 3.1E: An experiment results in one of the following sample points: E1, E2...
 3.2E: The diagram below describes the sample space of a particular experi...
 3.3E: The sample space for an experiment contains five sample points with...
 3.4E: Compute each of the following:
 3.5E: Compute the number of ways you can select n elements from N element...
 3.6E: Two fair dice are tossed, and the face on each die is observed.a. U...
 3.7E: Two marbles are drawn at random and without replacement from a box ...
 3.8E: Simulate the experiment described in Exercise 3.7 using any five id...
 3.9E: Colors of M&M’s candies. In 1940, Forrest E. Mars Sr. formed the Ma...
 3.10E: Workers’ unscheduled absence survey. Each year CCH, Inc., a firm th...
 3.11E: Male nannies. In a survey conducted by the International Nanny Asso...
 3.12E: Predicting when a Florida hurricane occurs. Since the early 1900s, ...
 3.13E: Going online for health information. A cyberchondriac is defined as...
 3.14E: Working on summer vacation. Is summer vacation a break from work? N...
 3.15E: Is a product “green”? A “green” product (e.g., a product built from...
 3.16E: Museum management. Refer to the Museum Management and Curatorship (...
 3.17E: USDA chicken inspection. The U.S. Department of Agriculture (USDA) ...
 3.18E: PIN pad shipments. Personal identification number (PIN) pads are de...
 3.19E: Randomization in a study of TV commercials. Gonzaga University prof...
 3.20E: Jaialai bets. The Quinella bet at the paramutual game of jaialai ...
 3.21E: Investing in stocks. From a list of 15 preferred stocks recommended...
 3.22E: Groundwater contamination in wells. Refer to the Environmental Scie...
 3.23E: Choosing portable grill displays. University of Maryland marketing ...
 3.24E: Highestrated new cars. Consumer Reports magazine annually asks rea...
 3.25E: Odds of winning a race. Handicappers for greyhound races express th...
 3.26E: Lead bullets as forensic evidence. Chance (Summer 2004) published a...
 3.27E: Making your vote count. The recent Democratic and Republican presid...
 3.28E: Suppose P(A) = .4, P(B) = .7, and P(A B) = .3. Find the following p...
 3.29E: A fair coin is tossed three times, and the events A and B are defin...
 3.30E: A pair of fair dice is tossed. Define the following events:A: {You ...
 3.31E: Consider the Venn diagram below, where P(E1) = P(E2) = P(E3) = 1/5 ...
 3.32E: Consider the Venn diagram in the next column, whereP(E1) = .10, P(E...
 3.33E: The outcomes of two variables are (Low, Medium, High) and (On, Off)...
 3.34E: Refer to Exercise 3.33. Use the same event definitions to do the fo...
 3.35E: Study of analysts’ forecasts. The Journal of Accounting Research (M...
 3.36E: s at major companies. The Organization Development Journal (Summer ...
 3.37E: Do social robots walk or roll? Refer to the International Conferenc...
 3.38E: Scanning errors at WalMart. The National Institute for Standards a...
 3.39E: Inactive oil and gas structures. U.S. federal regulations require t...
 3.40E: Social networking Web sites in the United Kingdom. In the United St...
 3.41E: Study of why EMS workers leave the job. An investigation into why e...
 3.42E: Stock market participation and IQ. The Journal of Finance (December...
 3.43E: Characteristics of a new product. The longrun success of a busines...
 3.44E: Guilt in decision making. The effect of guilt emotion on how a deci...
 3.45E: Cell phone handoff behavior. A “handoff” is a term used in wireless...
 3.46E: Likelihood of a tax return audit. At the beginning of each year, th...
 3.47E: Reliability of gas station air guages. Tire and automobile manufact...
 3.48E: Galileo’s Passedix game. Passedix is a game of chance played with t...
 3.49E: For two events, A and B, P(A) = .4, P(B) = .2, and P(A B) = .1:a. F...
 3.50E: For two events, A and B, P(A) = .4, P(B) = .2, and P(AB) = .6:a. F...
 3.51E: For two independent events, A and B, P(A) = .4 and P(B) = .2:a. Fin...
 3.52E: An experiment results in one of three mutually exclusive events, A,...
 3.53E: Consider the experiment depicted by the Venn diagram, with the samp...
 3.54E: Two fair coins are tossed, and the following events are defined: A:...
 3.55E: An experiment results in one of five sample points with the followi...
 3.56E: Two fair dice are tossed, and the following events are defined:A: {...
 3.57E: A sample space contains six sample points and events A, B, and C as...
 3.58E: Onthejob arrogance and task performance. Human Performance (Vol. ...
 3.59E: World’s largest public companies. Forbes (Apr. 20 , 2011) conducted...
 3.60E: ?Guilt in decision making. Refer to the Journal of Behavioral Decis...
 3.61E: Twitter and wireless Internet. According to the Pew Internet&Americ...
 3.62E: Identity theft victims. According to The National Crime Victimizati...
 3.63E: Study of why EMS workers leave the job. Refer to the Journal of All...
 3.64E: Working on summer vacation. Refer to the Adweek/Harris (July 2011) ...
 3.65E: ?Stock market participation and IQ. Refer to The Journal of Finance...
 3.66E: Degrees of bestpaid CEOs. Refer to the results of the Forbes (Apri...
 3.67E: Ambulance response time. Geographical Analysis (Jan. 2010) presente...
 3.68E: Working mothers with children. The U.S. Census Bureau reports a dec...
 3.69E: Intrusion detection systems. A computer intrusion detection system ...
 3.70E: Wine quality and soil. The Journal of Wine Research (Vol. 21, 2010)...
 3.71E: Are you really being served red snapper? Red snapper is a rare and ...
 3.72E: Lie detector test. The software for a lie detector based on voice s...
 3.73E: Patient medical instruction sheets. Physicians and pharmacists some...
 3.74E: Risk of a natural gas pipeline accident. Process Safety Progress (D...
 3.75E: Most likely cointossing sequence. In Parade Magazine’s (Nov. 26, 2...
 3.76E: Software defects in NASA spacecraft instrument code. Portions of co...
 3.77E: Suppose the events B1 and B2 are mutually exclusive and complementa...
 3.78E: Suppose the events B1, B2, and B3 are mutually exclusive and comple...
 3.79E: Suppose the events B1, B2, and B3 are mutually exclusive and comple...
 3.80E: Tests for Down syndrome. Currently, there are three diagnostic test...
 3.81E: Fingerprint expertise. Contrary to what is presented on TV shows li...
 3.82E: Errors in estimating job costs. A construction company employs thre...
 3.83E: Fish contaminated by a plant’s toxic discharge. Refer to the U.S. A...
 3.84E: Drug testing in athletes. Due to inaccuracies in drugtesting proced...
 3.85E: Mining for dolomite. Dolomite is a valuable mineral that is found i...
 3.86E: Nondestructive evaluation. Nondestructive evaluation (NDE) describe...
 3.87E: Purchasing microchips. An important component of your desktop or la...
 3.88E: Intrusion detection systems. Refer to the Journal of Research of th...
 3.89E: Forensic analysis of JFK assassination bullets. Following the assas...
 3.90SE: Which of the following pairs of events are mutually exclusive? Just...
 3.91SE: A sample space consists of four sample points, where P(S1) = .2, P(...
 3.92SE: For two events A and B, suppose P(A) = .7, P(B) = .5, and P(A ? B) ...
 3.93SE: A and B are mutually exclusive events, with P(A) = .2 and P(B) = .3...
 3.94SE: Two events, A and B, are independent, with P(A) = .3 and P(B) = .1....
 3.95SE: Given that P(A ? B) = .4 and P(AB) = .8, find P(B).
 3.96SE: A random sample of n = 5 is to be selected from N = 50. In how many...
 3.97SE: The Venn diagram below illustrates a sample space containing six sa...
 3.98SE: Find the numerical value of
 3.99SE: Management system failures. Refer to the Process Safety Progress (D...
 3.100SE: Annual compensation and benefits report. Each year, Hudson Institut...
 3.101SE: Ownership of small businesses. According to the Journal of Business...
 3.102SE: Condition of public school facilities. The National Center for Educ...
 3.103SE: New car crash tests. Refer to the National Highway Traffic Safety A...
 3.104SE: Speeding linked to fatal car crashes. According to the National Hig...
 3.105SE: Survey on energy conservation. A state energy agency mailed questio...
 3.106SE: Identifying urban counties. Urban and rural describe geographic are...
 3.107SE: Use of country club facilities. A local country club has a membersh...
 3.108SE: Monitoring quality of power equipment. Mechanical Engineering (Feb....
 3.109SE: Federal civil trial appeals. The Journal of the American Law and Ec...
 3.110SE: Assembling a panel of energy experts. The state legislature has app...
 3.111SE: Testing a watch manufacturer’s claim. A manufacturer of electronic ...
 3.112SE: Ranking razor blades. The corporations in the highly competitive ra...
 3.113SE: Link between cigar smoking and cancer. The Journal of the National ...
 3.114SE: Which events are independent? Use your intuitive understanding of i...
 3.115SE: Home modifications for wheelchair users. The American Journal of Pu...
 3.116SE: World Cup soccer match draws. Every 4 years the world’s 32 best nat...
 3.117SE: Chance of an Avon sale. The probability that an Avon salesperson se...
 3.118SE: Repairing a computer network. The local area network (LAN) for the ...
 3.119SE: Profile of a sustainable farmer. Sustainable development or sustain...
 3.120SE: Evaluating the performance of quality inspectors. The performance o...
 3.121SE: System components operating in series and parallel. Consider the tw...
 3.122SE: Probability of winning a war. Before a country enters into a war, a...
 3.123SE: Detecting traces of TNT. University of Florida researchers in the D...
 3.124SE: Malfunctioning production lines. A manufacturing operation utilizes...
 3.125SE: Scrap rate of machine parts. A press produces parts used in the man...
 3.126SE: Chance of winning at “craps.” A version of the dice game “craps” is...
 3.127SE: Chance of winning blackjack. Blackjack, a favorite game of gamblers...
 3.128SE: Strategy in the game “Go.” “Go” is one of the oldest and most popul...
 3.129SE: “Let’s Make a Deal.” Marilyn vos Savant, who is listed in Guinness ...
 3.130SE: Flawed Pentium computer chip. In October 1994, a flaw was discovere...
Solutions for Chapter 3: Statistics for Business and Economics 12th Edition
Full solutions for Statistics for Business and Economics  12th Edition
ISBN: 9780321826237
Solutions for Chapter 3
Get Full SolutionsThis expansive textbook survival guide covers the following chapters and their solutions. Since 130 problems in chapter 3 have been answered, more than 185466 students have viewed full stepbystep solutions from this chapter. Chapter 3 includes 130 full stepbystep solutions. This textbook survival guide was created for the textbook: Statistics for Business and Economics , edition: 12. Statistics for Business and Economics was written by and is associated to the ISBN: 9780321826237.

benefits principle
the idea that people should pay taxes based on the benefits they receive from government services

capital
the equipment and structures used to produce goods and services

corrective tax
a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

depression
a severe recession

economic profit
total revenue minus total cost, including both explicit and implicit costs

finance
the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk

game theory
the study of how people behave in strategic situations

inferior good
a good for which, other things being equal, an increase in income leads to a decrease in demand

internalizing the externality
altering incentives so that people take account of the external effects of their actions

liberalism
the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

microeconomics
the study of how households and firms make decisions and how they interact in markets

moral hazard
the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

Nash equilibrium
a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

nominal variables
variables measured in monetary units

price floor
a legal minimum on the price at which a good can be sold

principal
a person for whom another person, called the agent, is performing some act

private goods
goods that are both excludable and rival in consumption

real GDP
the production of goods and services valued at constant prices

reserve ratio
the fraction of deposits that banks hold as reserves

Tragedy of the Commons
a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole