Basic Business Statistics, Student Value Edition
14th Edition
ISBN: 9780134685113
Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 5, Problem 40PS
The Consumer Financial Protection Bureau’s Consumer Response Team hears directly from consumer about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions and assists in addressing their complaints. Of the consumers who registered a bank account and service complaint, 46% cited “account Management,� complaints related to the marketing or management of an account, as their complaint.
Consider a sample of 20 consumers who registered bank account and service complaints. Use the binomial model to answer the following questions:
a. What is the expected value, or
b. What is the standard deviation of the binomial distribution?
c. What is the
d. What is the probability that no more than 5 of the consumers cited “account Management’ as the type of complaint?
e. What is the probability that 5 or more of the consumers cited “account management� as the type of complaint?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A new brand of women
clothes is to enter the
Lebanese market. Like all
other companies, this
women's fashion company has
a research team that is
responsible for conducting a
survey to collect and analyze
information on the region and
population in order to better
understand their customers'
characteristics, their profile,
and their purchasing pattern.
What type of research
question is probably going to
be used by the research team?
Casual
Exploratory
Descriptive
Exploratory and Casual
An investigator wants to assess the association between caffeine consumption and impaired glucose tolerance, a precursor to diabetes. A study is planned to include seventy participants. Each participant will be surveyed with regard to their daily caffeine consumption. In addition, each participant will submit a blood sample which will be used to measure glucose level.
Identify the type of study proposed. Briefly explain why you think the study is of this type.
Indicate the study type's specific strengths and weaknesses.
Could the study describe be designed as a randomized clinical trial? If so, briefly outline the study design. If not, describe the barriers.
Construct the appropriate chart based on the mortality data in Finland due to Ebola virus. Please demonstrate the coding and the outcome using R software.
Chapter 5 Solutions
Basic Business Statistics, Student Value Edition
Ch. 5 - Given the following probability distributions. a....Ch. 5 - The following table contains the probability...Ch. 5 - Recently , a regional automobile dealership sent...Ch. 5 - In the carnival game Under-or -Over-Seven, a pair...Ch. 5 - The number of arrivals per minute at a bank...Ch. 5 - The manager of the commercial mortgage department...Ch. 5 - You are trying to develop a strategy for investing...Ch. 5 - You plan to invest $1,000 in a corporate bond fund...Ch. 5 - Determine the following:...Ch. 5 - Determine the mean and standard deviation of the...
Ch. 5 - The increase or decrease in the price of a stock...Ch. 5 - According to the Pew Research Center, 51 of...Ch. 5 - A student is taking a multiple-choice exam in...Ch. 5 - A manufacturing company regularly conducts quality...Ch. 5 - Past records indicates that the probability of...Ch. 5 - In Example 5.4 on page 209, you and two friends...Ch. 5 - In Example 5.4 on page 209, you and two friends...Ch. 5 - Assume a Poisson distribution....Ch. 5 - Assume a Poisson distribution....Ch. 5 - Assume a Poisson distribution with =5.0. What is...Ch. 5 - Assume that the number of airline customer service...Ch. 5 - The quality control manager of Marilyn’s Cookies...Ch. 5 - Refer to Problem 5.22. How many cookies in a batch...Ch. 5 - Prob. 24PSCh. 5 - The U.S Department of Transportation maintains...Ch. 5 - The Consumer Financial Protection Bureau’s...Ch. 5 - J.D. Power and Associates calculates and publishes...Ch. 5 - Refer to Problem 5.27. if you purchased a Toyota...Ch. 5 - A toll-free phone number is available from 9 A.M....Ch. 5 - Prob. 30PSCh. 5 - What are the four properties that must be present...Ch. 5 - Prob. 32PSCh. 5 - Darwin Head, a 35-year-old sawmill worker, won 1...Ch. 5 - Between 1896-when the Dow Jones index was...Ch. 5 - Smartphone adoption among American younger adults...Ch. 5 - One theory concerning the Dow jones industrial...Ch. 5 - Prob. 37PSCh. 5 - Prob. 38PSCh. 5 - Social log-ins involve recommending of sharing an...Ch. 5 - The Consumer Financial Protection Bureau’s...Ch. 5 - Refer to Problem 5.40. In the same time period,...Ch. 5 - One theory concerning the...Ch. 5 - Spurious correlation refers to the apparent...Ch. 5 - The United Auto Courts Reports blog notes that are...
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
- Laura Naples, manager of Heritage Inn, periodically collects and tabulates information about a sample of the hotel’s overnight guests. This information aids her in pricing and scheduling decisions she must make. The table below lists data on 10 randomly selected hotel registrants, collected as the registrants checked out. The data listed are: Number of people in the group Hotel’s shuttle service used: yes or no Total telephone charges incurred Reason for stay: business or personal *Insert hw.png 1. Before cell telephones became so common, the average telephone charge per registered group was at least $5.00. Laura suspects that the average has dropped. Test H0: m > 5 and Ha: m < 5 using a .05 level of significance. Use both the critical value and p-value approaches to hypothesis testing. 2. In the past, Laura has made some important managerial decisions based on the assumption that the average number of people in a registered group is 2.5. Now she wonders if the assumption is…arrow_forwardAn investigator wants to assess whether smoking is a risk factor for pancreatic cancer. Electronic medical records at a local hospital will be used to identify fifty patients with pancreatic cancer. One hundred patients who are similar but free of pancreatic cancer will also be selected. Each participant’s medical record will be analyzed for smoking history. Identify the type of study proposed. Briefly explain why you think the study is of this type. Indicate the study type's specific strengths and weaknesses. What is the most likely source of bias in the study .arrow_forwardThe U.S National Center for Education Statistics publishes information about schoolenrollment in Digest of Education Statistics. According to the document, 85.8% of students attend public school,22.3% attend college and 17.1% attend public college. What percentage of students attend either public schoolor college?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Hypothesis Testing - Solving Problems With Proportions; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=76VruarGn2Q;License: Standard YouTube License, CC-BY
Hypothesis Testing and Confidence Intervals (FRM Part 1 – Book 2 – Chapter 5); Author: Analystprep;https://www.youtube.com/watch?v=vth3yZIUlGQ;License: Standard YouTube License, CC-BY