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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

A manager asked 50 employees in a company of their ages. On the basis of this information, the manager states that the average age of all the employees in the company is 39 years. The statement of
What is a secondary source of data? Give two examples of secondary sources of data.
What two types of error might we encounter when dealing with primary and secondary sources of data?
What is a primary source of data? Give two examples of primary sources of data.
What is a sample? What is a census? What advantages does using a sample have over using a census? Are there any advantages to using a census?
Explain how the following can be used to present data.(a) Line chart(b) Component-parts line chart(c) Bar chart
Frederick Hallock is approaching retirement with a portfolio consisting of cash and money market fund investments worth $135,000, bonds worth $165,000, stocks worth $185,000, and real estate worth
LaPoint Glass Company has the following earnings before interest and taxes (EBIT) and profits (EBIT and profits are in millions of dollars).Present these data in a bar chart by hand and by using
Use the data in Table 2.1 to draw line charts for the following:(a) GNP(b) CPI(c) GNP and CPI(d) 3-month T-bill rate and prime rateTable 2.1 Year 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67
Study Fig. 2.2, and comment on the relationship between GNP and private consumption.Figure 2.2 16,000.0 14,000.0 12,000.0 10,000.0 8,000.0 6,000.0 4,000.0 2,000.0 0.0 -2,000.0 Components of GDP 1960.
Using the data in Fig. 2.3, analyze the average rates of return for(a) The DJIA(b) The S&P 500(c) Tri-Continental CorporationFig. 2.3 Rate of Return (%) 40 35 30- 25- 20- 15 10- 5 0 16.8 11.
Using the graph in Fig. 2.17, answer the following questions:(a) Which company has the higher current ratio?(b) Which company’s current ratio appears to be more stable over time?Fig. 2.17 0.6 0.5
Using the graph in Fig. 2.19, carefully explain the relationship between Ford’s inventory turnover and GM’s.Fig. 2.19 10.000 9.000 8.000 7.000 6.000 5.000 4.000 3.000 2.000 1.000 .000 JNJ MRK 78
Using the data given in question 14, present the components of total current assets for 1990 in two pie charts, one drawn by hand and one by using Microsoft Excel.Question 14You are given the
Using the data in Table 2.5, show the distribution of current assets for 1996 in a pie chart and a bar chart. Which of these graphs do you think is best for presenting the data?Table 2.5 Assets
A statistics teacher has given the following numbers of the traditional grades to her class of 105 students:(a) Use a bar graph to show the distribution of grades.(b) Use a pie chart to show the
The following table gives the sales figures for five products manufactured by Trends Clothing Company, your employer.The president of the company asks you for a report showing how sales are
In the course of researching the benefits of diversification, you collect the information given in the table on page 47 (top), which presents rates of return for different portfolios.(a) Use a line
Use the data given in question 21 to construct a bar graph for 1985 through 1989. Question 21In the course of researching the benefits of diversification, you collect the information given in the
You are given the following exchange rate information for the number of dollars it takes to buy 1 British pound and the number of dollars it takes to buy 100 Japanese yen:(a) Draw a line chart
You are given the following financial ratios for Johnson & Johnson and for the pharmaceutical industry:(a) Draw a line chart showing the current ratio over time for the industry and for J&J,
Repeat question 24 for inventory turnover.Question 24You are given the following financial ratios for Johnson & Johnson and for the pharmaceutical industry:(a) Draw a line chart showing the
Repeat question 24 for return on total assets (ROA).Question 24You are given the following financial ratios for Johnson & Johnson and for the pharmaceutical industry:(a) Draw a line chart showing the
Repeat question 24 for the price/earnings ratio.Question 24You are given the following financial ratios for Johnson & Johnson and for the pharmaceutical industry:(a) Draw a line chart showing the
An August 27, 1991, Wall Street Journal article reported that increasing numbers of small software firms are being absorbed by that industry’s biggest companies. According to WSJ, the result of
The results of the 1991 city council election (voters could vote for more than one person) in Monroe Township, New Jersey, wereUse a pie chart to present the results of the election. Nalitt Riggs
Redo question 29 using a bar chart. Which method is better for presenting these election results?Question 29The results of the 1991 city council election (voters could vote for more than one person)
Use a pie chart to show how San Francisco’s total team offense is divided between rush and pass.To answer question, refer to the table, which gives the rankings for team defense and offense for NFC
Use a pie chart to show how Phoenix’s total team defense is divided between rush and pass.To answer question, refer to the table, which gives the rankings for team defense and offense for NFC teams
Repeat question 33 for rush defense.Question 33Use a bar chart to show the total pass offense for the 14 NFC teams.To answer question, refer to the table, which gives the rankings for team defense
Use the graphs from questions 33–36 to answer the following questions;(a) Which team has the best pass offense?(b) Which team has the best pass defense?(c) Which team has the best rush offense?(d)
The following table is a table of salaries for the top NHL forwards and defensemen:(a) Use a bar chart to show the players’ salaries.(b) Do you think the bar chart is a better vehicle than a table
The accompanying pie chart presents data on why teenagers drink. Use information shown in the pie chart to answer the following questions:(a) For what reason do the highest numbers of teenagers
Use a bar graph to show the distribution of votes.To answer question, use the following results of the election to the General Assembly from one New Jersey district in 1991. Batten Lookabaugh
Use a pie chart to show the distribution of votes.To answer question, use the following results of the election to the General Assembly from one New Jersey district in 1991. Batten Lookabaugh
Which type of graph presents these data more effectively?To answer question, use the following results of the election to the General Assembly from one New Jersey district in 1991. Batten Lookabaugh
The following bar graph shows net purchases of bond mutual funds. Does this graph tell us anything? $8 $6 $4 $2 $7.9 billion 0 J F M A M J J AS 1991 *Net inflow to bond funds excluding reinvested
On November 9, 1991, the Home News of central New Jersey used the bar chart given in the accompanying figure to show quarterly net income or losses for both Ford and GM.(a) Comment on the possible
The two pie charts given here present household income for new first-time homeowners and all other homeowners, by income group, in 1989.(a) Describe these two pie charts.(b) Recent first-time
On March 20, 1991, the Home News (a central New Jersey newspaper) used the bar charts given here (next column, bottom) to show the amount of money pledged to, and the amount received by, the United
(a) Describe the three pie charts (in terms of 1989 home ownership data) in the next column (top).(b) Do members of minority groups show any gains among new first-time homeowners?
On March 14, 1991, the Home News (a central New Jersey newspaper) used the bar chart given here to show what problems New Jerseyans considered “very serious.”(a) What do New Jerseyans consider
On March 14, 1991, the Home News used two pie charts (next column, top) to show (1) the main causes of air pollution in New Jersey and (2) people’s attitudes toward using increased taxes to reduce
The Home News used this bar chart (next column, bottom) on page Dl of its November 20, 1991, issue to depict the increasing popularity of turkey not just at holiday meals but throughout the year.(a)
The following line chart was printed in the Home News on page Al of its November 22, 1991, issue to show the increase in the number of college students over age 35 during the period of
Explain the difference between grouped and non grouped data.
Explain the difference between frequency and relative frequency.
Explain the difference between frequency and cumulative frequency.
Carefully explain how the concept of cumulative frequency can be used to form the Lorenz curve.
Suppose you are interested in constructing a frequency distribution for the heights of 80 students in a class. Describe how you would do this.
Use the prime rate data given in Table 3.6 in the text to construct cumulative frequency and cumulative relative frequency tables.Table 3.6 Class (%) 0-1.49 1.50-3.49 3.50-5.49 5.50-6.49 6.50 and
Use the percentage of total revenue spent on advertising listed in Table 3.12 of the text to draw a frequency polygon and a cumulative frequency polygon.Table 3.12 Company 1 2 3 4 5 6 7 8 9 10 11 12
What is a frequency polygon? Why is a frequency polygon useful in data presentation?
Use a bar graph to plot the cumulative relative frequency.Use the goaltenders’ salaries for the 1991 NHL season given in the following table to answer question. Name Patrick Roy Ed Belfour Ron
Construct stem-and-leaf displays for the 3-month T-bill rate and the prime rate, using the data listed in Table 3.15.Table 3.15 Year 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
On November 17, 1991, the Home News of central New Jersey used the bar chart given here to show that foreign investors are taxed at a lower rate than the US citizens.(a) Construct a table to show
Briefly explain why the Lorenz curve shown in Fig. 3.15b has the shape it does.Fig. 3.15b b Cumulative Percentage of Family Income 100 - 90- 80- 70- 60- 50 - 40 - 30 - 20- 10 - 01 0 10 20 30 40 50 60
The students in an especially demanding history class earned the following grades on the midterm exam: 86, 75, 92, 98, 71, 55, 63, 82, 94, 90, 80, 62, 62, 65, and 68. Use MINITAB to draw a
Use the data given in question 22 to construct a tally table for the grades. Use intervals 51–60, 61–70, 71–80, 81–90, and 91–100.Question 22The students in an especially demanding history
Suppose the Gini coefficient in some country were equal to 0. What would that tell us about income in this country?
Suppose the Gini coefficient in another country were equal to 1. What would that tell us about income in this country?
Construct a tally table for weight loss. Use 5-lb intervals beginning with 1–5 lb, 6–10 lb, etc.Use the following information to answer question. Suppose Weight Watchers has collected the
Construct a cumulative frequency table for weight loss.Use the following information to answer question. Suppose Weight Watchers has collected the following weight loss data, in pounds, for 30 of its
Construct a frequency histogram for weight loss using MINITAB.Use the following information to answer question. Suppose Weight Watchers has collected the following weight loss data, in pounds, for 30
Construct a frequency polygon for weight loss.Use the following information to answer question. Suppose Weight Watchers has collected the following weight loss data, in pounds, for 30 of its
Construct a table for the relative frequencies and the cumulative relative frequencies.Use the following information to answer question. Suppose Weight Watchers has collected the following weight
Graph the relative frequency.Use the following information to answer question. Suppose Weight Watchers has collected the following weight loss data, in pounds, for 30 of its clients.15, 20, 10, 6, 8,
Graph the cumulative relative frequency.Use the following information to answer question. Suppose Weight Watchers has collected the following weight loss data, in pounds, for 30 of its clients.15,
Explain under what conditions it is best to use a pie chart to present data.
The following graph shows the Lorenz curves for two countries, Modestia and Richardonia. Which country has the most nearly equal distribution of income? Cumulative Percentage of Family Income
Draw the stem-and-leaf display of DPS of JNJ and Merck during the period 1988–2009 using Table 2.3, in which data on EPS, DPS, and PPS for JNJ, Merck, and S&P 500 during the period 1988–2009
Construct a frequency, cumulative frequency, and relative frequency table for the “price–earnings ratio” (PER) of the JNJ company using class boundaries: -20.000 PER
Draw the histogram and frequency polygon of the above frequency distribution.Frequency distribution. Switzerland (in Swiss francs) Close Prev. close 1. Alusuisse 976 982 2. Brown Boveri 3,960 4,080
The midterm scores from an honors seminar in accounting are 25, 84, 82, 83, 90, 91, 99, 100, and 100. Find the mean, median, and mode. Is one measure preferable to another? Why or why not?
What are descriptive statistics? Why are they important? Give some examples of descriptive statistics.
The following sample annual starting salaries were offered to 12 college seniors in 1992:(a) Calculate the mean and median for these observations.(b) Calculate the variance and standard deviation for
A $250 suit is on sale for $190, and a $90 pair of shoes is on sale for $65. Find the average percent decrease in price for the 2 items.
The following are the average daily reported share volumes traded on the NYSE, in thousands, for the years listed:(a) Calculate the mean and median share volume for these observations.(b) Calculate
The following data are annual rates of return on the DJIA and the S&P 500:(a) Calculate the arithmetic mean and standard deviation of the DJIA and the S&P 500 for the years 1960–1979,
You are given the following information about stock A and stock B:(a) Calculate the mean, standard deviation, and coefficient of variation for each stock.(b) If you could purchase only one stock,
Consider the following annual data on profit rates for Cherry Computers, Lemon Motors, and Orange Electronics:(a) Calculate the mean and standard deviation of each company’s profits.(b) Compare the
The following table gives the price of Charleston Corporation’s stock under different economic conditions:(a) Sketch a relative frequency diagram for Charleston’s stock.(b) Calculate the mean and
(a) Briefly compare the arithmetic mean with the geometric mean. Cite some cases where the geometric mean would be preferred.(b) Use data given in Table 4.9 to calculate the arithmetic mean and the
The final scores from an honors seminar in marketing were 65 55 70 80 90 100 50 75 Find the mean, median, and mode. Is one measure preferable to another. Why or why not?
Compare the use of the mean to the use of the median as a measure of central tendency. If you were taking a tough calculus class where 3 brilliant students out of 20 nevertheless received perfect
In major league baseball, rookies earn a minimum salary of $100,000, whereas superstar players earn as much as $5 million per year. Do you think the mean or the median of major league salaries would
Suppose you are a market researcher and have been asked to assess the popularity of four brands of coffee. Should you construct your test on the basis of the mean, median, or mode?
Why is the standard deviation sometimes preferred to the variance as a measure of dispersion, even though they measure the same thing?
In finance, we generally use a measure of dispersion such as the variance to measure the risk of a stock’s returns. Explain why the variance may not, however, be the best measure of risk of a
The members of the offensive line of the Denver Broncos weigh 275, 281, 285, 265, and 292 lb, respectively.(a) Calculate the mean and median weight of the offensive line.(b) Calculate the variance
Suppose you are an efficiency expert who is concerned with the absentee rate for workers in a factory. You collect the following information:(a) Calculate the moan and standard deviation for days
What is the coefficient of variation? What does it measure? Explain how the coefficient of variation can be used to decide which of these two stocks to purchase.
Calculate the mean, variance, and skewness coefficient for the data given in Table 4.9. Is the distribution symmetric ?Table 4.9 Year 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 Sum
When a distribution is skewed to the right, which measure of central tendency—the mean, median, or mode—has the highest value? Which has the lowest value?
On November 17, 1991, the Home News used the information in this figure to show that the US Congress taxes foreigners at lower rates than it taxes American citizens.(a) Calculate the mean and
Calculate the range and mean absolute deviation for the data given in question 21.Question 21A quality control manager finds the following number of defective light bulbs in 10 cases of light
Compare the following measures of dispersion: variance, standard deviation, mean absolute deviation, and range.(a) What are the benefits and disadvantages of each measure?(b) Which measure is the
(a) Use the data from the following figure, which are reprinted from the Home News of November 17, 1991, to calculate the mean, standard deviation, and Z score of Newark International Airport’s
Explain whether each of the following distributions is symmetric, positively skewed, or negatively skewed.
Your long-lost great uncle has recently died, leaving you $5,000 but stipulating that you must invest it in the stock of either XYZ Company or ABC Company.To compare their rates of return you

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