Business Statistics: A First Course (7th Edition)
7th Edition
ISBN: 9780321979018
Author: David M. Levine, Kathryn A. Szabat, David F. Stephan
Publisher: PEARSON
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Chapter 1, Problem 1.42CRP
(a)
To determine
To describe: The population of interest of the retired employees.
(b)
To determine
To describe: The sample collected from the benefitted employees.
(c)
To determine
To describe: The demographic variables mentioned is categorical or numerical.
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In examining borrower characteristics versus loan delinquency, a bank has collected the following information:
(1) 15% of the borrowers who have been employed at their present job for less than 3 years are behind in their payments,
(2) 5% of the borrowers who have been employed at their present job for at least 3 years are behind in their payments, and
(3) 80% of the borrowers have been employed at their present job for at least 3 years. Given this information:
a. What is the probability that a randomly selected loan account will be for a person in the same job for at least 3 years who is behind in making payments?
b. What is the probability that a randomly selected loan account will be for a person in the same job for less than 3 years or who is behind in making payments?
c. If a loan account is behind, what is the probability that the loan is for a person who has been in the same job for less than 3 years?
According to the IRS, individuals filing federal
income tax returns prior to March 31 received an average refund of $ 1056
in 2018. Consider the population of “last-minute” filers who mail their tax
return during the last five days of the income tax period (typically April 10
to April 15)
(a.) A researcher suggests that a reason individuals wait until the last five
days is that on average these individuals receive lower refunds than do
early filers. Develop appropriate hypotheses such that rejection of H0
will support the researcher’s contention.
(b.) For a sample of 400 individuals who filed a tax return between April 10
and 15, the sample mean refund was $ 910. Based on prior experience a
population standard deviation of ! = $ 1600 may be assumed. What is
the p-value?
(c.) At ↵ = 0. 05, what is your conclusion?
(d.) Repeat the preceding hypothesis test using the critical value approach.
1. Diversty or be Sued! An investor with a stock portfolio worth several hundred thousand dollars sued
his broker because lack of diversification in his portfolio led to poor performance (low returns) The
table below gives the rates in percentages for the 39 months that the account was managed by the
broker. An arbitration panel composed these returns with average of the Standard and Poor's stock
index for the same period. Consider the 39 SRS monthly returns the broker would generate if he
managed the account forever. Are these returns compatible with a population mean of .95%, the S&P
500 averaged over 35 years? The numbers are already in percentages.
-2.93
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6.82
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12.22
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4.33
6.13
7.00
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-2.14
-8.66
-65
-1.41
-1.03
4.34
-1.22
-.09
2.35
-10.27
7.34
-7.24
12.03
Test the investors' claim at the alpha level .05 significance level. (name the hypotheses,
parameter, type of test and make…
Chapter 1 Solutions
Business Statistics: A First Course (7th Edition)
Ch. 1 - Four different beverages are sold at a fast-food...Ch. 1 - U.S. businesses are listed by size: small, medium,...Ch. 1 - Prob. 1.3LBCh. 1 - Prob. 1.4ACCh. 1 - Prob. 1.5ACCh. 1 - Prob. 1.6ACCh. 1 - For each of the following variables, determine...Ch. 1 - Prob. 1.8ACCh. 1 - Prob. 1.9ACCh. 1 - Prob. 1.10AC
Ch. 1 - The director of market research at a large...Ch. 1 - Prob. 1.12ACCh. 1 - Prob. 1.15ACCh. 1 - Prob. 1.17LBCh. 1 - Fora population of N = 902, verify that by...Ch. 1 - Given a population of N = 93, starting in row 29,...Ch. 1 - Prob. 1.20ACCh. 1 - You want to select a random sample of n = 1 from a...Ch. 1 - Prob. 1.22ACCh. 1 - The registrar of a university with a population of...Ch. 1 - Prenumbered sales invoices are kept in a sales...Ch. 1 - Prob. 1.26ACCh. 1 - Prob. 1.27ACCh. 1 - Prob. 1.30ACCh. 1 - Prob. 1.31CYUCh. 1 - Prob. 1.32CYUCh. 1 - Prob. 1.33CYUCh. 1 - Prob. 1.34CYUCh. 1 - Prob. 1.35CYUCh. 1 - Results of a 2013 Adobe Systems study on retail...Ch. 1 - Prob. 1.38CRPCh. 1 - Prob. 1.39CRPCh. 1 - Prob. 1.40CRPCh. 1 - Prob. 1.42CRPCh. 1 - A manufacturer of cat food is planning to survey...
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- a) Genenesis Dispensary is contemplating of opening a new branch in Mwanza. If the medical for medical service is favourable, Genesis could realize a net profit of Tsh.100 million. On the other hand, if the market turn out to be unfavourable, it can end up losing Tsh. 40 million. Of course, Genesis may opt not to persue this option of expanding its operations. In the absence of data from which to base its decision, te best guess for Gensis is equally likely that the dispensary will either be successful or unsuccessful Required: i) Use the decison tree approach, what decison should Genesis Dispensary take b) Market research firm named, Easy Market Access approach Genesis with an offer to undertake a study of Mwanza medical service market at a fee of Tsh. 5 million. Easy Market Access claims that their experience enables them to use Bayes’ Theoremn to make the following statements about different state of the market: ▪ Provide that the study is favourable, the probability of favourable…arrow_forward10 There is some evidence that, in the years 1981 – 85, a simple name change resulted in a short-term increase in the price of certain business firms' stocks (relative to the prices of similar stocks). (See D. Horsky and P. Swyngedouw, "Does it pay to change your company's name? A stock market perspective," Marketing Science v.6, pp. 320 - 35, 1987.) Suppose that, to test the profitability of name changes in the more recent market (the past five years), we analyze the stock prices of a large sample of corporations shortly after they changed names, and we find that the mean relative increase in stock price was about 0.79%, with a standard deviation of 0.16%. Suppose that this mean and standard deviation apply to the population of all companies that changed names during the past five years. Complete the following statements about the distribution of relative increases in stock price for all companies that changed names during the past five years. (a) According to Chebyshev's theorem, at…arrow_forwardThere is some evidence that, in the years 1981-85, a simple name change resulted in a short-term increase in the price of certain business firms' stocks (relative to the prices of similar stocks). (See D. Horsky and P. Swyngedouw, "Does it pay to change your company's name? A stock market perspective," Marketing Science v.6, pp. 320-35,1987.) Suppose that, to test the profitability of name changes in the more recent market (the past five years), we analyze the stock prices of a large sample of corporations shortly after they changed names, and we find that the mean relative increase in stock price was about 0.87 %, with a standard deviation of 16 %. Suppose that this mean and standard deviation apply to the population of all companies that changed names during the past five years. Complete the following statements about the distribution of relative increases in stock price for all companies that changed names during the past five years. (a) According to Chebyshev's theorem, at least…arrow_forward
- Individuals filing federal income tax returns prior to March 31 had an average refund of $1102. Consider the population of “last-minute” filers who mail their returns during the last five days of the income tax period (typically April 10 to April 15). A researcher suggests that one of the reasons that individuals wait until the last five days to file their returns is that on average those individuals have a lower refund than early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher’s contention. For a sample of 600 individuals who filed a return between April 10 and April 15, the sample mean refund was $1050 and the standard deviation was $500. Compute the p-value. Using α = 0.05, what is your conclusion? Test the hypotheses using the critical value approach (α = 0.025).arrow_forwardIndividuals filing federal income tax returns prior to March 31 received an average refund of $1,089. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). A. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher's contention. H0 : µ is greater than or equal to 1,089 (already answered) Ha : µ is less than 1,089 (already answered) B. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $920. Based on prior experience a population standard deviation of σ =$1,800 may be assumed. What is the p-value (to 4 decimals)? C. Using a= 0.05, what is the critical value for the test statistic? Enter negative value as negative number. FYI, THIS IS…arrow_forwardIndividuals filing federal income tax returns prior to March 31 received an average refund of $1,080. Consider the population of "last- minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of Ho will support the researcher's contention. Ho: µ is Select Ha: u is Select b. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $920. Based on prior experience a population standard deviation of o = $1,800 may be assumed. What is the p-value (to 4 decimals)? c. Using a = .05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early fliers? Select v Answer the next three questions using the…arrow_forward
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