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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

Impact of red-light cameras on car crashes. Refer to the June 2007 Virginia Department of Transportation (VDOT) study of a newly adopted photo-red-light enforcement program, Exercise 8.40 (p. 464).
NHTSA new car crash tests. Refer to the National Highway Traffic Safety Administration (NHTSA) crash test data for new cars In Exercise 8.101 (p. 490) you compared the chest injury ratings of drivers
Healing potential of handling museum objects. Does handling a museum object have a positive impact on a sick patient’s well-being? To answer this question, researchers at the University College
Designing footwear to improve posture. Refer to the Human Factors (December 2019) study on the effectiveness of designed footwear for elderly women, Exercise 8.36 (p. 463). Recall that each of 24
Twinned drill holes. Refer to the Exploration and Mining Geology (Vol. 18, 2009) study of drill twinned holes, Exercise 8.33 (p. 462). Recall that the drilling of a new hole, or “twin,” next to
A paired difference experiment with n = 30 pairs yielded T+ = 354.a. Specify the null and alternative hypotheses that should be used in conducting a hypothesis test to determine whether the
Suppose you want to test a hypothesis that two treatments, A and B, are equivalent against the alternative hypothesis that the responses for A tend to be larger than those for B. You plan to use a
Specify the test statistic and the rejection region for the Wilcoxon signed rank test for the paired difference design in each of the following situations:a. n = 30, a = .10 H0: Two probability
Modeling the deposit share of a retail bank. Exploratory research published in the Journal of Professional Services Marketing (Vol. 5, 1990) examined the relationship between deposit share of a
IBM stock prices. Refer to Example 14.1 (p. 14-5) and the 2019 monthly IBM stock prices.a. Use the exponentially smoothed series (with w = .5) from January to September 2019 to forecast the monthly
Using the CPI to compute real income. The number of dollars a person receives in a year is referred to as his or her monetary (or money) income. This figure can be adjusted to reflect the purchasing
Credit card debt. The annual total credit card debt (in billions of dollars) of US cardholders for the years 2008 to 2018 is provided in the table (next page).a. Use a simple linear regression model
Quarterly GDP values (cont’d). Refer to Exercises 14.66 and 14.67. For each of the forecasting models, apply the MAD, MAPE, and RMSE criteria to evaluate the forecasts for the four quarters of
Quarterly GDP values (cont’d). Refer to Exercise 14.66.a. Use the simple linear regression model fit to the data to forecast the 2020 quarterly GDP. Place 95% prediction limits on the forecasts.b.
Richmond Memorial Hospital in Richmond, Virginia, uses regression analysis to forecast the demand for emergency room services. Specifically, Richmond Memorial uses data on patient visits to the
Quarterly GDP values. The gross domestic product (GDP) is the total US output of goods and services valued at market prices. The beginning of quarter GDP values (in billions of current dollars) for
Investment funds. Annual investment assets (in billions of dollars) from 2000 to 2018 for three fund types provided by US investment corporations are given in the table below. ABBLAB ABBLAB FUNDS
Price of Abbott Labs stock (cont’d). Refer to Exercise 14.63.a. Fit a simple linear regression model to the stock price data.b. Plot the fitted regression line on a scatterplot of the data.c.
200756.15Source: Yahoo.com.
2017 57.07 2005 39.43 2018 72.33 2006 48.71 2019
Price of Abbott Labs stock. The yearly closing prices of Abbott Laboratories stock are shown in the table below.a. Use exponential smoothing with w = .8 to forecast the 2020 and 2021 closing prices.
Mortgage interest rates. Refer to the annual interest rate time series, Exercise 14.41 (p. 14-37). Use w = .3 and v = .7 to compute the Holt forecasts for 2020–2021. Compare these with the linear
Demand for emergency room services. With the advent of managed care, US hospitals have begun to operate like businesses. More than ever before, hospital administrators need to know and apply the
Retail prices of food items. In 1990, the average weekly food cost for a suburban family of four was estimated to be $154.40. The table (next column) presents the retail prices of four food items for
Insured Social Security workers (cont’d). Refer to Exercise 14.58.a. Compute the exponentially smoothed series for the annual number of workers who are fully and permanently insured for Social
155.9 Source: United States Social Security Administration.a. Compute a simple composite index for the number of workers in the three insured categories using 2000 as the base period.b. Is the index,
149.5 2013 165.144.6 149.8 2014 166.8 45.4 150.6 2015 168.5 46.2 151.5 2016 170.2 47.3 152.6 2017 172.2 47.5 154.1 2018 174.3 47.6 155.5 2019 176.2
148.9 2008 156.6 45.0 149.9 2009 158.5 44.6 149.6 2010 160.3 44.0 148.9 2011 161.9 43.8 148.9 2012 163.4
147.3 2007 154.6
143.8 2005 150.2 44.7 145.5 2006 152.4
140.0 2002 144.1 45.3 141.3 2003 146.0 45.0 142.4 2004 148.1
Insured Social Security workers. Workers insured under the Social Security program are categorized as fully and permanently insured, fully but not permanently insured, or insured in the event of
Modeling foreign direct investment. Research published in the Journal of Economics and Finance (Vol. 41, 2017) used a time series regression model to examine the effect of international trade and
Life insurance policies in force. Refer to the annual data on number of life insurance policies in force 1Yt2, Exercise 14.45 (p. 14-38). You fit the simple linear regression model, E1Yt2 = b0 + b1t,
Price of natural gas. Refer to the annual data on natural gas price 1Yt2, Exercise 14.42 (p. 14-38). You fit the simple linear regression model, E1Yt2 = b0 + b1t, to the data for the years 2000 to
Mortgage interest rates. Refer to the data on annual mortgage interest rate 1Yt2, Exercise 14.41 (p. 14-37). You fit the simple linear regression model, E1Yt2 = b0 + b1t, to the data for the years
Predicting presidential elections. Refer to the Political Analysis (Vol. 17, 2009) study on predicting presidential elections, Exercise 14.44 (p. 14-38). Recall that a regression model with five
Forecasting monthly car and truck sales. Forecasts of automotive vehicle sales in the United States provide the basis for financial and strategic planning at large automotive corporations. The
Company donations to charity. Refer to the Journal of Management Accounting Research (Vol. 27, 2015) investigation of the link between the amount a company donates to a charity and the financial
What do the following Durbin-Watson statistics suggest about the autocorrelation of the time series residuals from which each was calculated?a. d = 3.9b. d = .2c. d = 1.99 Applying the
For each case, indicate the decision regarding the test of the null hypothesis of no first-order autocorrelation against the alternative hypothesis of positive first-order autocorrelation.a. k = 2, n
Delayed expected loss recognition of banks. The success of commercial banks that make loans often hinges on how quickly the bank recognizes that a loan will result in a default (loss). The longer the
Graphing calculator sales. The table (next page) presents the quarterly sales index for one brand of graphing calculator at a campus bookstore. The quarters are based on an academic year, so the
Life insurance policies in force. The table below represents all life insurance policies (in millions) in force on the lives of US residents for the years 1990 through 2018. Year No. of Policies (in
Predicting presidential elections. Researchers at the University of West Florida used regression analysis to build a model for predicting the outcome of presidential elections (Political Analysis,
A gasoline tax on carbon emissions. In an effort to reduce gasoline consumption and curb carbon emissions, policymakers have proposed raising gasoline taxes. In the Journal of Applied Econometrics
Spot price of natural gas. Refer to Exercise 14.9 (p. 14-10) and the annual prices of natural gas from 2000 to 2020. A simple linear regression model, E1Yt2 = b0 + b1t, where t is the number of years
Mortgage interest rates. The level at which commercial lending institutions set mortgage interest rates has a significant effect on the volume of buying, selling, and construction of residential and
What advantage do regression forecasts have over exponentially smoothed forecasts? Does this advantage ensure that regression forecasts will prove to be more accurate? Explain. Applying the
Retail sales in Quarters 1–4 over a 10-year period for a department store are shown (in hundreds of thousands of dollars) in the table below. Year Quarter 1 2 3 4 1 8.3 10.3 8.7 13.5 2 9.8 12.1
The annual price of a finished product (in cents per pound) from 2005 to 2020 is given in the table below. The time variable t begins with t = 1 in 2005 and is incremented by 1 for each additional
US school enrollments. The next table reports annual US school enrollment (in thousands) for the period 1995–2019. Year Enrollment Year Enrollment 1995 64,764 2008 74,079 1996 65,743 2009 77,288
Monthly gold prices. Refer to the monthly gold prices, Exercise 14.31 (p. 14-24). Two models were used to forecast the monthly 2019 gold prices: an exponential smoothing model with w = .5 and a Holt
S&P 500 Stock Index (cont’d). Refer to your Holt forecasts of the quarterly S&P 500 for 2019, Exercise 14.30 (p. 14-24).a. Calculate MAD, MAPE, and RMSE for the forecasts with w = .3 and v = .5.b.
S&P 500 Stock Index. Refer to your exponential smoothing forecasts of the quarterly S&P 500 for 2019, Exercise 14.29 (p. 14-24).a. Calculate MAD, MAPE, and RMSE for the forecasts with w = .7.b.
Annual US craft beer production (cont’d). Refer to the beer production forecasts, Exercise 14.25 (p. 14-24). In part b you obtained forecasts of 2018 and 2019 craft beer production using Holt’s
Annual US craft beer production. Refer to the beer production forecasts, Exercise 14.25 (p. 14-24). In part a you obtained forecasts of 2018 and 2019 craft beer production using exponential
Monthly gold prices. The fluctuation of gold prices is a reflection of the strength or weakness of the US dollar. The table below shows monthly gold prices (dollars per troy ounce) from January 2015
S&P 500 Stock Index (cont’d). Refer to Exercise 14.29. Suppose you want to use only the 2017–2018 S&P values to forecast the quarterly 2019 values. Calculate the forecasts using Holt’s model
S&P 500 Stock Index. Refer to the quarterly Standard & Poor’s 500 stock market index, Exercise 14.22 (p. 14-16).a. Use exponential smoothing with w = .7 to smooth the series from 2012 through 2018.
OPEC crude oil imports. Refer to the annual OPEC oil import data, Exercise 14.21 (p. 14-15).a. Use the exponentially smoothed 1w = .92 series you constructed in Exercise 14.21a to forecast OPEC oil
Consumer Price Index. The CPI measures the increase (or decrease) in the prices of goods and services relative to a base year. The CPI for the years 1990–2019 (using 1984 as a base period) is shown
Quarterly single-family housing starts. Refer to the quarterly housing start series, Exercise 14.8 (p. 14-10). Suppose you want to forecast the number of new housing starts in 2019 using data for
Annual US craft beer production. Refer to Exercise 14.7 (p. 14-10) and the data on US beer production (in millions of barrels) for the years 2004–2019.a. Use the 2004–2017 values to forecast the
Refer to Exercise 14.4 (p. 14-9). The table with the prices for product A for the four quarters of last year is reproduced at right. Holt’s smoothing method with w = .2 and v = .6 was applied to
S&P 500 Stock Index. Standard & Poor’s 500 Composite Stock Index (S&P 500) is a stock market index. Like the Dow Jones Industrial Average, it is an indicator of stock market activity. The data in
OPEC crude oil imports. The data in the table below are the amounts of crude oil (millions of barrels) imported into the United States from the Organization of Petroleum Exporting Countries (OPEC)
Personal consumption in transportation. There has been phenomenal growth in the transportation sector of the economy over the past decade. The personal consumption expenditure figures (in billions of
Yearly price of gold. The price of gold is used by some financial analysts as a barometer of investors’ expectations of inflation, with the price of gold tending to increase as concerns about
Domestic seafood processing. Each year, the National Oceanic Atmospheric Association (NOAA) publishes a report titled Fisheries of the United States. One part of the report gives annual data on
Annual US craft beer production. Refer to the annual US craft beer production time series, Exercise 14.7 (p. 14-10).a. Calculate the exponentially smoothed series for US beer production for the
A monthly time series is shown in the table to the right.a. Calculate the missing values in the exponentially smoothed series using w = .5.b. Graph the time series and the exponentially smoothed
Production and price of metals. The level of price and production of metals in the United States is one measure of the strength of an industrial economy. The table at the bottom of the page lists
Weekly earnings for workers. The table in the next column lists the median weekly earnings (in dollars) for full-time wage and salary workers over the years 2010–2019, categorized by gender.a.
and the Laspeyres index of part a on the same graph. Comment on the differences between the two indexes.
GDP personal consumption expenditures (cont’d). Refer to Exercise 14.11. Suppose the output quantities in 1970, measured in billions of units purchased, are as follows: Durable goods: 10.9
Employment in farm and nonfarm categories. Civilian employment is broadly classified by the federal government into two categories—agricultural and nonagricultural. Employment figures (in
Spot price of natural gas. The table shown in the next column lists the spot price of natural gas (in dollars per million Btu) between 2000 and 2020.a. Using 2000 as the base period, calculate and
Quarterly single-family housing starts. The quarterly numbers of single-family housing starts (in thousands of dwellings) in the United States from 2017 through 2019 are recorded below.a. Using
Annual US craft beer production. While overall beer production in the United States has declined the past decade, craft beer production has increased dramatically. The table below lists the US craft
Annual median family income. The table below lists the US median annual family income every 4 years during the period 1990–2018. It also contains several values for each of two simple indexes for
Refer to Exercise 14.4. The next table gives the quantities purchased for three products (A, B, and C) for the four quarters of last year. Quarter A B C 1 100 20 50 2 200 25 35 3 250 50 25 4 300 100
The table below gives the prices for three products (A, B, and C) for the four quarters of last year. Quarter A B C 1 3.25 1.75 8.00 2 3.50 1.25 9.35 3 3.90 1.20 9.70 4 4.25 1.00 10.50a. Compute a
14.2 Explain in words how to calculate the following types of indexes:a. Simple composite indexb. Weighted composite indexc. Laspeyres indexd. Paasche index
Bayfield Mud Company case. The text Quantitative Analysis of Management (Pearson, 2015) presents the case of the Bayfield Mud Company. Bayfield supplies boxcars of 50-pound bags of mud treating
Quality control for irrigation data. Most farmers budget water by using an irrigation schedule. The success of the schedule hinges on collecting accurate data on evapotranspiration (ETo), a term
New iron-making process. Mining Engineering (October 2004) published a study of a technology for producing high-quality iron nuggets directly from raw iron ore and coal. For one phase of the study,
Defects in graphite shafts. Over the last year, a company that manufactures golf clubs has received numerous complaints about the performance of its graphite shafts and has lost several market share
Waiting times of airline passengers. Officials at Mountain Airlines are interested in monitoring the length of time customers must wait in line to check in at their airport counter in Reno, Nevada.
Package sorting time. AirExpress, an overnight mail service, is concerned about the operating efficiency of the packagesorting departments at its Toledo, Ohio, terminal. The company would like to
Detecting under-reported emissions. The Environmental Protection Agency (EPA) regulates the level of carbon dioxide 1CO22 emissions. Periodically these emissions measurements are under-reported due
Defective plastic mold. A company that manufactures plastic molded parts believes it is producing an unusually large number of defects. To investigate this suspicion, each shift drew seven random
Applying pattern-analysis rules. Use the appropriate pattern-analysis rules to determine whether the process being monitored by the following control chart is under the influence of special causes of
Lengths of pencils. The length measurements of 20 consecutively produced pencils are recorded in the table (top, right).a. Construct a time series plot. Be sure to connect the plotted points and add
Cancer mortality. An article in the Iberoamerican Journal of Medicine (Vol. 2, 2020) used statistical process tools to monitor the annual cancer mortality rate in the United States. Data on the
A process is under control and follows a normal distribution with mean 100 and standard deviation 10. In constructing a standard x@chart for this process, the control limits are set 3 standard
Under what circumstances is it appropriate to use Cp to assess capability?
Construct a cause-and-effect diagram to help explain why customer waiting time at the drive-in window of a fast-food restaurant is variable.
In estimating a population mean m using a sample mean x, why is it likely that x ≠ m? Construct a cause-and-effect diagram for the effect x ≠ m

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