 4.1E: Types of random variables. Which of the following describe continuo...
 4.2E: Types of finance random variables. Security analysts are profession...
 4.3E: NHTSA crash tests. Refer to the National Highway Traffic Safety Adm...
 4.4E: Customers in line at a Subway shop. The number of customers, x, wai...
 4.5E: Executive Compensation Scoreboard. Refer to Forbes’ 2011 “Executive...
 4.6E: Banking. Give an example of a discrete random variable that would b...
 4.7E: Economics. Give an example of a continuous random variable that wou...
 4.8E: Hotel management. Give an example of a discrete random variable tha...
 4.9E: Retailing. Give two examples of discrete random variables that woul...
 4.10E: Stock market. Give an example of a continuous random variable that ...
 4.11E: A discrete random variable x can assume five possible values: 20, 2...
 4.12E: The random variable x has the following discrete probability distri...
 4.13E: A discrete random variable x can assume five possible values: 2, 3,...
 4.14E: Explain why each of the following is or is not a valid probability ...
 4.15E: A die is tossed. Let x be the number of spots observed on the uptur...
 4.16E: Toss three fair coins and let x equal the number of heads observed....
 4.17E: Consider the probability distribution shown here:x432101234p(x)...
 4.18E: Consider the probability distribution for the random variable x sho...
 4.19E: Consider the probability distributions shown here:x012y012p(x).3.4....
 4.20E: Size of TV households. According to Nielsen’s Television Audience R...
 4.21E: NHTSA crash tests. Refer to the NHTSA crash tests of new car models...
 4.22E: Ages of “dotcom” employees. The age distribution for the employees...
 4.23E: Downloading “apps” to your cell phone. According to an August 2011 ...
 4.24E: Choosing portable grill displays. Refer to the Journal of Consumer ...
 4.25E: Do social robots walk or roll? Refer to the International Conferenc...
 4.26E: Predicting when a Florida hurricane occurs. Refer to the Southeaste...
 4.27E: Solar energy cells. According to Wired (June 2008), 35% of the worl...
 4.28E: USDA chicken inspection. In Exercise 3.17 (p. 141) you learned that...
 4.29E: Contaminated gun cartridges. A weapons manufacturer uses a liquid p...
 4.30E: The “last name” effect in purchasing. The Journal of Consumer Resea...
 4.31E: Mailrooms contaminated with anthrax. During autumn 2001, there was ...
 4.32E: Investment risk analysis. The risk of a portfolio of financial asse...
 4.33E: ?Ryder Cup miracle in golf. The Ryder Cup is a three–day golf tourn...
 4.34E: ?Stock market participation and IQ. Refer to The Journal of Finance...
 4.35E: Expected loss due to flood damage. The National Weather Service iss...
 4.36E: Expected Lotto winnings. Most states offer weekly lotteries to gene...
 4.37E: The showcase showdown. On the popular television game show The Pric...
 4.38E: Robotsensor system configuration. Engineers at Broadcom Corp. and ...
 4.39E: Parlay card betting. Odds makers try to predict which professional ...
 4.40E: Compute the following:
 4.41E: Consider the following probability distribution: a. Is x a discrete...
 4.42E: Suppose x is a binomial random variable with n = 3 and p = .3.a. Ca...
 4.43E: If x is a binomial random variable, compute p(x) for each of the fo...
 4.44E: If x is a binomial random variable, use Table I in Appendix D to fi...
 4.45E: If x is a binomial random variable, calculate ?, ?2, and ? for each...
 4.46E: The binomial probability distribution is a family of probability di...
 4.47E: Working on summer vacation. Recall (Exercise 3.14, p. 141) that an ...
 4.48E: Hotel guest satisfaction. Each year, J. D. Power and Associates pub...
 4.49E: Paying for music downloads. A Pew Internet & American Life Project ...
 4.50E: Physicians’ opinions on a career in medicine. Many primary care doc...
 4.51E: Job satisfaction of law librarians. According to the Canadian Journ...
 4.52E: Immediate feedback to incorrect exam answers. Researchers from the ...
 4.53E: Fingerprint expertise. Refer to the Psychological Science (August 2...
 4.54E: Making your vote count. Refer to the Chance (Fall 2007) study on ma...
 4.55E: Bridge inspection ratings. According to the National Bridge Inspect...
 4.56E: Tax returns audited by the IRS. According to the Internal Revenue S...
 4.57E: FDA report on pesticides in food. Every quarter, the Food and Drug ...
 4.58E: Purchasing decision. Suppose you are a purchasing officer for a lar...
 4.59E: USGA golf ball specifications. According to the U.S. Golf Associati...
 4.60E: Reliability of a “oneshot” device. A “oneshot” device can be used...
 4.61E: Consider the probability distribution shown here: a. Is x a discret...
 4.62E: Assume that x is a random variable having a Poisson probability dis...
 4.63E: Given that x is a hypergeometric random variable, compute p(x) for ...
 4.64E: Given that x is a hypergeometric random variable with N = 8, n = 3,...
 4.65E: Given that x is a random variable for which a Poisson probability d...
 4.66E: Suppose x is a random variable for which a Poisson probability dist...
 4.67E: Suppose you plan to sample 10 items from a population of 100 items ...
 4.68E: Given that x is a hypergeometric random variable with N = 10, n = 5...
 4.69E: Do social robots walk or roll? Refer to the International Conferenc...
 4.70E: FDIC bank failures. The Federal Deposit Insurance Corporation (FDIC...
 4.71E: Airline fatalities. U.S. airlines average about 4.5 fatalities per ...
 4.72E: Male nannies. According to the International Nanny Association (INA...
 4.73E: Contaminated gun cartridges. Refer to the investigation of contamin...
 4.74E: NASA and rare planet transits. A “planet transit” is a rare celesti...
 4.75E: Museum management. Refer to the Museum Management and Curatorship (...
 4.76E: Traffic fatalities and sporting events. The relationship between cl...
 4.77E: Cell phone handoff behavior. Refer to the Journal of Engineering, C...
 4.78E: Guilt in decision making. The Journal of Behavioral Decision Making...
 4.79E: Flaws in plasticcoated wire. The British Columbia Institute of Tec...
 4.80E: Noise in laser imaging. Penumbrol imaging is a technique used by sc...
 4.81E: Making highstakes insurance decisions. The Journal of Economic Psy...
 4.82E: Waiting for a car wash. An automatic car wash takes exactly 5 minut...
 4.83E: Gender discrimination suit. The Journal of Business & Economic Stat...
 4.84E: Find the area under the standard normal probability distribution be...
 4.85E: Find the following probabilities for the standard normal random var...
 4.86E: Find the following probabilities for the standard normal random var...
 4.87E: Find each of the following probabilities for the standard normal ra...
 4.88E: Find a value of the standard normal random variable z, call it z0, ...
 4.89E: Find a value of the standard normal random variable z, call it z0, ...
 4.90E: Give the zscore for a measurement from a normal distribution for t...
 4.91E: Suppose the random variable x is best described by a normal distrib...
 4.92E: The random variable x has a normal distribution with ? = 1,000 and ...
 4.93E: Suppose x is a normally distributed random variable with ? = 11 and...
 4.94E: Suppose x is a normally distributed random variable with ? = 50 and...
 4.95E: Suppose x is a binomial random variable with p = .4 and n = 25.a. W...
 4.96E: Assume that x is a binomial random variable with n = 1,000 and p = ...
 4.97E: Tomato as a taste modifier. Miraculin—a protein naturally produced ...
 4.98E: Corporate sustainability of CPA firms. Refer to the Business and So...
 4.99E: Shopping vehicle and judgment. Refer to the Journal of Marketing Re...
 4.100E: The business of casino gaming. Casino gaming yields over $35 billio...
 4.101E: Buyside vs. sellside analysts’ earnings forecasts. Financial anal...
 4.102E: NHTSA crash safety tests. Refer to Exercise 4.21 (p. 195) and the N...
 4.103E: Paying for music downloads. In Exercise 4.49 (p. 210) you learned t...
 4.104E: LASIK surgery complications. According to studies, 1% of all patien...
 4.105E: Optimal goal target in soccer. When attempting to score a goal in s...
 4.106E: Mean shifts on a production line. Six Sigma is a comprehensive appr...
 4.107E: Rating employee performance. Almost all companies utilize some type...
 4.108E: Ambulance response time. Ambulance response time is measured as the...
 4.109E: Personnel dexterity tests. Personnel tests are designed to test a j...
 4.110E: Manufacturing hourly pay rate. Government data indicate that the me...
 4.111E: California’s electoral college votes. During a presidential electio...
 4.112E: Hotel guest satisfaction. Refer to the North American Hotel Guest S...
 4.113E: Credit card market shares. The following table reports the U.S. cre...
 4.114E: Industrial filling process. The characteristics of an industrial fi...
 4.115E: Executive coaching and meeting effectiveness. Poor executive leader...
 4.116E: Box plots and the standard normal distribution. What relationship e...
 4.117E: If a population data set is normally distributed, what is the propo...
 4.118E: Consider a sample data set with the following summary statistics: s...
 4.119E: Normal probability plots for three data sets are shown on the next ...
 4.120E: Examine the sample data in the accompanying table.5.9 5.3 1.6 7.4 8...
 4.121E: Corporate sustainability of CPA firms. Refer to the Business and So...
 4.122E: Shear strength of rock fractures. Understanding the characteristics...
 4.123E: Drug content assessment. Scientists at GlaxoSmithKline Medicines Re...
 4.124E: Ranking PhD programs in economics. Refer to the Southern Economic J...
 4.125E: Software file updates. Software configuration management was used t...
 4.126E: Wearout of used display panels. Wearout failure time of electroni...
 4.127E: NHTSA crash tests. Refer to the NHTSA crash test data for new cars....
 4.128E: Cruise ship sanitation scores. Refer to the data on the Jan. 2010 s...
 4.129E: Ranking driving performance of professional golfers. Refer to The S...
 4.130E: Department of Defense START sheets. The DoD RAC publishes START she...
 4.131E: Semester hours taken by CPA candidates. Refer to the Journal of Acc...
 4.132E: Suppose x is a random variable best described by a uniform probabil...
 4.133E: Suppose x is a random variable best described by a uniform probabil...
 4.134E: Refer to Exercise 4.133. Find the following probabilities:1. b. c. ...
 4.135E: Suppose x has an exponential distribution with ? = 1. Find the foll...
 4.136E: Suppose x has an exponential distribution with ? = 2.5. Find the fo...
 4.137E: The random variable x is best described by a uniform probability di...
 4.138E: The random variable x can be adequately approximated by an exponent...
 4.139E: Requests to a Web server. According to Brighton Webs LTD, a British...
 4.140E: Preventative maintenance tests. The optimal scheduling of preventat...
 4.141E: Maintaining pipe wall temperature. Maintaining a constant pipe wall...
 4.142E: New method for detecting anthrax. Researchers at the University of ...
 4.143E: Lead in metal shredder residue. On the basis of data collected from...
 4.144E: Criticalpart failures in NASCAR vehicles. In NASCAR races such as ...
 4.145E: Social network densities. Social networking sites for business prof...
 4.146E: Marine losses for an oil company. The frequency distribution shown ...
 4.147E: Softdrink dispenser. The manager of a local softdrink bottling co...
 4.148E: Phishing attacks to email accounts. Refer to the Chance (Summer 20...
 4.149E: Product failure behavior. An article in Hotwire (Dec. 2002) discuss...
 4.150E: Cycle availability of a system. In the jargon of system maintenance...
 4.151E: Gouges on a spindle. A toolanddie machine shop produces extremely...
 4.152E: Reliability of CDROMs. In Reliability Ques (March 2004), the expon...
 4.153E: Acceptance sampling of a product. An essential tool in the monitori...
 4.154E: Reliability of a robotic device. The reliability of a piece of equi...
 4.155E: Length of life of a halogen bulb. For a certain type of halogen lig...
 4.156SE: For each of the following examples, decide whether x is a binomial ...
 4.157SE: Given that x is a binomial random variable, compute p(x) for each o...
Solutions for Chapter 4: Statistics for Business and Economics 12th Edition
Full solutions for Statistics for Business and Economics  12th Edition
ISBN: 9780321826237
Solutions for Chapter 4
Get Full SolutionsStatistics for Business and Economics was written by and is associated to the ISBN: 9780321826237. Chapter 4 includes 157 full stepbystep solutions. This expansive textbook survival guide covers the following chapters and their solutions. Since 157 problems in chapter 4 have been answered, more than 183524 students have viewed full stepbystep solutions from this chapter. This textbook survival guide was created for the textbook: Statistics for Business and Economics , edition: 12.

absolute advantage
the ability to produce a good using fewer inputs than another producer

budget surplus
an excess of tax revenue over government spending

cartel
a group of firms acting in unison

compensating differential
a difference in wages that arises to offset the nonmonetary characteristics of different jobs

demand deposits
balances in bank accounts that depositors can access on demand by writing a check

efficiency
the property of society getting the most it can from its scarce resources

Fisher effect
the oneforone adjustment of the nominal interest rate to the inflation rate

income effect
the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

macroeconomics
the study of economywide phenomena, including inflation, unemployment, and economic growth

money
the set of assets in an economy that people regularly use to buy goods and services from other peopl

monopoly
a firm that is the sole seller of a product without close substitutes

net capital outflow
the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners

prisoners’ dilemma
a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

production function
the relationship between quantity of inputs used to make a good and the quantity of output of that good

production possibilities frontier
a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

productivity
the quantity of goods and services produced from each unit of labor input

property rights
the ability of an individual to own and exercise control over scarce resources

social insurance
government policy aimed at protecting people against the risk of adverse events

tariff
tax on goods produced abroad and sold domestically

welfare economics
the study of how the allocation of resources affects economic wellbeing