Essentials Of Modern Business Statistics With Microsoft Excel, Loose-leaf Version

7th Edition

ISBN: 9781337298308

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: Cengage Learning

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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Textbook Question

Chapter 6.2, Problem 25E

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55.

What is the probability that a hotel room costs $225 more per night?
What is the probability that a hotel room costs less than $140 per night?
What is the probability that a hotel room costs between $200 and $300 per night?
What is the cost of the most expensive 20% of hotel rooms in New York City?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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Chapter 6.2, Problem 24E

Chapter 6.3, Problem 26E

Chapter 6 Solutions

Essentials Of Modern Business Statistics With Microsoft Excel, Loose-leaf Version

Ch. 6.1 - The random variable x is known to be uniformly...Ch. 6.1 - Delta Airlines quotes a flight time of 2 hours, 5...Ch. 6.1 - Prob. 4E Ch. 6.1 - In October 2012, Apple introduced a much smaller...Ch. 6.2 - A random variable is normally distributed with a...Ch. 6.2 - Prob. 12E Ch. 6.2 - Prob. 15E Ch. 6.2 - Prob. 19E Ch. 6.2 - The time needed to complete a final examination in...Ch. 6.2 - New York City is the most expensive city in the...

Ch. 6.3 - Prob. 29E Ch. 6.3 - Wendy's restaurant has been recognized for having...Ch. 6 - Prob. 33SE Ch. 6 - The port of South Louisiana. located along 54...Ch. 6 - Prob. 45SE Ch. 6 - Specialty Toys Specialty Toys, Inc. sells a...Ch. 6 - Specialty Toys Specialty Toys, Inc. sells a...Ch. 6 - Specialty Toys Specialty Toys, Inc. sells a...Ch. 6 - Gebhardt Electronics Gebhardt Electronics produces...Ch. 6 - Gebhardt Electronics Gebhardt Electronics produces...Ch. 6 - Gebhardt Electronics Gebhardt Electronics produces...

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