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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

Research has indicated that the stress produced by today's lifestyles results in health problems for a large proportion of society. An article in the International Journal of Sports Psychology
Independent random samples were selected from two binomial populations. The sizes and number of observed successes for each sample are shown in the table below.a. Test H,: (p, - p,) = 0 against Ha:
A random sample of 150 observations was classified into the categories shown in the table below.LM8-5l.DAT
A random sample of 250 observations was classified according to the row and column categories shown in the tablea. Do the data provide sufficient evidence to conclude that the rows and columns are
According to a national survey of 1,441 firms by the American Management Association, downsizing is no longer the dominant theme in the workplace (Newark Star-Ledger, Oct. 22,1996). But are there
Because shareholders control the firm, they can transfer wealth from the firm's bondholders to themselves through several different dividend strategies This potential conflict of interest between
Wcstinghouse Electric Company has experimented with different means of evaluating the performance of solder joint inspectors. One approach involves comparing an individual inspector's classifications
Despite company policies allowing unpaid family leave for new fathers, many men fear that exercising this option would be held against them by their superiors(Minneapolis Star-Tribune, Fcb. 14,
What makes entrepreneurs different from chief executive officers (CEOs) of Fortune 500 companies? The Wall Street .Ic&nal hired the Gallup organization to investigate this question. For the study,
The following table is similar to Table 9.3. It is used for making the preliminary computations for finding the least squares line for the given pairs of x and y values.a. Complete the table.b. Find
Refer to Exercise 9.10. After the least squares line has been obtained, the table below (which is similar to Table 9.4) can be used for (1) comparing the observed and the predicted values of y, and
Construct a scattergram for the data in the following table.a. Plot the following two lines on your scattergram:y=3-x and y=l+xb. Which of these lines would you choose to characterize the
Consider the following pairs of measurements:a. Construct a scattergram for these data.b. What does the scattergram suggest about the relationship between x and y?c. Find the least squares estimates
The quality of the orange juice produced by a manufacturer (e.g., Minute Maid,Tropicana) is constantly monitored. There are numerous sensory and chemical components that combine to make the best
Is the number of games won by a major league baseball team in a season related to the team's batting average?The information in the table, extracted from Sports Illustrated and Sporting News, shows
Refer to the Forbes magazine (Jan. 11,1999) report on the financial standings of each team in the National Football League (NFL), Exercise 2.113 (p. 113). The table listing the current value (without
In recent years US. banks have been merging to form mega banks that span many states.The table on page 486, extracted from the Journal of Banking and Finance (Feb.1999) lists the number of U.S. bank
Due primarily to the price controls of the Organization of Petroleum Exporting Countries (OPEC), a cartel of crude-oil suppliers, the price of crude oil rose dramatically from the mid-1970s to the
Individuals who report perceived wrongdoing of a corporation or public agency are known as whistle blowers.Two researchers developed an index to measure the extent of retaliation against a whistle
Sales and Marketing Management determined the"effective buying income" (EBI) of the average household in a state. Can the EBI be used to predict retail sales per household in the store-group category
Calculate SSE and s2 for each of t_he following cases:a. n = 20, SS,, = 95, SS,, = 50, P, = .75b. n = 40, xy2 = 860, x y = 50, SS,r, = 2,700, p, = .2c. n = 10, x(yi - y)' = 58, SS,, = 91, SS,rr = 170
Visually compare the scattergrams shown below. If a least squares line were determined for each data set, which do you think would have the smallest variance, s2? Explain.
Refer to Exercises 9.10 and 9.13. Calculate SSE, s2, and s for the least squarcs lines obtained in these exercises.Interpret the standard error of the regression model, s, for each.
Prior to the 1970s the developing countries played a small role in world trade because their own economic policies hindered integration with the world economy.However, many of these countries have
Refer to the simple linear regression relating games won by a major league baseball team y to team batting average x, Exercise 9.15(p. 485). The SPSS printout is reproduced below.a. Find SSE, s2, and
Refer to the simple linear regression relating number of employees y to age x of a fast-growing firm, Exercise 9.21(p. 487).The SAS printout is reproduced on the next page.a. Find SSE, s2, and s on
To improve the quality of the output of any production process, it is necessary first to understand the capabilities of the process (Gitlow, et al., Quality Management: Tools and Methods for
Consider the following pairs of observations:a. Construct a scattergram for the data.b. Use the method of least squares to fit a straight line to the seven data points in the table.c. Plot the least
Refer to Exercise 9.32. Construct an 80% and a 98%confidence interval for PI.
Do the accompanying data provide sufficient evidence to conclude that a straight line is useful for characterizing the relation5hip between x and y?4 Applying the Concepts
Some critics of big business argue that CEOs are overpaid and that their compensation is not related to the performance of their companies. To test this theory, Chief Executive (Sept. 1999) collected
Financial institutions have a legal and social responsibility to serve all communities. Do banks adequately serve both inner city and suburban neighborhoods, both poor and wealthy communities? In New
Tennis magazine (Feb. 2000) claims that "tennis players who tie the knot often see their games unravel." The next table lists a sample of players and their rankings on their wedding days and on their
The U.S. Department of Agriculture has developed and adopted the Universal Soil Loss Equation(USLE) for predicting water erosion of soils. In geographical areas where runoff from melting snow is
One of the most common types of "information retrieval"processes is document-database searching. An experiment was conducted to investigate the variables that influence search performance in the
One of the most difficult tasks of developing and managing a global portfolio is assessing the risks of potential foreign investments. Duke University researcher C. R.Henry collaborated with two
Refer to Exercises 9.21 and 9.29(p. 487,493). The SAS simple linear regression printout relating number of employees y to age of a fast-growing firm x is reproduced above.a. Test to determine whether
Explain what each of the following sample correlation coefficients tells you about the relationship between the x and y values in the sample:a.r=l b.r=-1 c.r=Od. r = .90e. r = .10f. r = -38/
Describe the slope of the least squares line if a.r=.7 b.r=-.7 c.r=O d.r2=.64
Construct a scattergram for each data set. Then calculate rand r2 for each data set. Interpret their values.
Calculate r2 for the least squares line in each of the following exercises. Interpret their values.a. Exercise 9.10b. Exercise 9.13 Applying the Concepts
If the economies of the world were tightly interconnected, the stock markets of different countries would move together. If they did, there would be no reason for investors to diversify their stock
Many high school students experience "math anxiety,"which has been shown to have a negative effect on their learning achievement. Does such an attitude carry over to learning computer skills? A math
Studies of Asian (particularly Japanese) and U.S. managers in the 1970s and 1980s found sharp differences of opinion and attitude toward quality management. Do these differences continue to'exis;? To
The booming economy of the 1990s created many new billionaires. The 1999 Forbes 400 ranks the 400 wealthiest people in the US. The top 15 billionaires on this list are described in the table above
The fertility rate of a country is defined as the number of children a woman citi7en bears, on average, in her lifetime. Scientific American (Dec. 1993) reported on the declining fertility rate in
A negotiable certificate of deposit is a marketable receipt for funds deposited in a bank for a specified period of time at a specified rate of interest (Lee, Finnerty, and Norton, 1997). The table
Refer to the Journal of Information Science study of the relationship between the fraction y of documents retrieved using Medline and the number x of terms in the search query, Exercise 9.39. (p.
Are college football rankings correlated with the size of athletic department budgets? The table on page 516 lists a sample of athletic department budgets and Associated Press (AP) Top 25 rankings
Researchers at the University of Toronto conducted a series of experiments to investigate whether a commercially sold pet food could serve as a substitute diet for baby snow geese (Journal ofApplied
Consider the following pairs of measurements:a. Construct a scattergram for these data.b. Find the least squares line, and plot it on your scatterLM9-57.DAT gram.c. Find s2.d. Find a 90% confidence
Refer to the simple linear regression of sweetness index y and amount of pectin x for n = 24 orange juice samples, Exercise 9.14(p. 484).A 90% confidence interval for the mean sweetness index, E(y),
Refer to the simple linear regression of number of employees y and age x for fast-growing firms,Exercises 9.21,9.29, and 9.41. The SAS printout of the analysis is reproduced on page 526.a. A 95%
Managers are an important part of any organization's resource base. Accordingly, the organization should be just as concerned about forecasting its future managerial needs as it is with forecasting
The reasons given by workers for quitting their jobs generally fall into one of two categories: (1) worker quits to seek or take a different job, or (2) worker quits to withdraw from the labor force.
The data for Exercise 9.30 are reproduced on page 528.a. Use a 90% confidence interval to estimate the mean useful life of a brand A cutting tool when the cutting
Compute Spearman's rank correlation coefficient for each of the following pairs of sample observations:d. x 5 20 15 10 3 y 80 83 91 82 87
The following sample data were collected on variables x and y:xo30-4304 yo22 0312a. Specify the null and alternative hypotheses that should be used in conducting a hypothesis test to determine
Refer to the orange juice quality study, Exercise 9.14(p. 484). Recall that a manufacturer that has developed a quantitative index of the "sweetness" of orange juice is investigating the relationship
Metropolitan areas with many corporate headquarters are finding it easier to transition from a manufacturing economy to a service economy through job growth in small companies and subsidiaries that
Is there an association between federal government spending for engineering research and the level of employment of scientists in the aircraft and missile industry? The data in the next table lists,
Two expert wine tasters were asked to rank six brands of wine. Their rankings are shown in the table. Do the data present sufficient evidence to indicate a positive correlation in the rankings of the
An employee suggestion system is a formal process for capturing, analyzing, implementing, and recognizing employee-proposed organizational improvements. (The first known system was implemented by the
In fitting a least squares line to n = 15 data points, the following quantities were computed: SS,, = 55, SS,, = 198, SS,, = -88, i = 1.3, and = 35.a. Find the least squares line.b. Graph the least
Consider the following sample data:a. Construct a scattergram for the data.b. It is possible to find many lines for which x(y - jj) = 0. For this reason, the criterion x(y - jj) = 0 is not used for
Consider the 10 data points at the top of the next column.a. Plot the data on a scattergram.b. Calculate the values of r and r2.c. Is there sufficient evidence to indicate that x and y are linearly
Emotional exhaustion, or burnout, is a significant problem for people with careers in the ficld of human services. Regression analysis was used to investigate the relationship between burnout and
Refer to Exercise 2.97(p. 106). The data in the value of 50 Beanie Babies collector's items, published in Beanie World Magazine, are reproduced on the next page. Can age (in months as of Sept. 1998)
Universities receive gifts and donations from corporations, foundations, friends, and alumni. It has long been argued that universities rise or fall depending on the level of support of their
A large proportion of US. teenagers work while attending high school. These heavy workloads often result in underachievement in the classroom anda. Find the equation of the least squares line.b. Plot
The Minnesota Department of Transportation installed a state-of-the-art weigh-in-motion scale in the concrete surface of the eastbound lanes of Interstate 494 in Bloomington, Minnesota. After
Refer to Exercise 9.42(p. 503). in which managerial success, y, was modeled as a function of the number of contacts a manager makes with people outside his or her : work unit, x, during a specific
Firms planning to build new plants or make additions to existing facilities have become very conscious of the energy efficiency of proposed new structures and are interested in the relation between
The perceptions of accounting professors with respect to the present and desired importance of various factors considered in promotion and tenure decisions at major universities was investigated in
To develop a compensation plan designed to eliminate pay inequities, a sample of benchmark jobs are evaluated and assigned points, x, based on factors such a\responsibility, skill, effort, and
Find z,,~ for each of the following:a.a=.lOb. a= .Olc. a = .05d. a = .20 52 What is the confidence level of each of the following confidence intervals for p?
A random sample of n measurements was selected from a population with unknown mean p and standard deviatlon u. Calculate a 95% confidence interval for p for each ot the following situations:a. n =
A random sample of 90 observations produced a mean -x = 25.9 and a standard deviation s = 2.7.a. Find a 95% confidence interval for the population mean p.b. Find a 90% confidence interval for p.c.
The mean and standard deviation of a random sample of n measurements are equal to 33.9 and 3.3, respectively.a. Find a 95% confidence interval for p if n = 100.b. Find a 95% confidence interval for p
The U.S. has 1.4 million tax-exempt organizations. These include most schools and universities, foundations, and social services organizations such as the Red Cross, the Salvation Army, the YMCA, and
The Journal of the American Medical Association(Apr. 21, 1993) reported on the results of a National Health Interview Survey designed to determine the prevalence of smoking among U.S. adults. More
Research indicates that bicycle helmets save lives. A study reported in Public Health Reports (May-June , 1992) was intended to identify ways of encouraging helmet use in children. One of the
The relationship between an employee's participation in the performance appraisal process and subsequent subordinate reactions toward the appraisal was investigated in the Journal ofApplied
Named for the section of the 1978 Internal Revenue Code that authorized them, 401(k) plans permit employees to shift part of their before-tax salaries into investments such as mutual funds. Employers
The 1967 Age Discrimination in Employment Act(ADEA) made it illegal to discriminate against workers 40 years of age and older. Opponents of the law argue that there are sound economic reasons why
Let t,, be a particular value of t. Use Table VI of Appendix B to find t,, values such that the following statements are true.a. P(-t,, < t < to) = .95 where df = 10b. P(t 5 -to or t 2 t,) = .05
The following random sample was selected from a normal distribution: 4,6,3,5,9,3.a. Construct a 90% confidence interval for the population mean p.b. Construct a 95% confidence interval for the
The following sample of 16 measurements was selected from a population that is approximately normally distributed:a. Construct an 80% confidence interval for the population mean.b. Construct a 95%
Health insurcrs and the federal government are both putting pressure on hospitals to shorten the average length of stay (LOS) of tkir patients. In 1996, the average LOS for men in the United Statcs
Periodically, the Hillsborough County (Florida) Water Department tests the drinking water of homeowners for contaminants such as lead and copper.The lead and copper levels in water specimens
Deloitte & Touche rank the 500 fastest growing technology companics in the United States based on percentage growth over a five-year period. Their rankings are called the Technology Fast 500. A
Accidental spillage and misguided disposal of petroleum wastes have resulted in extensive contamination of soils across the country. A common hazardous compound found in the contaminated soil is
It is customary practice in the United States to base roadway design on the 30th highest hourly volume in a year.Thus, all roadway facilities are expected to operatc at acceptable levels of service
Private and public colleges and universities rely on money contributed by individuals, corporations, and foundations for both salaries and operating expenses.Much of this money is put into a fund
In the late 1990s, the hot market for IPOs-initial public offerings of stock-created billions of dollars of new wealth for owners, managers, and employees of companies that were previously privately
The table at the lower right lists the number of fulltime employees at each of 22 office furniture dealers serving Tampa, Florida, and its surrounding communities. Summary statistics for the data are
A random sample of size n = 225 yielded a = .46.a. Is the sample size large enough to use the methods of this section to construct a confidence interval for p? Explain.b. Construct a 95% confidence
The Gallup Organization surveyed 1,252 debit cardholders in the United States and found that 180 had used the debit card to purchase a product or service on the Internet (Card Fax, November
Refer to the Marine Technology (Jan. 1995) study of the causes of fifty recent major oil spills from tankers and carriers, Exercise 2.10(p. 34). Recall that 12 of the spills were caused by hull
Refer to the Federal Trade Commission (FTC) 1998"Price Check" study of electronic checkout scanners, Exercise 4.30(p. 192). The FTC inspected 1,669 scanners at retail stores and supermarkets by

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