### Question Description

Complete the problems below from the textbook. You will need to use the "Buena School District Bus Data" and the "Century National Bank Data" files for this assignment.

- Chapter 8 – Problem 44
- Chapter 8 – Problem 48
- Chapter 9 – Problem 56
- Chapter 9 – Problem 66
- Chapter 9 – Problem 71
- Chapter 9 Case A – Century National Bank

For problems requiring computations, please ensure that your Excel file includes the associated cell computations and/or statistics output. This information is needed in order to receive full credit on these problems.

Submit output in one Excel file.

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## Final Answer

Hi,Find attached the completed work.Feel free to ask for any clarification or editing if need be.Looking forward to working with you in future.Thank you.

Running head: BUSINESS STATISTICS PROBLEMS

Business Statistics Problems

Student’s Name

Professor’s Name

Course Title

Date

BUSINESS STATISTICS PROBLEMS

44. An economist uses the price of a gallon of milk as a measure of inflation. She finds that

the average price is $3.50 per gallon and the population standard deviation is $0.33. You

decide to sample 40 convenience stores, collect their prices for a gallon of milk, and compute

the mean price for the sample.

a. What is the standard error of the mean in this experiment?

Standard error = δ / √n

0.33/√40 = 0.052178

b. What is the probability that the sample mean is between $3.46 and $3.54?

µ = 3.50

δ = 0.33

x1 = 3.46

x2 = 3.54

Z = (xi - µ)/δ

Z3.46 = (3.46 – 3.50)/0.33 = -0.1212

Z3.54 = (3.54 – 3.50)/0.33 = 0.1212

P (3.46 ≤ x ≤ 3.54) = P(-0.1212 ≤ Z ≤ 0.1212)

0.0478 + 0.0478 = 0.0956

P = 9.56%

It is very unlikely that a sample mean is between $3.46 and $3.54.

c. What is the probability that the difference between the sample mean and the population

mean is less than $0.01?

2

BUSINESS STATISTICS PROBLEMS

P (xs – xp) ˂ 1

P(x-bar > 3.08) = P(z > 2.8070) = normalcdf(2.8070,100) = 0.0025

d. What is the likelihood the sample mean is greater than $3.60?

Z = (3.60 – 3.50)/0.33 = 0.3030

P (x ≥ 3.60) = P (Z ≥ 0.3030)

0.5 -0.6179 = - 0.1179

= 11.79%

48. Refer to the Buena School District bus data. Information provided by manufacturers of

school buses suggests the mean maintenance cost per month is $455 per bus. Use statistical

software to find the mean and the standard deviation for the Buena buses. Does the

Buena data seem to be in line with that reported by the manufacturer? Specifically, what is

the probability of the sample mean being less than Buena’s, given the manufacturer’s data?

The calculated sample mean maintenance cost per month of the Buena buses is $450.29 while

the standard deviation is $53.69.

According to the information provided by the manufacturer, the mean maintenance cost per

month is $455 per bus.

3

BUSINESS STATISTICS PROBLEMS

4

The Buena data is in line with that reported by the manufacturer given that it falls within the 95%

confidence interval: 438.52 ≤ x ≤ 462.05

Z = (455 – 450.29)/53.69 = 0.0877

P (x ≤ 455) = P (Z ≤ 0.0877)

0.5 – 0.5359 = - 0.0359

= 0.4641

P = 46%

CH.9

55. You are to conduct a sample survey to determine the mean fami...

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