STATISTICS F/BUSINESS+ECONOMICS-TEXT
13th Edition
ISBN: 9781305881884
Author: Anderson
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 8.2, Problem 21E
Health insurers are beginning to offer telemedicine services online that replace the common office visit. Wellpoint provides a video service that allows subscribers to connect with a physician online and receive prescribed treatments (Bloomberg Businessweek, March 4–9, 2014). Wellpoint claims that users of its LiveHealth Online service saved a significant amount of money on a typical visit. The data shown below ($), for a sample of 20 online doctor visits, are consistent with the savings per visit reported by Wellpoint.
| 92 | 34 | 40 |
| 105 | 83 | 55 |
| 56 | 49 | 40 |
| 76 | 48 | 96 |
| 93 | 74 | 73 |
| 78 | 93 | 100 |
| 53 | 82 |
Assuming the population is roughly symmetric, construct a 95% confidence interval for the
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
A random sample of 20 individuals who graduated from harvard ago were asked to report the total amount of debt they had when they graduated from college and the total value of their current investments. the data set is below:
Debt
Invested
23719
25664
2327
63658
23846
23405
12262
43385
18480
32649
7823
54587
10857
45145
10085
48262
14813
40983
2299
65308
18154
31977
16650
39308
16699
34346
19120
35813
10809
47704
19566
32805
8679
50647
16647
34555
17952
33647
5454
59726
A) using a regression equation for predicting current investment based on college debt. What is the expected change in current investment for each additional dollar of harvard college debt? i got -1.8668
B) What is the predicted current investment for an individual who had a college debt of $5000? i got 58,629C) What proportion of the variation in current investment is explained by college debt? round to 4 decimal places
only C needs to be answered
A random sample of 20 individuals who graduated from harvard ago were asked to report the total amount of debt they had when they graduated from college and the total value of their current investments. the data set is below:
Debt
Invested
23719
25664
2327
63658
23846
23405
12262
43385
18480
32649
7823
54587
10857
45145
10085
48262
14813
40983
2299
65308
18154
31977
16650
39308
16699
34346
19120
35813
10809
47704
19566
32805
8679
50647
16647
34555
17952
33647
5454
59726
A) using a regression equation for predicting current investment based on college debt. What is the expected change in current investment for each additional dollar of harvard college debt?
B) What is the predicted current investment for an individual who had a college debt of $5000? C) What proportion of the variation in current investment is explained by college debt?
In an article in Accounting and Business Research, Beattie and Jones investigate the use and abuse of graphic presentations in the annual reports of United Kingdom firms. The authors found that 65 percent of the sampled companies graph at least one key financial variable, but that 30 percent of the graphics are materially distorted (nonzero vertical axis, exaggerated trend, or the like). Results for U.S. firms have been found to be similar.
(a) Suppose that in a random sample of 451 graphics from the annual reports of United Kingdom firms, 146 of the graphics are found to be distorted. Find a point estimate of and a 95 percent confidence interval for the proportion of all U.K. annual report graphics that are distorted. (Round your answers to 4 decimal places.)
(b) Based on this interval, can we be 95 percent confident that more than 25 percent of all graphics appearing in the annual reports of U.K. firms are distorted? Does this suggest that auditors should understand proper…
Chapter 8 Solutions
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Ch. 8.1 - A simple random sample of 40 items resulted in a...Ch. 8.1 - A simple random sample of 50 items from a...Ch. 8.1 - A simple random sample of 60 items resulted in a...Ch. 8.1 - A 95% confidence interval for a population mean...Ch. 8.1 - Data were collected on the amount spent by 64...Ch. 8.1 - In an attempt to assess total daily travel taxes...Ch. 8.1 - The average annual cost of the first year of...Ch. 8.1 - Studies show that massage therapy has a variety of...Ch. 8.1 - The mean cost to repair the smoke and fire damage...Ch. 8.1 - Costs are rising for all kinds of medical care....
Ch. 8.2 - For a t distribution with 16 degrees of freedom,...Ch. 8.2 - Find the t value(s) for each of the following...Ch. 8.2 - The following sample data are from a normal...Ch. 8.2 - A simple random sample with n = 54 provided a...Ch. 8.2 - Sales personnel for Skillings Distributors submit...Ch. 8.2 - A sample containing years to maturity and yield...Ch. 8.2 - The International Air Transport Association...Ch. 8.2 - Older people often have a hard time finding work....Ch. 8.2 - The mean cost of a meal for two in a mid-range...Ch. 8.2 - The average annual premium for automobile...Ch. 8.2 - Health insurers are beginning to offer...Ch. 8.2 - Marvel Studios motion picture Guardians of the...Ch. 8.3 - How large a sample should be selected to provide a...Ch. 8.3 - The range for a set of data is estimated to be 36....Ch. 8.3 - Refer to the Scheer Industries example in Section...Ch. 8.3 - The U.S. Energy Information Administration (US...Ch. 8.3 - Annual starting salaries for college graduates...Ch. 8.3 - Many medical professionals believe that eating too...Ch. 8.3 - Customers arrive at a movie theater at the...Ch. 8.3 - There has been a trend toward less driving in the...Ch. 8.4 - A simple random sample of 400 individuals provides...Ch. 8.4 - A simple random sample of 800 elements generates a...Ch. 8.4 - In a survey, the planning value for the population...Ch. 8.4 - At 95% confidence, how large a sample should be...Ch. 8.4 - The Consumer Reports National Research Center...Ch. 8.4 - According to statistics reported on CNBC, a...Ch. 8.4 - One of the questions on a survey of 1000 adults...Ch. 8.4 - According to Franchise business review, over 50%...Ch. 8.4 - In 16% of all homes with a stay-at-home parent,...Ch. 8.4 - For many years businesses have struggled with the...Ch. 8.4 - Fewer young people are driving. In 1983, 87% of...Ch. 8.4 - A poll for the presidential campaign sampled 491...Ch. 8.4 - The Pew Research Center Internet Project,...Ch. 8 - A sample survey of 54 discount brokers showed that...Ch. 8 - A survey conducted by the American Automobile...Ch. 8 - The 92 million Americans of age 50 and over...Ch. 8 - Russia has recently started a push for stronger...Ch. 8 - The Health Care Cost Institute tracks health care...Ch. 8 - A recent article reported that there are...Ch. 8 - Mileage tests are conducted for a particular model...Ch. 8 - In developing patient appointment schedules, a...Ch. 8 - Annual salary plus bonus data for chief executive...Ch. 8 - The National Center for Education Statistics...Ch. 8 - A USA Today/CNN/Gallup survey of 369 working...Ch. 8 - The Pew Research Center has conducted extensive...Ch. 8 - A survey of 750 likely voters in Ohio was...Ch. 8 - The Centers for Disease Control reported the...Ch. 8 - A well-known bank credit card firm wishes to...Ch. 8 - Workers in several industries were surveyed to...Ch. 8 - Although airline schedules and cost are important...Ch. 8 - Young Professional Magazine Young Professional...Ch. 8 - Gulf Real Estate Properties Gulf Real Estate...Ch. 8 - Metropolitan Research, Inc. Metropolitan Research,...
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
- A research group is interested in the relationship between exposure to mold in households after a major hurricane and the onset of acute respiratory illness in children. Suppose an observational study is conducted over 10 years following the natural disaster and the following two-by-two table was created in order to address the relationship between exposure and outcome. Acute Respiratory Illness No Acute Respiratory Illness Total Mold 378 156 534 No Mold 73 260 333 Total 451 416 867 Calculate the incidence of acute respiratory illness in the exposed and unexposed. Calculate the relative risk for ARI due to exposure in this study Interpret your findings from part Barrow_forwardIn an article in Accounting and Business Research, Beattie and Jones investigate the use and abuse of graphic presentations in the annual reports of United Kingdom firms. The authors found that 65 percent of the sampled companies graph at least one key financial variable, but that 30 percent of the graphics are materially distorted (nonzero vertical axis, exaggerated trend, or the like). Results for U.S. firms have been found to be similar. (a) Suppose that in a random sample of 466 graphics from the annual reports of United Kingdom firms, 142 of the graphics are found to be distorted. Find a point estimate of and a 95 percent confidence interval for the proportion of all U.K. annual report graphics that are distorted. (Round your answers to 4 decimal places.)arrow_forwardWhat is the step-step solution to this problem? Does posting calorie content for menu items affect people’s choices in fast-food restaurants? According to results obtained by Elbel, Gyamfi, and Kersh (2011), the answer is no. The researchers monitored the calorie content of food purchases for children and adolescents in four large fast-food chains before and after mandatory labeling began in New York City. Although most of the adolescents reported noticing the calorie labels, apparently the labels had no effect on their choices. Data similar to the results obtained show an average of M = 786 calories per meal with s = 85 for n = 100 children and adolescents before the labeling, compared to an average of M = 772 calories with s = 91 for a similar sample of n = 100 after the mandatory posting. Use a two-tailed test with a α .05 to determine whether the mean number of calories after the posting is significantly different than before calorie content was posted. 3. Calculate r 2 to…arrow_forward
- Large companies typically collect volumes of data before designing a product, not only to gain information as to whether the product should be released, but also to pinpoint which markets would be the best targets for the product. Several months ago, I was interviewed by such a company while shopping at a mall. I was asked about my exercise habits and whether or not I'd be interested in buying a video/DVD designed to teach stretching exercises. I fall into the male, 18-35-years-old category, and I guessed that, like me, many males in that category would not be interested in a stretching video. My friend Holly falls in the female, older-than-35 category, and I was thinking that she might like the stretching video. After being interviewed, I looked at the interviewer's results. Of the 89 people in my market category who had been interviewed, 20 said they would buy the product, and of the 103 people in Holly's market category, 28 said they would buy it. Assuming that these…arrow_forwardAs health-care costs continue to increase, the number of employers who offer their employees telehealth options is growing. In 2021, net cost savings is estimated to be $19–$121 per telemedicine visit, depending on where the employee would have otherwise sought care (First Stop Health). The data shown below ($), for a random sample of 20 online doctor visits, are consistent with the savings per visit reported by First Stop Health. 93 106 55 77 94 77 52 33 84 48 49 73 92 83 41 56 41 97 74 101 Assuming the population is roughly symmetric, construct a 95% confidence interval for the mean savings (in dollars) for a televisit to the doctor as opposed to an office visit. (Round your answers to the nearest cent.)arrow_forwardLarge companies typically collect volumes of data before designing a product, not only to gain information as to whether the product should be released, but also to pinpoint which markets would be the best targets for the product. Several months ago, I was interviewed by such a company while shopping at a mall. I was asked about my exercise habits and whether or not I'd be interested in buying a video/DVD designed to teach stretching exercises. I fall into the male, 18 – 35-years-old category, and I guessed that, like me, many males in that category would not be interested in a stretching video. My friend Diane falls in the female, older-than-35 category, and I was thinking that she might like the stretching video. After being interviewed, I looked at the interviewer's results. Of the 93 people in my market category who had been interviewed, 17 said they would buy the product, and of the 113 people in Diane's market category, 34 said they would buy it. Assuming that these data came…arrow_forward
- Large companies typically collect volumes of data before designing a product, not only to gain information as to whether the product should be released, but also to pinpoint which markets would be the best targets for the product. Several months ago, I was interviewed by such a company while shopping at a mall. I was asked about my exercise habits and whether or not I'd be interested in buying a video/DVD designed to teach stretching exercises. I fall into the male, 18 – 35-years-old category, and I guessed that, like me, many males in that category would not be interested in a stretching video. My friend Amanda falls in the female, older-than-35 category, and I was thinking that she might like the stretching video. After being interviewed, I looked at the interviewer's results. Of the 97 people in my market category who had been interviewed, 16 said they would buy the product, and of the 101 people in Amanda's market category, 31 said they would buy it. Assuming that these data came…arrow_forwardIn a study attempting to replicate findings by Stephens, Atkins, & Kingston (2009), each participant was asked to plunge a hand into the icy water and keep it there as long as the pain would allow. In one condition, the participants repeated their favorite curse words while their hands were in the water. In the other condition, they repeated neutral words. The original research showed that, in addition to lowering the participants’ perception of pain, swearing also increased the amount of time they were able to tolerate the pain. Data similar to the results obtained in the study are shown in the following table: _____________Amount of Time (in Seconds)_ Participant Swear Words Neutral Words 1 94 59 2 70 61 3 52 47 4…arrow_forwardIn a study attempting to replicate findings by Stephens, Atkins, & Kingston (2009), each participant was asked to plunge a hand into the icy water and keep it there as long as the pain would allow. In one condition, the participants repeated their favorite curse words while their hands were in the water. In the other condition, they repeated neutral words. The original research showed that, in addition to lowering the participants’ perception of pain, swearing also increased the amount of time they were able to tolerate the pain. Data similar to the results obtained in the study are shown in the following table: _____________Amount of Time (in Seconds)_ Participant Swear Words Neutral Words 1 94 59 2 70 61 3 52 47 4…arrow_forward
- A study was undertaken to determine whether there was a significant weight (in lb) loss after one year course of therapy for diabetes, and whether the amount of weight (in lb) loss was related to initial weight. The following table gives the initial weight (x) and weight after one year of therapy (y) for 16 newly diagnosed adult diabetic patients.arrow_forwardAccording to Deloitte, through January 25,2006, the majority of companies reporting profits had beaten estimates. Now suppose that for the 4th quarter of 2012, 170 of a random sample of 280 companies reported profits that had beaten estimates. Does the data indicate the proportion of companies in the 4th quarter of 2012 that beat estimates is greater than 56% at α=0.05?arrow_forwardThe Badrutt’s Palace Hotel St. Moritz which is one of the best Alpine hotels in Switzerland has provided you with their quarterly bookings data over the last 6 years as follows: Year Quarter-1 (Demand in units) Quarter-2 (Demand in units) Quarter-3 (Demand in units) Quarter-4 (Demand in units) 2018 45,000 22,000 64,000 33,000 2019 48,000 27,000 74,000 41,000 2020 52,000 32,000 83,000 46,000 2021 57,000 35,000 94,000 52,000 2022 61,000 42,000 104,000 56,000 2023 67,000 49,000 120,000 61,000 Required: i) Calculate the seasonal indices for each season using multiplicative index ii) Forecast the demand for each season of the year 2024 given that the annual demand forecast is 324,000 units. iii) Deseasonalize the actual demand data (2018-2023) above using the seasonal indices obtained in (a) above. iv) Generate OLS equation using the Deseasonalized data in (iii) above (in thousand units)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Hypothesis Testing using Confidence Interval Approach; Author: BUM2413 Applied Statistics UMP;https://www.youtube.com/watch?v=Hq1l3e9pLyY;License: Standard YouTube License, CC-BY
Hypothesis Testing - Difference of Two Means - Student's -Distribution & Normal Distribution; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=UcZwyzwWU7o;License: Standard Youtube License