Statistical Techniques in Business and Economics, 16th Edition
Statistical Techniques in Business and Economics, 16th Edition
16th Edition
ISBN: 9780078020520
Author: Douglas A. Lind, William G Marchal, Samuel A. Wathen
Publisher: McGraw-Hill Education
bartleby

Concept explainers

bartleby

Videos

Question
Book Icon
Chapter 7, Problem 35E

a.

To determine

Explain if the problem meets the requirements of a binomial problem.

a.

Expert Solution
Check Mark

Answer to Problem 35E

Yes, the problem qualifies as a binomial problem.

Explanation of Solution

In order to qualify as a binomial problem it must satisfy the following conditions:

  • The number of trials is fixed that is 500 new members.
  • There are only two mutually exclusive outcomes, overweight and not overweight.
  • The probability is constant for each trial that is 0.30.
  • The trials are independent to each other.

Since the problem satisfies all the conditions of a binomial distribution.

Hence, the problem is qualified as a binomial problem.

b.

To determine

Find the probability that 175 or more of the new members are 15 pounds overweight.

b.

Expert Solution
Check Mark

Answer to Problem 35E

The probability that 175 or more of the new members are 15 pounds overweight is 0.0085.

Explanation of Solution

It is given that 30% of its new members are 15 pounds overweight and the total number of new members in a metropolitan area is 500.

That is, n=500 and π=0.30.

The mean can be obtained as follows:

μ=nπ=500(0.30)=150

The standard deviation can be obtained as follows:

σ=nπ(1π)=500(0.30)(10.30)=500(0.30)(0.70)=105=10.25

The probability that 175 or more of the new members are 15 pounds overweight can be obtained as follows:

P(X175)=P(X>1750.5)      [Apply the continuity correction factor]=P(X>174.5)=P(Xμσ>174.515010.25)=P(Z>24.510.25)=P(Z>2.39)=1P(Z<2.39)

Step-by-step procedure to obtain the probability using Excel:

  • Click on the Formulas tab in the top menu.
  • Select Insert function. Then from category box, select Statistical and below that NORM.S.DIST.
  • Click Ok.
  • In the dialog box, Enter Z value as 2.39.
  • Enter Cumulative as TRUE.
  • Click Ok, the answer appears in the spreadsheet.

Output obtained using Excel is represented as follows:

Statistical Techniques in Business and Economics, 16th Edition, Chapter 7, Problem 35E , additional homework tip  1

From the above output, the probability of Z less than 2.39 is 0.9915.

Now consider,

P(X175)=1P(Z<2.39)=10.9915=0.0085

Therefore, the probability that 175 or more of the new members are 15 pounds overweight is 0.0085.

c.

To determine

Find the probability that 140 or more of the new members are 15 pounds overweight.

c.

Expert Solution
Check Mark

Answer to Problem 35E

The probability that 140 or more of the new members are 15 pounds overweight is 0.8462.

Explanation of Solution

The probability that 140 or more of the new members are 15 pounds overweight can be obtained as follows:

P(X140)=P(X>1400.5)      [Apply the continuity correction factor]=P(X>139.5)=P(Xμσ>139.515010.25)=P(Z>10.510.25)=P(Z>1.02)=1P(Z<1.02)

Step-by-step procedure to obtain the probability using Excel:

  • Click on the Formulas tab in the top menu.
  • Select Insert function, then from category box, select Statistical and below that NORM.S.DIST.
  • Click Ok.
  • In the dialog box, Enter Z value as –1.02.
  • Enter Cumulative as TRUE.
  • Click Ok, the answer appears in the spreadsheet.

Output obtained using Excel is represented as follows:

Statistical Techniques in Business and Economics, 16th Edition, Chapter 7, Problem 35E , additional homework tip  2

From the above output, the probability of Z less than –1.02 is 0.1538.

Consider,

P(X140)=1P(Z<1.02)=10.1538=0.8462

Therefore, the probability that 140 or more of the new members are 15 pounds overweight is 0.8462.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Chapter 7 Solutions

Statistical Techniques in Business and Economics, 16th Edition

Ch. 7 - List the major characteristics of a normal...Ch. 7 - The mean of a normal probability distribution is...Ch. 7 - The mean of a normal probability distribution is...Ch. 7 - The Kamp family has twins, Rob and Rachel. Both...Ch. 7 - Prob. 12ECh. 7 - The temperature of coffee sold at the Coffee Bean...Ch. 7 - A normal population has a mean of 20.0 and a...Ch. 7 - A normal population has a mean of 12.2 and a...Ch. 7 - A recent study of the hourly wages of maintenance...Ch. 7 - The mean of a normal probability distribution is...Ch. 7 - Prob. 5SRCh. 7 - Prob. 17ECh. 7 - A normal population has a mean of 80.0 and a...Ch. 7 - According to the Internal Revenue Service, the...Ch. 7 - Prob. 20ECh. 7 - WNAE, an all-news AM station, finds that the...Ch. 7 - Prob. 22ECh. 7 - Prob. 6SRCh. 7 - A normal distribution has a mean of 50 and a...Ch. 7 - Prob. 24ECh. 7 - Prob. 25ECh. 7 - Prob. 26ECh. 7 - Prob. 27ECh. 7 - Prob. 28ECh. 7 - Prob. 29ECh. 7 - Prob. 30ECh. 7 - Prob. 7SRCh. 7 - Prob. 31ECh. 7 - Prob. 32ECh. 7 - Prob. 33ECh. 7 - Prob. 34ECh. 7 - Prob. 35ECh. 7 - Prob. 36ECh. 7 - Prob. 8SRCh. 7 - Prob. 37ECh. 7 - The lifetime of LCD TV sets follows an exponential...Ch. 7 - Prob. 39ECh. 7 - Prob. 40ECh. 7 - Prob. 41CECh. 7 - Prob. 42CECh. 7 - Prob. 43CECh. 7 - Prob. 44CECh. 7 - Prob. 45CECh. 7 - Prob. 46CECh. 7 - Prob. 47CECh. 7 - Prob. 48CECh. 7 - Shaver Manufacturing Inc. offers dental insurance...Ch. 7 - The annual commissions earned by sales...Ch. 7 - Prob. 51CECh. 7 - Prob. 52CECh. 7 - Management at Gordon Electronics is considering...Ch. 7 - Fast Service Truck Lines uses the Ford Super Duty...Ch. 7 - Prob. 55CECh. 7 - Prob. 56CECh. 7 - Prob. 57CECh. 7 - Prob. 58CECh. 7 - Prob. 59CECh. 7 - Prob. 60CECh. 7 - Prob. 61CECh. 7 - Prob. 62CECh. 7 - The weights of canned hams processed at Henline...Ch. 7 - Prob. 64CECh. 7 - Prob. 65CECh. 7 - The price of shares of Bank of Florida at the end...Ch. 7 - Prob. 67CECh. 7 - Prob. 68CECh. 7 - Prob. 69CECh. 7 - Prob. 70CECh. 7 - Prob. 71CECh. 7 - Prob. 72CECh. 7 - Prob. 73CECh. 7 - Prob. 74DECh. 7 - Prob. 75DECh. 7 - Prob. 76DECh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 1.1PTCh. 7 - Prob. 1.2PTCh. 7 - Prob. 1.3PTCh. 7 - Prob. 1.4PTCh. 7 - Prob. 1.5PTCh. 7 - Prob. 1.6PTCh. 7 - Which of the following is NOT a requirement of the...Ch. 7 - Prob. 1.8PTCh. 7 - How many standard normal distributions are there?...Ch. 7 - Prob. 1.10PTCh. 7 - Prob. 1.11PTCh. 7 - Prob. 1.12PTCh. 7 - Prob. 1.13PTCh. 7 - Prob. 1.14PTCh. 7 - Prob. 1.15PTCh. 7 - Prob. 2.1PTCh. 7 - Prob. 2.2PTCh. 7 - Prob. 2.3PTCh. 7 - Prob. 2.4PTCh. 7 - Prob. 2.5PTCh. 7 - Prob. 2.6PTCh. 7 - Prob. 2.7PT
Knowledge Booster
Background pattern image
Statistics
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.
Recommended textbooks for you
  • Text book image
    College Algebra
    Algebra
    ISBN:9781337282291
    Author:Ron Larson
    Publisher:Cengage Learning
    Text book image
    College Algebra
    Algebra
    ISBN:9781305115545
    Author:James Stewart, Lothar Redlin, Saleem Watson
    Publisher:Cengage Learning
    Text book image
    College Algebra
    Algebra
    ISBN:9781938168383
    Author:Jay Abramson
    Publisher:OpenStax
Text book image
College Algebra
Algebra
ISBN:9781337282291
Author:Ron Larson
Publisher:Cengage Learning
Text book image
College Algebra
Algebra
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:Cengage Learning
Text book image
College Algebra
Algebra
ISBN:9781938168383
Author:Jay Abramson
Publisher:OpenStax
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