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statistics for business and economics

Questions and Answers of Statistics For Business And Economics

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No Source: Based on A. Permanyer, J. L. R. Gallego, M. A. Caja, and D. Dessort, “Crude Oil Biodegradation and Environmental Factors at the Riutort Oil Shale Mine, SE Pyrenees,” Journal of
Gross domestic product. The Economy is an annual publication by the Government of Newfoundland and Labrador (https://www.gov.nl.ca/) on the region’s economic performance. From data provided by
1,553.5
4,413.2 1,007.2 1,797.6 2,633.9
570.7 2,350.0
Source: https://www.economics.gov.nl.ca/E2018/TheEconomy2018.pdfa. Use a relative frequency histogram to show the distribution of the estimated GDP for the 12 industries in 2018.b. Identify the
Is honey a cough remedy? Does a teaspoon of honey before bed really calm a child’s cough? To test the folk remedy, pediatric researchers carried out a designed study conducted over two nights
Shipments. The Review of Maritime Transport is a publication prepared by the United Nations Conference on Trade and Development (UNCTAD) secretariat. It provides an overview of certain
Phishing attacks to email accounts. Phishing is the term used to describe an attempt to extract personal/financial information (e.g., PIN numbers, credit card information, bank account numbers) from
● Numerical Measures of Central Tendency 81 recorded and saved in the file. Chance showed that if there is minimal or no collaboration or collusion from within the company, the interarrival times
Made-to-order delivery times. Production processes may be classified as make-to-stock processes or make-to-order MTO processes. Make-to-stock processes are designed to produce a standardized product
Calculate the mean and median of the following selected 5 monthly salaries (SGD): 5,020 3,200 1,200 3,700 2,800
Calculate the mean for samples wherea. n = 56, gx = 784b. n = 105, gx = 5250c. n = 12, gx = 1158d. n = 23, gx = 437
A discrete random variable x can assume five possible values: 20, 21, 22, 23, and 24. The following Minitab histogram shows the relative frequency of each value.a. What is p(22)?b. What is the
The random variable x has the following discrete probability distribution: x 2 3 6 10 12 p1x2 .40 .10 .05 .15 .30a. List the values x may assume.b. What value of x is most probable?c. Display the
A discrete random variable x can assume five possible values: 2, 3, 5, 8, and 10. Its probability distribution is shown as follows: x 2 3 5 8 10 p1x2 .10 .20 – .30 .10a. What is p(5)?b. What is the
Explain why each of the following is or is not a valid probability distribution for a discrete random variable x:a. x 0 1 2 3 p1x2 .1 .3 .3 .2b. x -2 -1 0 p1x2 .25 .50 .25c. x 4 9 20 p1x2 -.3 .4
Toss three fair coins and let x equal the number of heads observed.a. Identify the sample points associated with this experiment and assign a value of x to each sample point.b. Calculate p1x2 for
Consider the probability distribution shown here: x -4 -3 -2 -1 0 1 2 3 4 p1x2 0.2 0.7 .10 .15 .30 .18 .10 .06 .02a. Calculate m, s2 , and s.b. Graph p1x2. Locate m, m - 2s, and m + 2s on the
Consider the discrete probability distribution shown in the following table: x 1 2 3 4 5 p1x2 .1 .2 .2 .3 .2a. Find m = E1x2.b. Find s = 2E3(x - m) 24.c. Find the probability that the value of x
Consider the probability distributions shown here: x 0 1 2 y 0 1 2 p1x2 .3 .4 .3 p1y2 .1 .8 .1a. Use your intuition to find the mean for each distribution. How did you arrive at your choice?b. Which
Purchasing digital devices for children. Refer to the PC Magazine (December 2019) article on parents’ opinions on the appropriate age a child should receive their first digital device, Exercise
(p. 164). Let x represent the age (in years) a parent would buy their child their first smart speaker (e.g., Amazon Echo, Google Home). Consider the probability distribution for x (adapted from the
NHTSA crash tests. Refer to the NHTSA crash tests of new car models, Exercise 4.3 (p. 212). A summary of the driver-side star ratings for the 98 cars in the file is reproduced in the accompanying
COVID-19 pandemic growth rate. The COVID-19 pandemic growth rate distribution in different countries between March 9 and March 15, 2020 is shown in the following table. A country is to be randomly
Variable number of partnerships among the self-employed in Finland. Refer to Appendix table 11 of the 2020 Labour Force Survey published on the Statistics Finland website, Exercise
(p. 164). Recall that the total number of employees aged 15–74 years decreased from 2019 to 2020 and the number of self-employed people decreased by about 1%. Suppose in 2020, the population aged
Choosing portable grill displays. Refer to the Journal of Consumer Research (March 2003) marketing study of influencing consumer choices by offering undesirable alternatives, Exercise 3.109 (p. 199).
Reliability of a manufacturing network. A team of industrial management university professors investigated the reliability of a manufacturing system that involves multiple production lines (Journal
Solar energy cells. According to Energy Trend (January 2019), 38% of the solar energy cells manufactured worldwide are sold to China. Consider a random sample of five solar energy cells and let x
Breast cancer statistics. In Exercise
(p. 164), you learned that according to the 2020 Breast Cancer Statistics, one in eight women in the United States will develop breast cancer in her lifetime. Consider a random sample of three
Computer technician. Sean is a computer repair technician who works on a freelance basis. A company hires him for a month to troubleshoot issues affecting its computer systems and networks. Sean
The “last name” effect in purchasing. The Journal of Consumer Research (August 2011) published a study demonstrating the “last name” effect—i.e., the tendency for consumers with last names
Difficulty levels of multiple-choice questions. The Indian Journal of Ophthalmology (Vol. 69, 2021) published a study evaluating the difficulty levels of multiple-choice questions (MCQs) in a test.
Investment risk analysis. The risk of a portfolio of financial assets is sometimes called investment risk. In general, investment risk is typically measured by computing the variance or standard
Self-Employed in Finland. Refer to Appendix table 11 of the 2020 Labour Force Survey published by Statistics Finland, Exercise
(p. 164). Recall that in 2020, there were 2,189,000 employed people aged 15 to 74, and 449,000 of this population worked part-time. Of these, 105,000 were self-employed. The self-employed people
Stock market participation and IQ. Refer to The Journal of Finance (December 2011) study of whether the decision to invest in the stock market is dependent on IQ, Exercise 3.119 (p. 201). Recall
Additional fees for online transactions. A retailer charges an additional fee of 2% for every online transaction made by a customer using a credit or debit card. If all customers pay using a credit
Production line profits. A manufacturer incurs a loss of €20 for each defective unit produced and earns a profit of €40 for each good unit. On a specific day, the quality control manager finds
Variable number of partnerships among the self-employed in Finland. Refer to Appendix table 11 of the 2020 Labour Force Survey published on the Statistics Finland website, Exercise
(p. 220). It considers self-employed workers grouped by age and the number of part-timers they employ. Groups 1, 2, and 3 are for self-employed INVIQ workers aged 15 to 34, 35 to 54, and 55 to 74,
Voter preferences for a committee. A “Condorcet” committee of, say, 3 members, is a committee that is preferred by voters over any other committee of 3 members. A scoring function was used to
Spin and win. At a fun fair, you pay $3 to play the spin and win. The spinning wheel is labeled with numbers from 1 to 19 and the “grand prize,” which is worth $50. Each outcome is equally
Given are five observations for two variables, x and y.xi 123 4 5 yi 3 7 5 11 14a. Develop a scatter diagram for these data.b. What does the scatter diagram developed in part (a) indicate about the
Given are five observations for two variables, x and y.xi 3 12 6 20 14 yi 55 40 55 10 15a. Develop a scatter diagram for these data.b. What does the scatter diagram developed in part (a) indicate
Given are five observations collected in a regression study on two variables.xi 2 6 9 13 20 yi 7 18 9 26 23a. Develop a scatter diagram for these data.b. Develop the estimated regression equation for
The following data were collected on the height (inches) and weight (pounds) of women swimmers.Height 68 64 62 65 66 Weight 132 108 102 115 128a. Develop a scatter diagram for these data with height
The cost of a previously owned car depends upon factors such as make and model, model year, mileage, condition, and whether the car is purchased from a dealer or from a private seller. To investigate
A sales manager collected the following data on annual sales and years of experience.a. Develop a scatter diagram for these data with years of experience as the independent variable.b. Develop an
The data from exercise 1 follow.xi 123 4 5 yi 3 7 5 11 14 The estimated regression equation for these data is .20 2.60x.a. Compute SSE, SST, and SSR using equations (14.8), (14.9), and (14.10).b.
The data from exercise 2 follow.xi 3 12 6 20 14 yi 55 40 55 10 15 The estimated regression equation for these data is 68 3x.a. Compute SSE, SST, and SSR.b. Compute the coefficient of determination
The data from exercise 3 follow.xi 2 6 9 13 20 yi 7 18 9 26 23 The estimated regression equation for these data is 7.6 .9x. What percentage of the total sum of squares can be accounted for by the
The following data are the monthly salaries y and the grade point averages x for students who obtained a bachelor’s degree in business administration with a major in information systems. The
An important application of regression analysis in accounting is in the estimation of cost.By collecting data on volume and cost and using the least squares method to develop an estimated regression
The data from exercise 1 follow.xi 123 4 5 yi 3 7 5 11 14a. Compute the mean square error using equation (14.15).b. Compute the standard error of the estimate using equation (14.16).c. Compute the
The data from exercise 2 follow.xi 3 12 6 20 14 yi 55 40 55 10 15a. Compute the mean square error using equation (14.15).b. Compute the standard error of the estimate using equation (14.16).c.
The data from exercise 3 follow.xi 2 6 9 13 20 yi 7 18 9 26 23a. What is the value of the standard error of the estimate?b. Test for a significant relationship by using the t test. Use α .05.c. Use
In exercise 8, data on x temperature rating (F) and y price ($) for 11 sleeping bags manufactured by Bergans of Norway provided the estimated regression equation 359.2668 5.2772x. At the .05 level
Refer to exercise 21, where data on production volume and cost were used to develop an estimated regression equation relating production volume and cost for a particular manufacturing operation. Use
In exercise 20, data on x price ($) and y overall score for ten 42-inch plasma televisions tested by Consumer Reports provided the estimated regression equation yˆ 12.0169.0127x. For these data SSE
In exercise 20, data on x price ($) and y overall score for ten 42-inch plasma televisions tested by Consumer Reports provided the estimated regression equation yˆ 12.0169.0127x. For these data SSE
The data from exercise 2 follow.xi 3 12 6 20 14 yi 55 40 55 10 15a. Estimate the standard deviation of when x 8.b. Develop a 95% confidence interval for the expected value of y when x 8.c. Estimate
The data from exercise 3 follow.xi 2 6 9 13 20 yi 7 18 9 26 23 Develop the 95% confidence and prediction intervals when x 12.Explain why these two intervals are different.Applications
Refer to Exercise 21, where data on the production volume x and total cost y for a particular manufacturing operation were used to develop the estimated regression equation 1246.67 7.6x.a. The
Jensen Tire & Auto is in the process of deciding whether to purchase a maintenance contract for its new computer wheel alignment and balancing machine. Managers feel that maintenance expense should
In a manufacturing process the assembly line speed (feet per minute) was thought to affect the number of defective parts found during the inspection process. To test this theory, managers devised a
A sociologist was hired by a large city hospital to investigate the relationship between the number of unauthorized days that employees are absent per year and the distance (miles)between home and
Figure 1.8 provides a bar chart showing the amount of federal spending for the years 2002 to 2008 (USA Today, February 5, 2008).a. What is the variable of interest?b. Are the data categorical or
CSM Worldwide forecasts global production for all automobile manufacturers. The following CSM data show the forecast of global auto production for General Motors, Ford, DaimlerChrysler, and Toyota
The Energy Information Administration of the U.S. Department of Energy provided time series data for the U.S. average price per gallon of conventional regular gasoline between July 2006 and June 2009
A seven-year medical research study reported that women whose mothers took the drug DES during pregnancy were twice as likely to develop tissue abnormalities that might lead to cancer as were women
No Child Left Behind Act. According to the government, federal spending on K-12 education has increased dramatically over the past 20 years, but student performance has essentially stayed the same.
For two events, A and B, P1A2 = .4, P1B2 = .2, and P1A B2 = .6:a. Find P1A ¨ B2.b. Find P1B A2.
For two events, A and B, P1A2 = .4, P1B2 = .2, and P1A ¨ B2 = .1:a. Find P1A B2.b. Find P1B A2.c. Are A and B independent events?
An experiment results in one of three mutually exclusive events, A, B, or C. It is known that P1A2 = .30, P1B2 = .55, and P1C2 = .15. Find each of the following probabilities:a. P1A ∪ B2b. P1A ¨
For two independent events, A and B, P1A2 = .4 and P1B2 = .2:a. Find P1A ¨ B2b. Find P1A B2.c. Find P1A ∪ B2
Two fair coins are tossed, and the following events are defined: A: 5Observe one head and one tail.6 B: 5Observe at least one head.6 NWa. Define the possible sample points and assign probabilities
Consider the experiment depicted by the Venn diagram, with the sample space S containing five sample points. The sample points are assigned the following probabilities: P1E12 = .20, P1E22 = .30,
Two fair dice are tossed, and the following events are defined: A: 5Sum of the numbers showing is odd.6 B: 5Sum of the numbers showing is 9, 11, or 12.6 Are events A and B independent? Why?
A sample space contains seven sample points and events A, B, and C as shown in the Venn diagram. The probabilities of the sample points are P112 = 0.01, P122 = 0.15, P132 = 0.22, P142 = 0.04, P152 =
and P172 = 0.15. S A B C 1 2 3 4 5 6 7a. Which pairs of events, if any, are mutually exclusive? Why?b. Which pairs of events, if any, are independent? Why?c. Find P1A ∪ B2 by adding the
On-the-job arrogance and task performance. Human Performance (Vol. 23, 2010) published the results of a study that found that arrogant workers are more likely to have poor performance ratings.
New Zealand animal farming. Refer to the 2020 New Zealand animal farming data published by Stats NZ Tatauranga Aotearoa, Exercise
(p. 163). Recall that sheep farming constitutes 15.09% of the total farming in New Zealand. Of these sheep farm owners, 20% are foreigners. What is the probability that a farm owner is a foreigner
Guilt in decision making. Refer to the Journal of Behavioral Decision Making (January 2007) study of the effect of guilt emotion on how a decision maker focuses on a problem, Exercise
(p. 159). The results (number responding in each category) for the 171 study participants are reproduced in the table below. Suppose one of the 171 participants is selected at random. Emotional State
Blood diamonds. According to Global Research News (March 4, 2014), one-fourth of all rough diamonds produced in the world are blood diamonds. (Any diamond that is mined in a war zone—often by
Do social robots walk or roll? Refer to the International Conference on Social Robotics (Vol. 6414, 2010) study of the trend in the design of social robots, Exercises
(p. 145) and
(p. 157). Recall that in a random sample of 106 social robots, 63 were built with legs only, 20 with wheels only, 8 with both legs and wheels, and 15 with neither legs nor wheels. If a social robot
Online shopping statistics. According to an online article published on Optinmonster.com on January 6, 2021, so far, 69% of Americans have shopped online, and 25% of Americans shop online at least

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