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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

The quality control manager at a sugar refinery was worried that two packaging production lines might be filling the packages with different weights. Samples of size 16 were taken from each of the
The Environmental Protection Agency is studying coliform bacteria counts at the beaches of a large suburban county. Three types of beaches are to be considered (ocean, bay, and sound) in three
Explain the difference between the one-factor and the two-factor ANOVA models.
A researcher has an ANOVA problem with five columns (treatments). Would you recommend testing for differences between the columns by looking at pairs of columns? Explain why. How many pairs are there?
A researcher concludes that there is no difference in the column treatments in a one-factor model. Upon reanalysis of the same data via two-factor ANOVA, however, the researcher concludes that there
A secretarial training school is experimenting with four different manuals for a typing course. The school divided 20 students into four classes, and each class used a different manual. At the end of
A research institution says that gasoline is gasoline. That is, there is no difference among different brands of gasoline in terms of mileage per gallon.An independent consumer rights organization
A college professor taught an interdisciplinary course in the last 3 years to students of different majors. He believes that the students’ majors do not have any impact on their performance in the
A doctor recruited 15 volunteers and put them on 3 different diets that were supposed to lower the subjects’ cholesterol levels. The effects of the diet plans in terms of lowered cholesterol level
The personnel office recently produced a set of aptitude test questions designed to determine whether a potential employee can be a good salesperson.The test was tried on current employees before it
A stock analyst thinks four stock mutual funds generate about the same return.She collected the accompanying rate-of-return data on four different mutual funds during the last 5 years.(a) Do a
On a beach, there are three ice cream stands that are supposed to be occupying equally good locations. The management of the beach wants to know whether this assumption is true. The ice cream sales
Four instructors teach introductory-level economics courses during the same time period. The numbers of students taking their courses areCan we reject that the four instructors are about equally
The personnel manager wants to know whether an equal number of employees call in sick on the 5 days of the regular work week. The sick days recorded during last year were distributed as follows:Can
An economics consulting company wants to study bank managers’ opinions about what lending rate will prevail for the next 3 months. It sends questionnaires to 940 bank managers and gets the
A management consulting company is interested in how managers look at the prospects for the economy in this country. Questionnaires were sent to 2,000 managers in different areas of the country. The
Lotteries are gettingmore andmore popular in this country.Many books claiming to teach people how to pick winning numbers have been published. According to an official in the state’s lottery
A plant that runs three shifts would like to know whether the three shifts are equal in average productivity. The productivity breakdown is presented in the following table.(a) Are average
Use the following information to answer question. A company operates three mutual funds. The managers of these mutual funds invest the money entrusted to them in different kinds of assets. The rates
A nationwide real estate brokerage house wants to study the relationship between rent per square foot and size of the property. The data collected are summarized in the accompanying table. Using
He suggests redoing the test by controlling the location factor. Do a 5 % test to see whether the conclusion changes when the data are presented as follows:Size of the property (in square feet)
A chicken farm came up with 4 different ways of mixing chicken feeds. The feeds were tested on 20 chickens. The results, given in terms of the chickens’weight, are presented in the accompanying
The performances of 250 salespeople in a company are summarized in the following table.Derive the expected frequencies, assuming that the data are from a normal distribution. Do the data collected
The Department of Accounting at a university is interested in the relationship between SAT score and graduating grade point average (GPA). The accompanying table presents a summary of the data it has
The Department of Education at a university is interested in the relationship between the number of years of education and a person’s salary. It collects the following information:(a) Draw a
Use the data given in question 57 to calculate r and R2. Also use your regression results to estimate the graduating GPA for someone who scores 620 on the SAT.Question 57The Department of Accounting
What is the relationship between the correlation coefficient r and the coefficient of determination R2?
What type of correlation (positive, negative, or zero) would you expect from the following pairs of variables?(a) A company’s earnings per share and its dividends per share(b) A company’s
Suppose you are interested in finding the relationship between bond prices and interest rates. You run a regression of bond prices against the prime lending rate and find that the slope of the
Look at the following graph and identify the explained error, the unexplained error, and the total error. y y i = a + bx; X
Briefly explain what the slope of a regression line tells us.
Explain the difference between the coefficient of determination and the adjusted coefficient of determination. Which do you believe provides a better measure of the goodness of fit of a regression?
Use the data and results from question 21 to calculate the standard error of the residuals.Question 21You are given the following information on the heights and weights of 5 people: Weight (pounds)
Look at the scatter diagram given in question 32. Would you expect a regression on that data to produce a high or a low coefficient of determination?Question 32In order to determine whether a company
Two hundred and ten people were asked which TV news programs they usually watch. The answers are compiled in the following table. Can you say that the three networks have audiences of about the same
Do workbooks make a difference in students’ performance? A statistics instructor uses her class as a sample. Do the results suggest that the grade patterns of those who own a workbook and of those
An election was held in a big city whose population is 50 % white, 40 % black, and 10 % Hispanic. Among the elected, 40 council members are white, 30 are black, and 10 are Hispanic. Do we have enough
The president of a local bank suspects that his employees care only about the big customers. He randomly sampled 325 loans made during the last year and asked the borrowers their opinion of the
A gambler wants to know whether the dice used in a casino are fair. If the dice are fair, the probabilities of seeing 1, 2,. . ., 6 are all 1/6 .. The gambler recorded the outcomes of 600 rolls of
A magazine wants to study the relationship between people’s education and the medium they are exposed to the most. Questionnaires were sent to 100 people of different educational backgrounds. The
On November 18, 1980, the Wall Street Journal published a Gallup survey of the opinions of 782 chief executives of US corporations. The 782 chief executives represent samples of 282 fromlarge firms,
Money magazine (Money, March 2003) reports percentage returns and expense ratios for top bond funds under four categories: US government (G), high-yield corporate (H), tax exempt (T), world bond
The rates of returns data from year 2000 to 2009 in Table 4.15 is listed below:At the α = 0.05, can we conclude that the two stocks and the general market generate about the same average rate of
A study by the New York/New Jersey Port Authority on the effects of train ticket prices on the number of passengers produced the following results:(a) Which variable should be the independent
Discuss the standard assumptions for linear regression analysis.
A Department of Agriculture research team has investigated the relationship between the wheat harvest and the amount of fertilizer used.(a) Plot the data.(b) Use the method of least squares to
As vice president in charge of marketing, Bob Seller is interested in the relationship between dollars spent on advertising and the number of widgets his company sells. He has collected the following
Financial economists are often interested in measuring the relationship between the return on an individual stock and the return on the S&P 500.This model is usually referred to as the market
Explain whether you would expect a positive relationship, a negative relationship, or no relationship to exist for the following pairs of data. If you think there is a relationship, identify the
Mary Jones, a professor of statistics, has collected the following sample of hours spent studying for her course and grades received on the midterm exam.(a) Plot the data.(b) Use the method of least
An English professor has estimated the following relationship between English SAT scores (x) and score in the freshman English course (y).where standard deviations are shown in parentheses. The
Elmore Truesdale, vice president in charge of strategic pricing, is trying to find the relationship between the price of widgets and the quantity of widgets sold.Mr. Truesdale has collected the
The following table gives data on personal consumption C and disposable income Yd in the United States. Use the MINITAB or SAS program to answer the following.(a) Plot the data, using C as the
The following table shows the annual rates of return for several assets and the rate of inflation.(a) Use the method of least squares to estimate the relationship between the rate of return on common
Briefly explain the difference between a dependent variable and an independent variable in regression analysis.
What is causality? What is correlation? What is the relationship among casualty, correlation, and regression analysis?
Explain the difference between a population and a subpopulation.
The market model equation in finance is(a) What is the independent variable?(b) What is the dependent variable?(c) What are the regression coefficients? where Rji Rm.t Rjt = aj + BjRm,t + ej, t
What is a scatter diagram? Briefly explain the concept of a regression line in the context of a scatter diagram.
Suppose you collect data on household consumption and income in the United States and estimate the regression equation C–500 + .8 Y, where C = consumption and K = income.(a) Plot the relationship
Suppose you estimate the regression equation y = 5 + .6x(a) What is the dependent variable?(b) What is the independent variable?(c) What is the intercept?(d) What is the slope?
What is a sample? What is a population? Briefly explain how a sample can be used to estimate population parameters.
Briefly explain what we mean by the method of least squares.
You are given the following information on the heights and weights of 5 people:(a) If you are interested in finding the relationship between height and weight, which variable should be the dependent
The consumption function can be estimated by regressing private consumption on GNP. Use the data given in Table 2.2 and the MINITAB or SAS program to estimate the consumption function.Table 2.2
Use the data given in question 21 and the results you got there to plot the regression line. Calculate the estimated values of y and the error from the regression.Question 21You are given the
What do we mean when we say that estimates of a and b determined by the least-squares method are BLUE?
Do you think opinion pattern and year in school are related? Do a 5 % test.Use the following information to answer question. A survey was sent to 400 students to solicit their opinions about a new
Do you think the three different opinions receive about the same amount of support among first-year students? Do a 5 % test.Use the following information to answer question. A survey was sent to 400
Do you think the three different opinions have about the same number of responses? Do a 5 % test.Use the following information to answer question. A survey was sent to 400 students to solicit their
Use the following information to answer question. A survey was sent to 400 students to solicit their opinions about a new rule for using the student centers. Here are the results:Do you think there
An insurance company is interested in knowing the relationship between traffic accident claims arid the type of cars that policyholders drive. The numbers of accidents per 1,000 automobiles during
The accompanying table shows highway patrol data on the numbers of speeding tickets given in the last 3 months. Do the data show that all 3 months have about the same number of tickets? Do a 5 %
In a recent survey, people were asked whether they are happy with the current income tax structure. Do the results that follow support the hypothesis that how people feel about the tax structure
In a poll, people were asked their opinions about the death penalty. The breakdown of the responses is given in the accompanying table. Do the data show that educational level and opinion are
Do the data support the hypothesis that April, May, and June have the same amount of sales? Do a 5 % test, using one-way ANOVA.Use the following information to answer question. A company puts vending
Do a one-way ANOVA to see whether you can argue that the three different locations have different amounts of sales. Use 5 %.Use the following information to answer question. A company puts vending
Use the following information to answer question. A company puts vending machines in different locations. The numbers of sodas sold (in thousands) in the last 3 months are presented in the following
Hannah, a wine dealer, believes that the taste of wine depends on the year the wine was bottled. Do the data she collected from a recent wine-tasting contest support her belief? Do a 5 % test.
The manager in a department store believes that whether a customer pays by cash, charge, or check depends on the amount of money spent. Do the following data support what the manager believes? Do a 5
The demand for different types of automobiles should be related to their owners’ needs. A manager in a local auto dealership randomly pulls samples from the dealership’s customer files. Do the
An advertising agent believes that different types of programs attract audiences of different age groups. She collects the following data to study her claim.Determine, at α = 5 %, whether you can
A consumer rights organization wanted to check out different diet plans. It recruited 33 volunteers and sent them to four different programs. After the first 2 weeks, the weight losses, in pounds,
The dean of the business school wants to find out whether the instructors in four departments are grading students similarly. The following data are compiled.Do you think the grade distribution
A Consumer Protection Coalition decides to study the delay times, in minutes, for four different airlines: A, B, C, and D.It is believed that the average delay times of the 4 airlines are about
The delay times of 200 delayed flights were compiled in the following frequency distribution. The mean is about 45 and the standard deviation is 20. Do the data follow a normal distribution? Do a 5 %
The numbers of missing pieces of luggage are compiled in the following table.Do the data. follow a Poisson distribution? Do a 5 % test. Number of missing Pieces of luggage 0 1 23 3 More than 3 Number
A financial analyst is interested in conducting an extensive study of credit card debt. He wants to know whether the income of cardholders is related to the size of the debt. He compiles the data in
A bank manager is interested in the amount of cash being withdrawn each Friday. He collects data on the last 90 Fridays and compiles them in the accompanying table. The mean is 340 and the standard
Are African–Americans’ opinions equally split among the three categories? Do a 5 % test.Use the following information to answer question. A questionnaire was sent to 200 students on the campus,
The makeup of the student body is 75 % white, 15 % African–American, and 10 % Asian–American. If the samples are randomly selected, the samples’ ethnic distribution should be similar to the
Are ethnic background and opinion on this issue related? Do a 5 % test.Use the following information to answer question. A questionnaire was sent to 200 students on the campus, asking them to
There are many books to help people learn to use computer software packages.An instructor checked these books and found that they are all of similar quality.He picked four books and used them in his
It is believed that the quality of a certain product is related to the time of day the product is produced. The following table summarizes the results of tests on some random samples produced in a
A magazine wants to know the relationship between people’s voting behavior and their level of income. Questionnaires were sent to 200 voters, and FCE responses are summarized here. Do the data
Use the following information to answer question. A questionnaire was sent to 200 students on the campus, asking them to indicate their ethnic background and give their opinion about race relations
Briefly explain what we mean by a direct and by an inverse relationship.
The accompanying scatter diagram shows the numbers of hours several students studied and their midterm scores.(a) Which is the dependent variable and which the independent variable?(b) Is there a
Suppose you are a safety consultant for the Department of Transportation. You are interested in the relationship between the number of miles a trucker drives per year and the number of accidents he
Use the method of least squares to estimate the intercept and slope of the regression line for the data given in question 27.Question 27Suppose you are a safety consultant for the Department of

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