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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

A personnel manager is considering keeping 2 out of 10 summer interns on, in a regular job, after the summer is over. Before this personnel manager accepts the subjective evaluation of the
Two senior managers were asked to score the performance of 10 job candidates in question 28. The scores assigned are believed to reflect the subjective judgments of the two senior managers, and they
A consumer organization wants to know whether you get what you pay for when you buy a stereo system. Its crew ranked 10 stereo systems and listed their ranks and prices in the accompanying table. Do
Two kinds of emission controls were installed and tested in 30 cars of the same make. The following table shows the test results, in the unit of emission. Can you argue that the two kinds of emission
The following data are the win–loss record of a professional baseball team during the last 34 games. Do you think the team is “streaky”? Do a 5 percent test. The + sign represents a win, the
A market analyst stopped people in the local shop ping mall and asked them to rate two kinds of shampoo on a scale of 1–4, 1 being the lowest. The ratings of the two different brands of shampoo are
Use the following information to answer question. It is believed that American League pitchers should have higher earned-run averages because of the designated hitter rule. A baseball analyst
Use the following information to answer question. It is believed that American League pitchers should have higher earned-run averages because of the designated hitter rule. A baseball analyst
Use the following information to answer question. It is believed that American League pitchers should have higher earned-run averages because of the designated hitter rule. A baseball analyst
“Pitching wins the pennant” is one of the important theories in baseball. A statistician wants to know whether this is true. He used last year’s results, which are given in the accompanying
Use MINITAB and the following information to answer questions 39–42. A new production manager who believes that music can improve productivity arranges for music to be played on two out of three
Use MINITAB and the following information to answer questions 39–42. A new production manager who believes that music can improve productivity arranges for music to be played on two out of three
Use MINITAB and the following information to answer questions 39–42. A new production manager who believes that music can improve productivity arranges for music to be played on two out of three
Use MINITAB and the following information to answer questions 39–42. A new production manager who believes that music can improve productivity arranges for music to be played on two out of three
Assume that the rank (quality) and price of 5 stereos are as shown in the following table. Show that the Spearman rank correlation coefficients are 1 and – 1, respectively. Price 1 2 3 45 Quality 1
Is seniority related to hourly wage? A personnel manager collects data on the 10 employees’ hourly wages and their seniority and ranks them in the following table. The rankings are created by
Can money buy a championship? A baseball writer is interested in knowing whether high salaries can produce good performance. He collected the average salaries of 12 teams and their winning
The debt/equity ratio is computed by dividing total debt by total assets. It is used to measure how much leverage a firm uses. A financial analyst feels that the debt/equity ratio in industry A is
The New Land Food Corporation is considering retiring 10 machines. For replacement, it can order some machines of the same model or it can switch to the new model. The company has decided to try out
The dean of a business school believes that a good knowledge of economics helps business students do well in other business courses. He randomly pulled out 15 students’ grades in economics and
Use the following information to answer questions 49–53. The personnel manager wants to know whether employees strictly follow the rule for their lunch break. He suspects that those who are more
Use the following information to answer questions 49–53. The personnel manager wants to know whether employees strictly follow the rule for their lunch break. He suspects that those who are more
Use the following information to answer questions 49–53. The personnel manager wants to know whether employees strictly follow the rule for their lunch break. He suspects that those who are more
Use the following information to answer questions 49–53. The personnel manager wants to know whether employees strictly follow the rule for their lunch break. He suspects that those who are more
Use the following information to answer questions 49–53. The personnel manager wants to know whether employees strictly follow the rule for their lunch break. He suspects that those who are more
Two experts in the insurance field rank 10 insurance companies in terms of their financial soundness. The rankings of the two experts are recorded here.Do the data support the hypothesis that there
Consider sellers A and B. Compute the rank correlation between their sales.Use the following information to answer questions 55–58. A movie theater opens 3 ticket windows operated by 3 ticket
Do a test to determine whether sellers A, B, and C are equally effective in selling tickets. Use 5 percent.Use the following information to answer questions 55–58. A movie theater opens 3 ticket
Do a test to determine whether sellers A and B are equally effective in selling tickets. Use 5 percent.Use the following information to answer questions 55–58. A movie theater opens 3 ticket
Do a test to determine whether sellers B and C are equally effective in selling tickets. Use 10 percent.Use the following information to answer questions 55–58. A movie theater opens 3 ticket
The plant manager in a manufacturing company wants to know whether the morning productivity is higher than the afternoon productivity. He collected the productivity numbers for 10 workers on a
A basketball player shot 32 times in a game, and her coach recorded the results of the 32 shots:where + means “score” and - indicates “miss.” The coach says that the player is “streaky.”
A college professor believes that those students who do well on the midterm exam tend to do well on the final. He ranked the midterm and final exams of 30 students in his class.Do a test to see
Movie critics are generally thought to be very subjective. At the end of the year, two critics rank 20 films as shown in the table.Can you say that the two movie critics have different views? Do a 5
Use MINITAB to do question 70 in Chap. 12, assuming that the data do not follow a normal distribution. Use 5 percent.Question 70 in Chap. 12A company puts vending machines in different locations. The
Use the following information to answer question. As a result of the rising costs in health insurance, an insurance company decides to help its clients improve their health and cut down their bills.
Use the following information to answer question. As a result of the rising costs in health insurance, an insurance company decides to help its clients improve their health and cut down their bills.
Use the following information to answer question. As a result of the rising costs in health insurance, an insurance company decides to help its clients improve their health and cut down their bills.
An advertising agency tries to show the effect of a successful advertising campaign. It talked to a food company that is producing a new product, spaghetti sauce. The arrangement is to market the
A statistician wants to compare the prices of beef in New York and Los Angeles. He collected beef prices from 10 supermarkets in each city and recorded the prices.Can you argue that beef prices are
The Better Business Bureau suspects that High-Cost Gas Station is consistently charging higher prices for repairs than other garages. The BBB sent 10 cars to High-Cost for an estimate of repair
A statistics instructor is curious about whether a relationship exists between the scores of students who purchased the student workbook and those of students who did not. Because he did not require
Use the following information to answer question. A national survey was conducted to study the increase in the cost of personal health insurance. Forty people from 3 regions were asked about the
Use the following information to answer question. A national survey was conducted to study the increase in the cost of personal health insurance. Forty people from 3 regions were asked about the
The Dow Jones Industrial Averages from 1961 to 1986 are recorded in the following table (data from Dow Jones Investor’s Handbook (1986), Wall Street Journal, January 2, 1987). Do a 5 percent test
Use the following information to answer question. Ron Moy has taught corporate finance for years, but this is the first year he has included the use of the computer to his course. Actually, one class
Use the following information to answer question. Ron Moy has taught corporate finance for years, but this is the first year he has included the use of the computer to his course. Actually, one class
Use the following information to answer question. Ron Moy has taught corporate finance for years, but this is the first year he has included the use of the computer to his course. Actually, one class
A supervisor in the local factory feels that productivity during overtime is lower than productivity during normal working time. In order to verify his belief, he collected data on productivity per
A psychologist believes that a person who watches the evening news one day is more likely than others to watch it the next day. To show that this is true, he kept track of his wife’s TV viewing
A company produces 3 kinds of fruit baskets that are sold at the same price. The fruit baskets are displayed in 9 supermarkets in the local area. The sales are recorded in the following table.Do a 5
An old proverb in baseball is “pitching wins pennants.” Seven teams’ pitching, in terms of earned-run average (ERA), and their standing in the American League West are given in the following
Use the Spearman rank correlation test to investigate the relationship between market rates of return, in terms of the S&P 500, and the annual rate of return on 3-month Treasury bills during
Money magazine (Money, March 2003) reports percentage returns and expense ratios for top bond funds under 4 categories: US government (G), high-yield corporate (H), tax-exempt (T), and world bond
A random sample consists 10 young and 10 old investors. Their earnings in investment in thousand dollars are as follows:Use Mann–Whitney U test to decide whether the young investors earn
Two financial analysts rated 10 mutual funds from 1 to 100 according to funds’recent performances. The higher the rating is, the better the efficacy. The results of their ratings are as
(Problem 84 continued.) Is there a positive rank correlation between the rankings of them? α = 0.05.Problem 84Two financial analysts rated 10 mutual funds from 1 to 100 according to funds’recent
(Problem 84 continued.) Use a Wilcoxon signed-rank test to test the hypothesis that there is a difference between the ratings of analyst 1 and those of analyst 2.Problem 84Two financial analysts
Consider a time series whose first value was recorded in December 1945. The last period for which there are records is June 1984.(a) How many full months of data are available?(b) How many full
Give an example of a time series you think may have(a) A moderately increasing linear trend(b) A decreasing linear trend(c) A curvilinear trend
The accompanying data indicate the number of mergers (xt) that took place in a certain industry over a 15-year period.(a) Plot these data on a frequency polygon.(b) What type of trend (linear or
When a 5-month moving average is found for a time series, how many months do not have averages associated with them (a) at the beginning of the time series and (b) at the end of the time series?
Find the 3-year moving-average values for the merger time series described in question 3.Question 3The accompanying data indicate the number of mergers (xt) that took place in a certain industry over
Find a 4-year moving-average series for the merger data given in question 3.Center the average on the years.Question 3The accompanying data indicate the number of mergers (xt) that took place in a
Use MINITAB to fit a least-squares trend line to the merger data given in question 3. Let t = 1 for 1970.Question 3The accompanying data indicate the number of mergers (xt) that took place in a
The following quarterly data show the number of cameras (in hundreds)returned to a particular manufacturer for warranty service over the past 5 years.Use MINITAB to answer the following questions:(a)
Determine the quarterly seasonal indexes for the warranty service time series described in question 8.Question 8The following quarterly data show the number of cameras (in hundreds)returned to a
A cab company has supplied the accompanying data, which show the number of accidents involving its cabs over the past 5 years.Find the four seasonal indexes for accidents. Year 5 years ago 4 years
Actual billings for the Weygant Corporation were $135,478 in March, and the March seasonal index for this corporation’s billings is 104. What is the seasonally adjusted March billing figure? What
The accompanying time series represents the number of patients received in a clinic emergency room. The seasonal indexes for each quarter are also given.Find the seasonally adjusted figures for the
What are time-series data? Why would we ever be interested in looking at timeseries data? Give some examples of time-series data.
What is a seasonal factor? Why is seasonality sometimes a problem in modeling time-series data? Give some examples of seasonal effects.
Why do we sometimes need special techniques to analyze time-series data?
What is a business cycle?Whymust businesses be able to forecast business cycles?
Define the four components of a time series.
Explain why it is easier to forecast when the time series contains seasonal effects rather than a cyclical effect?
Which of the components would you expect to exist in each of the following time series?(a) The quarterly earnings of Ford for the years 1981 through 1990(b) The monthly sales of Sears for 1990(c) The
What are the advantages and disadvantages of using a simple moving-average technique for forecasting?
What are the advantages and disadvantages of using a linear trend for forecasting?
What are the advantages and disadvantages of using a nonlinear trend for forecasting?
What is exponential smoothing? What are the advantages and disadvantages of using exponential smoothing for forecasting?
What is an autoregressive process? What are the advantages and disadvantages of using an autoregressive process for forecasting?
What is the X-11 model? What is it used for? Briefly explain how the X-11 model is used in forecasting.
If you were asked to forecast the population of your town over the next 5 years, how would you do it? What information would you ask for?
Three time-series graphs follow. Try to identify the components of each time series. DR
Look at Fig. 18.1. What are the components of this time series? If you were asked to forecast this time series, what method would you use?Fig. 18.1 6 S + Earnings per Share 2 L 0 2000 2002 2004 Year
Look at Fig. 18.2. What are the components of this time series? If you were asked to forecast this time series, what method would you use?Fig. 18.2 Earnings per Share 14 12 10 co 4 2 0 1999 2000 2001
Look at Fig. 18.3. What are the components of this time series? If you were asked to forecast the S&P 500 index, what method would you use?Fig. 18.3 S&P 500 Index 1700 1500 1300 1100 900 700 www.
If you were asked to forecast the size of the entering class at a college, how would you do this? What information would be useful in conducting your forecast?
You are told that the number of sales per month for a store follows an AR(1)process of the formwhere et is normally distributed with zero mean and constant variance. Say x30 = 1,000, x31= 1,125, and
You are told that the number of sales per month for a store follows an AR(2)process of the formwhere et has a mean of zero and E[etet’] = 0 when t ≠ t’. The values for the last three periods
Use the following information to answer question. You are given the following return information for 3-month T-bills, the NYSE Index, Chrysler, Ford, and GM for the 3-year period from January 1985
Use the following information to answer question. You are given the following return information for 3-month T-bills, the NYSE Index, Chrysler, Ford, and GM for the 3-year period from January 1985
Use the following information to answer question. You are given the following return information for 3-month T-bills, the NYSE Index, Chrysler, Ford, and GM for the 3-year period from January 1985
Use the following information to answer question. You are given the following return information for 3-month T-bills, the NYSE Index, Chrysler, Ford, and GM for the 3-year period from January 1985
Use the following information to answer question. You are given the following return information for 3-month T-bills, the NYSE Index, Chrysler, Ford, and GM for the 3-year period from January 1985
Use the following information to answer question. You are given the following return information for 3-month T-bills, the NYSE Index, Chrysler, Ford, and GM for the 3-year period from January 1985
Use the following information to answer question. You are given the following return information for 3-month T-bills, the NYSE Index, Chrysler, Ford, and GM for the 3-year period from January 1985
Use the following information to answer question. You are given the following return information for 3-month T-bills, the NYSE Index, Chrysler, Ford, and GM for the 3-year period from January 1985
Suppose you are an investment analyst and are interested in estimating the future dividend for Hamby Corp. You know that Hamby’s dividends grow at an exponential rate—that is,where Dt is the

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