Essentials Of Statistics For Business & Economics

9th Edition

ISBN: 9780357045435

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: South-Western College Pub

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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Textbook Question

Chapter 4.5, Problem 41E

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.

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Chapter 4.5, Problem 40E

Chapter 4.5, Problem 42E

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Chapter 4 Solutions

Essentials Of Statistics For Business & Economics

Ch. 4.1 - 1. An experiment has three steps with three...Ch. 4.1 - 2. How many ways can three items be selected from...Ch. 4.1 - How many permutations of three items can be...Ch. 4.1 - 4. Consider the experiment of tossing a coin three...Ch. 4.1 - 5. Suppose an experiment has five equally likely...Ch. 4.1 - An experiment with three outcomes has been...Ch. 4.1 - A decision maker subjectively assigned the...Ch. 4.1 - In the city of Milford, applications for zoning...Ch. 4.1 - Simple random sampling uses a sample of size n...Ch. 4.1 - Code Churn. Code Churn is a common metric used to...

Ch. 4.1 - Tri-State Smokers. A Gallup Poll of U.S. adults...Ch. 4.1 - A company that manufactures toothpaste is studying...Ch. 4.1 - Powerball Lottery. The Powerball lottery is played...Ch. 4.2 - An experiment has four equally likely outcomes:...Ch. 4.2 - 15. Consider the experiment of selecting a playing...Ch. 4.2 - Consider the experiment of rolling a pair of dice....Ch. 4.2 - Refer to the KPL sample points and sample point...Ch. 4.2 - 18. Fortune magazine publishes an annual list of...Ch. 4.2 - 19. Do you think global warming will have an...Ch. 4.2 - Junior Achievement USA and the Allstate Foundation...Ch. 4.2 - Fatal Collisions with a Fixed Object. The National...Ch. 4.3 - Suppose that we have a sample space with five...Ch. 4.3 - 23. Suppose that we have a sample space S = {E1,...Ch. 4.3 - Clarkson University surveyed alumni to learn more...Ch. 4.3 - Americans Using Facebook and LinkedIn. A 2018 Pew...Ch. 4.3 - 26. Information about mutual funds provided by...Ch. 4.3 - Social Media Use. A marketing firm would like to...Ch. 4.3 - A survey of magazine subscribers showed that 45.8%...Ch. 4.3 - High school seniors with strong academic records...Ch. 4.4 - 30. Suppose that we have two events, A and B, with...Ch. 4.4 - 31. Assume that we have two events, A and B, that...Ch. 4.4 - Living with Family. Consider the following example...Ch. 4.4 - 33. Students taking the Graduate Management...Ch. 4.4 - The bureau of Transportation Statistics reports...Ch. 4.4 - 35. To better understand how husbands and wives...Ch. 4.4 - Jamal Crawford of the National Basketball...Ch. 4.4 - Giving Up Electronics. A 2018 Pew Research Center...Ch. 4.4 - The Institute for Higher Education Policy, a...Ch. 4.5 - The prior probabilities for events A1 and A2 are...Ch. 4.5 - 40. The prior probabilities for events A1, A2, and...Ch. 4.5 - 41. A consulting firm submitted a bid for a large...Ch. 4.5 - A local bank reviewed its credit card policy with...Ch. 4.5 - Prostate Cancer Screening. According to a 2018...Ch. 4.5 - ParFore created a website to market golf equipment...Ch. 4.5 - Americans Without Health Insurance. The National...Ch. 4 - A survey of adults aged 18 and older conducted by...Ch. 4 - 47. A financial manager made two new...Ch. 4 - 48. Forty-three percent of Americans use social...Ch. 4 - A study of 31,000 hospital admissions in New York...Ch. 4 - 50. A telephone survey to determine viewer...Ch. 4 - The U.S. Census Bureau serves as the leading...Ch. 4 - An MBA new-matriculants survey provided the...Ch. 4 - 53. Refer again to the data from the MBA...Ch. 4 - 54. In February 2012, the Pew Internet & American...Ch. 4 - 55. A large consumer goods company ran a...Ch. 4 - 56. Cooper Realty is a small real estate company...Ch. 4 - A company studied the number of lost-time...Ch. 4 - According to the Open Doors Report, 9.5% of all...Ch. 4 - An oil company purchased an option on land in...Ch. 4 - The five most common words appearing in spam...Ch. 4 - Robs Market (RM) is a regional food store chain in...

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Solution Summary: The author explains the probability of the bid being successful and the conditional probability for request for additional information.

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