Book cover for Essentials of Modern Business Statistics

Essentials of Modern Business Statistics

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

ISBN #9780357131626

8th Edition

810 Questions

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38,924 Students Helped

Homework Questions

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Summary

Essentials of Modern Business Statistics is a comprehensive guide that introduces readers to the core concepts of both descriptive and inferential statistics, laying the groundwork for effective data analysis in business and economics. The book systematically navigates through topics ranging from data collection and ethical practices to advanced techniques such as probability distributions, hypothesis testing, and regression analysis, all supported by practical Excel applications. It emphasizes real-world applications through detailed examples in quality control, financial analytics, and experimental design, ensuring that each statistical method is connected to its practical significance. Overall, this text serves as a vital resource for professionals and students alike, empowering them with the analytical tools needed for making informed, data-driven decisions.

Chapters & Topics Covered

Chapter 1

Data and Statistics

Chapter 2

Descriptive Statistics: Tabular and Graphical Displays

Chapter 3

Descriptive Statistics: Numerical Measures

Chapter 4

Introduction to Probability

Chapter 5

Discrete Probability Distributions

Chapter 6

Continuous Probability Distributions

Chapter 7

Sampling and Sampling Distributions

Chapter 8

Interval Estimation

Chapter 9

Hypothesis Tests

Chapter 10

Inference About Means and Proportions with Two Populations

Chapter 11

Inferences About Population Variances

Chapter 12

Tests of Goodness of Fit, Independence, and Multiple Proportions

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Chapter 13

Experimental Design and Analysis of Variance

Chapter 14

Simple Linear Regression

Chapter 15

Multiple Regression

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Problem 1

Tesla Battery Recharge Time. The electric-vehicle manufacturing company Tesla estimates that a driver who commutes 50 miles per day in a Model $\mathrm{S}$ will require a nightly charge time of around 1 hour and 45 minutes ( 105 minutes) to recharge the vehicle's battery (Tesla company website). Assume that the actual recharging time required is uniformly distributed between 90 and 120 minutes. a. Give a mathematical expression for the probability density function of battery recharging time for this scenario. b. What is the probability that the recharge time will be less than 110 minutes? c. What is the probability that the recharge time required is at least 100 minutes? What is the probability that the recharge time required is between 95 and 110 minutes?

Kari Hasz

Kari Hasz   Numerade Educator

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Problem 2

In a recent report, the top five most-visited English-language websites were google.com (GOOG), facebook.com (FB), youtube.com (YT), yahoo. com (YAH), and wikipedia.com (WIKI). The most-visited websites for a sample of 50 Internet users are shown in the following table: a. Are these data categorical or quantitative? b. Provide frequency and percent frequency distributions. c. On the basis of the sample, which website is most frequently visited website for Internet users? Which is second?

Nick Johnson

Nick Johnson   Numerade Educator

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Problem 3

The Census Bureau includes nine states in what it defines as the Northeast region of the United States. Assume that the government is interested in tracking unemployment in these nine states and that the random variable of interest is the number of Northeastern states with an unemployment rate that is less than $3.5 \%$. What values may this random variable assume?

Nick Johnson

Nick Johnson   Numerade Educator

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Problem 4

In alphabetical order, the six most common last names in the United States in 2018 were Brown, Garcia, Johnson, Jones, Smith, and Williams (United States Census Bureau website). Assume that a sample of 50 individuals with one of these last names provided the following data: $\begin{array}{lllll}\text { Brown } & \text { Williams } & \text { Williams } & \text { Williams } & \text { Brown } \\ \text { Smith } & \text { Jones } & \text { Smith } & \text { Johnson } & \text { Smith } \\ \text { Garcia } & \text { Smith } & \text { Brown } & \text { Williams } & \text { Johnson } \\ \text { Johnson } & \text { Smith } & \text { Smith } & \text { Johnson } & \text { Brown } \\ \text { Williams } & \text { Garcia } & \text { Johnson } & \text { Williams } & \text { Johnson } \\ \text { Williams } & \text { Johnson } & \text { Jones } & \text { Smith } & \text { Brown } \\ \text { Johnson } & \text { Smith } & \text { Smith } & \text { Brown } & \text { Jones } \\ \text { Jones } & \text { Jones } & \text { Smith } & \text { Smith } & \text { Garcia } \\ \text { Garcia } & \text { Jones } & \text { Williams } & \text { Garcia } & \text { Smith } \\ \text { Jones } & \text { Johnson } & \text { Brown } & \text { Johnson } & \text { Garcia }\end{array}$ Summarize the data by constructing the following: a. Relative and percent frequency distributions b. A bar chart c. A sorted bar chart d. A pie chart e. Based on these data, what are the three most common last names? Which type of chart makes this most apparent?

Jorge Villanueva

Jorge Villanueva   Numerade Educator

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Problem 5

Consider the following data. What is the mean growth rate over these five periods?

Jason Gerber

Jason Gerber   Numerade Educator

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Problem 6

According to the National Beer Wholesalers Association, U.S. consumers 21 years and older consumed 26.9 gallons of beer and cider per person during 2017 . A distributor in Milwaukee believes that beer and cider consumption are higher in that city. A sample of consumers 21 years and older in Milwaukee will be taken, and the sample mean 2017 beer and cider consumption will be used to test the following null and alternative hypotheses: $$\begin{array}{l} H_{0}: \mu \leq 26.9 \\ H_{a}: \mu>26.9 \end{array}$$ a. Assume the sample data led to rejection of the null hypothesis. What would be your conclusion about consumption of beer and cider in Milwaukee? b. What is the Type I error in this situation? What are the consequences of making this error? c. What is the Type II error in this situation? What are the consequences of making this error?

Bryan Meares

Bryan Meares   Numerade Educator

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