David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
ISBN #9780324365054
10th Edition
999 Questions
Homework Questions
Statistics for Business and Economics is a comprehensive textbook that introduces the foundational tools of data collection, descriptive statistics, and probability theory, specifically tailored for application in business and economic contexts. The book guides readers from basic concepts—such as frequency distributions, measures of central tendency, and dispersion—to more advanced topics including hypothesis testing, interval estimation, and regression analysis. It further delves into specialized areas like forecasting, quality control, experimental design, and decision analysis, equipping students with both theoretical understanding and practical application techniques. By integrating real-world examples and modern software tools, the text stands out as an essential resource for effective decision-making and analysis in diverse business environments.
Chapter 1
Data and Statistics
Chapter 2
Descriptive Statistics: Tabular and Graphical Presentations
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
Statistical Inference About Means and Proportions with Two Populations
Chapter 11
Inferences About Population Variances
Chapter 12
Tests of Goodness of Fit and Independence
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Chapter 13
Experimental Design and Analysis of Variance
Chapter 14
Simple Linear Regression
Chapter 15
Multiple Regression
Chapter 16
Regression Analysis: Model Building
Chapter 17
Index Numbers
Chapter 18
Forecasting
Chapter 19
Nonparametric Methods
Chapter 20
Statistical Methods for Quality Control
Chapter 21
Decision Analysis
Problem 1
Gasoline prices reached record high levels in 16 states during 2003 (The Wall Street Journal, March 7,2003 ). Two of the affected states were California and Florida. The American Automobile Association reported a sample mean price of $\$ 2.04$ per gallon in California and a sample mean price of $\$ 1.72$ per gallon in Florida. Use a sample size of 40 for the California data and a sample size of 35 for the Florida data. Assume that prior studies indicate a population standard deviation of .10 in California and .08 in Florida are reasonable. a. What is a point estimate of the difference between the population mean prices per gallon in California and Florida? b. At $95 \%$ confidence, what is the margin of error? c. What is the $95 \%$ confidence interval estimate of the difference between the population mean prices per gallon in the two states?
Paul A. Numerade Educator
Problem 2
Condé Nast Traveler magazine conducts an annual survey of subscribers in order to determine the best places to stay throughout the world. Table 1.6 shows a sample of nine European hotels (Condé Nast Traveler, January 2000 ). The price of a standard double room during the hotel's high season ranges from $\$$ (lowest price) to $\$ \$ \$ \$$ (highest price). The overall score includes subscribers' evaluations of each hotel's rooms, service, restaurants, location/atmosphere, and public areas; a higher overall score corresponds to a higher level of satisfaction. a. How many elements are in this data set? b. How many variables are in this data set? c. Which variables are qualitative and which variables are quantitative? d. What type of measurement scale is used for each of the variables?
Sandra Kudolo Numerade Educator
Problem 3
The variance in drug weights is critical in the pharmaceutical industry. For a specific drug, with weights measured in grams, a sample of 18 units provided a sample variance of $s^{2}=.36$ a. Construct a $90 \%$ confidence interval estimate of the population variance for the weight of this drug. b. Construct a $90 \%$ confidence interval estimate of the population standard deviation.
Nick Johnson Numerade Educator
Problem 4
Wageweb conducts surveys of salary data and presents summaries on its Web site. Based on salary data as of October $1,2002,$ Wageweb reported that the average annual salary for sales vice presidents was $\$ 142,111,$ with an average annual bonus of $\$ 15,432$ (Wageweb.com, March 13,2003 ). Assume the following data are a sample of the annual salary and bonus for 10 sales vice presidents. Data are in thousands of dollars. $$\begin{array}{ccc}\text { Vice President } & \text { Salary } & \text { Bonus } \\ 1 & 135 & 12 \\2 & 115 & 14 \\3 & 146 & 16 \\4 & 167 & 19 \\5 & 165 & 22 \\ 6 & 176 & 24 \\7 & 98 & 7 \\8 & 136 & 17 \\9 & 163 & 18 \\10 & 119 & 11\end{array}$$ a. Develop a scatter diagram for these data with salary as the independent variable. b. What does the scatter diagram developed in part (a) indicate about the relationship between salary and bonus? c. Use the least squares method to develop the estimated regression equation. d. Provide an interpretation for the slope of the estimated regression equation. e. Predict the bonus for a vice president with an annual salary of $\$ 120,000$.
Sheryl Ezze Numerade Educator
Problem 5
All-in-one sound systems, called minisystems, typically include an AM/FM tuner, a dualcassette tape deck, and a CD changer in a book-sized box with two separate speakers. The data in Table 1.7 show the retail price, sound quality, $\mathrm{CD}$ capacity, $\mathrm{FM}$ tuning sensitivity and selectivity, and the number of tape decks for a sample of 10 minisystems (Consumer Reports Buying Guide 2002 ). a. How many elements does this data set contain? b. What is the population? c. Compute the average price for the sample. d. Using the results in part (c), estimate the average price for the population.
Problem 6
Consider the experiment of tossing a coin three times. a. Develop a tree diagram for the experiment. b. List the experimental outcomes. c. What is the probability for each experimental outcome?
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