failed to meet expectations. Would this be helpful information to a manager looking for ways to improve overall customer satisfaction on Delta flights? Explain.8E Nearly 1.8 million bachelor's degrees and over 750,000 master's degrees are awarded annually by U.S. postsecondary institutions (National Center for Education Statistics website, November 2014). The Department of Education tracks the field of study for these graduates in the following categories: Business (B), Computer Sciences and Engineering (CSE), Education (E), Humanities (H), Natural Sciences and Mathematics (NSM), Social and Behavioral Sciences (SBS), and Other (O). Consider the following samples of 100 graduates: Bachelor's Field of Study a.Provide a percent frequency distribution of field of study for each degree. b.Construct a bar chart for field of study for each degree. c. What is the lowest percentage field of study for each degree? d. What is the highest percentage field of study for each degree? e. Which field of study has the largest increase in percentage from bachelor'sto masters'?VirtualTourist provides ratings for hotels throughout the world. Ratings provided by 649 guests at the Sheraton Anaheim Hotel, located near the Disneyland Resort in Anaheim, California, can be found in the DATAfile named HotelRatings(VirtualTourist website, February 25, 2013). Possible responses were Excellent, Very Good, Average, Poor, and Terrible. a. Construct a frequency distribution. b. Construct a percent frequency distribution. c. Construct a bar chart for the percent frequency distribution. d. Comment on how guests rate their stay at the Sheraton Anaheim Hotel. e. Results for 1679 guests who stayed at Disney's Grand Californian provided the following frequency distribution. Compare the ratings for Disney's Grand Californian with the results obtained for the Sheraton Anaheim Hotel.Consider the following data. a. Develop a frequency distribution using classes of 12-14, 15-17, 18-20, 21-23, and24-26. b. Developa relative frequency distribution and a percent frequency distribution using the classes in part (a).Consider the following frequency distribution Construct a cumulative frequency distribution and a cumulative relative frequency distribution.13E 14E 15E Construct a stem-and-leaf display for the following data. Use a leaf unit of 10.A doctor's office staff studied the waiting times for patients who arrive at the office with a request for emergency service. The following data with waiting times in minutes were collected over a one-month period. Use classes of 0-4, 5-9, and so on in the following: a. Show the frequency distribution. b. Show the relative frequency distribution. c. Show the cumulative frequency distribution. d. Show the cumulative relative frequency distribution. e. What proportion of patients needing emergency service wait 9 minutes or less?CBSSports.com developed the Total Player Ratings system to rate players in the National Basketball Association (NBA) based upon various offensive and defensive statistics. The following data show the average number of points scored per game (PPG) for 50 players with the highest ratings for a portion of the 2012—2013 NBA season (CBSSports.com website, February 25, 2013). Use classes starting at 10 and ending at 30 in increments of 2 for PPG in the following. a. Show the frequency distribution. b. Show the relative frequency distribution. c. Show the cumulative percent frequency distribution. d. Develop a histogram for the average number of points scored per game. e. Do the data appear to be skewed? Explain. f. What percentage of the players averaged at least 20 points per game?Based on the tons handled in a year, the ports listed below are the 25 busiest ports in the United States (The 2013 World Almanac). a. What is the largest number of tons handled? What is the smallest number of tons handled? b. Using a class width of 25, develop a frequency distribution of the data starting with 25-49.9, 50-749, 75-99.9, and so on. c. Prepare a histogram. Interpret the histogram.The London School of Economics and the Harvard Business School conducted a study of how chief executive officers (CEOs) spend their day. The study found that CEOs spend on average about 18 hours per week in meetings, not including conference calls, business meals, and public events (The Wall Street Journal, February 14, 2012). Shown below is the time spent per week in meetings (hours) for a sample of 25 CEOs. a. What is the lowest amount of time spent per week on meetings? The highest? b. Use a class width of two hours to prepare a frequency distribution and a percent frequency distribution for the data. c. Prepare a histogram and comment on the shape of the distribution.Quantcast.com provides the number of people from the United States who visit a given website. The list below shows the number of U.S. visitors for the 50 most highly visited websites (Quantcast.com website, December 2015). Summarize the data by constructing the following: a. A frequency distribution (classes in millions: 20-29.999, 30-30.999, and so on). b. A relative frequency distribution. c. A cumulative distribution. d. A cumulative relative frequency distribution. e. Show a histogram. Comment on the shape of the distribution. f. What is the website with the most U.S. visitors? How many people from the U.S. visited the site?Entrepreneur magazine ranks franchises using performance measures such as growth rate, number of locations, startup costs, and financial stability. The number of locations for the top 20 U.S. franchises follow (The World Almanac, 2012). Use classes 0-4999, 50-9999, 10,000-14,999, and forth to answer the following questions. a. Construct a frequency distribution and a percent frequency distribution of the number of U.S. locations for these top-ranked franchises. b. Construct a histogram of these data. c. Comment on the shape of the distribution.The following data show the year-to-date percent change (YTD % Change) for 30 stock-market indexes from around the word (The Wall Street Journal, August 26, 2013). a. What index has the largest positive YTD % Change? b. Using a class width of 5 beginning with —20 and going to 40, develop a frequency distribution for the data. c. Prepare a histogram. Interpret the histogram, including a discussion of the general shape of the histogram. d. Use The Wall Street Journal another media source to find the current percent changes for these stock market indexes in the current yea. Which index has had the largest percent increase? Which index has had the smallest percent decrease? Prepare a summary of the data.24E 25E The Flying Pig Half-Marathon (13.1 miles) had 10,897 finishers. The following data the ages for a sample of 40 half-marathoners. a. Construct a stretched stem-and-leaf display. b. What age group had the largest number of runners? c. What age occurred most frequently?The following data are for 30 observations involving two categorical variables, x and y. The categories for x are A, B, and C; the categories for y are 1 and 2. a. Develop a crosstabulation for the data, with x as the row variable and y as the column variable. b. Compute the row percentages. c. Compute the column percentages. d. What is the relationship, if any, between x and y?The following observations are for two quantitative variables, x and y a. Develop a crosstabulation for the data, with x as the variable and y as the column variable. For x use classes of 10-29, 30-49, and so on; for y use classes of 40-59, 60-79, and so on. b. Compute the row percentages. c. Compute the column percentages. d. What is the relationship, if any, between x and y?The Daytona 500 is a 500-mile automobile race held annually at the Daytona International Speedway in Daytona Beach, Florida. The following crosstabulation shows the automobile make by average speed of the 25 winners from 1988 to 2012 (The 2013 World Almanac). a. Compute the row percentages. b. What percentage of winners driving a Chevrolet won with an average speed of at least 150 miles per hour? c. Compute the column percentages. d. What percentage of winning average speeds 160-169.9 miles per hour were Chevrolets?The following crosstabulation shows the average speed of the 25 winners by year of the Daytona 500 automobile race (The 2013 World Almanac). a. Calculate the row percentages. b. What is the apparent relationship between average winning speed and year? What might the of this apparent relationship?31E The following crosstabulation shows the number of households (100s) in each of the four regions of the United States and the number of households at each income level (U.S. Bureau website, August 2013 a. Compute the row percentages and identify the percent frequency distributions of income for households in each region. b. What percentage of households in the West region have an income level of $50,000 or more? What percentage of households in the South region have an income level of $50,000 or more? c. Construct percent frequency histograms for each region of households. Do any relationships between regions and income level appear to be evident in your findings? d. Compute the column percentages. What information do the column percentages provide? e. What percent of households with a household income of $100,000 and over are from the South region? What percentage of households from the South region have a household income of $100,000 and over? Why are these two percentages different?36E Consider the following data on two categorical variables. The first variable, x, can take on values A, B, C, or D. The second variable, y, can take on values I or Il. The following table gives the frequency with which each combination occurs. a. Construct a side-by-side bar chart with x on the horizontal axis. b. Comment on the relationship between x and y.38E 39E 40E 41E 42E The Northwest regional manager of an outdoor equipment retailer conducted a study to determine how managers at three store locations are using their time. A summary of the results is shown in the following table. a. Create a stacked bar chart with store location on the horizontal axis and percentage of time spent on each task on the vertical axis. b. Create a side-by-side bar chart with store location on the horizontal axis and side-by-side bars of the percentage of time spent on each task. c. Which type of bar chart (stacked or side-by-side) do you prefer for these data? Why?The average number of times Americans dine out in a week fell from 4.0 in 2008 to 3.8 in 2012 (Zagat.com, April 1, 2012). The number of times a sample of 20 families dined out last week provides the following data. a.Compute the mean and median. b.Compute the first and third quartiles. c.Compute the range and interquartile range. d.Compute the variance and standard deviation. e.The skewness measure for these data is 0.34. Comment on the shape of this distribution. Is it the shape you would expect? Why or why not? f.Do the data contain outliers?63SE The average waiting time for a patient at an El Paso physician's office is just over 29 minutes, well above the national average of 21 minutes. In fact, El Paso has the longest physician's office waiting times in the United States (El Paso Times, January 8, 2012). In order to address the issue of long patient wait times, some physician's offices are using wait tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this formation and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have an office tracking system and wait times for a sample of patients at offices with an office tracking system a.What are the mean and median patient wait times for offices with a wait tracking system? What are the mean and median patient wait times for offices without a wait tracking system? b.What are the variance and standard deviation of patient wait times for offices with a wait tracking system? What are the variance and standard deviation of patient wait times for visits to offices without a wait tracking system? c.Do offices with a wait tracking system have shorter patient wait times than offices without a wait tracking system? Explain. d.Considering only offices without a wait tracking system, what is the z-score for the tenth patient in the sample? e.Considering only offices with a wait tracking system, what is the z-score for the sixth patient in the sample? How does this z-score compare with the z-score you calculated for pat (d)? f.Based on z-scores, do the data for offices without a wait tracking system contain any outliers? Based on z-scores, do the data for offices with a wait tracking system contain any outliers?U.S. companies lose $63.2 billion per year from workers with insomnia. Workers lose an average of 7.8 days of productivity per year due to lack of sleep (Wall Street Journal, January 23, 2013). The following data show the number of hours of sleep attained during a recent night for a sample of 20 workers. a. What is the mean number of hours of sleep for this sample? b. What is the variance? Standard deviation?66SE Public transportation and the automobile are two methods an employee can use to get to work each day. Samples of travel times recorded for each method are shown. Times are in minutes. a.Compute the sample mean time to get to work for each method. b.Compute the sample standard deviation for each method. c.On the basis of your results from parts (a) and (b), which method of transportation should be preferred? Explain. d.Develop a box plot for each method. Does a comparison of the box plots support your conclusion in part (c)?In 2007 the New York Times reported that the median annual household income in the United States was $55,500 (New York limes website, August 21, 2013). Answer the following questions based on the following sample of 14 household incomes for 2013 ($1000s). a. What is the median household income for the sample data for 2013? b. Based on the sample data, estimate the percentage change in the median household income from 2007 to 2013. c. Compute the first and third quartiles. d. Provide a five-number summary. e. Using the z-score approach, do the data contain any outliers? Does the approach that uses the values of the first and third quartiles and the interquartile range to detect outliers provide the same results?69SE Travel + Leisure magazine presented its annual list of the 500 best hotels in the world. The magazine provides a rating for each hotel along with a brief description that includes the size of the hotel, amenities, and the cost per night for a double room. A sample of 12 of the top-rated hotels in the United States follows a.What is the mean number of rooms? b.What is the mean cost per night for a double room? c.Develop a scatter diagram with the number of rooms on the horizontal axis and the cost per night on the vertical axis. Does there appear to be a relationship between the number of rooms and the cost per night? Discuss. d.What is the sample correlation coefficient? What does it tell you about the relationship between the number of moms and the cost per night for a double room? Does this appear reasonable? Discuss.The 32 teams in the National Football League (NFL) are worth, on average, $1.17 billion, 5% more than last year. The following data show the annual revenue ($ millions) and the estimated team value ($ millions) for the 32 NFL teams (Forbes website, February 28, 2014). a.Develop a scatter diagram with Revenue on the horizontal axis and Value on the vertical axis. Does there appear that there is any relationship between the two variables? b.What is the sample correlation coefficient? What can you say about the strength of the relationship between Revenue and Value?Does a major league baseball team's record during spring training indicate how the team will play during the regular season? Over the last six years, the correlation coefficient between a team's winning percentage in spring training and its winning percentage in the regular season is .18. Shown are the winning percentages for the 14 American League teams during a previous season. a.What is the correlation coefficient between the spring training and the regular season winning percentages? b.What is your conclusion about a team's record during spring training indicating how the team will play during the regular season? What are some of the reasons why this occurs? Discuss.The days to maturity for a sample of five money market funds are shown here. The dollar amounts invested in the funds are provided. Use the weighted mean to determine the mean number of days to maturity for dollars invested in these five money market funds.Automobiles traveling on a road with a posted speed limit of 55 miles per hour are checked for speed by a state police radar system. Following is a frequency distribution of speeds. a. What is the mean speed of the automobiles traveling on this road? b. Compute the variance and the standard deviation.The Panama Railroad Company was established in 1850 to construct a railroad across the isthmus that would allow fast and easy access between the Atlantic and Pacific Oceans. The following table (The Big Ditch, Mauer and Yu, 2011) provides annual returns for Panama Railroad stock from 1853 through 1880. a.Create a graph of the annual returns on the stock. The New York Stock Exchange earned an annual average return of 8.4% from 1853 through 1880. Can you tell from the graph if the Panama Railroad Company stock outperformed the New York Stock Exchange? b.Calculate the mean annual return on Panama Railroad Company stock from 1853 through 1880. Did the stock outperform the New York Stock Exchange the same period?Case Problem 1 Pelican Stores Pelican S to res, a division of National Clothing, is a chain of women 's apparel stores operating throughout the country. The chain recently ran a promotion in which discount coupons were sent to customers of other National Clothing stores. Data collected for a sample of I(X) in-store credit card transactions at Pelican Stores during one day While the promotion was running are contained in the DATAfile named PelicanStores. Table 3.9 shows a portion of the data set. The proprietary card method of payment refers to charges made using a National Clothing charge card. Customers who made a purchase but did not using a discount coupon are referred to as promotional customers and customers who made a purchase but did not use a discount coupon are referred to as regular customers. Because the promotional coupons were sent to regular Pelican Stores customers, management considers the sales made to people presenting the promotional coupons as sales it would not otherwise make. Of course, Pelican also hopes that the promotional customers will continue to shop at its stores. Most of the variables shown in Table 3.9 are self-explanatory, but two of the variables require some clarification. ItemsThe total number of items purchased Net SalesThe total amount (S) charged to the credit card Pelican's management would like to use this sample data to learn about its customer base and to evaluate the promotion involving discount coupons. Managerial Report U se the methods of descriptive statistics presented in this chapter to summarize the data and comment on your findings. At a minimum, your report should include the following: 1.Descriptive statistics on net sales and descriptive statistics on net sales by various classifications of customers.Case Problem 1 Pelican Stores Pelican S to res, a division of National Clothing, is a chain of women 's apparel stores operating throughout the country. The chain recently ran a promotion in which discount coupons were sent to customers of other National Clothing stores. Data collected for a sample of I(X) in-store credit card transactions at Pelican Stores during one day While the promotion was running are contained in the DATAfile named PelicanStores. Table 3.9 shows a portion of the data set. The proprietary card method of payment refers to charges made using a National Clothing charge card. Customers who made a purchase but did not using a discount coupon are referred to as promotional customers and customers who made a purchase but did not use a discount coupon are referred to as regular customers. Because the promotional coupons were sent to regular Pelican Stores customers, management considers the sales made to people presenting the promotional coupons as sales it would not otherwise make. Of course, Pelican also hopes that the promotional customers will continue to shop at its stores. Most of the variables shown in Table 3.9 are self-explanatory, but two of the variables require some clarification. ItemsThe total number of items purchased Net Sales The total amount (S) charged to the credit card Pelican's management would like to use this sample data to learn about its customer base and to evaluate the promotion involving discount coupons. Managerial Report U se the methods of descriptive statistics presented in this chapter to summarize the data and comment on your findings. At a minimum, your report should include the following: 2. Descriptive statistics concerning the relationship between age and net sales.Problem 2Motion Picture Industry The motion picture industry is a competitive business. More than 50 studios produce several hundred new motion pictures each year, and the financial success of the motion pictures varies considerably. opening weekend gross the total the of theaters the movie was shown in, and the number of weeks the motion picture was in release are common variables used to measure the success of a motion picture. Data on the top 100 grossing motion pictures released in 2011 (Box Office Mojo website, March 17, 2012) are contained in the DATAfile named 2011Movies. Table 3.10 shows the data for the first 10 motion pictures in this file. Note that some movies, such as War Horse, were released late in 2011 and continued to run in 2012. Managerial Report Use the numerical methods of descriptive statistics presented in this chapter to learn how these variables contribute to the success of a motion picture. Include the following in your report: 1. Descriptive statistics for each of the four variables along with a discussion of what the descriptive statistics tell us about the motion picture industry.Case Problem 2 Motion Picture Industry The motion picture industry is a competitive business. More than 50 studios produce several hundred new motion pictures each year, and the financial success of the motion pictures varies considerably. The opening weekend gross sales, the total gross sales, the number of theaters the movie was shown in, and the number of weeks the motion picture was in release are common variables used to measure the success of a motion picture. Data on the top 100 grossing motion pictures released in 2011 (Box Office Mojo website, March 17, 2012) are contained in the DATAfile named 2011Movies. Table 3.10 shows the data for the first 10 motion pictures in this file. Note that some movies, such as War Horse, were released late in 2011 and continued to run in 2012. Managerial Report Use the numerical methods of descriptive statistics presented in this chapter to learn how these variables contribute to the success of a motion picture. Include the following in your report: 2. What motion pictures, if any, should be considered high-performance outliers? Explain.Case Problem 2 Motion Picture Industry The motion picture industry is a competitive business. More than 50 studios produce several hundred new motion pictures each year, and the financial success of the motion pictures varies considerably. The opening weekend gross sales, the total gross sales, the number of theaters the movie was shown in, and the number of weeks the motion picture was in release are common variables used to measure the success of a motion picture. Data on the top 100 grossing motion pictures released in 2011 (Box Office Mojo website, March 17, 2012) are contained in the DATAfile named 2011Movies. Table 3.10 shows the data for the first 10 motion pictures in this file. Note that some movies, such as War Horse, were released late in 2011 and continued to run in 2012. Managerial Report Use the numerical methods of descriptive statistics presented in this chapter to learn how these variables contribute to the success of a motion picture. Include the 3. Descriptive statistics showing the relationship between total gross sales and each of the other variables. Discuss.Case Problem 3 Business Schools of Asia-Pacific The pursuit of a higher education degree in business is now international. A survey shows that more and more Asians choose the master of business administration (MBA) degree route to corporate success. As a result, the number of applicants for MBA courses at Asia-Pacific schools continues to increase. Across the region, thousands of Asians show an increasing willingness to temporarily shelve their and two years in pursuit of a theoretical business qualification. Courses in these schools are notoriously tough and include economics, banking, marketing, behavioral sciences, labor relations, decision making, strategic thinking, business law, and more. The data in Table 3.11 shows some of characteristics of the Leading Asia-Pacific business schools. Managerial Report Use the methods of descriptive statistics to summarize the data in Table 3.11. Discuss your findings. 1. Include a summary for each variable in the data set. Make comments and interpretations based on maximums and minimums. as well as the appropriate means and proportions. What new insights do these descriptive statistics provide concerning Asia-Pacific business schools?Case Problem 3 Business Schools of Asia-Pacific The pursuit of a higher education degree in business is now international. A survey shows that more and more Asians choose the master of business administration (MBA) degree route to corporate success. As a result, the number of applicants for MBA courses at Asia-Pacific schools continues to increase. Across the region, thousands of Asians show an increasing willingness to temporarily shelve their and two years in pursuit of a theoretical business qualification. Courses in these schools are notoriously tough and include economics, banking, marketing, behavioral sciences, labor relations, decision making, strategic thinking, business law, and more. The data in Table 3.11 shows some of characteristics of the leading Asia-Pacific business schools Managerial Report Use the methods of descriptive statistics to summarize the data in Table 3.11. Discuss your findings. 2. Summarize the data to compare the following: a. Any difference between local and foreign tuition costs. b.Any difference between mean starting salaries for schools requiring and not requiring work experience. c. Any difference between starting salaries for schools requiring and not requiring English tests.Case Problem 3 Business Schools of Asia-Pacific The pursuit of a higher education degree in business is now international. A survey shows that more and more Asians choose the master of business administration (MBA) degree route to corporate success. As a result, the number of applicants for MBA courses at Asia-Pacific schools continues to increase. Across the region, thousands of Asians show an increasing willingness to temporarily shelve their and two years in pursuit of a theoretical business qualification. Courses in these schools are notoriously tough and include economics, banking, marketing, behavioral sciences, labor relations, decision making, strategic thinking, business law, and more. The data in Table 3.11 shows some of characteristics of the leading Asia-Pacific business schools Managerial Report Use the methods of descriptive statistics to summarize the data in Table 3.11. Discuss your findings. 3. Do starting salaries appear to be related to tuition?Case Problem 3 Business Schools of Asia-Pacific The pursuit of a higher education degree in business is now international. A survey shows that more and more Asians choose the master of business administration (MBA) degree route to corporate success. As a result, the number of applicants for MBA courses at Asia-Pacific schools continues to increase. Across the region, thousands of Asians show an increasing willingness to temporarily shelve their and two years in pursuit of a theoretical business qualification. Courses in these schools are notoriously tough and include economics, banking, marketing, behavioral sciences, labor relations, decision making, strategic thinking, business law, and more. The data in Table 3.11 shows some of characteristics of the leading Asia-Pacific business schools Managerial Report Use the methods of descriptive statistics to summarize the data in Table 3.11. Discuss your findings. 4. Present any additional graphical and numerical summaries that will be beneficial in communicating the data in Table 3.11 to others.Case Problem 5 African Elephant Populations Although millions of elephants once roamed across Africa, by the mid-1980s elephant populations in African nations had been devastated by poaching. Elephants are important to African ecosystems. In tropical forests, elephants create clearings in the canopy that encourage new tree growth. In savannas, elephants reduce bush cover to create an environment that is favorable to browsing and grazing animals. In addition, the seeds of many plant species on passing through an elephant's digestive tract germination. The status of the elephant now varies greatly across the continent; in some nations, strong measures have been taken to effectively protect elephant populations, while in other nations the elephant populations remain in danger due to poaching for meat and ivory, loss of habitat, and conflict with humans. Table 3.13 shows elephant populations for several African nations in 1979, 1989, and 2007 (Lemieux and Clarke, "The International Ban on Ivory Sales and Its Effects on Elephant Poaching in Africa." British Journal of Criminology, 49(4), 2009). The David Sheldrick Wildlife Trust was established in 1977 to honor the memory of naturalist David Leslie William Sheldrick, who founded Warden of Tsavo East National Park in Kenya and headed the Planning Unit of the Wildlife Conservation and Management Department in that country. Management of the Sheldrick Trust would like to know what these data indicate about elephant populations in various African countries since 1979. Managerial Report Use methods of descriptive statistics to summarize the data and comment on changes in elephant populations in African nations since 1979. At a minimum your report should include the following. 1. The mean annual change in elephant population for each country in the 10 years from 1979 to 1989, and a discussion of which countries saw the largest changes in elephant population over this 10-year period.Case Problem 5 African Elephant Populations Although millions of elephants once roamed across Africa, by the mid-1980s elephant populations in African nations had been devastated by poaching. Elephants are important to African ecosystems. In tropical forests, elephants create clearings in the canopy that encourage new tree growth. In savannas, elephants reduce bush cover to create an environment that is favorable to browsing and grazing animals. In addition, the seeds of many plant species on passing through an elephant's digestive tract germination. The status of the elephant now varies greatly across the continent; in some nations, strong measures have been taken to effectively protect elephant populations, while in other nations the elephant populations remain in danger due to poaching for meat and ivory, loss of habitat, and conflict with humans. Table 3.13 shows elephant populations for several African nations in 1979, 1989, and 2007 (Lemieux and Clarke, "The International Ban on Ivory Sales and Its Effects on Elephant Poaching in Africa." British Journal of Criminology, 49(4), 2009). The David Sheldrick Wildlife Trust was established in 1977 to honor the memory of naturalist David Leslie William Sheldrick, who founded Warden of Tsavo East National Park in Kenya and headed the Planning Unit of the Wildlife Conservation and Management Department in that country. Management of the Sheldrick Trust would like to know what these data indicate about elephant populations in various African countries since 1979. Managerial Report Use methods of descriptive statistics to summarize the data and comment on changes in elephant populations in African nations since 1979. At a minimum your report should include the following. 2. The mean annual change in elephant population for each country from 1989 to 2007, and a discussion of which countries saw the largest changes in elephant population over this 18-year period.Case Problem 5 African Elephant Populations Although millions of elephants once roamed across Africa, by the mid-1980s elephant populations in African nations had been devastated by poaching. Elephants are important to African ecosystems. In tropical forests, elephants create clearings in the canopy that encourage new tree growth. In savannas, elephants reduce bush cover to create an environment that is favorable to browsing and grazing animals. In addition, the seeds of many plant species on passing through an elephant's digestive tract germination. The status of the elephant now varies greatly across the continent; in some nations, strong measures have been taken to effectively protect elephant populations, while in other nations the elephant populations remain in danger due to poaching for meat and ivory, loss of habitat, and conflict with humans. Table 3.13 shows elephant populations for several African nations in 1979, 1989, and 2007 (Lemieux and Clarke, "The International Ban on Ivory Sales and Its Effects on Elephant Poaching in Africa." British Journal of Criminology, 49(4), 2009). The David Sheldrick Wildlife Trust was established in 1977 to honor the memory of naturalist David Leslie William Sheldrick, who founded Warden of Tsavo East National Park in Kenya and headed the Planning Unit of the Wildlife Conservation and Management Department in that country. Management of the Sheldrick Trust would like to know what these data indicate about elephant populations in various African countries since 1979Managerial Report Use methods of descriptive statistics to summarize the data and comment on changes in elephant populations in African nations since 1979. At a minimum your report should include the following. 3. A comparison of your results from parts 1 and 2, and a discussion of the conclusions you can draw from this comparison.Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the mean and median.Consider a sample with data values of 10, 20, 21, 17, 16, and 12. Compute the mean and median.Consider the following data and corresponding weights. Compute the weighted mean. Compute the sample mean of the four data values without weighting. Note the difference in the results provided by the two computations.Consider the following data. What is the mean growth rate over these five periods?5E 6E The average number of minutes Americans commute to work is 27.7 minutes (Sterling's Best Places, April 13, 2012). The average commute times in minutes for 48 cities are as follows: a.What is the mean commute time for these 48 cities? b.Compute the median commute time. c.Compute the mode. d.Compute the third quartile.The WWI Street Journal reported that the median salary for middle-level manager jobs was approximately $85,000 (The Wall Street Journal, August 6, 2013). Suppose that an independent study of middle-level managers employed at companies located in Atlanta, Georgia, was conducted to compare the salaries of managers working at firms in Atlanta to the national average. The following data show the salary, in thousands of dollars, for a sample of 15 middle-level managers. a.Compute the median salary for the sample of 15 middle-level managers. How does the median for this group compare to the median reported by The Wall Street Journal? b.Compute the mean annual salary and discuss how and why it differs from the median computed in part (a). c.Compute the first and third quartiles.Which companies spend the most money on advertising? Business Insider maintains a list of the top-spending companies. In 2014, Procter & Gamble spent more than any other company, a whopping $5 billion. In second place was Comcast, which spent $3.08 billion (Business Insider website, December 2014). The top 12 companies and the amount each spent on advertising in billions of dollars are as follows. a.What is the mean amount spent on advertising? b.What is the median amount spent on advertising? c.What are the first and third quartiles?10E According to the National Education Association (NEA), teachers generally spend more than 40 hours each week working on instructional duties (NEA website, April 2012). The following data show the number of hours worked per week for a sample of 13 high school science teachers and a sample of 11 high school English teachers. High School Science Teachers: 53 56 54 54 55 58 49 61 54 54 52 53 54 High School English Teachers: 52 47 50 46 47 48 49 46 55 44 47 a.What is the median number of hours worked per week for the sample of 13 high school science teachers? b.What is the median number of hours worked per week for the sample of 11 high school English teachers? c.Which group has the highest median number of hours worked per week? What is the difference between the median number of hours worked per week?The Big Bang Theory, a situation comedy featuring Johnny Galecki, Jim Parsons, and Kaley Cuoco, is one of the most watched programs on network television. The first two episodes for the 2011—2012 season premiered on September 22, 2011; the first episode attracted 14.1 million viewers and the second episode attracted 14.7 million viewers. The following table shows the number of viewers in millions for the first 21 episodes of the 2011-2012 season (The Big Bang Theory website, April 17, 2012). a. Compute the minimum and maximum number of viewers. b. Compute the mean, median, and mode. c. Compute the first and third quartiles. d. Has viewership grown or declined over the 2011-2012 season? Discuss.In automobile mileage and gasoline-consumption testing, 13 automobiles were road tested for 300 miles in both city and highway driving conditions. The following data were recorded for miles-per-gallon performance. City:162 16.7 15.9 144 13.2 15.3 16.8 161) 16.1 153 15.2 15.3 16.2 Highway:194 20.6 18.3 18.6 19.2 174 17.2 186 19.0 21.1 19.4 18.5 18.7 Use the mean, median, and mode to make a statement about the difference in performance for city and highway driving.14E Martinez Auto Supplies has retail stores located in eight cities in California. The price they charge for a particular product in each city varies because of differing competitive conditions. For instance, the price they charge for a case a popular brand of motor oil in each city follows. Also shown are the number of cases that Martinez Auto sold last quarter in each city. Compute the average sales price per case for this product during the last quarter.The grade point average for college students is based on a weighted mean computation. For most colleges, the grades are given the following data values: A (4), B (3), C (2), D (1), and F (O). After 60 credit hours of course work, a student at State University earned 9 credit hours of A, 15 credit hours of B, 33 credit hours of C, and 3 credit hours of D. a. Compute the student' s grade point average. b. Students at State University must maintain a 2.5 grade point average for their first 60 credit hours of course work in order to be admitted to the business college. Will this student be admitted?The following table shows the total return and the number of funds for four categories of mutual funds. a.Using the number of funds as weights, compute the weighted average total return for these mutual funds. b.Is there any difficulty associated with using the "number of funds" as the weights in computing the weighted average total return in part (a)? Discuss. What else might be used for weights? c.Suppose you invested $10,000 in this group of mutual funds and di versified the investment by placing $2000 in Domestic Equity funds, $4000 in International Equity funds, $3000 in Specialty Stock funds, and $1000 in Hybrid funds. What is the expected return on the portfolio?18E 19E 20E If an asset declines in value from $5000 to $3500 over nine years, what is the mean annual growth rate in the asset's value over these nine years?The current value of a company is $25 million. If the value of the company six years ago was $10 million, what is the company's mean annual growth rate over the past six years?Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the range and interquartile range.24E 25E Data collected by the Oil Price Information Service from more than 90,000 gasoline and convenience stores throughout the U.S. showed that the average price for a gallon of unleaded gasoline was $3.28 (MSN Auto website, February 2, 2014). The following data show the price per gallon ($) for a sample of 20 gasoline and convenience stores located in San Francisco. a.Use the sample data to estimate the mean price for a gallon of unleaded gasoline in San Francisco. b.Compute the sample standard deviation. c.Compare the mean price per gallon for the sample data to the national average price. What conclusions can you draw about the cost living in San Francisco?The results of a search to find the least expensive round-trip flights to Atlanta and Salt Lake City from 14 major U.S. cities are shown in the following table. The departure date was June 20, 2012, and the return date was June 27, 2012. a.Compute the mean price for a round-trip flight into Atlanta and the mean price for a round-trip flight into Salt Lake City. Is Atlanta less expensive to fly into than Salt Lake City? If so, what could explain this difference? b.Compute the range, variance, and standard deviation for the two samples. What does this information tell you about the prices for flights into these two cities?The Australian Open is the first of the four Grand Slam professional tennis events held each year. Victoria Azarenka beat Maria Sharapova to win the 2012 Australian Open women's title (Washington post, January 27, 2012). During the tournament Ms. Azarenka's serve speed reached 178 kilometers per hour. A list of the 20 Women's Singles serve speed leaders for the 2012 Australian Open is provided below. a.Compute the mean, variance, and standard deviation for the speeds. b.A similar sample of the 20 Women's Singles serve speed leaders for the 2011 Wimbledon tournament showed a sample mean serve speed of 182.5 kilometers per hour. The variance and standard deviation were 33.3 and 5.77, respectively. Discuss any difference between the serve speeds in the Australian Open and the Wimbledon women' s tournaments.29E The following data were used to construct the histograms of the number of days required to fill orders for Dawson Supply, Inc. and J.C. Clark Distributors (see Figure 3.5). Dawson Supply Days for Delivery:11 10 9 10 11 11 10 11 10 10 Clark Distributors Days for Delivery:8 10 13 7 10 11 10 7 15 12 Use the range and standard deviation to support the previous observation that Dawson Supply provides the more consistent and reliable delivery times.31E 32E Scores turned in by an amateur golfer at the Bonita Fairways Springs, Florida during 2014 and 2015 are as follows: a.Use the mean and standard deviation to evaluate the golfer's performance over the two-year period. b.What is the primary difference in performance between 2014 and 2015? What improvement, if any, can be seen in the 2015 scores?The following times were recorded by the quarter-mile and mile runners of a university track team (times are in minutes). Quarter-Mile Times:.92.981.04.90.99 Mile Times:4.524.354.604.704.50 After viewing this sample of running times, one of the coaches commented that the quarter-milers turned in the more consistent times. Use the standard deviation and the coefficient of variation to summarize the variability in the data. Does the use of the coefficient of variation indicate that the cozch's statement should be qualified?Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the z-score for each of the five observations.36E 37E 38E The results of a national survey showed that on average, adults sleep 6.9 hours per night. Suppose that the standard deviation is 1.2 hours. a.Use Chebyshev's theorem to calculate the percentage of individuals who sleep between 4.5 and 9.3 hours. b.Use Chebyshev's theorem to calculate the percentage of individuals who sleep between 3.9 and 9.9 hours. c.Assume that the number of hours of sleep follows a bell-shaped distribution. Use the empirical rule to calculate the percentage of individuals who sleep between 4.5 and 9.3 hours per day. How does this result compare to the value that you obtained using Chebyshev' s theorem in part (a)?40E 41E Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for additional storage. Suppose that the mean price for a customized wooden, shingled backyard structure is $3100. Assume that the standard deviation is $1200. a.What is the z-score for a backyard structure costing $2300? b.What is the z-score for a backyard structure costing $4900? c.Interpret the z-scores in parts (a) and (b). Comment on whether either should be considered an outlier. d.If the cost for a backyard shed-office combination built in Albany, California is $13,000, should this structure be considered an outlier? Explain.43E 44E The Wall Street Journal reported that Walmart Stores Inc. is planning to lay off 2300 employees at its Sam's Club warehouse unit. Approximately half of the layoffs will be hourly employees (The Wall Street Journal, January 25-26, 2014). Suppose the following data represent the percentage of hourly employees laid off for 15 Sam's Club stores. 56 44 43 44 56 60 62 57 45 36 38 50 69 65 a. Compute the mean and median percentage of hourly employees being laid off at these stores. b. Compute the first and third quartiles. c. Compute the range and interquartile range. d. Compute the variance and standard deviation. e. Do the data contain any outliers? f. Based on the sample data, does it appear that Walmart is meeting its goal for reducing the number of hourly employees?46E 47E 48E 49E Naples, Florida hosts a half-marathon (13.1 -mile race) in January each year. The event attracts top runners from throughout the United States as well as from around the world. In the race results shown below, 22 men and 31 women entered the 19-24 age class. finish times in minutes are as follows. Times are shown in order of finish a.George Towett of Marietta, Georgia finished in first place for the men and Lauren Wald of Gainesville, Florida finished in first place for the women. Compare the first-place finish times for men and women. If the 53 men and women had competed as one group, in what place would Lauren have finished? b.What is the median time for men and women runners? Compare men and women runners based on their median times. c.Provide a five-number summary for both the men and the women. d.Are there outliers in either group? e.Show the box plots for the two groups. Did men women have the most variation in finish times? Explain.Annual sales, in millions of dollars, for 21 pharmaceutical companies follow a.Provide a five-number summary. b.Compute the lower and upper limits. c.Do the data contain any outliers? d.Johnson & Johnson' s sales are the largest on the list at $14,138 million. Suppose a data entry error (a transposition) had been made and the sales had been entered as $41, 138 million. Would the method of detecting outliers in part (c) identify this problem and allow for correction of the data entry error? e.Show a box plot.Consumer Reports provided overall customer satisfaction scores for AT&T, Sprint, T-Mobile, and Verizon cell phone services in major metropolitan areas throughout the United States. The rating for each service reflects the overall customer satisfaction considering a variety of factors such as cost, connectivity problems, dropped calls, static interference, and customer support. A satisfaction scale from 0 to 100 was used with 0 indicating completely dissatisfied and 100 indicating completely satisfied. The ratings for the four cell phone services in 20 metropolitan areas ate as shown. a.Consider T-Mobile first. What is the median rating? b.Develop a five-number summary for the T-Mobile service. c. Are there outliers for T-Mobile? Explain. d.Repeat parts (b) and (c) for the other three cell phone services. e.Show the box plots for the four cell phone services on one graph. Discuss what a comparison of the box plots tells about the four services. Which service did Consumer Reports recommend as being best in terms of overall customer satisfaction?Fortune magazine's list of the world's most admired companies for 2014 is provided in the data contained in the DATAfile named AdmiredCompanies (Fortune, March 17,2014). The data in the column labelled Return shows the one-year total return (%) for the top-ranked 50 companies. For the same time period the S&P average return was 18.4%. a. Compute the median return for the top-ranked 50 companies. b. What percentage of the top-ranked 50 companies had a one-year return greater than the S&P average return? c. Develop the five-number summary for the data. d. Are there any outliers? e. Develop a box plot for the one-year total return.54E Five observations taken for two variables follow a.Develop a scatter diagram with x on the horizontal axis. b.What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? c.Compute and interpret the sample covariance. d.Compute and interpret the sample correlation coefficient.Five observations taken for two variables follow a.Develop a scatter diagram for these data. b.What does the scatter diagram indicate about a relationship between x and y? c.Compute and interpret the sample covariance. d.Compute and interpret the sample correlation coefficient.57E A department of transportation's study on driving speed and miles per gallon for midsize automobiles resulted in the following data: Compute and interpret the sample correlation coefficient.Over the past 40 years, the percentage of homes in the United States with smoke detectors has risen steadily and has plateaued at about 96% (National Fire Protection Association website, January 2015). With this increase in the use of home smoke detectors, what has happened to the death rate from home fires? The DATAfile SmokeDetectors contains 17 years of data on the estimated percentage of homes with smoke detectors and the estimated home fire deaths per million of population. a.Do you expect a positive or negative relationship between smoke detector use and deaths from home fires? Why or why not? b.Compute and report the correlation coefficient. Is there a positive or negative correlation between smoke detector use and deaths from home fires? Comment. c.Show a scatter plot of the death rate per million of population and the percentage of homes with smoke detectors.60E A random sample of 30 colleges from Kiplinger's list of the best values in private college provided the data shown in the DATAfile named BestPrivateColleges (Kiplinger, October 2013). The variable named Admit Rate (%) shows the percentage of students that applied to the college and were admitted, and the variable named 4-yr Grad. Rate (%) shows the percentage of students that were admitted and graduated in four years. a.Develop a scatter diagram with Admit Rate (%) as the independent variable. What does the scatter diagram indicate about the relationship between the two variables? b. Compute the sample correlation coefficient. What does the value of the sample correlation coefficient indicate about the relationship between the Admit Rate (%) and the 4-yr Grad. Rate (%)?A USA Today survey of adults aged 18 and older conducted by Princess Cruises asked how many days into a vacation it takes until respondents feel truly relaxed. The responses as follows: 422-a day or less; 181-2 days; 80-3 days; 121-4 or more days; and 201 -never feel relaxed. a.How many adults participated in the Princess Cruises survey? b.What has the highest probability? What is the probability of this response? c.What is the probability a respondent never feels truly relaxed on a vacation? d.What is the probability it takes a respondent 2 or more days to feel truly relaxed?A financial manager made two new investments—one in the oil industry and one in municipal bonds. After a one-year period, each of the investments will be classified as either successful or unsuccessful. Consider the making of the two investments as an experiment. How many sample points exist for this experiment? Show a tree diagram and list the sample points. Let O= the event that the oil industry investment is successful and M= the event that the municipal bond investment is successful. List the sample points in O and in M . List the sample points in the union of the events (OM) . List the sample points in the intersection of the events (OM) . Are events O and M mutually exclusive? Explain.Below are the results of a survey of 1364 individuals who were asked if they use social media and other websites to voice their opinions about television programs. Show a joint probability table. What is the probability a respondent is female? What is the conditional probability a respondent uses social media and other websites to voice opinions about television programs given the respondent is female? Let F denote the event that the respondent is female and A denote the event that the respondent uses social media and other websites to voice opinions about television programs. Are events F and A independent?A study of 31,000 hospital admissions in New York State found that 4% of the admissions led to treatment-caused injuries. One-seventh of these treatment-caused injuries resulted in death, and one-fourth were caused by negligence. Malpractice claims were filed in one out of 7.5 cases involving negligence, and payments were made in one out of every two claims. a.What is the probability a person admitted to the hospital will suffer a treatment-caused injury due to negligence? b.What is the probability a person admitted to the hospital will die from a treatment caused injury? c.In the case of a negligent treatment-caused injury, what is the probability a malpractice claim will be paid?50SE 51SE 52SE Refer again to the data from the MBA new matriculants survey in exercise 52. a.Given that a person applied to more than one school, what is the probability that the person is 24-26 years old? b.Given that a person is in the 36-and-over age group, what is the probability that the person applied to more than one school? c.What is the probability that a person is 24-26 years old or applied to more than one school? d.Suppose a person is known to have applied to only one school. What is the probability that the person is 31 or more years old? e.Is the number of schools applied to independent of age? Explain.The Pew Internet & American Life project conducted a survey that included several questions about how Internet users feel about search engines and other websites collecting information about them and using this information either to shape search results or target advertising to them. In one question, participants were asked, "If a search engine kept track of what you search for, and then used that information to personalize your future search results, how would you feel about that?" Respondents could indicate either "Would not be okay with it because you feel it is an invasion of your privacy" or "Would be okay with it, even if it means they are gathering information about you." Joint probabilities of responses and age groups are summarized in the following table. What is the probability a respondent will not be okay with this practice? Given a respondent is 30-49 years old, what is the probability the respondent will be okay with this practice? Given a respondent is not okay with this practice, what is the probability the respondent is 50+ years old? Is the attitude about this practice independent of the age of the respondent? Why or why not? Do attitudes toward this practice differ for respondents who are 18-29 years old and respondents who are 50+ years old?A large consumer goods company ran a television advertisement for one of its soap products. On the basis of a survey that was conducted, probabilities were assigned to the following events. B= individual purchased the product S= individual recalls seeing the advertisement BS= individual purchased the product and recalls seeing the advertisement The probability assigned were P(B)=.20,P(S)=.40, and P(BS)=.12. What is the probability of an individual's purchasing the product given that the individual recalls seeing the advertisement? Does seeing the advertisement increase the probability that the individual will purchase the product? As a decision maker, would you recommend continuing the advertisement (assuming that the cost is reasonable)? Assume that individuals who do not purchase the company's soap product buy from its competitors. What would be your estimate of the company' s market share? Would you expect that continuing the advertisement will increase the company' s market share? Why or why not? The company also tested another advertisement and assigned it values of P(S)=.30 and P(BS)=.10. What is P(BS) for this other advertisement? Which advertisement seems to have had the bigger effect on customer purchases?Cooper Realty is a small real estate company located in Albany, New York, specializing primarily in residential listings. They recently became interested in determining the likelihood of one of their listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced the following data. a. If A is defined as the event that a home is listed for more than 90 days before being sold, estimate the probability of A. b. If B is defined as the event that the initial asking price is under $150,000, estimate the probability of B. c. What is the probability of AB ? d. Assuming that a contract was just signed to list a home with an initial asking price of less than $150,000, what is the probability that the home will take Cooper Realty more than 90 days to sell? e. Are events A and B independent?A company studied the number of lost-time accidents occurring at its Brownsville, Texas plant. Historical records show that 6% of the employees suffered lost-time accidents last year. Management believes that a special safety program will reduce such accidents to 5% during the current year. In addition, it estimates that 15% of employees who had lost-time accidents last year will experience a lost-time accident during the current year. a. What percentage of the employees will experience lost-time accidents in both years? b. What percentage of the employees will suffer at least one lost-time accident over the two-year period?According to the Open Doors Report, 9.5% of all full-time U.S. undergraduate students study abroad. Assume that 60% of the undergraduate students who study abroad are female and that 49% of the undergraduate students who do not study abroad are female. a.Given a female undergraduate student, what is the probability that she studies abroad? b.Given a male undergraduate student, what is the probability that he studies abroad? c.What is the overall percentage of full-time female undergraduate students? What is the overall percentage of full-time male undergraduate students?An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-qualityoil)=.50 P(medium-qualityoil)=.20 P(nooil)=.30 a. What is the probability of finding oil? b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test follow. P(soilhigh-qualityoil)=.20 P(soilmedium-qualityoil)=.80 P(soilnooil)=.20 How should the firm interpret the soil test? What are the revised probabilities, and what is the new probability of finding oil?A study reported by Forbes indicated that the five most common words appearing in spam e-mails are shipping!, today!, here!, available, and fingertips! Many spam filters separate spam from ham (e-mail not considered to be spam) through application of Bayes' theorem. Suppose that for one e-mail account, 1 in every 10 messages is spam and the proportions of spam messages that have the five most common words in spam e-mail are given below. shipping! .051 today ! .045 here! .034 available .014 fingertips ! .014 Also suppose that the proportions of ham messages that have these words are shipping! .0015 today ! .0022 here! .0022 available .041 fingertips ! .041 If a message includes the word shipping!, what is the probability the message is spam? If a message includes the word shipping!, what is the probability the message is ham? Should messages that include the word shipping! be flagged as spam? If a message includes the word today!, what is the probability the message is spam? If a message includes the word here!, what is the probability the message is spam? Which of these two words is a stronger indicator that a message is spam? Why? If a message includes the word available, what is the probability the message is spam? If a message includes the word fingertips!, what is the probability the message is spam? Which of these two words is a stronger indicator that a message is spam? Why? What insights do the results of parts (b) and (c) yield about what enables a spam filter that uses Bayes' theorem to work effectively?Hamilton County Judges Hamilton County judges try thousands of cases per year. In an overwhelming majority of the cases disposed, the verdict stands as rendered. However, some cases are appealed, and of those appealed, some of the cases are reversed. Kristen DelGuzzi of The Cincinnati Enquirer conducted a study of cases handled by Hamilton County judges over a three-year period. Shown in Table 4.8 are the results for 182,908 cases handled (disposed) by 38 judges in Common Pleas Court, Domestic Relations Court, and Municipal Court. Two of the judges (Dinkelacker and Hogan) did not serve in the same court for the entire three-year period. The purpose of the newspaper's study was to evaluate the performance of the judges. Appeals are often the result of mistakes made by judges, and the newspaper wanted to know which judges were doing a good job and which were making too many mistakes. You are called in to assist in the data analysis. Use your knowledge of probability and conditional probability to help with the ranking of the judges. You also may be able to analyze the likelihood of appeal and reversal for cases handled by different courts. Managerial Report Prepare a with your rankings of the judges. Also, include an analysis of the likelihood of appeal and case reversal in the three courts. At a minimum, your report should include the following: 1. The probability of cases being appealed and reversed in the three different courts.Hamilton County Judges Hamilton County judges try thousands of cases per year. In an overwhelming majority of the cases disposed, the verdict stands as rendered. However, some cases are appealed, and of those appealed, some of the cases are reversed. Kristen DelGuzzi of The Cincinnati Enquirer conducted a study of cases handled by Hamilton County judges over a three-year period. Shown in Table 4.8 are the results for 182,908 cases handled (disposed) by 38 judges in Common Pleas Court, Domestic Relations Court, and Municipal Court. Two of the judges (Dinkelacker and Hogan) did not serve in the same court for the entire three-year period. The purpose of the newspaper's study was to evaluate the performance of the judges. Appeals are often the result of mistakes made by judges, and the newspaper wanted to know which judges were doing a good job and which were making too many mistakes. You are called in to assist in the data analysis. Use your knowledge of probability and conditional probability to help with the ranking of the judges. You also may be able to analyze the likelihood of appeal and reversal for cases handled by different courts. Managerial Report Prepare a with your rankings of the judges. Also, include an analysis of the likelihood of appeal and case reversal in the three courts. At a minimum, your report should include the following: 2. The probability of cases being appealed for each judge.Hamilton County Judges Hamilton County judges try thousands of cases per year. In an overwhelming majority of the cases disposed, the verdict stands as rendered. However, some cases are appealed, and of those appealed, some of the cases are reversed. Kristen DelGuzzi of The Cincinnati Enquirer conducted a study of cases handled by Hamilton County judges over a three-year period. Shown in Table 4.8 are the results for 182,908 cases handled (disposed) by 38 judges in Common Pleas Court, Domestic Relations Court, and Municipal Court. Two of the judges (Dinkelacker and Hogan) did not serve in the same court for the entire three-year period. The purpose of the newspaper's study was to evaluate the performance of the judges. Appeals are often the result of mistakes made by judges, and the newspaper wanted to know which judges were doing a good job and which were making too many mistakes. You are called in to assist in the data analysis. Use your knowledge of probability and conditional probability to help with the ranking of the judges. You also may be able to analyze the likelihood of appeal and reversal for cases handled by different courts. Managerial Report Prepare a with your rankings of the judges. Also, include an analysis of the likelihood of appeal and case reversal in the three courts. At a minimum, your report should include the following: 3. The probability of cases being reversed for each judge.Hamilton County Judges Hamilton County judges try thousands of cases per year. In an overwhelming majority of the cases disposed, the verdict stands as rendered. However, some cases are appealed, and of those appealed, some of the cases are reversed. Kristen DelGuzzi of The Cincinnati Enquirer conducted a study of cases handled by Hamilton County judges over a three-year period. Shown in Table 4.8 are the results for 182,908 cases handled (disposed) by 38 judges in Common Pleas Court, Domestic Relations Court, and Municipal Court. Two of the judges (Dinkelacker and Hogan) did not serve in the same court for the entire three-year period. The purpose of the newspaper's study was to evaluate the performance of the judges. Appeals are often the result of mistakes made by judges, and the newspaper wanted to know which judges were doing a good job and which were making too many mistakes. You are called in to assist in the data analysis. Use your knowledge of probability and conditional probability to help with the ranking of the judges. You also may be able to analyze the likelihood of appeal and reversal for cases handled by different courts. Managerial Report Prepare a with your rankings of the judges. Also, include an analysis of the likelihood of appeal and case reversal in the three courts. At a minimum, your report should include the following: 4. The probability of reversal given an appeal for each judge.Hamilton County Judges Hamilton County judges try thousands of cases per year. In an overwhelming majority of the cases disposed, the verdict stands as rendered. However, some cases are appealed, and of those appealed, some of the cases are reversed. Kristen DelGuzzi of The Cincinnati Enquirer conducted a study of cases handled by Hamilton County judges over a three-year period. Shown in Table 4.8 are the results for 182,908 cases handled (disposed) by 38 judges in Common Pleas Court, Domestic Relations Court, and Municipal Court. Two of the judges (Dinkelacker and Hogan) did not serve in the same court for the entire three-year period. The purpose of the newspaper's study was to evaluate the performance of the judges. Appeals are often the result of mistakes made by judges, and the newspaper wanted to know which judges were doing a good job and which were making too many mistakes. You are called in to assist in the data analysis. Use your knowledge of probability and conditional probability to help with the ranking of the judges. You also may be able to analyze the likelihood of appeal and reversal for cases handled by different courts. Managerial Report Prepare a with your rankings of the judges. Also, include an analysis of the likelihood of appeal and case reversal in the three courts. At a minimum, your report should include the following: 5. Rank the judges within each court. State the criteria you used and provide a rationale for your choice.Rob's Market Rob's Market (RM) is a regional food store chain in the southwest United States. David White, director of Business Intelligence for RM, would like to initiate a study of the purchase behavior of customers who use the RM loyalty card (a card that customers scan at checkout to qualify for discounted prices). The use of the loyalty card allows RM to capture what is known as "point-of-sale" data, that is, a list of products purchased by a given customer as he/she checks out of the market. David feels that understanding of which products tend to be purchased together could lead to insights for better pricing and display strategies as well as a better understanding of sales and the potential impact of different levels of coupon discounts. This type of analysis is known as market basket analysis, as it is a study of what different customers have in their shopping baskets as they check out of the store. As a study, David wants to investigate customer buying behavior with regard to bread, jelly, and peanut butter. RM's Information Technology (IT) group, at David's request, has provided a data set of purchases by 1000 customers over a one-week period. The data set contains the following variables for each customer: • Bread - wheat, white, or none • Jelly - grape, strawberry, or none • Peanut butter - creamy, natural, or none The variables appear in the above order from left to right in the data set, where each row is a customer. For example, the first record of the data set is whitegrapenone which means that customer #1 purchased white bread, jelly, and no peanut butter. The second record is white strawberry none which means that customer purchased white bread, strawberry jelly, and no peanut butter. The sixth record in the data set is none none none which means that the sixth customer did not purchase bread, jelly, or peanut butter. Other records are interpreted in a similar fashion. David would like you to do an initial study of the data to get a understanding of RM customer with regard to these three products. Managerial Report Prepare a report that gives insight into the purchase behavior of customers who use the RM loyalty card. At a minimum your report should include estimates of the following: 1. The probability that a random customer does not purchase any of the three products (bread, jelly, or peanut butter).4.2.2CP Rob's Market Rob's Market (RM) is a regional food store chain in the southwest United States. David White, director of Business Intelligence for RM, would like to initiate a study of the purchase behavior of customers who use the RM loyalty card (a card that customers scan at checkout to qualify for discounted prices). The use of the loyalty card allows RM to capture what is known as "point-of-sale" data, that is, a list of products purchased by a given customer as he/she checks out of the market. David feels that understanding of which products tend to be purchased together could lead to insights for better pricing and display strategies as well as a better understanding of sales and the potential impact of different levels of coupon discounts. This type of analysis is known as market basket analysis, as it is a study of what different customers have in their shopping baskets as they check out of the store. As a study, David wants to investigate customer buying behavior with regard to bread, jelly, and peanut butter. RM's Information Technology (IT) group, at David's request, has provided a data set of purchases by 1000 customers over a one-week period. The data set contains the following variables for each customer: • Bread - wheat, white, or none • Jelly - grape, strawberry, or none • Peanut butter - creamy, natural, or none The variables appear in the above order from left to right in the data set, where each row is a customer. For example, the first record of the data set is whitegrapenone which means that customer #1 purchased white bread, jelly, and no peanut butter. The second record is white strawberry none which means that customer purchased white bread, strawberry jelly, and no peanut butter. The sixth record in the data set is none none none which means that the sixth customer did not purchase bread, jelly, or peanut butter. Other records are interpreted in a similar fashion. David would like you to do an initial study of the data to get a understanding of RM customer with regard to these three products. Managerial Report Prepare a report that gives insight into the purchase behavior of customers who use the RM loyalty card. At a minimum your report should include estimates of the following: 3. The probability that a random customer purchases wheat bread.Rob's Market Rob's Market (RM) is a regional food store chain in the southwest United States. David White, director of Business Intelligence for RM, would like to initiate a study of the purchase behavior of customers who use the RM loyalty card (a card that customers scan at checkout to qualify for discounted prices). The use of the loyalty card allows RM to capture what is known as "point-of-sale" data, that is, a list of products purchased by a given customer as he/she checks out of the market. David feels that understanding of which products tend to be purchased together could lead to insights for better pricing and display strategies as well as a better understanding of sales and the potential impact of different levels of coupon discounts. This type of analysis is known as market basket analysis, as it is a study of what different customers have in their shopping baskets as they check out of the store. As a study, David wants to investigate customer buying behavior with regard to bread, jelly, and peanut butter. RM's Information Technology (IT) group, at David's request, has provided a data set of purchases by 1000 customers over a one-week period. The data set contains the following variables for each customer: • Bread - wheat, white, or none • Jelly - grape, strawberry, or none • Peanut butter - creamy, natural, or none The variables appear in the above order from left to right in the data set, where each row is a customer. For example, the first record of the data set is whitegrapenone which means that customer #1 purchased white bread, jelly, and no peanut butter. The second record is white strawberry none which means that customer purchased white bread, strawberry jelly, and no peanut butter. The sixth record in the data set is none none none which means that the sixth customer did not purchase bread, jelly, or peanut butter. Other records are interpreted in a similar fashion. David would like you to do an initial study of the data to get a understanding of RM customer with regard to these three products. Managerial Report Prepare a report that gives insight into the purchase behavior of customers who use the RM loyalty card. At a minimum your report should include estimates of the following: 4. The probability that a random customer purchases grape jelly given that he/she purchases white bread.4.2.5CP Rob's Market Rob's Market (RM) is a regional food store chain in the southwest United States. David White, director of Business Intelligence for RM, would like to initiate a study of the purchase behavior of customers who use the RM loyalty card (a card that customers scan at checkout to qualify for discounted prices). The use of the loyalty card allows RM to capture what is known as "point-of-sale" data, that is, a list of products purchased by a given customer as he/she checks out of the market. David feels that understanding of which products tend to be purchased together could lead to insights for better pricing and display strategies as well as a better understanding of sales and the potential impact of different levels of coupon discounts. This type of analysis is known as market basket analysis, as it is a study of what different customers have in their shopping baskets as they check out of the store. As a study, David wants to investigate customer buying behavior with regard to bread, jelly, and peanut butter. RM's Information Technology (IT) group, at David's request, has provided a data set of purchases by 1000 customers over a one-week period. The data set contains the following variables for each customer: • Bread - wheat, white, or none • Jelly - grape, strawberry, or none • Peanut butter - creamy, natural, or none The variables appear in the above order from left to right in the data set, where each row is a customer. For example, the first record of the data set is whitegrape none which means that customer #1 purchased white bread, jelly, and no peanut butter. The second record is whitestrawberry none which means that customer purchased white bread, strawberry jelly, and no peanut butter. The sixth record in the data set is none none none which means that the sixth customer did not purchase bread, jelly, or peanut butter. Other records are interpreted in a similar fashion. David would like you to do an initial study of the data to get a understanding of RM customer with regard to these three products. Managerial Report Prepare a report that gives insight into the purchase behavior of customers who use the RM loyalty card. At a minimum your report should include estimates of the following: 6. The probability that a random customer purchases creamy peanut butter given that he/she purchases white bread.4.2.7CP 4.2.8CP 4.2.9CP Rob's Market Rob's Market (RM) is a regional food store chain in the southwest United States. David White, director of Business Intelligence for RM, would like to initiate a study of the purchase behavior of customers who use the RM loyalty card (a card that customers scan at checkout to qualify for discounted prices). The use of the loyalty card allows RM to capture what is known as "point-of-sale" data, that is, a list of products purchased by a given customer as he/she checks out of the market. David feels that understanding of which products tend to be purchased together could lead to insights for better pricing and display strategies as well as a better understanding of sales and the potential impact of different levels of coupon discounts. This type of analysis is known as market basket analysis, as it is a study of what different customers have in their shopping baskets as they check out of the store. As a study, David wants to investigate customer buying behavior with regard to bread, jelly, and peanut butter. RM's Information Technology (IT) group, at David's request, has provided a data set of purchases by 1000 customers over a one-week period. The data set contains the following variables for each customer: • Bread - wheat, white, or none • Jelly - grape, strawberry, or none • Peanut butter - creamy, natural, or none The variables appear in the above order from left to right in the data set, where each row is a customer. For example, the first record of the data set is whitegrapenone which means that customer #1 purchased white bread, jelly, and no peanut butter. The second record is white strawberry none which means that customer purchased white bread, strawberry jelly, and no peanut butter. The sixth record in the data set is none none none which means that the sixth customer did not purchase bread, jelly, or peanut butter. Other records are interpreted in a similar fashion. David would like you to do an initial study of the data to get a understanding of RM customer with regard to these three products. Managerial Report Prepare a report that gives insight into the purchase behavior of customers who use the RM loyalty card. At a minimum your report should include estimates of the following: 10. The probability that a random customer purchases white bread, grape jelly, and creamy butter.An experiment has three steps with three outcomes possible for the first step, two outcomes possible for the second step, and four outcomes possible for the third step. How many experimental outcomes exist for the entire experiment?How many ways can three items be selected from a group of six items? Use the letters A, B, C, D, E, and F to identify the items, and list each of the different combinations of three items.3E Consider the experiment of tossing a coin three times. a. a tree diagram for the experiment. b. List the experimental outcomes. c. What is the probability for each experimental outcome?Suppose an experiment has five equally likely outcomes: E1,E2,E3,E4,E5. Assign probabilities to each outcome and show that the requirements in equations (4.3) and (4.4) are satisfied. What method did you use?An experiment with three outcomes has been repeated 50 times, and it was learned that E1 occurred 20 times, E2 occurred 13 times, and E3 occurred 17 times. Assign probabilities to the outcomes. What method did you use?7E In the city of Milford, applications for zoning changes go through a two-step process: a review by the planning commission and a final decision by the city council. At step 1 the planning commission reviews the zoning change request and makes a positive or negative recommendation concerning the change. At step 2 the city council reviews the planning commission's recommendation and then votes to approve or to disapprove the zoning change. Suppose the developer of an apartment complex submits an application for a zoning change. Consider the application process as an experiment. a. How many sample points are there for this experiment? List the sample points. b. Construct a tree diagram for the experiment.9E The following table shows the percentage of on-time arrivals, the number of mishandled baggage reports per 1000 passengers, and the number of customer complaints per 1000 passengers for 10 airlines (Forbes website, February 2014). a.If you randomly choose a Delta Air Lines flight, what is the probability that this individual flight has an on-time arrival? b.If you randomly choose one of the 10 airlines for a follow-up study on airline quality ratings, what is the probability that you will choose an airline with less than two mishandled baggage reports per 1000 passengers? c.If you randomly choose 1 of the 10 airlines for a follow-up study on airline quality ratings, what is the probability that you will choose an airline with more than one customer complaint per 1000 passengers? d.What is the probability that a randomly selected AirTran Airways flight will not arrive on time?A Gallup Poll of U.S. adults indicated that Kentucky is the state with the highest percentage of smokers (Gallup.com, December 2015). Consider the following example data from the Tri-State region, an area that comprises northern Kentucky, southeastern Indiana, and southwestern Ohio. a.Use the data to compute the probability that an adult in the Tri-State region smokes. b.What is the probability of an adult in each state of the Tri-State region being a smoker? Which state in the Tri-State region has the lowest probability of an adult being a smoker?The Powerball lottery is played twice each week in 31 states, the District of Columbia, and the Virgin Islands. To play Powerball, a participant must purchase a $2 ticket, select five numbers from the digits 1 through 59, and then select a Powerball number from the digits 1 through 35. To determine the winning numbers for each game, battery officials draw five white balls out a drum of 59 white balls numbered 1 through 59 and one red ball out of a drum of 35 red balls numbered 1 through 35. To win the Powerball jackpot, a participant's numbers must match the numbers on the five white balls in any order and must also match the number on the led Powerball. The numbers 5-16-22-23-29 with a Powerball number of 6 provided the record jackpot of $580 million (Powerball website, November 29, 2012). a.How many Powerball lottery outcomes are possible? (Hint: Consider this a two-step experiment. Select the five white ball numbers and then select the one red Powerball number.) b.What is the probability that a $2 lottery ticket wins the Powerball lottery?A company that manufactures toothpaste is studying five different package designs. Assuming that one design is just as likely to be selected by a consumer as any other design, what selection probability would you assign to each of the package designs? In an actual experiment, 100 were asked to pick the design they preferred. The following data were obtained. Do the data confirm the belief that one design is just as likely to be selected as another? Explain 14E Consider the experiment of selecting a playing card from a deck of 52 playing cards. Each card corresponds to a sample point with a 1/52 probability. a.List the sample points in the event an ace is selected. b.List the sample points in the event a club is selected. c.List the sample points in the event a face card (jack, queen, or king) is selected. d.Find the probabilities associated with each of the events in parts (a), (b), and (c).Consider the experiment of rolling a pair of dice. Suppose that we are interested in the sum of the face values showing on the dice. a.How many sample points are possible? (Hint: Use the counting rule for multiple-step experiments.) b.List the sample points. c.What is the probability of obtaining a value of 7? d.What is the probability of obtaining a value of 9 or greater? e.Because each roll has six possible even values (2, 4, 6, 8, 10, and 12) and only five possible odd values (3, 5, 7, 9, and 11), the dice should show even values more often than odd values. you agree with this statement? Explain. f.What method did you use to assign the probabilities requested?Refer to the KP&L sample points and sample point probabilities in Tables 4.2 and 4.3. a. The design stage (stage 1) will run over budget if it takes four months to complete. List the sample points in the event the design stage is over budget. b. What is the probability that the design stage is over budget? c. The construction stage (stage 2) will run over budget if it takes eight months to complete. List the sample points in the event the construction stage is over budget. d. What is the probability that the construction stage is over budget? e. What is the probability that both stages are over budget?18E Do you think global warming will have an impact on you during your lifetime? A CBS News/New York Times poll of 1000 adults in the United States asked this question (CBS News website, 2014). Consider the responses by age groups shown below. a.What is the probability that a respondent 18-29 years of age thinks that global warming will not pose a serious threat during his/her lifetime? b.What is the probability that a respondent 30 + years of age thinks that global warming will not pose a serious threat during his/her lifetime? c.For a randomly selected respondent, what is the probability that a respondent answers yes? d.Based on the survey results, does there appear to be a difference between ages 18-29 and 30+ regarding concern over global warming?Junior Achievement USA and the Allstate Foundation surveyed teenagers aged 14 to 18 and asked at what age they think they will become financially independent. The responses of 944 teenagers who answered this survey question are as follows Consider the experiment of randomly selecting a teenager from the population of teenagers aged 14 to 18. a.Compute the probability of being financially independent for each of the four age categories. b.What is the probability of being financially independent before the age of 25? c.What is the probability of being financially independent after the age of 24? d.Do the probabilities suggest that the teenagers may be somewhat unrealistic in their expectations about when they will become financially independent?Data on U S. work-related fatalities by cause follow (The World Almanac, 2012). Assume that a fatality will be randomly chosen from this population. a. What is the probability the fatality resulted from a fall? b. What is the probability the fatality resulted from a transportation incident? c. What cause of fatality is least likely to occur? What is the probability the fatality resulted from this cause?22E Suppose that we have a sample space S=E1,E2,E3,E4,E5,E6,E7, where E1,E2...,E7 denote the sample points. The following probability assignments apply: P(E1)=.05,P(E2)=.20,P(E3)=.25,P(E4)=.25,P(E5)=.15,P(E6)=.10, and P(E7)=.05. Let A=E1,E4,E6 B=E2,E4,E7 C=E2,E3,E5,E7 a. Find P(A),P(B), and P(C) . b. Find AB and P(AB) . c. Find AB and P(AB) . d. Are events A and C mutually exclusive? e. Find Bc and P(Bc) .Clarkson University surveyed alumni to learn more about what they think of Clarkson. One part of the survey asked respondents to indicate whether their overall experience at Clarkson fell short of expectations, met expectations, or surpassed expectations. The results showed that 4% of the respondents did not provide a response, 26% said that their experience fell short of expectations, and 65% of the respondents said that their experience met expectations. a.If we chose an alumnus at random, what is the probability that the alumnus would say their experience surpassed expectations? b.If we chose an alumnus at random, what is the probability that the alumnus would say their experience met or surpassed expectations?25E Information about mutual funds provided by Morningstar Investment Research includes the type of mutual fund (Domestic Equity, International Equity, or Fixed Income) and the Morningstar rating for the fund. The rating is expressed from 1-star (lowest rating) to 5-star (highest rating). A sample of 25 mutual funds was selected from Morningstar Funds 500. The following counts were obtained: Sixteen mutual funds were Domestic Equity funds. Thirteen mutual funds were rated 3-star less. Seven of the Domestic Equity funds were rated 4-star. Two of the Domestic Equity funds were rated 5-star. Assume that one of these 25 mutual funds will be randomly selected in order to learn more about the mutual fund and its investment strategy. a. What is the probability of selecting a Domestic Equity fund? b. What is the probability of selecting a fund with a 4-star or 5-star rating? c. What is the probability of selecting a fund that is both a Domestic Equity fund and a fund with a 4-star 5-star rating? d. What is the probability of selecting a fund that is a Domestic Equity fund or a fund with a 4-star or 5-star rating?27E A survey of magazine subscribers showed that 45.8% rented a car during the past 12 months for business reasons, 54% rented a car during the past 12 months for personal reasons, and 30% rented a car during the past 12 months for both business and personal reasons. a.What is the probability that a subscriber rented a car during the past 12 months for business or personal reasons? b.What is the probability that a subscriber did not rent a car during the past 12 months for either business or personal reasons?29E Suppose that we have two events, A and B, with P(A)=.50,P(B)=.60, and P(AB)=.40. a. Find P(AB). b. Find P(BA). c. Are A and B independent? Why or why not?31E Consider the following example survey results of 18- to 34-year-olds in the United States, in response to the question "Are you currently living with your family?": Develop the joint probability table for these data and use it to answer the following questions. What are the marginal probabilities? What is the probability of living with family given you are an 18- to 34-year-old man in the U.S.? What is the probability of living with family given you are an 18- to 34-year-old woman in the U.S.? What is the probability of an 18- to 34-year-old in the U.S. living with family? If, in the U.S., 494% of 18- to 34-year-olds are male, do you consider this a good representative sample? Why?33E The Bureau of Transportation Statistics reports on-time performance for airlines at major U.S. airports. JetBlue, United, and US Airways share Terminal C at Boston's LoganAirport. The percentage of on-time flights reported for a sample month were 76.8% for JetBlue, 71.5% for United, and 82.2% for US Airways. Assume that 30% of the flights arriving at Terminal Care JetBlue flights, 32% are United flights, and 38% US Airways flights. Develop a joint probability table with three rows (the airlines) and two columns (on-time and late). An announcement is made that Flight 1382 will be arriving at gate 20 of Terminal C. What is the probability that Flight 1382 will arrive on time? What is the most likely airline for Flight 1382? What is the probability that Flight 1382 is by this airline? Suppose that an announcement is made saying that Flight 1382 will now be arriving late. What is the most likely airline for this flight? What is the probability that Flight 1382 is by this airline?To better understand how husbands and wives feel about their finances, Money Magazine conducted a national poll of 1010 married adults age 25 and older with household incomes of $50,000 or more (Money Magazine website, December 14, 2014). Consider the following example set of responses to the question, "Who is better at getting deals?" a.Develop a joint probability table and use it to answer the following questions. b.Construct the marginal probabilities for Who Is Better (I Am, My Spouse, We Are Equal). Comment. c.Given that the respondent is a husband, what is the probability that he feels he is better at getting deals than his wife? d.Given that the respondent is a wife, what is the probability that she feels she is better at getting deals than her husband? e.Given a response 'My spouse" is better at getting deals, what is the probability that the response came from a husband? f.Given a response "We are equal," what is the probability that the response came from a husband? What is the probability that the response came from a wife?36E A joint survey by Parade magazine and Yahoo! found that 59% of American workers say that if they could do it all over again, they would choose a different career (USA Today, September 24, 2012). The survey also found that 33% of American workers say they plan to retire early and 67% say they plan to wait and retire at age 65 or older. Assume that the following joint probability table applies What is the probability a worker would select the same career? What is the probability a worker who would select the same career plans to retire early? What is the probability a worker who would select a different career plans to retire early? What do the conditional probabilities in parts (b) and (c) suggest about the reasons workers say they would select the same career?The Institute for Higher Education Policy, a Washington, DC-based research firm, studied the payback of student loans for 1.8 million college students who had student loans that began to become due six years prior. The study found that 50% of the student loans were being paid back in a satisfactory fashion, and 50% of the student loans were delinquent. The following joint probability table shows the probabilities of a student's loan status and whether or not the student had received a college degree. What is the probability that a student with a student loan had received a college degree? What is the probability that a student with a student loan had not received a college degree? Given the student had received a college degree, what is the probability that the student has a delinquent loan? Given the student had not received a college degree, what is the probability that the student has a delinquent loan? What is the impact of dropping out of college without a degree for students who have a student loan?The prior probabilities for events A1 and A2 are P(A1)=.40 and P(A2)=.60 .It is also known that P(A1A2)=0 . suppose P(BA1)=.20 and P(BA2)=.05. Are A1 and A2mutually exclusive? Explain. Compute P(A1B) and P(A2B). Compute P(B). Apply Bayes' theorem to compute P(A1B) and P(A2B) .40E A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for 75% of the successful bids and 40% of the unsuccessful bids the agency requested additional information. a.What is the prior probability of the bid being successful (that is, prior to the request for additional information)? b.What is the conditional probability of a request for additional information given that the bid will ultimately be successful? c.Compute the posterior probability that the bid will be successful given a request for additional information.A local bank reviewed its credit card policy with the intention of recalling some of its credit cards. In the past approximately 5% of cardholders defaulted, leaving the bank unable to collect the outstanding balance. Hence, management established a prior probability of .05 that any particular cardholder will default. The bank also found that the probability of missing a monthly payment is .20 for customers who do not default. Of course, the probability of missing a monthly payment for those who default is 1. a.Given that a customer missed a monthly payment, compute the posterior probability that the customer will default. b.The bank would like to recall its credit card if the probability that a customer will default is greater than .20. Should the bank recall its credit card if the customer misses a monthly payment? Why or why not?In August 2012, tropical storm Isaac formed in the Caribbean and was headed for the Gulf of Mexico. There was an initial probability of .69 that Isaac would become a hurricane by the time it reached the Gulf of Mexico (National Hurricane Center website, August 21, 2012). a.What was the probability that Isaac would not become a hurricane but remain a tropical storm when it reached the Gulf of Mexico? b.Two days later, the National Hurricane Center projected the path of Isaac would pass directly over Cuba before reaching the Gulf of Mexico. How did passing over Cuba alter the probability that Isaac would become a hurricane by the time it reached the Gulf of Mexico? Using the following probabilities to answer this question. Hurricanes that reach the Gulf of Mexico have a .08 probability of having passed over Cuba Tropical storms that reach the Gulf of Mexico have a .20 probability of having passed over Cuba. c.What happens to the probability of becoming a hurricane when a tropical storm passes over a landmass such as Cuba?ParFore created a website to market golf equipment and golf apparel. Management would like a special pop-up offer to appear for female website visitors and a different special pop-up offer to appear for male website visitors. From a sample of past website visitors, ParFore's management learned that 60% of the visitors are male and 40% are female. a.What is the probability that a current visitor to the website is female? b.Suppose 30% of ParFore's female visitors previously visited the Dillard' s Department Store website and 10% of ParFore's male visitors previously visited the Dillard's Department Store website. If the current visitor to ParFore's website previously visited the Dillard's website, what is the revised probability that the current visitor is female? Should the ParFore' s website display the special offer that appeals to female visitors or the special offer that appeals to male visitors?The percentage of adult users of the Internet who use Facebook has increased over time (Pew Research Internet Project, 2013). Of adult Internet users age 18-49, 81% use Facebook. Of adult Internet users age 50 and older, 54% use Facebook Assume that 52% of adult Internet users are age 18-49. a.What is the probability that a randomly selected adult user of the Internet is age 50 or older? b.Given that an adult Internet user uses Facebook, what is the probability that he/she is age 18-49?The U.S. Coast Guard (USCG) provides a wide variety of information on boating accidents including the wind condition at the time of the accident. The following table shows the results obtained for 4401 accidents (USCG website, November 8, 2012). Let x be a random variable reflecting the known wind condition at the time of each accident. Set x=0 for noir, x=1 for light, x=2 for moderate, x=3 for strong, and x=4 for storm. a. a probability distribution for x. b. Compute the expected value of x. c. Compute the variance and standard deviation for x. d. Comment on what your results imply about the wind conditions during boating accidents.60SE 61SE 62SE 63SE 64SE 65SE 66SE 67SE 68SE 69SE 70SE 71SE 72SE 5.1.1CP 5.1.2CP 5.1.3CP 5.2.1CP 5.2.2CP 5.2.3CP Grievance Committee at Tuglar Corporation Several years ago, management at Tuglar Corporation established a grievance committee composed of employees who volunteered to work toward the amicable resolution of disputes between Tuglar management and its employees. Each year management issues a call for volunteers to serve on the grievance committee, and 10 of the respondents are randomly selected to serve on the committee for the upcoming year. Employees in the Accounting Department are distressed because member of their department has served on the Tuglar grievance committee in the past five years. Management has assured its employees in the Accounting Department that the selections have been made randomly, but these assurances have not quelled suspicions that management has intentionally omitted accountants from the committee. The table below summarizes the total number of volunteers and the number of employees from the Accounting Department who have volunteered for the grievance committee in each of the past five years: In its defense, management has provided these numbers to the Accounting Department. Given these numbers, is the lack of members of the Accounting Department on the grievance committee for the past five years suspicious (i.e., unlikely)? Managerial Report In addressing the issue of whether or not the committee selection process is random, consider the following questions: 1. How is the number of members of the Accounting Department who are selected to serve on the grievance committee distributed?5.3.2CP 5.3.3CP 5.3.4CP 5.4.1CP Sagittarius Casino The Sagittarius Casino's strategy for establishing a competitive advantage over its competitors is to create unique and interesting new games for its customers to play. Sagittarius management feels it is time for the casino to once again introduce a new game to excite its customer base, and Sagittarius' s Director of Research and development, Lou Zerbit, believes he and his staff have developed a new game that will accomplish this goal. The game, which they have named POSO! (an acronym for Payouts On Selected Outcomes), is to be played in the following manner. A player will select two different values from 1, 2, 3, 4, 5, and 6. Two dice are then rolled. If the first number the player selected comes up on at least one of the two dice, the player wins $5.00; if the second number the player selected comes up on both of the dice, the player wins $10.00. If neither of these events occurs, the player wins nothing. For example, suppose a player fills out the following card for one game of POSO! When When the two dice are rolled, if at least one die comes up 4 the player will win $5.00, if both dice come up 2 the player will win $10.00, and if any other outcome occurs the player wins nothing. Managerial Report Sagittarius management now has three questions about POSO! These questions should be addressed in your report. 2. What is the expected amount a player will win when playing one game of POSO!?Sagittarius Casino The Sagittarius Casino's strategy for establishing a competitive advantage over its competitors is to create unique and interesting new games for its customers to play. Sagittarius management feels it is time for the casino to once again introduce a new game to excite its customer base, and Sagittarius' s Director of Research and development, Lou Zerbit, believes he and his staff have developed a new game that will accomplish this goal. The game, which they have named POSO! (an acronym for Payouts On Selected Outcomes), is to be played in the following manner. A player will select two different values from 1, 2, 3, 4, 5, and 6. Two dice are then rolled. If the first number the player selected comes up on at least one of the two dice, the player wins $5.00; if the second number the player selected comes up on both of the dice, the player wins $10.00. If neither of these events occurs, the player wins nothing. For example, suppose a player fills out the following card for one game of POSO! When the two dice are rolled, if at least one die comes up 4 the player will win $5.00, if both dice come up 2 the player will win $10.00, and if any other outcome occurs the player wins nothing. Managerial Report Sagittarius management now has three questions about POSO! These questions should be addressed in your report. 3. Sagittarius managers want to take in more than they pay out on average for a game of POSO!. Furthermore, casinos such as Sagittarius are often looking for games that provide their gamers with an opportunity to play for a small bet, and Sagittarius management would like to charge players $2.00 to play one game of POSO!. What will be the expected profit earned by Sagittarius Casino on a single play if a player has to pay $2.00 for a single play of POSO!? Will Sagittarius Casino expect to earn or lose money on POSO! if a player pays $2.00 for a single play? What is the minimum amount Sagittarius Casino can charge a player for a single play of POSO! and still expect to earn money?1E 2E Three students scheduled interviews for summer employment at the Brookwood Institute. In each case the interview results in either an offer for a position no offer. Experimental outcomes are defined in terms of the results of the three interviews. a. List the experimental outcomes. b. Define a random variable that represents the number of offers made. Is the random variable continuous? c. Show the value of the random variable for each of the experimental outcomes.4E 5E 6E 7E The following data were collected by counting the number of operating rooms in use at Tampa General Hospital over a 20-day period: On three of the days only one operating room was used, on five of the days two were used, on eight of the days three were used, and on four days all four of the hospital's operating rooms were used. Use the relative frequency approach to construct an empirical discrete probability distribution for the number of operating rooms in use on any given day. Draw a graph of the probability distribution. Show that your probability distribution satisfies the required conditions for a valid discrete probability distribution.Employee retention is a major concern for many companies. A survey of Americans asked how long they have worked for their current employer (Bureau of Labor Statistics website, December 2015). Consider the following example of sample data of 2000 college graduates who graduated five years ago. Let x be the random variable indicating the number of years the respondent has worked for her/his current employer. a. Use the data to an empirical discrete probability distribution for x. b. Show that your probability distribution satisfies the conditions for a valid discrete probability distribution. c. What is the probability that a respondent has been at her/his current place of employment for more than 3 years?10E 11E 12E 13E 14E 15E 16E During the summer of 2014, Coldstream Country Club in Cincinnati, Ohio collected data on 443 rounds of golf played from its white tees. The data for each golfer's score on the twelfth hole are contained in the DATAfile Coldstream12. Construct an empirical discrete probability distribution for the player scores on the twelfth hole. A par is the score that a good golfer is expected to get for the hole. For hole number 12, par is four. What is the probability of a player scoring less than or equal to par on hole number 12? What is the expected score for hole number 12? What is the variance for hole number 12? What is the standard deviation for hole number 12?18E 19E 20E 21E 22E 23E

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