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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

A quantity index measures a change in quantity from a base year to a particular year is the physical volume of production levels of industrial goods over time.Which of the following one is the most
The Laspeyres index is a weighted aggregate price index where the weight for each item is its(a) Base-year price(b) Base-year quantity(c) Current-year price(d) Current-year quantity
The Paasche index is a weighted aggregate price index where the weight for each item is its(a) Base-year price(b) Base-year quantity(c) Current-year price(d) Current-year quantity
What is the disadvantage of the CPI?(a) It tends to give less weight to those items that show a dramatic price increase.(b) It tends to give more weight to those items that show a dramatic price
Use the data in the following table to calculate GNP deflator, the growth rate for nominal GNP, GNP deflator, and real GNP. Year/quarter 2005 Q1 2005 Q2 2005 Q3 2005 Q4 2006 Q1 2006 Q2 2006 Q3 2006
Under what conditions might stratified random sampling or cluster sampling be preferable to simple random sampling? Explain.
Suppose we are interested in the proportion of college seniors in a class of 900 who will be attending graduate school. A survey of 50 seniors reveals that 15 will be attending graduate school. We
Suppose you are a financial consultant trying to determine whether a group of 1,500 country club members represents a good source of potential clients for a real estate firm in New Jersey. To
If X is a normal variable with known variance equal to 650, how large a sample must we take to be 90 % confident that the sample mean will not differ from the true mean by more than ±5 units?
If a normal population is known to have σ equal to 10, how large a sample should we take in order to be 90 % confident that the sample mean will not differ from the population mean by more than
A sales manager wants to know what proportion of her accounts are inactive.How many accounts should she examine if she wants her confidence interval to be no more than w = .08 (w being the desired
A company manager wishes to estimate the mean length of time μ it takes company crews to do certain jobs. She wants to estimate m within ±7 min with 95 % confidence. Because the value of σ, the
The claims manager for an insurance company would like to know the mean amount of automobile insurance repair claims paid by his company. He took a sample of n = 25 claims and found X̅ = $950 and s
A marketing manager is interested in the number of trips per month that people take to a nearby shopping center. Denote the number of trips per month by X.The manager feels that the variance of X is
Is the plan in question 9 stratified sampling with proportional allocation? When might proportional allocation not be the best form of allocation in a stratified sampling plan?
The number of cars licensed in a particular state last year was 4.8 million; the number of cars licensed in a neighboring state was 3.9 million. For the current year, the officials of the neighboring
Outline the basic steps used in designing a sampling study. What problems may you encounter if your study is poorly planned?
What is simple random sampling? What are the advantages and disadvantages of this technique compared to other sampling techniques?
What is sampling error? What is a non sampling error? Give some examples of each.
What is two-stage cluster sampling? What are the benefits and disadvantages of this technique compared to other sampling techniques?
Suppose you are working for a political consulting firm that is trying to forecast the outcome of a presidential election. Because of the time and cost involved in conducting a simple random sample
Use the information given in Example 20.1 to determine the size of the sample if you want a level of precision ofExample 20.1Simple Random Sampling to Determine Household Income. Suppose an
Again using the data from Example 20.1 and question 18, construct a 95 %confidence interval.Example 20.1Simple Random Sampling to Determine Household Income. Suppose an investment adviser is trying
Use the data in Example 20.2 to determine the size of the sample you need if you want a level of precision of .05.Example 20.2Simple Random Sampling to Determine the Proportion of College-Bound High
Suppose you have decided to conduct a sampling survey on the salaries of baseball players. There are essentially two types of players, those not eligible for free agency and those eligible for free
Explain how we can use the ratio method to improve the parameter estimates based on sample data.
Explain how we can use the regression method to improve the parameter estimates based on sample data.
What is the jackknife method? What advantages does it offer? Briefly explain how we use the jackknife method.
Suppose you have decided to conduct a study to determine whether accounting majors should be required to take statistics. Briefly explain how you would set up this study. What problems might you
Using the business section of the Wall Street Journal or the New York Times, obtain a list of all stocks traded on the American Stock Exchange. Use a random sample of 15 stocks to compute the mean
The citizens for Fair Taxes are interested in the average property tax paid by the 2,000 residents of their city. A random sample of 50 of these households had a mean property tax of $1,472 with a
The Mom and Pop Grocery Store has 115 employees. In a random sample of 30 of these employees, the mean number of days that an employee was late each year was 14 days, and the sample standard
The academic advisor to the football team of Rah Rah University is interested in the mean number of hours that players spend studying during the football season. Of the 100 members of the football
Suppose a quality control expert is interested in drawing a random sample of 100 light bulbs from a case of 10,000. Explain how a table of random numbers could be used to do this.
Suppose the quality control expert of question 30 knows from past experience that the number of defective light bulbs in a case of 10,000 has a population standard deviation of 221. She would like to
A city is required to report to the state the mean property tax of its citizens.From previous years, officials know that the population standard deviation is likely to be $975. A 99 % confidence
An advertising executive is interested in how viewers looked upon a television ad by McDonald’s in New York City (either favorably or unfavorably). Briefly explain how the executive could analyze
In order to correctly assess property taxes in the state, New Jersey has decided to require that all municipalities report the average home price in their districts.From past years, one municipality
An auditor would like to estimate the total value of a corporation’s accounts receivable. From previous years, the auditor has found the population standard deviation to be $125 for the 1,000
Suppose the auditor in question 36 decides to divide the accounts receivable into strata. He would like a desired standard deviation of $10. Determine the total number of sample observations under(a)
A first-year chemistry class consists of 150 students. A random sample of 50 of these students reveals that 31 are majoring in engineering. Find a 95 %confidence interval for the proportion of
Explain whether the confidence interval gets wider or narrower when(a) The confidence interval is 99 % instead of 95 %.(b) The number of observations in the sample decreases from 100 to 50.(c) The
The student government of your school has asked you to survey students in order to determine how many hours the library should be open. You have decided to conduct a stratified sample by class year:
A movie studio executive wants to poll a sample of movie goers to determine how viewers will react to a new movie. Briefly explain how the sample should be designed.
A quality control engineer at the National Bullet Company wants to test for the number of defective bullets (duds) in a case of 1,000. From past experience, he knows that population standard
Suppose you want to estimate a population mean μ. From your sample, you find that the sample mean is 200, the sample standard deviation is 30, the total population is 500, and the sample drawn is
Suppose you want to estimate a population proportion p. The total population consists of 1,000, your population consists of 100, and the sample proportion is.42. Find a 95 % confidence interval for
A survey based on a stratified sample produced the following information:(a) Find a 90 % confidence interval for the population mean.(b) Find a 95 % confidence interval for the population proportion.
The results of a sample survey based on cluster sampling follow:M = 2,500 and N = 100 Find a 90 % confidence interval for the population mean. Cluster n Xi 1 3 6.2 2 7 8.3 305 8 5.4 4 2 7.3 5 9 9.1
A survey based on a stratified sample produced the following information:(a) Find a 90 % confidence interval for the population mean.(b) Find a 95 % confidence interval for the population proportion.
The results of a sample survey based on cluster sampling follow:M = 5,500 and N = 300 Find a 95 % confidence interval for the population mean. Cluster n 1 2 4.2 2 5 2.3 3 7 8.4 4 3 5.3 5 6.1
A supermarket manager wants to know what type of people purchases health foods and wishes to determine why segments of the population resist buying these products. Discuss how you would go about
A real estate developer wants to determine which features of a house have been most influential in determining its selling price. Describe how you would set up a study to provide this information.
Suppose the American Economic Review is interested in knowing whether student subscribers and regular subscribers differ in their viewpoints on the articles offered in the journal. Explain how you
A city consists of a total of two million residents and is divided into three boroughs that have 750,000, 900,000 and 350,000 residents, respectively. The city council is considering building a new
Suppose a large Wall Street law firm has 500 lawyers of whom 95 are partners and 405 are associates. A random sample of 15 partners finds that 11 own their own homes, and a random sample of 25
Refer to question 53. Suppose a random sample of the 12 partners reveals that 6 of them graduated from Ivy League schools and a random sample of 20 associates finds that 14 graduated from Ivy League
The president of a local union is interested in the mean value of bonuses awarded to a company’s employees. The company has 35 divisions, and a simple random sample of 5 of these is taken. The
A personnel manager is interested in the average age of the company’s 872 employees. Suppose he takes a simple random sample of 35 of these employees and finds the sample standard deviation of
A company has a fleet of 322 automobiles. A random sample of 35 of the cars finds that the sample standard deviation of annual repair costs is $272. Company planners want to construct, for the
Mention some situations in which two-stage cluster sampling should be used.
A clothing store has an inventory of 920 different items. In order to estimate the total dollar value of inventories, an auditor takes a simple random sample of the items. On the basis of last
Suppose a corporation is interested in the proportion of employees who favor a new child care program. The corporation has 750 employees from which it wants to take a simple random sample. The
A movie theater chain has 35 theaters in California, 50 in New York, and 45 in Pennsylvania. Management is considering adding a new snack item to its concession stands. In order to determine whether
Suppose that in question 61 we are interested in knowing how large a sample to take for:(a) A proportional allocation.(b) An optimal allocation, assuming the stratum population standard deviations
A delivery company has a fleet of 502 trucks. A random sample of 35 of these trucks finds that the sample standard deviation of annual repair costs is $753. If you would like to construct, for the
A fast-food chain has 25 restaurants in Alabama (Ala.), 20 in Louisiana (La.), 25 in Texas (Tex.), and 32 in Arkansas (Ark.). Management is considering adding a hamburger item to its menu. In order
Suppose that in question 64, a sample of 35 restaurants is to be taken. Determine how the sample should be allocated among the three states for(a) A proportional allocation.(b) An optimal allocation,
A company that operates three different types of factories is interested in the number of defective products produced. The following table gives the results of a sampling study done on the number of
Use the information given in question 66 to find an estimate of the mean number of defective parts, using an unbiased estimation procedure. Also find a 99 % confidence interval for this
Refer to question 66. Suppose a sample of 30 factories is to be taken. Determine how many factories of each type the company should select when it is using(a) A proportional allocation.(b) An optimal
An auditor is interested in estimating the population mean value for Aloha Company’s accounts receivable. The population has been divided into three strata. The accompanying table gives information
A company is interested in estimating the value of accounts receivable for its 75 stores. To do this, the company collects information on 1990 and 1991 accounts receivable from a simple random sample
Refer to question 70. Use the MINITAB program in terms of the regression approach to forecast accounts receivable in 1991. Compare your results to those you got with the ratio method in question
A company is interested in estimating sales for its 200 stores. To do this, the company collects information on 1990 and 1991 sales from a simple random sample of 12 stores. The results of this
Refer to question 72. Use the MINITAB program in terms of the regression approach to forecast sales in 1991. Compare your results to those you got with the ratio method in question 70.Question 70A
An auditor is interested in estimating a company’s bad accounts. He collects information on bad accounts for the company’s 200 stores using a random sample of 25 stores. The results are given in
Refer to question 70. Suppose the company would like to construct a 90 %confidence interval for the increase in accounts receivable. Use the jackknife method to construct this confidence
Refer to question 72. Use the jackknife method to construct a 95 % confidence interval for the increase in sales.Question 72A company is interested in estimating sales for its 200 stores. To do this,
Suppose a corporation is interested in the proportion of employees who favor a new “flex time” work schedule. The corporation has 420 employees from which the planners wish to take a simple
A company operating three factories that use different types of production is interested in the number of defective products produced. The following table gives the results of a sampling study done
Use the information given in question 78 to find an estimate of the mean number of defective parts, using an unbiased estimation procedure. Also find a 99 % confidence interval for this
Refer to question 78. Suppose a sample of 50 factories is to be taken. Determine how many factories of each type the company should select when it is using(a) A proportional allocation(b) An optimal
A quality control engineer at the Brite Lite Light Bulb Company wants to test for the number of defective light bulbs in a case of 1,200. From past experience, he knows that the population standard
A market research group takes a random sample of 5 of a city’s 41 voting districts. Each household in each sampled district is questioned on the number of hours its members watch television per
Suppose you want to estimate the proportion of a population of voters. A random sample reveals that the sample proportion is .42; N = 2,500 and n = 500. Find a 99 % confidence interval for the
The results of a sample survey based on cluster sampling areFind a 90 % confidence interval for the population mean. Cluster n Xi M= 4,000 1 3 50.2 and N = 250 22 42.3 3 8 38.4 4 9 51.3 5 6 36.1
You have been hired to design a sampling procedure for testing a new antiacne drug. One hundred people will be used in the study: half will receive the new drug, and half will receive the standard
Professor Anderson needs a sample of students from his university with 13,200 students. He uses a table of random numbers to select 130 numbers between 1 and 13.200. His sample is a.(a) Simple random
Professor Anderson’s university has 13,200 students, of which are 7,020 are undergraduates, 4,200 are master students, and 1,800 are Ph.D. students. He decides to randomly select 70 undergraduates,
The president of Prof. Anderson’s university is interested in the proportion of students favoring the new campus bus system.(a) Since there are 13,200 students and the president would like to have
Prof. Anderson would like to estimate the monthly expenditure on mobile phone communication. If he would like a level of precision of $5, determine the total number of sample observations under a
Use the data in Problem 89 to determine the appropriate sample sized under an optimal allocation rule.Problem 89Prof. Anderson would like to estimate the monthly expenditure on mobile phone
What are the basic elements of decision making? Define those elements separately. If we don’t know the probabilities for the states of nature, can we still make a decision?
John faces the following decision problem:With 5 h of study per day, John estimates that there are three different numbers of points he can get on the midterm: 80 with high confidence, 60 with
In question 2, rebuild the table by using the minimax criterion and specify the best action and the best points. Is the best action the same as that of question 2?If yes, is this by chance or is it
Reconsider the table in question 2 in the following way:If John studies 5 h per day, then he estimates the probabilities in three confidence levels as .2 for high, .6 for average, and .2 for low. The
(a) Using the expected monetary value (EMV) criterion, try to construct a table to determine which action is best.(b) 5b. Does applying the EMV criterion yield the same best action as applying the
Assume the following utilities for the different midterm points in question 2.The point scores 30, 40, 50, 60, 80, and 90 have utilities of 2, 5, 7.5, 9.5, 11, and 12 units, respectively. Is this a
Define the terms risk-averse, risk-neutral, and risk-taking.

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