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Full Download PDF of (Ebook PDF) Basic Statistics For Business and Economics 8th Edition All Chapter
Full Download PDF of (Ebook PDF) Basic Statistics For Business and Economics 8th Edition All Chapter
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Engage Students and Promote Learning?
Statistics in Action for an alpha of .01. Go to the bottom row with infinite degrees of freedom.
The z critical value is 2.326. So the decision rule is to reject the null hypoth-
esis if the test statistic exceeds 2.326. Chart 11–1 depicts the decision rule.
Margin Notes
There are more than 300 concise notes in the
margin. Each is aimed at reemphasizing the
key concepts presented immediately adja- The variance is non-negative and is zero only if all observations are the same.
Exercises
Exercises For Exercises 27–30, calculate the (a) range, (b) arithmetic mean, and (c) mean deviation
and (d) interpret the values.
27. There were five customer service representatives on duty at the Electronic Super Store
Exercises are included after sections within the during last weekend’s sale. The numbers of HDTVs these representatives sold are: 5, 8,
4, 10, and 3.
chapter and at the end of the chapter. Section 28. The Department of Statistics at Western State University offers eight sections of basic
exercises cover the material studied in the statistics. Following are the numbers of students enrolled in these sections: 34, 46, 52,
29, 41, 38, 36, and 28.
section.
Computer Output
The text includes many software
examples, using Excel, MegaStat®,
and Minitab.
vii
How Does This Text
BY CHAPTER Chapter Summary
I. There are many reasons for sampling a population.
Chapter Summary
A. The results of a sample may adequately estimate the value of the population parameter,
thus saving time and money.
B. It may be too time consuming to contact all members of the population.
C. It may be impossible to check or locate all the members of the population.
D. The cost of studying all the items in the population may be prohibitive.
Each chapter contains a brief summary of the E. Often testing destroys the sampled item and it cannot be returned to the population.
II. In an unbiased or probability sample, all members of the population have a chance of being
chapter material, including the vocabulary and
the critical formulas.
This tool lists the mathematical symbol, its mean- Population mean mu
兺 Operation of adding sigma
ing, and how to pronounce it. We believe this will 兺X Adding a group of values sigma X
help the student retain the meaning of the symbol X Sample mean X bar
based on three large data sets. These data sets are printed b. At the .05 significance level, can we conclude that there is a difference in the mean sell-
ing price of homes with an attached garage and homes without an attached garage?
c. At the .05 significance level, can we conclude that there is a difference in the mean
in Appendix A in the text and are also on the text’s web- selling price of homes in Township 1 and Township 2?
d. Find the median selling price of the homes. Divide the homes into two groups, those
site. These data sets present the students with real-world that sold for more than (or equal to) the median price and those that sold for less. Is
there a difference in the proportion of homes with a pool for those that sold at or
above the median price versus those that sold for less than the median price? Use
and more complex applications. the .05 significance level.
e. Write a summary report on your findings to parts (a), (b), (c), and (d). Address the
report to all real estate agents who sell property in Goodyear.
50. Refer to the Baseball 2010 data, which report information on the 30 Major League Base-
ball teams for the 2010 season.
a. At the .05 significance level, can we conclude that there is a difference in the mean
payroll of teams in the American League versus teams in the National League?
Practice Test
The Practice Test that appears at the end of each chap- Part 1—Objective
1. A listing of the possible outcomes of an experiment and the probability associated with each outcome is called a
.
2. The essential difference between a discrete random variable and a discrete probability distribution is that a discrete
ter is intended to give students an idea of content that probability distribution includes the .
3. In a discrete probability distribution, the sum of the possible probabilities is always equal to
4. The expected value of a probability distribution is also called the .
.
might appear on a test and how the test might be struc- 5. How many outcomes are there in a particular binomial trial? ________.
6. Under what conditions will the probability of a success change from trial to trial in a binomial experiment?
7. In a Poisson Part II—Problems
experiment,
1. IRS data
the mean and variance are _______.
show that 15% of personal tax returns reporting an adjusted gross income
.
8. The Poisson distribution is a limiting case of the binomial probability distribution when n is large and more than is$1,000,000 will be
tured. The Practice Test includes both objective ques- small. subject to a computer audit. This year a CPA completed 16 returns with adjusted gross incomes more than
$1,000,000.
9. Suppose 5% of patients
a. What
taking the drug, what
who The
takeCPA wantsdrug
a certain
is theprobability
to know
probabilitydistribution
theundesirable
suffer
exactly twoapplies
likelihoods side
that the
to this situation?
suffer undesirable
returns
effects.
side effects?
willselect
If we be audited.
.
10 patients currently
chapter. b. What is the probability the IRS processes exactly three returns in a particular hour that require a refund
calculation?
c. What is the probability the IRS does not compute a refund on any return in an hour?
d. What is the probability the IRS processes at least one return in a particular hour that requires a refund
calculation?
3. A CPA studied the number of exemptions claimed on tax returns. The data are summarized in the following table.
Exemptions Percent
1 20
2 50
3 20
4 10
viii
Reinforce Student Learning?
Software Commands Software Commands
1. The Excel Commands for the descriptive statistics on
® page 71 are:
Software examples using Excel, MegaStat , and a. From the website, www.mhhe.com/lindbasic8e,
retrieve the Applewood data.
Minitab are included throughout the text, but the b. From the menu bar, select Data and then Data
Analysis. Select Descriptive Statistics and
Sales revenue
9 10 28 5.00 26 11.0
6
3 10 28
X⫽ ⫽ 2.5 Y⫽ ⫽7
4 4
0 X
1 2 3 4
5
Advertising expense sx ⫽ ⫽ 1.2909944
B3
26
sy ⫽ ⫽ 2.9439203
B 3
©(X⫺X )(Y⫺ Y ) 11
r⫽ ⫽
(n ⫺ 1)sx sy (4 ⫺1)(1.2909944)(2.9439203)
⫽ 0.9648
ix
What Technology Connects Students…
McGraw-Hill Connect® Business
Statistics
McGraw-Hill Connect Business Statistics is an online assignment and assessment solution that connects
students with the tools and resources they’ll need to achieve success through faster learning, higher reten-
tion, and more efficient studying. It provides instructors with tools to quickly select content for assignments
according to the topics and learning objectives they want to emphasize.
Online Assignments. Connect Business Statistics helps students learn more efficiently by providing prac-
tice material and feedback when they are needed. Connect grades homework automatically and provides
instant feedback on any problems that students are challenged to solve.
Excel Integrated
Data File
Student Resource Library. The Connect Business Statistics Student Library is the place for stu-
dents to access additional resources. The Student Library provides quick access to recorded lectures,
practice materials, the eBooks, data files, PowerPoint files, and more.
x
to Success in Business Statistics?
Guided Examples. These narrated video walkthroughs provide students with step-by-step guidelines
for solving selected exercises similar to those contained in the text. The student is given personalized
instruction on how to solve a problem by applying the concepts presented in the chapter. The narrated
voiceover shows the steps to take to work through an exercise. Students can go through each exam-
ple multiple times if needed.
xi
What Technology Connects Students…
Simple Assignment Management and Smart Grading. When it comes to studying, time is pre-
cious. Connect Business Statistics helps students learn more efficiently by providing feedback and practice
material when they need it, where they need it. When it comes to teaching, your time also is precious. The
grading function enables you to:
• Have assignments scored automatically, giving students immediate feedback on their work and the
ability to compare their work with correct answers.
• Access and review each response; manually change grades or leave comments for students to review.
Instructor Library. The Connect Business Statistics Instructor Library is your repository for additional
resources to improve student engagement in and out of class. You can select and use any asset that
enhances your lecture. The Connect Business Statistics Instructor Library includes:
• eBook
• PowerPoint presentations
• Test Bank
• Instructor’s Solutions Manual
• Digital Image Library
xii
to Success in Business Statistics?
McGraw-Hill Connect® Plus
Business Statistics
Connect Plus Business Statistics includes a seamless integration of an eBook and
Connect Business Statistics, with rich functionality integrated into the product.
xiii
What Software Is Available with This Text?
MegaStat® for Microsoft Excel®
2003, 2007, and 2010 (and Excel: Mac 2011)
CD ISBN: 0077496442
Note: The CD-ROM is for Windows users only.
Access Card ISBN: 0077426274
Note: Best option for both Windows and Mac users.
MegaStat® by J. B. Orris of Butler University is a full-featured Excel add-in that is available on CD and on
the MegaStat website at www.mhhe.com/megastat. It works with Excel 2003, 2007, and 2010. On the web-
site, students have 10 days to successfully download and install MegaStat on their local computer. Once
installed, MegaStat will remain active in Excel with no expiration date or time limitations. The software per-
forms statistical analyses within an Excel workbook. It does basic functions, such as descriptive statistics,
frequency distributions, and probability calculations, as well as hypothesis testing, ANOVA, and regression.
MegaStat output is carefully formatted and ease-of-use features include Auto Expand for quick data selec-
tion and Auto Label detect. Since MegaStat is easy to use, students can focus on learning statistics with-
out being distracted by the software. MegaStat is always available from Excel’s main menu. Selecting a
menu item pops up a dialog box. MegaStat works with all recent versions of Excel, including Excel 2007
and Excel 2010. Screencam tutorials are included that provide a walkthrough of major business statistics
topics. Help files are built in, and an introductory user’s manual is also included.
xiv
What Resources Are Available for Instructors?
Instructor’s Resources CD-ROM
(ISBN: 0077416759)
This resource allows instructors to conveniently access the Instructor’s Solutions Manual, Test Bank in
Word and EZ Test formats, Instructor PowerPoint slides, data files, and data sets.
All test bank questions are available in an EZ Test electronic format. Included are a number of multiple-
choice, true/false, and short-answer questions and problems. The answers to all questions are given, along
with a rating of the level of difficulty, the chapter goal that the question tests, Bloom’s taxonomy question
type, and the AACSB knowledge category.
xv
What Resources Are Available for Students?
CourseSmart
CourseSmart is a convenient way to find and buy eTextbooks. CourseSmart has the largest selection of
eTextbooks available anywhere, offering thousands of the most commonly adopted textbooks from a wide
variety of higher-education publishers. CourseSmart eTextbooks are available in one standard online
reader with full text search, notes and highlighting, and e-mail tools for sharing notes between classmates.
Visit www.CourseSmart.com for more information on ordering.
ALEKS also includes a new instructor module with powerful, assignment-driven features and extensive con-
tent flexibility. ALEKS simplifies course management and allows instructors to spend less time with admin-
istrative tasks and more time directing student learning. To learn more about ALEKS, visit www.aleks.com.
xvi
Acknowledgments
This edition of Basic Statistics for Business and Economics is the product of many people: students, colleagues, reviewers,
and the staff at McGraw-Hill/Irwin. We thank them all. We wish to express our sincere gratitude to the survey and focus group
participants, and the reviewers:
xvii
Acknowledgments
Quidong Cao Fred Hulme Mary Anne Rothermel
Winthrop University Baylor University University of Akron
James Carden L. Allison Jones-Farmer Paul Sen
University of Mississippi Auburn University University of North Florida
Juan Castro John Landry Murali Shanker
LeTourneau University Metropolitan State College of Denver Kent State University
Joan Donahue Carel Ligeon Debra Stiver
University of South Carolina Auburn University—Montgomery University of Nevada—Reno
Chia-Shin Chung Ed Melnick Jesus Valencia
Cleveland State University New York University Slippery Rock University
Gary Cummings Carol Monroe Kathleen Whitcomb
Walsh College Baylor University University of South Carolina
Linda Dawson Khosrow Moshirvaziri Blake Whitten
University of Washington— California State University—Long Beach University of Iowa
Tacoma Maureen O’Brien Bill Younkin
Kathryn Ernstberger University of Minnesota— University of Miami
Indiana University Southeast Duluth Xiaolong (Jonathan) Zhang
Joseph Fuhr J. Burdeane Orris Georgia Southern University
Widener University Butler University Zhiwei (Henry) Zhu
Alison Kelly Hawke Priya Rajagopalan University of Louisiana
Suffolk University Purdue University
Their suggestions and thorough reviews of the previous edition and the manuscript of this edition make this a better text.
Special thanks go to a number of people. Julia Norton of California State University–Hayward, Christopher Rogers of Miami
Dade College, Carol Diminnie of Angelo State University, and Ed Pappanastos, Troy University, reviewed the manuscript and page
proofs, checking exercises for accuracy. Samuel Wathen of Coastal Carolina University prepared the quizzes and the Test Bank.
René Ordonez of Southern Oregon University prepared the PowerPoint presentation, screencam tutorials, and guided examples.
Denise Heban and the authors prepared the Instructor’s Solutions Manual.
We also wish to thank the staff at McGraw-Hill. This includes Steve Schuetz, Executive Editor; Wanda Zeman, Senior
Development Editor; Diane Nowaczyk, Senior Project Manager; and others we do not know personally, but who have made
valuable contributions.
xviii
Enhancements to Basic Statistics for Business
and Economics, 8e
Changes Made in All Chapters and Major Chapter 3 Describing Data: Numerical
Changes to Individual Chapters: Measures
• Changed Goals to Learning Objectives and identified the • New data on averages in the introduction: average num-
location in the chapter where the learning objective is ber of TV sets per home, average spending on a wed-
discussed. ding, and the average price of a theater ticket.
• Added section numbering to each main heading. • A new description of the calculation and interpretation of
• Identified exercises where the data file is included on the the population mean using the distance between exits
text website. on I-75 through Kentucky.
• Revised the Major League Baseball data set to reflect • A new description of the median using the time manag-
the latest complete season, 2010. ing Facebook accounts.
• Revised the Real Estate data to ensure the outcomes are • Updated example/solution on the population in Las
more realistic to the current economy. Vegas.
• Added a new data set regarding school buses in a pub- • Update “Statistics in Action” on the highest batting
lic school system. average in Major League Baseball for 2010. It was
Josh Hamilton of the Texas Rangers, with an average
• Updated screens for Excel 2010, Minitab, and MegaStat.
of .359.
• Revised the core example in Chapters 1–4 to reflect the
• New chapter exercises 22 (real estate commissions),
current economic conditions as it relates to automobile
53 (laundry habits), 58 (blood sugar numbers), 60 (public
dealers. This example is also discussed in Chapter 13
universities in Ohio), and 64 (Kentucky Derby payoffs).
and 15.
• Added a new section in Chapter 13 describing a test to
determine whether the slope of the regression line dif-
Chapter 4 Describing Data: Displaying and
fers from zero. Exploring Data
• Added updates and clarifications throughout. • New exercise 14 with 2010 salary data for the New York
Yankees.
Chapter 1 What Is Statistics? • New chapter exercise 26 (American Society of Peri-
• New photo and chapter opening exercise on the “Nook Anesthesia nurses component membership).
Color” sold by Barnes & Noble.
• New ordinal scale example based on rankings of states Chapter 5 A Survey of Probability Concepts
based on business climate. • New exercises 31 (number of successful field goal
• Census updates on U.S. population, sales of Boeing air- attempts), 52 (number of hits in a Major League Base-
craft, and Forbes data in “Statistics in Action” feature. ball game), 53 (winning a tournament), and 54 (winning
• New chapter exercises 17 (data on 2010 vehicle sales) and Jeopardy).
19 (ExxonMobil sales prior to the Deepwater Horizon, Gulf
of Mexico oil spill.). Chapter 6 Discrete Probability Distributions
• New Self-Review 6–4.
Chapter 2 Describing Data: Frequency Tables,
• New exercises 34 (raffle ticket), 45 (scented body wash),
Frequency Distributions, and Graphic Presentation and 50 (home foreclosures).
• New featured data set, Applewood Auto Group.
• New presentation of frequency tables, bar charts, and Chapter 7 Continuous Probability
pie charts using the Applewood Auto Group data set. Distributions
• New presentation of Excel’s PivotTable application, with
• New Self-Review 7–2 (water consumption).
emphasis on creating frequency and relative frequency
tables and distributions, and bar charts, pie charts, and • New Self-Reviews 7–4 and 7–5 involving coffee
histograms. temperature.
• New self-review with data set (Barry Bonds’s home runs). • New exercise 26 (SAT Reasoning Test).
• New exercises 45 (brides picking their wedding site) and • New exercise 29 (Hurdle Rate for economic investment).
46 (revenue in the state of Georgia). • Several glossary updates and clarifications.
xix
Enhancements to Basic Statistics for Business
and Economics, 8e
Chapter 8 Sampling Methods and the Central Chapter 13 Correlation and Linear Regression
Limit Theorem • Rewrote the introduction section to the chapter.
• New exercise 44 (price of milk). • Added a new section using the Applewood Auto Group
data from Chapters 1 to 4.
Chapter 9 Estimation and Confidence Intervals • Added a section on testing the slope of a regression line.
• A new “Statistics in Action” describing EPA fuel economy. • Added discussion of the regression ANOVA table with
• New separate section on point estimates. Excel examples.
• Integration and application of the central limit theorem. • Rewrote and relocated the section on the coefficient of
determination.
• A revised simulation demonstrating the interpretation of
confidence level. • Revised section on Transforming Data using the eco-
nomic relationship between price and demand.
• New presentation on using the t table to find z values.
• New exercises 35 (transforming data), 36 (Masters prizes
• A revised discussion of determining the confidence
and scores), 43 (2010 NFL points scored versus points
interval for the population mean.
allowed), 44 (store size and sales), and 61 (airline dis-
• Expanded section on calculating sample size. tance and fare).
• New exercises 12 (milk consumption), 29 (cost of apart-
ments in Milwaukee), 43 (drug testing in the fashion indus- Chapter 14 Multiple Regression Analysis
try), and 44 (survey of small-business owners regarding • Rewrote the section on evaluating the multiple regression
health care). equation.
• More emphasis on the regression ANOVA table.
Chapter 10 One-Sample Tests of Hypothesis
• Enhanced the discussion of the p-value in decision
• New Example/Solution involving airport parking.
making.
• Revised Software Solution and explanation of p-values.
• Added a separate section on qualitative variables in
• New exercises 17 (daily water consumption), 19 (number regression analysis.
of text messages by teenagers), 33 (household size in
• Added “Stepwise Regression.”
the United States), 47 (Super Bowl coin flip results), 52
(failure of gaming industry slot machines), 55 (study of • Added a summary problem at the end of the chapter to
the percentage of Americans that do not eat breakfast), review the major concepts.
and 58 (daily water usage).
Chapter 15 Nonparametric Methods:
Chapter 11 Two-Sample Tests of Hypothesis Goodness-of-Fit Tests
• New exercises 15 (2011 New York Yankee salaries), 33 • Reworked the Example/Solution on the chi-square
(consumer confidence survey), 35 (pets as listeners), 49 goodness-of-fit test with equal cell frequencies (favorite
(business volume), and 50 (childrens’ allowance). meals of adults).
• Added a section and corresponding examples describing
Chapter 12 Analysis of Variance the goodness-of-fit test for testing whether sample data
• Revised the names of airlines in the one-way ANOVA are from a normal population.
example. • Added a section and corresponding examples using
• New exercise 22 (flight times between Los Angeles and graphical methods for testing whether sample data are
San Francisco), and 31 (investing). from a normal population.
xx
Brief Contents
1 What Is Statistics? 1
2 Describing Data: Frequency Tables, Frequency Distributions, and Graphic
Presentation 21
3 Describing Data: Numerical Measures 59
4 Describing Data: Displaying and Exploring Data 97 Review Section
xxi
Contents
xxii
Contents xxiii
Data Set Exercises 123 6.4 The Mean, Variance, and Standard
Deviation of a Probability
Practice Test 123 Distribution 170
Software Commands 124 Mean 170
Answers to Self-Review 125 Variance and Standard Deviation 170
Exercises 172
Chapter 6.5 Binomial Probability Distribution 174
Data Set Exercises 192 8.5 The Central Limit Theorem 237
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