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business
statistical techniques in business

Questions and Answers of Statistical Techniques in Business

Compute a simple aggregate price index for 2016. Use 2000 as the base period. Price Quantity Part 2016 2000 2000 2016 340 130 250 RC-33 SM-14 320 110 230 $0.50 1.20 0.85 $0.60 0.90 1.00 WC50
Compute Paasche€™s index for 2016 using 2000 as the base period. Price Quantity Part 2016 2000 2000 2016 340 130 250 RC-33 SM-14 320 110 230 $0.50 1.20 0.85 $0.60 0.90 1.00 WC50
Compute Laspeyres€™ price index for 2016 using 2000 as the base period. Price Quantity 2016 2000 2016 $0.05 2000 Item Cabbage (pound) Carrots (bunch) Peas (quart) Endive (bunch) 1,500 200
Compute Paasche€™s index for 2016 using 2000 as the base period. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item 1,500 200 500 200 Cabbage (pound) Carrots (bunch) Peas
Determine Fisher€™s ideal index using the values for the Laspeyres and Paasche indexes computed in the two previous problems. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item
Determine a value index for 2016 using 2000 as the base period. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item 1,500 200 500 200 Cabbage (pound) Carrots (bunch) Peas (quart) Endive
Compute Laspeyres€™ price index for 2016 using 1990 as the base period. Price 1990 $0.287 Quantity 2016 Item Aluminum (cents per pound) Natural gas (1,000 cu. ft.) Petroleum (barrel)
Determine Fisher€™s ideal index using the values for the Laspeyres and Paasche indexes computed in the two previous problems. 2000 2016 Item Price Price Quantity 18 Quantity 27 Margarine
Compute Paasche's index for 2016 using 1990 as the base period. 2000 2016 Price $0.81 0.84 1.44 2.91 Item Price Quantity 18 Quantity 27 Margarine (pound) Shortening (pound) Milk (2 gallon) Potato
Team Sports Inc. sells sporting goods to high schools and colleges via a nationally distributed catalog. Management at Team Sports estimates it will sell 2,000 Wilson Model A2000 catcher’s mitts
Refer to Exercises 1, 3, and 5. Compute the expected value of perfect information. State of Nature Alternative s, $50 $70 $100 A, Az A, 90 40 80 90 70 60
Refer to Exercises 2, 4, and 6. Compute the expected value of perfect information. State of Nature Alternative s, $50 $70 $100 A, Az A, 90 40 80 90 70 60
Dude Ranches Incorporated was founded on the idea that many families in the eastern and southern areas of the United States do not have a sufficient amount of vacation time to drive to the dude
Tim Waltzer owns and operates Waltzer€™s Wrecks, a discount car rental agency near Cleveland Hopkins International Airport. He rents a wreck for $20 a day. He has an arrangement with
Compute a simple index for the number of employees for GE using the period 2004€“06 as the base. What can you conclude about the change in the number of employees over the period? Employees
Compute a simple index for the number of employees for GE. Use 2004 as the base period. What can you conclude about the change in the number of employees over the period? Employees (000) Revenue
Compute a simple index for the revenue of GE using the period 2004€“06 as the base. What can you conclude about the change in revenue over the period? Employees (000) Revenue Revenue ($
Compute a simple index for the revenue of GE. Use 2004 as the base period. What can you conclude about the change in revenue over the period? Employees (000) Revenue Revenue ($ mllon) 150 147 147 146
Samples of size 5 are selected from a manufacturing process. The mean of the sample ranges is .50. What is the estimate of the standard deviation of the population?
Use the variables mean amount per transaction and number of associates to forecast net sales. Are these two independent variables reasonable predictors of net sales? Assoclates Net Sales Mean Amount
Develop a trend equation for the net sales ($ million) for Home Depot. Consider both a linear trend and a nonlinear trend. Which one would you select and why? Given the trend equation you selected,
At the beginning of this chapter, we presented a graph showing the price per gallon of gasoline from 1996 until 2015. The actual data for each year are given below.Determine the trend line using both
Listed below is the selling price for a share of Oracle Inc. stock at the close of the year for 1998 through 2015.a. Plot the data.b. Determine the least squares trend equation. Use both the actual
If plotted, the following sales series would appear curvilinear. This indicates that sales are increasing at a somewhat constant annual rate (percent). To fit the sales, therefore, a logarithmic
The following table lists the annual amounts of glass cullet produced by Kimble Glass Works Inc. for 2013 through 2017.Determine the least squares trend equation. Estimate the amount of scrap for the
The following table gives information on the Consumer Price Index (Base = 1982€“84) and the monthly take-home pay of Bill Martin, an employee at Ford Motor Corporation.a. What is the
We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a
Using 2000 as the base period, compute a simple index of domestic sales for each year from 2004 until 2015. Interpret the trend in domestic sales. Domestic Sales Internatlonal Sales Employees
In April 2013, the mean salary for a nurse manager with a bachelor’s degree was $89,673. The Consumer Price Index for March 2016 was 238.132 (1982–84 = 100). The mean annual salary for a nurse in
The prices and production of grains for 2002 and 2015 (http://www.ers.usda.gov) are listed below.Using 2002 as the base period, find the value index of grains produced for 2015. 2002 Production
In January 2003, the price for a whole fresh chicken was $1.004 per pound. In February 2016, the price for the same chicken was $1.475 per pound. Use the January 2003 price as the base period and 100
The table below reports the earnings per share of common stock for Home Depot Inc. for 2003 through 2015. Develop an index, with 2003 as the base, for earnings per share for years 2004 through
PNC Bank Inc., which has its headquarters in Pittsburgh, reported the following commercial loan totals for years 2008 through 2015. Using 2008 as the base, develop a simple index of commercial loans
Under what conditions should the Kruskal-Wallis test be used instead of the Wilcoxon rank- um test?
The following hypothesis-testing situation is given: H0: π = .50 and H1: π ≠ .50. The significance level is .05, and the sample size is 9.a. What is the decision rule?b. There were five
The following hypothesis-testing situation is given: H0: π ≤ .50 and H1: π > .50. The significance level is .10, and the sample size is 12.a. What is the decision rule?b. There were nine
You’re about to drive to New York. If your car’s engine is out of tune, your gas cost will increase by $100. Having the engine tested will cost $20. If it’s out of tune, repairs will cost $60.
You sign up for a cell phone plan and are presented with this chart showing how your plan €œautomatically adjusts€ to the minutes you use each month. For example: If you select
Casual Furniture World has had numerous inquiries regarding the availability of furniture and equipment that could be rented for large outdoor summer parties. This includes such items as folding
The proprietor of the newly built White Mountain Ski and Swim Lodge has been considering purchasing or leasing several snowmobiles for the use of guests. The owner found that other financial
The quality assurance department at Malcomb Products must either inspect each part in a lot or not inspect any of the parts. That is, there are two decision alternatives: inspect all the parts or
Thomas Manufacturing Company has $100,000 available to invest. John Thomas, the president and CEO of the company, would like to either expand his production, invest the money in stocks, or purchase a
A financial executive for Fidelity Investments lives in Boston but frequently must travel to New York. She can go to New York by car, train, or plane. The cost for a plane ticket from Boston to New
Blackbeard€™s Phantom Fireworks is considering introducing two new bottle rockets. The company can add both to the current line, neither, or just one of the two. The success of these
Refer to Exercise 2. Reverse the probabilities; that is, let P(S1)= .30 and P(S2) = .70 and use Expected Monetary Value to evaluate the decision. Does this alter your decision?In exercise 2Wilhelms
Refer to Exercise 1. Revise the probabilities as follows: P(S1) = .50, P(S2) = .20, and P(S3) = .30 and use Expected Monetary Value to evaluate the decision. Does this change the decision?
Refer to Exercise 2, involving Wilhelms Cola Company. Develop an opportunity loss table, and determine the opportunity loss for each decision.In exercise 2Wilhelms Cola Company plans to market a new
Refer to Exercise 1. Develop an opportunity loss table. Determine the opportunity loss for each decision.In exercise 1The following payoff table was developed. Let P(S1) = .30, P(S2) = .50, and P(S3)
Wilhelms Cola Company plans to market a new lime-flavored cola this summer. The decision is whether to package the cola in returnable or in nonreturnable bottles. Currently, the state legislature is
The following payoff table was developed. Let P(S1) = .30, P(S2) = .50, and P(S3) = .20. Compute the expected monetary value for each of the alternatives. What decision would you recommend? State of
During the 2016 Masters Golf tournament Jordan Spieth failed to repeat as champion. His scores relative to par in each round, on each hole are reported in the table below. Develop and review
Long Last Tire Company, as part of its inspection process, tests its tires for tread wear under simulated road conditions. Twenty samples of three tires each were selected from different shifts over
Describe the difference between an attribute control chart and a variable control chart
Describe the difference between assignable variation and chance variation.
The proportion of on-line shoppers who actually make a purchase appears to be relatively constant over time. In 2013, among a sample of 388 on-line shoppers, 160 purchased merchandise. In 2017, for a
To prevent spam from entering your email inbox, you use a filter. You are interested in knowing if the number of spam emails differs by day of the week. The number of spam emails by day of week is
The fuel efficiencies for a sample of 27 compact, midsize, and large cars are entered into a statistical software package. Analysis of variance is used to investigate if there is a difference in the
When only two treatments are involved, ANOVA and the Student€™s t test (Chapter 11) result in the same conclusions. Also, for computed test statistics, t2 = F. To demonstrate this
There are two major cell phone providers in the Colorado Springs, Colorado area, one called HTC and the other, Mountain Communications. We want to investigate the “churn rate” for each provider.
In a particular chi-square goodness-of-fit test, there are six categories and 500 observations. Use the .01 significance level.a. How many degrees of freedom are there?b. What is the critical value
In a particular chi-square goodness-of-fit test, there are four categories and 200 observations. Use the .05 significance level.a. How many degrees of freedom are there?b. What is the critical value
The U.S. Department of Transportation estimates that 10% of Americans carpool. Does that imply that 10% of cars will have two or more occupants? A sample of 300 cars traveling southbound on the New
video media consultant collected the following data on popular LED televisions sold through on-line retailers.a. Does there appear to be a linear relationship between the screen size and the price?b.
Refer to the Baseball 2016 data, which reports information on the 2016 Major League Baseball season. Let attendance be the dependent variable and total team salary be the independent variable.
The following data show the retail price for 12 randomly selected laptop computers along with their corresponding processor speeds in gigahertz.a. Develop a linear equation that can be used to
For each of the 32 National Football League teams, the numbers of points scored and allowed during the 2016 season are shown below.Assuming these are sample data, answer the following questions. You
The table below shows the number of cars (in millions) sold in the United States forvarious years and the percent of those cars manufactured by GM.Use a statistical software package to answer the
Every April, The Masters€”one of the most prestigious golf tournaments on the PGA golf tour€”is played in Augusta, Georgia. In 2016, 55 players received prize money. The 2016
Each of three supermarket chains in the Denver area claims to have the lowest overall prices. As part of an investigative study on supermarket advertising, a local television station conducted a
A task requires the completion of four activities. A teacher would like to know if differences in the sequence of the four activities results in different task completion times. The teacher selects
The manager of a computer software company wishes to study the number of hours per week senior executives by type of industry spend at their desktop computers.The manager selected a sample of five
A goal of financial literacy for children is to learn how to manage money wisely. One question is: How much money do children have to manage? A recent study by Schnur Educational Research Associates
The information below shows the cost for a year of college in public and private colleges in 2002€“03 and 2015€“16. What is the geometric mean annual increase for the period for
The distribution of the weights of a sample of 1,400 cargo containers is symmetric and bell-shaped. According to the Empirical Rule, what percent of the weights will lie:a. Between x̅ − 2s and x̅
The table below shows the percent of the labor force that is unemployed and the size of the labor force for three counties in northwest Ohio. Jon Elsas is the Regional Director of Economic
Flashner Marketing Research Inc. specializes in providing assessments of the prospects for women’s apparel shops in shopping malls. Al Flashner, president, reports that he assesses the prospects as
A CD contains 10 songs; 6 are classical and 4 are rock and roll. In a sample of three songs, what is the probability that exactly two are classical? Assume the samples are drawn without replacement.
A population consists of 15 items, 10 of which are acceptable. In a sample of four items, what is the probability that exactly three are acceptable? Assume the samples are drawn without replacement.
In the past, schools in Los Angeles County have closed an average of 3 days each year for weather emergencies. What is the probability that schools in Los Angeles County will close for 4 days next
Croissant Bakery Inc. offers special decorated cakes for birthdays, weddings, and other occasions. It also has regular cakes available in its bakery. The following table gives the total number of
The following data on annual rates of return were collected from eleven randomly selected stocks listed on the New York Stock Exchange (“the big board”) and twelve randomly selected stocks listed
A recent Gallup study (http://www.gallup.com/poll/175286/hour-workweek-actually longer seven hours.aspx) found the typical American works an average of 46.7 hour per week. The study did not report
The National Aeronautics and Space Administration (NASA) has experienced two disasters. The Challenger exploded over the Atlantic Ocean in 1986, and the Columbia disintegrated on reentry over East
A normal distribution has a mean of 80 and a standard deviation of 14. Determine the value above which 80% of the values will occur.
A processor of carrots cuts the green top off each carrot, washes the carrots, and inserts six to a package. Twenty packages are inserted in a box for shipment. Each box of carrots should weigh 20.4
The null and alternate hypotheses are:H0: μ1 = μ2H1: μ1 ≠ μ2A random sample of 15 items from the first population showed a mean of 50 and a standard deviation of 5. A sample of 12 items for the
Grand Strand Family Medical Center treats minor medical emergencies for visitors to the Myrtle Beach area. There are two facilities, one in the Little River Area and the other in Murrells Inlet. The
Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a mean of $2,100 per hour and a standard deviation of $250. What is the operating cost for the lowest
A normal distribution has a mean of 50 and a standard deviation of 4. Determine the value below which 95% of the observations will occur.
List the major characteristics of a normal probability distribution.
Refer to the North Valley Real Estate data, which report information on homes sold in the area last year.a. Create a probability distribution for the number of bedrooms. Compute the mean and the
According to sales information in the first quarter of 2016, 2.7% of new vehicles sold in the United States were hybrids. This is down from 3.3% for the same period a year earlier. An analyst’s
During the second round of the 1989 U.S. Open golf tournament, four golfers scored a hole in one on the sixth hole. The odds of a professional golfer making a hole in one are estimated to be 3,708 to
Tire and Auto Supply is considering a 2-for-1 stock split. Before the transaction is finalized, at least two-thirds of the 1,200 company stockholders must approve the proposal. To evaluate the
What is the difference between a random variable and a probability distribution?
It is estimated that 0.5% of the callers to the Customer Service department of Dell Inc. will receive a busy signal. What is the probability that of today’s 1,200 callers at least 5 received a busy
In a Poisson distribution μ = 4.a. What is the probability that x = 2?b. What is the probability that x ≤ 2?c. What is the probability that x > 2?
In a Poisson distribution μ = 0.4.a. What is the probability that x = 0?b. What is the probability that x > 0?
The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience. What is the expected number of
Keith’s Florists has 15 delivery trucks, used mainly to deliver flowers and flower arrangements in the Greenville, South Carolina, area. Of these 15 trucks, 6 have brake problems. A sample of five

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