STAT3331 MindTap Practice Problems Ch 2
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 (a)Considering only offices without a wait-tracking system, what is the z-score for the 10th patient in the sample (wait time = 37 minutes)?If required, round your answers to two decimal places.
*0.48
The scatter chart in the following figure was created using sample data for profits and market capitalizations from a sample of firms in the Fortune 500. Click on the datafile logo to reference the data. (c)Calculate the correlation coefficient between profits and market capitalization. If required, round your answer to four decimal places. If your answer is negative use "minus sign". What does the correlation coefficient indicate about the relationship between profits and market capitalization? This indicates that there is a ___ between profits and market capitalization.
*0.8229 *strong linear relationship
Consider a sample with data values of 53, 55, 70, 58, 64, 57, 53, 69, 57, 68, and 53. Compute the mean, median, and mode. If required, round your answers to two decimal places. Mean = ___ Median = ___ Mode = ___
*59.73 *57 *53
The Graduate Management Admission Test (GMAT) is a standardized exam used by many universities as part of the assessment for admission to graduate study in business. The average GMAT score is 547 (Magoosh web site). Assume that GMAT scores are bell-shaped with a standard deviation of 100. If required, round your answers to one decimal place. (d)What percentage of GMAT scores are between 347 and 647?
*81.5%
A Wall Street Journal subscriber survey asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provides categorical or quantitative data. (b)Are you male or female?
*Categorical
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 (c)Based on z-scores, do the data for offices without a wait-tracking system contain any outliers? Based on z-scores, do the data for offices with a wait-tracking system contain any outliers?
*No *No
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 (e)Do offices with a wait-tracking system have shorter patient wait times than offices without a wait-tracking system?
*Yes
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 Even though the patients had the same wait time, the z-score for the sixth patient in the sample who visited an office with a wait tracking system is much ___
*larger
University endowments are financial assets that are donated by supporters to be used to provide income to universities. There is a large discrepancy in the size of university endowments. The following table provides a listing of many of the universities that have the largest endowments as reported by the National Association of College and University Business Officers in 2017. Summarize the data by constructing the following: (c)A cumulative frequency distribution. (d)A cumulative relative frequency distribution. Do not round intermediate calculations. If required, round your answers to two decimal places.
Endowment Amount ($ Billions) 0-1.9 2.0-3.9 4.0-5.9 6.0-7.9 8.0-9.9 10.0-11.9 12.0-13.9 14.0-15.9 16.0-17.9 18.0-19.9 20.0-21.9 22.0-23.9 24.0-25.9 26.0-27.9 28.0-29.9 30.0-31.9 32.0-33.9 34.0-35.9 36.0-37.9 *Cumulative Frequency 10 34 41 46 49 53 54 55 55 55 55 56 57 59 59 59 59 59 60 *Cumulative Relative Frequency 0.17 0.57 0.68 0.77 0.82 0.88 0.90 0.92 0.92 0.92 0.92 0.93 0.95 0.98 0.98 0.98 0.98 0.98 1.00
In a study of how chief executive officers (CEOs) spend their days, it was found that CEOs spend an average of about 18 hours per week in meetings, not including conference calls, business meals, and public events. Shown here are the times spent per week in meetings (hours) for a sample of 25 CEOs: Click on the datafile logo to reference the data. 14,15,18,23,15,19,20,13,15,23,23,21,15,20,21,16,15,18,18,19,19,22,23,21,12 (a)What is the least amount of time a CEO spent per week in meetings in this sample? The highest? Least amount of time: ___ hours Highest amount of time: ___ hours (b)Use a class width of 2 hours to prepare a frequency distribution and a percent frequency distribution for the data. If an answer is zero, enter "0". (c)Choose the correct histogram for the frequency distribution table in part b. Comment on the shape of the distribution. The distribution is ___.
*12 *23 Hours in Meeting per Week 11-12 13-14 15-16 17-18 19-20 21-22 23-24 *Frequency 1 2 6 3 5 4 4 *Percent Frequency 4% 8% 24% 12% 20% 16% 16% *Graph(iii) *skewed to the left
Consider a sample with data values of 10, 20, 12, 17, and 16. (a)Compute the mean and median. Mean = ___ Median = ___ (b)Consider a sample with data values 10, 20, 12, 17, 16, and 12. How would you expect the mean and median for these sample data to compare to the mean and median for part a (higher, lower, or the same)? (i)Both the mean and median will decrease. (ii)The mean will increase while the median will decrease. (iii)The mean will increase while the median will increase. (iv)Both the mean and median will increase. (v)Both the mean and median will stay the same. Compute the mean and median for the sample data 10, 20, 12, 17, 16, and 12.If required, round your answers to one decimal place. Mean = ___ Median = ___
*15 *16 *Option (i) *14.5 *14
The Graduate Management Admission Test (GMAT) is a standardized exam used by many universities as part of the assessment for admission to graduate study in business. The average GMAT score is 547 (Magoosh web site). Assume that GMAT scores are bell-shaped with a standard deviation of 100. If required, round your answers to one decimal place. (a)What percentage of GMAT scores are 647 or higher?
*16%
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 (a)What are the mean and median patient wait times for offices with a wait-tracking system? If required, round your answer to two decimal places. Mean = ___ Median = ___
*17.20 *13.50
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 (b)Considering only offices with a wait-tracking system, what is the z-score for the 6th patient in the sample (wait time = 37 minutes)?If required, round your answers to two decimal places.
*2.13
The Graduate Management Admission Test (GMAT) is a standardized exam used by many universities as part of the assessment for admission to graduate study in business. The average GMAT score is 547 (Magoosh web site). Assume that GMAT scores are bell-shaped with a standard deviation of 100. If required, round your answers to one decimal place. (b)What percentage of GMAT scores are 747 or higher?
*2.4%
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 What are the variance and standard deviation of patient wait times for offices without a wait-tracking system? Round your answer to two decimal places. Variance = ___ Standard deviation = ___
*275.66 *16.60
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 What are the mean and median patient wait times for offices without a wait-tracking system?If required, round your answer to two decimal places. Mean = ___ Median = ___
*29.10 *23.50
The Graduate Management Admission Test (GMAT) is a standardized exam used by many universities as part of the assessment for admission to graduate study in business. The average GMAT score is 547 (Magoosh web site). Assume that GMAT scores are bell-shaped with a standard deviation of 100. If required, round your answers to one decimal place. (c)What percentage of GMAT scores are between 447 and 547?
*34%
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 (b)What are the variance and standard deviation of patient wait times for offices with a wait-tracking system? Round your answer to two decimal places. Variance = ___ Standard deviation = ___
*86.18 *9.28
A Wall Street Journal subscriber survey asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provides categorical or quantitative data. (c)When did you first start reading the WSJ? High school, college, early career, midcareer, late career, or retirement?
*Categorical
A Wall Street Journal subscriber survey asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provides categorical or quantitative data. (e)What type of vehicle are you considering for your next purchase? Nine response categories include sedan, sports car, SUV, minivan, and so on.
*Categorical
The owner of an automobile repair shop studied the waiting times for customers who arrive at the shop for an oil change. The following data with waiting times in minutes were collected over a one-month period. Click on the datafile logo to reference the data. 2,5,10,12,4,4,5,17,11,8,9,8,12,21,6,8,7,13,18,3 (a)Develop a frequency distribution using classes of 0-4, 5-9, 10-14, 15-19, and 20-24. (b)Develop a relative frequency distribution using the classes in part (a). If required, round your answers to two decimal places. (c)Develop a cumulative frequency distribution using the classes in part (a). (d)Develop a cumulative relative frequency distribution using the classes in part (a). If required, round your answers to two decimal places. (e)What proportion of customers need an oil change who wait 9 minutes or less?
*Frequency 4 8 5 2 1 *Total 20 *Relative Frequency 0.20 0.40 0.25 0.10 0.05 *Total 1.00 *Cumulative Frequency 4 12 17 19 20 *Cumulative Relative Frequency 0.20 0.60 0.85 0.95 1.00 *60%
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 (c)Choose the correct box plot for patient wait times for offices without a wait-tracking system. (d)Choose the correct box plot for patient wait times for offices with a wait-tracking system.
*Graph (iii) *Graph(ii)
A Wall Street Journal subscriber survey asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provides categorical or quantitative data. (a)What is your age?
*Quantitative
A Wall Street Journal subscriber survey asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provides categorical or quantitative data. (d)How long have you been in your present job or position?
*Quantitative
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 How does this z-score compare with the z-score you calculated for part (a)? Both patients had wait times that ___ the means of their respective samples, as indicated by the ___ z-scores.
*exceeded *positive
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 Explain. Wait times for patients without the wait-tracking system have ___ variability than wait time for patients with the wait-tracking system.
*greater
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 Explain. The mean and median wait times for patients with the wait-tracking system are ___ than the corresponding values for patients without the wait-tracking system.
*less
University endowments are financial assets that are donated by supporters to be used to provide income to universities. There is a large discrepancy in the size of university endowments. The following table provides a listing of many of the universities that have the largest endowments as reported by the National Association of College and University Business Officers in 2017. (e)What do these distributions tell you about the endowments of universities? Most universities have endowments of ___ than $16 billion. (f)Choose the correct histogram. Comment on the shape of the distribution. The histogram shows the distribution is skewed to the ___. (g)What is the largest university endowment and which university holds it? ___ has the largest endowment at $ ___ billion.
*less *Graph (iii) *right *Harvard University *36.0
The scatter chart in the following figure was created using sample data for profits and market capitalizations from a sample of firms in the Fortune 500. Click on the datafile logo to reference the data. (a)Discuss what does this scatter chart indicates about the relationship between profits and market capitalization? The scatter chart indicates that there may be a ___ linear relationship between profits and market capitalization. (b)The data used to produce this are contained in the file Fortune500. Calculate the covariance between profits and market capitalization. If required, round your answer to an integer. If your answer is negative use "minus sign". Discuss what does the covariance indicates about the relationship between profits and market capitalization? This indicates that there is a ___ relationship between profits and market capitalization.
*positive *131804979 *positive
Suppose that the average waiting time for a patient at a physician's office is just over 29 minutes. In order to address the issue of long patient wait times, some physicians' offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with a wait-tracking system. Click on the datafile logo to reference the data. Without Wait-Tracking System 24,67,17,20,31,44,12,23,16,37 With Wait-Tracking System 31,11,14,18,12,37,9,13,12,15 because that patient is part of a sample with a ___ mean and standard deviation.
*smaller
University endowments are financial assets that are donated by supporters to be used to provide income to universities. There is a large discrepancy in the size of university endowments. The following table provides a listing of many of the universities that have the largest endowments as reported by the National Association of College and University Business Officers in 2017. Summarize the data by constructing the following: (a)A frequency distribution (classes 0-1.9, 2.0-3.9, 4.0-5.9, 6.0-7.9, and so on). If required, round your answers to two decimal places. If answer is zero, enter "0". (b)A relative frequency distribution. Do not round intermediate calculations. If required, round your answers to two decimal places. If your answer is zero, enter "0".
Endowment Amount ($ Billions) 0-1.9 2.0-3.9 4.0-5.9 6.0-7.9 8.0-9.9 10.0-11.9 12.0-13.9 14.0-15.9 16.0-17.9 18.0-19.9 20.0-21.9 22.0-23.9 24.0-25.9 26.0-27.9 28.0-29.9 30.0-31.9 32.0-33.9 34.0-35.9 36.0-37.9 *Frequency 10 24 7 5 3 4 1 1 0 0 0 1 1 2 0 0 0 0 1 *Total 60 *Relative Frequency 0.17 0.40 0.12 0.08 0.05 0.07 0.02 0.02 0 0 0 0.02 0.02 0.03 0 0 0 0 0.02 *Total 1.00
