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Solution manual for modern business statistics with microsoft excel 6th edition ch1

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Solutions Manual to Accompany

Modern Business Statistics

6th Edition

David R. Anderson

University of Cincinnati

Dennis J. Sweeney

University of Cincinnati

Thomas A. Williams

Rochester Institute of Technology

Jeffrey D. Camm

Wake Forest University

James J. Cochran

University of Alabama

Australia Brazil Mexico Singapore United Kingdom United States

Printed in the United States of America

Print Number: 01 Print Year: 2017

WCN: 01-100-

ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher.

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For permission to use material from this text or product, submit all requests online at cengage/permissions Further permissions questions can be emailed to permissionrequest@cengage.

ISBN: 978-1-337-11522-

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Preface

The purpose of Modern Business Statistics is to provide students, primarily in the fields of

business administration and economics, with a sound conceptual introduction to the field of

statistics and its many applications. The text is applications-oriented and has been written

with the needs of the nonmathematician in mind.

The solutions manual furnishes assistance by identifying learning objectives and providing

detailed solutions for all exercises in the text. The solutions now included detailed Excel

instructions for the modern instructor and student.

Note: The solutions to the case problems are included on the instructor companion site.

David R. Anderson

Dennis J. Sweeney

Thomas A. Williams

Jeffrey D. Camm

James J. Cochran

####### 1 - 1

Chapter 1 Data and Statistics

Learning Objectives

Obtain an appreciation for the breadth of statistical applications in business and economics.
Understand the meaning of the terms elements, variables, and observations as they are used in statistics.
Obtain an understanding of the difference between categorical, quantitative, cross-sectional and time series data.
Learn about the sources of data for statistical analysis both internal and external to the firm.
Be aware of how errors can arise in data.
Know the meaning of descriptive statistics and statistical inference.
Be able to distinguish between a population and a sample.
Understand the role a sample plays in making statistical inferences about the population.
Know the meaning of the terms analytics, big data and data mining.
Be aware of ethical guidelines for statistical practice.

Data and Statistics

####### 1 - 3

a. Categorical

b. Quantitative

c. Categorical

d. Quantitative

e. Quantitative

a. Each question has a yes or no categorical response.

b. Yes and no are the labels for the customer responses. A nominal scale is being used.

a. 762

b. Categorical

c. Percentages

d. .67(762) = 510.

510 or 511 respondents said they want the amendment to pass.

a. Categorical

b. 30 of 71; 42%

a. Categorical

b. Percentages

c. 44 of 1080 respondents or approximately 4% strongly agree with allowing drivers of motor vehicles to talk on a hand-held cell phone while driving.

d. 165 of the 1080 respondents or 15% of said they somewhat disagree and 741 or 69% said they strongly disagree. Thus, there does not appear to be general support for allowing drivers of motor vehicles to talk on a hand-held cell phone while driving.

a. Categorical

b. 295 + 672 + 51 = 1018

c. 295/1018 = .29 or 29%

d. Support against; 672/1018 = .66 or 66% said they would vote against the law

a. The population is all visitors coming to the state of Hawaii.

b. Since airline flights carry the vast majority of visitors to the state, the use of questionnaires for passengers during incoming flights is a good way to reach this population. The questionnaire actually appears on the back of a mandatory plants and animals declaration form that passengers must complete during the incoming flight. A large percentage of passengers complete the visitor information questionnaire.

Chapter 1

####### 1 - 4

c. Questions 1 and 4 provide quantitative data indicating the number of visits and the number of days in Hawaii. Questions 2 and 3 provide categorical data indicating the categories of reason for the trip and where the visitor plans to stay.

a. Google revenue in billions of dollars

b. Quantitative

c. Time series

d. Google revenue is increasing over time.

a. The graph of the time series follows:

b. In Year 1 and Year 2 Hertz was the clear market share leader. In Year 3 and Year 4 Hertz and Avis have approximately the same market share. The market share for Dollar appears to be declining.

####### 0

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Year 1 Year 2 Year 3 Year 4

Cars in Service (1000s)

Hertz Dollar Avis

Chapter 1

####### 1 - 6

e. Using the sample results, we could infer or estimate 59% of the population of subscribers have an annual income of $75,000 or more and 50% of the population of subscribers have an American Express credit card.

a. 43% of managers were bullish or very bullish.

21% of managers expected health care to be the leading industry over the next 12 months.

b. We estimate the average 12-month return estimate for the population of investment managers to be 11%.

c. We estimate the average over the population of investment managers to be 2 years.

a. The two populations are the population of women whose mothers took the drug DES during pregnancy and the population of women whose mothers did not take the drug DES during pregnancy.

b. It was a survey.

c. 63/3980 = .0158 or 15 women out of each 1000 developed tissue abnormalities.

d. The article reported “twice” as many abnormalities in the women whose mothers had taken DES during pregnancy. Thus, a rough estimate would be 15/2 = 7 abnormalities per 1000 women whose mothers had not taken DES during pregnancy.

e. In many situations, disease occurrences are rare and affect only a small portion of the population. Large samples are needed to collect data on a reasonable number of cases where the disease exists.

a. The population consists of all clients that currently have a home listed for sale with the agency or have hired the agency to help them locate a new home.

b. Some of the ways that could be used to collect the data are as follows:

A survey could be mailed to each of the agency’s clients.
Each client could be sent an email with a survey attached.
The next time one of the firm’s agents meets with a client they could conduct a personal interview to obtain the data.

a. The population is American teens aged 13-17 who own a smartphone.

b. The population is American teens aged 13-17 who do not own a smartphone.

c. Pew Research conducted a sample survey. It would not be practical to conduct a census as it would take too much time and money to do so.

a. This is a statistically correct descriptive statistic for the sample.

b. An incorrect generalization since the data was not collected for the entire population.

c. An acceptable statistical inference based on the use of the word “estimate.”

d. While this statement is true for the sample, it is not a justifiable conclusion for the entire population.

Data and Statistics

####### 1 - 7

e. This statement is not statistically supportable. While it is true for the particular sample observed, it is entirely possible and even very likely that at least some students will be outside the 65 to 90 range of grades.

a. There are five variables: Exchange, Ticker Symbol, Market Cap, Price/Earnings Ratio and Gross Profit Margin.

b. Categorical variables: Exchange and Ticker Symbol

Quantitative variables: Market Cap, Price/Earnings Ratio, Gross Profit Margin

c. Exchange variable:

Exchange Frequency Percent Frequency AMEX 5 (5/25) 20% NYSE 3 (3/25) 12% OTC 17 (17/25) 68% 25 100%

d. Gross Profit Margin variable:

Gross Profit Margin Frequency 0 – 14 2 15 – 29 6 30 – 44 8 45 – 59 6 60 – 74 3 25

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####### AMEX NYSE OTC

Ex c h a n g e

Percent Frequency

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