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statistical techniques in business
Questions and Answers of
Statistical Techniques in Business
The index of leading economic indicators, compiled and published by the U.S. National Bureau of Economic Research, is composed of 12 time series, such as the average work hours of production in
According to the National Chicken Council (www.nationalchickencouncil.org/about-the-industry/statistics/wholesale-and-retail-prices-for-chicken-beef and pork), the mean retail price per pound of
Listed are the net sales for a San Francisco–area mail-order retailer for the years 2011 to 2020. Use the mean sales for the earliest 3 years to determine a base and then find the index for 2019
The table reports the earnings per share of common stock for Home Depot Inc. for 2011 through 2020. Develop an index, with 2011 as the base, for earnings per share for years 2012 through 2020.
Amazon.com Inc. reported the following stock price at the beginning of each year since 2012. Using 2012 as the base year, develop a simple index for stock prices. What is the percentage increase in
Refer to the Baseball 2021 data, which report information on the 2021 Major League Baseball season.a. Rank the teams by the number of wins and their total team salary. Compute the coefficient of rank
In 2010, the mean salary of classroom teachers in Tinora School District was $28,650. By 2015, the mean salary increased to $33,972, and further increased in 2022 to $37,382. The American Federation
In 2021, the mean salary for a nurse manager with a bachelor’s degree was $106,100. The Consumer Price Index for 2021 was 270.97 (1982–84 = 100). The mean annual salary for a nurse in the base
Sam Steward is a freelance Web page designer. Listed are Sam’s yearly wages between 2019 and 2022. Also included is an industry index for Web page designers that reports the rate of wage inflation
Johnson & Johnson is the world’s largest and most broadly based healthcare company, with corporate offices in New Brunswick, New Jersey. Its common stock is listed on the New York Stock
Johnson & Johnson is the world’s largest and most broadly based healthcare company, with corporate offices in New Brunswick, New Jersey. Its common stock is listed on the New York Stock
Johnson & Johnson is the world’s largest and most broadly based healthcare company, with corporate offices in New Brunswick, New Jersey. Its common stock is listed on the New York Stock
General Electric Company (GE) is a high-tech industrial company that operates worldwide through its four industrial segments, Power, Renewable Energy, Aviation, and Healthcare, and its financial
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 27 through 32, use the following information on food items for the years 2012 and 2022.Determine a value index for 2022 using 2012 as the base period. Item Margarine (pound) Shortening
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 33 through 38, use the following information. Betts Electronics purchases three replacement parts for robotic machines used in its manufacturing process. Information on the price of the
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Compute a simple price index for each of the four items. Use 2015 as the base
The following data report total, monthly, U.S. grocery store sales in millions of dollars from January 2020 to December 2021. (On the site https://www.census.gov/retail/index.html#mrts, find
The table shows the total annual sales of U.S. gasoline in millions of dollars from 2010 to 2021. (On the site https://www.census.gov/retail/index.html#mrts, find “Monthly Retail Trade Report,”
Suppose that the Producer Price Index (Base = 1984) and the sales of Hoskin’s Wholesale Distributors for January 2015 and January 2020 are:What are Hoskin’s real sales (also called deflated
A special-purpose index is to be designed to monitor the overall economy of the Southwest. Four key series were selected. After considerable deliberation, it was decided to weight retail sales 20%,
Refer to the average annual baseball player salary data in the 2021 Major League Baseball data set. The data also include the CPI from 2010 to 2021. The CPI base is 1982 − 84 = 100.YearAnnual
Over the years the U.S. grocery distribution and sales industry has grown. Today, the total industry sales are in the billions of dollars. Major retailers, such as Walmart and Target, added food to
Listed are the net sales (in millions of euros) for the Adidas Group from 2014 to 2021.a. Determine the index for 2021 using 2014 as the base period.b. Use the period 2014 to 2016 as the base period
The table shows the labor force and the unemployment rate for three counties in northwest Pennsylvania for 2010 and 2019.a. In 2010, the national unemployment rate was 9.3%. For 2010, compute a
The following data report total, monthly U.S. book-store sales in millions of dollars from January 2019 to December 2021. (Go to https://www.census.gov/retail/index.html#mrts, find “Monthly Retail
The following data report total, monthly, U.S. new car sales in millions of dollars from January 2019 to December 2021. (To find the data, go to https://www.census.gov/retail/index.html#mrts, find
Develop a trend equation for the net sales ($ million) for Home Depot. Consider both a linear trend and a nonlinear trend. Which one would you select and why? Given the trend equation you selected,
Blair Jokinen is a sales manager for Pearson, one of the top publishing companies in the world. Blair manages 40 sales representatives who visit college professors in Europe. On Saturday mornings,
Using the following discrete probability distribution,a. What are the values of the random variable?b. What is the mean of the distribution?c. What is the standard deviation of the distribution?d.
Using the following discrete probability distribution,a. What are the values of the random variable?b. What is the mean of the distribution?c. What is the standard deviation of the distribution?d.
Refer to the Baseball 2021 data that report information on the 30 Major League Baseball teams for the 2021 season.a. In the data set, the year opened is the first year of operation for that stadium.
Using the following discrete probability distribution,a. What are the values of the random variable?b. What is the mean of the distribution?c. What is the standard deviation of the distribution?d.
In a study of the gasoline mileage of model year 2022 automobiles, the mean miles per gallon was 27.5 and the median was 26.8. The smallest value in the study was 12.70 miles per gallon, and the
The Baseball data set (in Appendix A and Connect) reports information on the 30 Major League Baseball (MLB) teams for the 2021 season.1. In the MLB, each team plays 162 games in a season. A
Sora Kanzaki is the owner of Kanzaki Investment and Real Estate Company. The company recently purchased four tracts of land in Holly Farms Estates and six tracts in Newburg Woods. The tracts are all
On the trivia game show Jeopardy, three contestants select from a board of 30 clues; each clue is assigned a monetary value. Each correct answer adds to a contestant’s monetary score, an incorrect
The Swiftwater Construction Company has agreed not to build all “look-alike” homes in a new subdivision. Five exterior designs are offered to potential home buyers. The builder has standardized
The following chart presents a visual summary of a study’s data.a. What is this chart called?b. How many observations are in the study?c. What are the minimum, maximum, and range of the data?d. How
Listed are the 46 U.S. presidents and their age as they began their terms in office.Use a statistical software package such as Excel or Minitab to help answer the following questions.a. Determine the
Listed are the 2019 U.S. Census Bureau estimates of median annual family income for the 50 states, the District of Columbia, and Puerto Rico
The table shows the average annual tuition and fees for public and private colleges in 2011–2012 and 2021–2022. For the period between 2011–2012 and 2021–2022, what is the annual rate of
The undergraduate enrollments for the 13 public universities in the state of Ohio for the fall of 2020 are listed here.a. Is this a sample or a population?b. What is the mean enrollment?c. What is
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season. Refer to the team salary variable. a. Prepare a report on the team salaries.
For Exercises 49–54, do the following:a. Compute the sample variance.b. Determine the sample standard deviation.The following five values are a sample: 15, 7, 12, 8, and 8.
Chris Proust is a sophomore in the College of Business at Scandia Tech. Last semester Chris took courses in statistics and accounting, 3 hours each, and earned an A in both. Chris earned a B in a
In 2010, there were 232.2 million cell phone subscribers in the United States. By 2020, the number of subscribers increased to 276.7 million.a. What is the geometric mean annual percent increase for
JetBlue Airways is an American low-cost airline headquartered in New York City. Its main base is John F. Kennedy International Airport. JetBlue’s revenue in 2015 was $6.416 billion. In 2020, the
The Consumer Price Index is reported monthly by the U.S. Bureau of Labor Statistics. It reports the change in prices for a market basket of goods from one period to another. The index for 2010 was
In 2014, 125,821,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2019, the number increased to 151,812,000. What is the geometric mean annual
The Fitbit Blaze Smart Fitness Watch has been ranked as the number one best-selling wearable technology device. This wearable technology tracks heart rate, and many activities such as running,
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Compute the Laspeyres price index for 2022 using 2015 as the base period.
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Compute the Paasche index for 2022 using 2015 as the base period. Item Cabbage
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Determine Fisher’s ideal index using the values for the Laspeyres and
For Exercises 39 through 44, use the following price information for selected foods for 2015 and 2022 given in the table.Determine a value index for 2022 using 2015 as the base period. Item Cabbage
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Compute the Paasche index for 2022 using
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Compute a simple price index for each of
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Compute a simple aggregate price index.
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Compute the Laspeyres price index for
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Determine Fisher’s ideal index using
For Exercises 45 through 50, use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given.Determine a value index for 2022 using
Refer to the Baseball 2021 data, which report information on the 30 Major League Baseball teams for the 2021 season. Consider the following variables: number of wins, payroll, season attendance,
Sun Ray Candles has several retail stores in the coastal areas of North and South Carolina. Many of their customers ask the store to ship their purchases. The following chart shows the number of
Aki Zhang owns and manages an investment portfolio of 36 stocks. Listed here is the holding time (recorded to the nearest whole year) between purchase and sale for the collection of 36
According to PMQ Pizza Magazine (https://www.pizzatoday.com/pizzeria-rankings/ 2019-top-100-pizza-companies/), an estimate of pizza sales in the United States for the top 100 pizza companies was
In 2020, the United States exported a total of $256.2 billion worth of products to Canada (https://www.trade.gov/knowledge-product/canada-market-overview). The top five categories relative to dollar
In the United States, agriculture is big business. For the period 2020–2021, agriculture accounted for nearly 20% of gross domestic product. Farming is the main driver of the industry. In 2020,
Compute the mean of the following population values: 14, 10, 14, 6, 14, 8.
Bouchard and Associates specialize in corporate law. They charge $100 an hour for researching a case, $75 an hour for consultations, and $200 an hour for writing a brief. Last week one of the
You have funds invested in a mutual fund of S&P 500 stocks. Over the last 5 years, the annual percent returns of the S&P 500 are 19.42%, − 6.24%, 28.88%, 16.26%, and 14.49%. What is the
You currently have $10,000 invested. If your goal is to increase this investment to $1,000,000 in 30 years, what annual percent growth rate would be needed?
Goodcarbadcar is an online portal (www.goodcarbadcar.net) that reports automotive industry data. The table shows the number of cars sold in the United States in 2019 and 2020. The top 34 brands are
For each U.S. state and the District of Columbia, the following table lists the total employees and number of total employees represented by unions.Use statistical software to answer the following
In 2021, 188 women played the Ladies Professional Golf Association (LPGA) tour. A random sample of 30 players is selected and their winnings recorded. The sample is listed here.a. Determine the
Trea Turner of the Los Angeles Dodgers had the highest batting average for the 2021 Major League Baseball season. His average was .328. So, the likelihood of his getting a hit is .328 for each time
(a) Evaluate(b) Evaluate 1.24e-2²/2 dz.
Find a recursion formula forin terms of (k+1)
Find P(A ∩ B) if P(A) = 0.2, P(B) = 0.4, and P(A|B) + P(B|A) = 0.75.
An urn contains six chips numbered 1 through 6. Three are drawn out. What outcomes are in the event “Second smallest chip is a 3”? Assume that the order of the chips is irrelevant.
A restaurant offers a choice of four appetizers, fourteen entrees, six desserts, and five beverages. How many different meals are possible if a diner intends to order only three courses? (Consider
Consider the experiment of choosing coefficients for the quadratic equation ax2 + bx + c = 0. Characterize the values of a, b, and c associated with the event A: Equation has complex roots.
How many ways can a set of four tires be put on a car if all the tires are interchangeable? How many ways are possible if two of the four are snow tires?
A poker player is dealt a 7 of diamonds, a queen of diamonds, a queen of hearts, a queen of clubs, and an ace of hearts. He discards the 7. What is his probability of drawing to either a full house
A new horror movie, Friday the 13th, Part X, will star Jason’s great-grandson (also named Jason) as a psychotic trying to dispatch (as gruesomely as possible) eight camp counselors, four men and
What must be true of events A and B if(a) A ∪ B = B(b) A ∩ B = A
Let events A and B and sample space S be defined as the following intervals:S = {x : 0 ≤ x ≤ 10}A = {x : 0 < x < 5}B = {x : 3 ≤ x ≤ 7}Characterize the following events:(a) AC(b) A ∩
In how many ways can a pack of fifty-two cards be dealt to thirteen players, four to each, so that every player has one card of each suit?
A computer is instructed to generate a random sequence using the digits 0 through 9; repetitions are permissible. What is the shortest length the sequence can be and still have at least a 70%
Ten equally qualified marketing assistants are candidates for promotion to associate buyer; seven are men and three are women. If the company intends to promote four of the ten at random, what
A chemical engineer wishes to observe the effects of temperature, pressure, and catalyst concentration on the yield resulting from a certain reaction. If she intends to include two different
A coded message from a CIA operative to his Russian KGB counterpart is to be sent in the form Q4ET, where the first and last entries must be consonants; the second, an integer 1 through 9; and the
Express the following probabilities in terms of P(A), P(B), and P(A ∩ B).(a) P(AC ∪ BC)(b) P(AC ∩ (A ∪ B))
If P(A|B) < P(A), show that P(B|A) < P(B).
Given that P(A) = a and P(B) = b, show that P(A/B) ≥ a+b-1 b
How many terms will be included in the expansion of(a + b + c)(d + e + f )(x + y + u + v + w)Which of the following will be included in that number: aeu, cdx, bef, xvw?
A committee of fifty politicians is to be chosen from among our one hundred U.S. senators. If the selection is done at random, what is the probability that each state will be represented?
A fast-food restaurant offers customers a choice of eight toppings that can be added to a hamburger. How many different hamburgers can be ordered?
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