EBK BUSINESS STATISTICS
8th Edition
ISBN: 9780135179833
Author: STEPHAN
Publisher: VST
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 1, Problem 1.52CRP
(a)
To determine
To find: The population of interest.
(b)
To determine
To describe: the sample that was collected.
(c)
To determine
To find: Whether each of the demographic variables mentioned is categorical or numerical.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The Majoring in Money study by Sallie Mae from December 2015 showed that most college students manage their credit cards in a reasonable way. It showed that almost two-thirds of students pay their credit card balance in full every month and
25%
of students who own credit cards make partial payments that exceed the minimum amount due. You are curious to find out if credit card payment behavior of students has changed since 2015 and collect data from a random sample of
370
students. You find that
71
students are making partial payments on their credit cards that exceed the minimum amount due. Using
α=0.01,
complete parts a and b below.
In examining borrower characteristics versus loan delinquency, a bank has collected the following information:
(1) 15% of the borrowers who have been employed at their present job for less than 3 years are behind in their payments,
(2) 5% of the borrowers who have been employed at their present job for at least 3 years are behind in their payments, and
(3) 80% of the borrowers have been employed at their present job for at least 3 years. Given this information:
a. What is the probability that a randomly selected loan account will be for a person in the same job for at least 3 years who is behind in making payments?
b. What is the probability that a randomly selected loan account will be for a person in the same job for less than 3 years or who is behind in making payments?
c. If a loan account is behind, what is the probability that the loan is for a person who has been in the same job for less than 3 years?
Mr. William Profit is studying companies going public for the first time. He is particularlyinterested in the relationship between the size of the offering and the price per share.A sample of 15 companies that recently went public revealed the following information.
Chapter 1 Solutions
EBK BUSINESS STATISTICS
Ch. 1 - Four different beverages are sold at a fast-food...Ch. 1 - U.S. businesses are listed by size: small, medium,...Ch. 1 - Prob. 1.3LBCh. 1 - Prob. 1.4ACCh. 1 - Prob. 1.5ACCh. 1 - Prob. 1.6ACCh. 1 - For each of the following variables, determine...Ch. 1 - Prob. 1.8ACCh. 1 - Prob. 1.9ACCh. 1 - Prob. 1.10AC
Ch. 1 - The director of market research at a large...Ch. 1 - Prob. 1.15ACCh. 1 - Prob. 1.17LBCh. 1 - Fora population of N = 902, verify that by...Ch. 1 - Given a population of N = 93, starting in row 29,...Ch. 1 - Prob. 1.20ACCh. 1 - You want to select a random sample of n = 1 from a...Ch. 1 - Prob. 1.22ACCh. 1 - Prob. 1.23ACCh. 1 - Prob. 1.24ACCh. 1 - Prob. 1.25ACCh. 1 - Prob. 1.26ACCh. 1 - Prob. 1.27ACCh. 1 - Prob. 1.28ACCh. 1 - Prob. 1.29ACCh. 1 - Prob. 1.30ACCh. 1 - Prob. 1.34ACCh. 1 - Prob. 1.35CYUCh. 1 - Prob. 1.36CYUCh. 1 - Prob. 1.37CYUCh. 1 - Prob. 1.38CYUCh. 1 - Prob. 1.39CYUCh. 1 - What is the difference between an interval scaled...Ch. 1 - What is the difference between probability...Ch. 1 - Prob. 1.42CYUCh. 1 - Prob. 1.43CYUCh. 1 - Prob. 1.45CYUCh. 1 - Prob. 1.48CRPCh. 1 - Prob. 1.51CRPCh. 1 - Prob. 1.52CRPCh. 1 - Social media provides an enormous amount of data...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- The report “Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends” (Nellie Mae, May 2005) estimated that 21% of undergraduates with credit cards pay them off each month and that the average outstanding balance on undergraduates’ credit cards is $2169. These estimates were based on an online survey that was sent to 1260 students. Responses were received from 132 of these students. Is it reasonable to generalize the reported estimates to the population of all undergraduate students? Address two possible sources of bias, and name the bias in your answer.arrow_forwarda) Genenesis Dispensary is contemplating of opening a new branch in Mwanza. If the medical for medical service is favourable, Genesis could realize a net profit of Tsh.100 million. On the other hand, if the market turn out to be unfavourable, it can end up losing Tsh. 40 million. Of course, Genesis may opt not to persue this option of expanding its operations. In the absence of data from which to base its decision, te best guess for Gensis is equally likely that the dispensary will either be successful or unsuccessful Required: i) Use the decison tree approach, what decison should Genesis Dispensary take b) Market research firm named, Easy Market Access approach Genesis with an offer to undertake a study of Mwanza medical service market at a fee of Tsh. 5 million. Easy Market Access claims that their experience enables them to use Bayes’ Theoremn to make the following statements about different state of the market: ▪ Provide that the study is favourable, the probability of favourable…arrow_forwardIn the United States, 50% of workers classified as “private industry workers,” those working for non-government businesses, earn an hourly wage of $22.27 or more (SOURCE: National Compensation Survey: Occupational Earnings in the United States, 2010, Bulletin 2753, http://www.stats.bls.gov/ncs/ebs/). Suppose a particular family has a history of working for the government. The family has two parents and four adult-age kids. a. What is the probability that both parents and half of the kids are in the higher earning bracket of government workers? b. What is the probability that only one parent and one child fall into the higher earning bracket of government workers? c. Why is it not possible to group the entire family together as a unit of six individuals and “select two” to calculate the answer to Part b)? Calculate the answer to verify that you do not obtain the same probability by finding it this way.arrow_forward
- According to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1056 in 2018. Consider the population of “last-minute” filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of σ = $1,600 may be assumed. Test the researcher's assertion using the critical value approach. Use α = 0.05 (Please include all the 7 steps in hypothesis testing) Steps in hypothesis testing p-value Approach Develop the null and alternative hypothesis Specify the level of significance, α Choose the test statistic (z or t) Calculate the test statistic Use the value of the…arrow_forwardIndividuals filing federal income tax returns prior to March 31 had an average refund of $1102. Consider the population of “last-minute” filers who mail their returns during the last five days of the income tax period (typically April 10 to April 15). A researcher suggests that one of the reasons that individuals wait until the last five days to file their returns is that on average those individuals have a lower refund than early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher’s contention. For a sample of 600 individuals who filed a return between April 10 and April 15, the sample mean refund was $1050 and the standard deviation was $500. Compute the p-value. Using α = 0.05, what is your conclusion? Test the hypotheses using the critical value approach (α = 0.025).arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Calculus For The Life SciencesCalculusISBN:9780321964038Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.Publisher:Pearson Addison Wesley,
Calculus For The Life Sciences
Calculus
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:Pearson Addison Wesley,
Statistics 4.1 Point Estimators; Author: Dr. Jack L. Jackson II;https://www.youtube.com/watch?v=2MrI0J8XCEE;License: Standard YouTube License, CC-BY
Statistics 101: Point Estimators; Author: Brandon Foltz;https://www.youtube.com/watch?v=4v41z3HwLaM;License: Standard YouTube License, CC-BY
Central limit theorem; Author: 365 Data Science;https://www.youtube.com/watch?v=b5xQmk9veZ4;License: Standard YouTube License, CC-BY
Point Estimate Definition & Example; Author: Prof. Essa;https://www.youtube.com/watch?v=OTVwtvQmSn0;License: Standard Youtube License
Point Estimation; Author: Vamsidhar Ambatipudi;https://www.youtube.com/watch?v=flqhlM2bZWc;License: Standard Youtube License