Modern Business Statistics with Microsoft Excel (MindTap Course List)

5th Edition

ISBN: 9781285433301

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

Publisher: Cengage Learning

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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 7.5, Problem 25E

The mean preparation fee H&R Block charged retail customers in 2012 was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is $50.

a. What is the probability that the mean price for a sample of 30 H&R Block retail customers is within $8 of the population mean?
b. What is the probability that the mean price for a sample of 50 H&R Block retail customers is within $8 of the population mean?
c. What is the probability that the mean price for a sample of 100 H&R Block retail customers is within $8 of the population mean?
d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to have at least a .95 probability that the sample mean is within $8 of the population mean?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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Chapter 7 Solutions

Modern Business Statistics with Microsoft Excel (MindTap Course List)

Ch. 7.2 - Consider a finite population with five elements...Ch. 7.2 - Assume a finite population has 10 elements. Number...Ch. 7.2 - The 2012 American League consists of 14 baseball...Ch. 7.2 - The U.S. Golf Association has instituted a ban on...Ch. 7.2 - In this section we used a two-step procedure to...Ch. 7.2 - 10. Indicate which of the following situations...Ch. 7.3 - 11. The following data are from a simple random...Ch. 7.3 - Prob. 8E Ch. 7.3 - Prob. 9E Ch. 7.3 - 14. Morningstar publishes ratings data on 1208...

Ch. 7.3 - 15. The National Football League (NFL) polls fans...Ch. 7.3 - Prob. 12E Ch. 7.3 - 17. One of the questions in the Pew Internet &...Ch. 7.3 - In this section we showed how a simple random...Ch. 7.5 - 19. A population has a mean of 200 and a standard...Ch. 7.5 - Prob. 16E Ch. 7.5 - 21. Suppose a random sample of size 50 is selected...Ch. 7.5 - Refer to the EAI sampling problem. Suppose a...Ch. 7.5 - In the EAI sampling problem (see Figure 7.8), we...Ch. 7.5 - 24. Barron’s reported that the average number of...Ch. 7.5 - Prob. 21E Ch. 7.5 - Federal Income Tax Returns. The Wall Street...Ch. 7.5 - 27. The Economic Policy Institute periodically...Ch. 7.5 - State Rainfalls. The state of California has a...Ch. 7.5 - The mean preparation fee H&R Block charged retail...Ch. 7.5 - 30. To estimate the mean age for a population of...Ch. 7.6 - 31. A sample of size 100 is selected from a...Ch. 7.6 - 32. A population proportion is .40. A sample of...Ch. 7.6 - Prob. 29E Ch. 7.6 - 34. The population proportion is .30. What is the...Ch. 7.6 - Prob. 31E Ch. 7.6 - 36. The Wall Street Journal reported that the age...Ch. 7.6 - Prob. 33E Ch. 7.6 - Unnecessary Medical Care. According to Reader’s...Ch. 7.6 - Prob. 35E Ch. 7.6 - Prob. 36E Ch. 7.6 - 41. The Food Marketing Institute shows that 17% of...Ch. 7 - Prob. 38SE Ch. 7 - 43. The latest available data showed health...Ch. 7 - 44. Foot Locker uses sales per square foot as a...Ch. 7 - 45. Allegiant Airlines charges a mean base fare of...Ch. 7 - 46. After deducting grants based on need, the...Ch. 7 - Prob. 43SE Ch. 7 - Prob. 44SE Ch. 7 - Production Quality Control. A production process...Ch. 7 - Prob. 46SE Ch. 7 - Prob. 47SE Ch. 7 - Prob. 48SE Ch. 7 - Prob. 49SE Ch. 7 - 54. Lori Jeffrey is a successful sales...

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Solution Summary: The author calculates the probability that the mean price for a sample of 30 H&R Block retail customers is within 8 of the population mean.

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Chapter 7 Solutions