Questions and Answers of Business Statistics Communicating

The accompanying table shows a portion of the annual expenditures (in $) for 100 Amazon Prime customers. a. Find the mean and the median of annual expenditures. b. Calculate and interpret
Annual revenues (in $ millions) for Home Depot and Lowe’s Corporation are collected for 13 years. A portion of the data is shown in the accompanying table. a. For each company, calculate the
The accompanying table shows a portion of life expectancies (in years) and obesity rates (in %) for the 50 states and the District of Columbia. Construct a scatterplot of Life Expectancy against
The accompanying table shows a portion of quarterly data for average U.S. annual consumption (Consumption in $) and disposable income (Income in $) for the years 2000–2016. Construct a scatterplot
In order to diversify risk, investors are often encouraged to invest in assets whose returns have either a negative relationship or no relationship. The accompanying table shows a portion of the
Healthy living has always been an important goal for any society. Most would agree that a diet that is rich in fruits and vegetables (FV) and regular exercise have a positive effect on health, while
A financial analyst wants to compare the performance of the stocks of two Internet companies, Amazon (AMZN) and Google (GOOG). She records the average closing prices of the two stocks for the years
The accompanying table shows a portion of data consisting of the price, the age, and the mileage for 20 used sedans. a. Construct a scatterplot of Price against Age. Describe the
It is believed that India will overtake China to become the world’s most populous nation much sooner than previously thought (CNN, June 19, 2019). The accompanying data file, compiled by the World
The accompanying table shows a portion of the average SAT math score (Math), the average SAT writing score (Writing), the number of test takers (Test Taker),and whether the school is a private or
A company that sells unisex t-shirts is interested in finding out the color and size of its best-selling t-shirt. The accompanying data file contains the size, color, and quantity of t-shirts that
The local police department is performing a crime analysis to find out which crimes are most likely to occur at which locations. The accompanying data file contains the types of crimes (CrimeType)
Monthly stock prices (in $) for Corporation A and Corporation B are collected for five years. A portion of the data is shown in the accompanying table.a. Calculate the mean and the standard deviation
The accompanying table shows a portion of midterm and final grades for 32 students. Construct a scatterplot of Final against Midterm. Describe the relationship. Final 86 94 ⠀ 91 Midterm 78 97 : 47
A report suggests that business majors spend the least amount of time on course work compared to all other college students (The Washington Post, January 28, 2017). A provost of a university conducts
Amazon Prime is a $119-per-year service that gives the company’s customers free two-day shipping and discounted rates on overnight delivery. Prime customers also get other perks, such as free
The following histogram summarizes the salaries (in $100,000s) for the 30 highest-paid portfolio managers at a large investment firm over the past year. a. Is the distribution symmetric? If not,
The accompanying table shows a portion of the daily price index for the Dow Jones Industrial Average (DJIA) for the first half of 2019. a. Construct the frequency distribution and the histogram
The following histogram summarizes Apple Inc.’s monthly stock price for the years 2014 through 2018.a. Is the distribution symmetric? If not, is it positively or negatively skewed?b. Over this
The following table lists a portion of median house values (in $) for the 50 states as reported by the U.S. Census Bureau in 2010. a. Construct the frequency distribution and the histogram for
The manager at a water park constructed the following frequency distribution to summarize attendance in July and August.a. Construct the relative frequency distribution. What proportion of the time
Consider the following relative frequency distribution that summarizes the returns (in %) for 500 small cap stocks.a. Construct the frequency distribution. How many of the stocks had a return of at
Fifty cities provided information on vacancy rates (in %) in local apartments in the following frequency distribution. a. Construct the frequency distribution. How many of the cities had a
A 2014 Religious Landscape Study by the Pew Research Center found that 35% of Millennials (Americans born between 1981 and 1996) identified themselves as not religious. A researcher wonders if this
A researcher conducts a mileage economy test involving 80 cars. The frequency distribution describing average miles per gallon (mpg) appears in the following table.a. Construct the relative frequency
A recent poll of 3,057 individuals asked: “What’s the longest vacation you plan to take this summer?” The following relative frequency distribution summarizes the results. a. Construct the
In 2018, the U.S. Census Bureau provided the following frequency distribution for the number of people (in 1,000s) who live below the poverty level by region. a. Construct the relative frequency
Patients at North Shore Family Practice are required to fill out a questionnaire that gives the doctor an overall idea of each patient’s health. The first question is: “In general, what is
A local restaurant is committed to providing its patrons with the best dining experience possible. On a recent survey, the restaurant asked patrons to rate the quality of their entrées. The
The following frequency distribution shows the counts of sales of men’s shirts at an online retailer over the weekend.a. Construct the relative frequency distribution. What proportion of sales were
An investor currently owns real estate in the college town of Blacksburg, Virginia—home to the Virginia Tech Hokies. He would like to expand his holdings by purchasing similar rental property in
The following frequency distribution summarizes the counts of purchases by day of the week for a major domestic retailera. Construct the relative frequency distribution. What proportion of the
Refer to Exercise 2.46 for a description of the problem and data set. a. The variable Satisfaction contains five ordered categories: Very Dissatisfied, Dissatisfied, Neutral, Satisfied, and Very
Refer to Exercise 2.48 for a description of the problem and data set. a. The variable Race contains five unordered categories: American Indian, Asian/Pacific Islander, Hispanic, Non Hispanic
Refer to Exercise 2.47 for a description of the problem and data set. a. The variable Personality contains four unordered personality types: Analyst, Diplomat, Explorer, and Sentinel. To
After each thunderstorm, a technician is assigned to do a check on cellular towers in his or her service area. For each visit, the technician records in a database the tower number (Tower), the unit
A manager of a local package delivery store believes that too many of the packages were damaged or lost. She extracts a sample of 75 packages with the following variables: the package number
Consider the following portion of data that includes information about home loan applications. Variables on each application include the application number (Application), whether the application is
The following table has three variables and six observations. a. Convert Sex into dummy variables. Use the most frequent category as the reference category. Which category is the reference
Jerry Stevenson is the manager of a medical clinic in Scottsdale, AZ. He wants to analyze patient data to identify high-risk patients for cardiovascular diseases. From medical literature, he learned
Erin Thomas, an HR manager of an engineering firm, wants to perform an analysis on the data about the company’s engineers. The variables included in the data are date of birth (BirthDate),
The accompanying data set contains three variables, x1, x2, and x3. a. The variable x1 contains 3 categories: S, M, and L. Convert the category names into category scores (i.e., S = 1, M = 2,
Greg Metcalf works for a national credit card company, and he is performing a customer value analysis on a subset of credit card customers. In order to perform the RFM analysis on the customers, Greg
The accompanying data set contains two variables, x1 and x2. a. The variable x1 contains three categories ranging from “Low” to “High.” Convert the category names into category scores
TurboX is a online video game company that makes three types of video games: action, role play, and sports. It is interested in understanding its millennial customers. By combining the data from its
The accompanying data set contains two variables, Birthdate and LoanDecision. a. LoanDecision contains three unordered categories. To facilitate subsequent analyses, we need to convert
The accompanying data set contains three variables, x1, x2, and x3. a. The variable x1 contains 6 categories ranging from “A” to “F.” Reduce the number of categories to five by combining
Refer to the previous exercise for a description of the data set. a. Create a new variable called “Difference” that contains the difference between the 2018 population and the 2017
The U.S. Census Bureau records the population for the 50 states each year. The accompanying table shows a portion of these data for the years 2010 to 2018.a. Bin the 2017 population values into four
The following table contains two variables and five observations.a. Create a new variable called “Sum” that contains the sum of the values of x1 and x2 for each observation. What is the average
The accompanying data set contains two variables, Date1 and Date2. a. Create a new variable called “DifferenceInYear” that contains the difference between Date1 and Date2 in year for each
The accompanying data set contains three variables, x1, x2, and x3. a. Create a new variable called “Difference” that contains the difference between the values of x1 and x2 for each
The accompanying data set contains three variables, x1, x2, and x3. a. Create a new variable called “Difference” that contains the difference between the values of x1 and x2 for each
The accompanying data set contains three variables, x1, x2, and x3. a. Bin the values of x1 into three equal-size groups. Label the groups with “low” (lowest values), “medium,” and
The accompanying data set contains three variables, x1, x2, and x3. a. Bin the values of x1, x2, and x3 into five equal-size groups. Label the groups with numbers 1 (lowest) to 5
The accompanying data contains three variables and six observations. a. Bin the values of x1 into two equal-size groups. Label the groups with numbers 1 (lower values) and 2 (higher values).
Refer to the previous exercise for a description of the data set. a. Are there any missing values in the data set? If there are, which variables have missing values? Which observations have
The accompanying data set contains three variables, x1, x2, and x3.a. Bin the values of x1 into three equal-size groups. Label the groups with numbers 1 (lowest values) to 3 (highest values). How
A researcher at a marketing firm examines whether the age of a consumer matters when buying athletic clothing. Her initial feeling is that Brand A attracts a younger customer, whereas the more
Metalworks, a supplier of fabricated industrial parts, wonders if there is any connection between when a component is constructed (Shift is equal to 1, 2, or 3) and whether or not it is defective
At a local bar in a small Midwestern town, beer and wine are the only two alcoholic options. The manager conducts a survey on the bar’s customers over the past weekend. Customers are asked to
It has been generally believed that it is not feasible for men and women to be just friends. Others argue that this belief may not be true anymore because gone are the days when men worked and women
The accompanying figure plots the monthly stock price of a large construction company from July 2017 through March 2019. The stock has experienced tremendous growth over this time period, almost
The following table lists a portion of the average price (in $) for a gallon of gas for the 50 states and the District of Columbia as reported by AAA Gas Prices on January 2, 2019. a. Construct
The facility manager at a pharmaceutical company wants to build a regression model to forecast monthly electricity cost (Cost in $). Three main variables are thought to influence electricity
Numerous attempts have been made to understand happiness. Because there is no unique way to quantify it, researchers often rely on surveys to capture a subjective assessment of well-being. One study
Consider a binary response variable y and a predictor variable x. The following table contains the parameter estimates of the linear probability model (LPM) and the logistic regression model, with
The accompanying data file contains 20 observations on the binary response variable y along with the predictor variables x1 and x2. a. Estimate the linear probability model to compute ŷ for x1
More and more parole boards are using risk assessment tools when trying to determine an individual’s likelihood of returning to crime (Prison Legal News, February 2, 2016). Most of these models are
The accompanying data file contains 20 observations on the binary response variable y along with the predictor variables x1 and x2. a. Estimate and interpret the linear probability model and the
Refer to the previous exercise for a description of the data set. a. Estimate the logistic regression model where crime depends on age and the parolee’s sex. b. Are the results consistent
Divorce has become an increasingly prevalent part of American society. According to a 2019 Gallup poll, 77% of U.S. adults say divorce is morally acceptable, which is a 17-point increase since 2001
Several studies have reported lower participation in the science, technology, engineering, and mathematics (STEM) careers by female and minority students. A high school counselor surveys 240
The accompanying data file contains 40 observations on the response variable y along with the predictor variables x and d. Consider two linear regression models where Model 1 uses the variables x and
Unlike small selective colleges that pay close attention to personal statements, teacher recommendations, etc., large, public state university systems primarily rely on a student’s grade point
The Chartered Financial Analyst (CFA) designation is the de facto professional certification for the financial industry. Employers encourage their prospective employees to complete the CFA exam.
Refer to the previous exercise for a description of the data set. Estimate the logistic regression model where insurance coverage depends on premium percentage and income. Consider an individual with
According to the 2017 census, just over 90% of Americans have health insurance (CNBC, May 22, 2018). However, a higher percentage of Americans on the lower end of the economic spectrum are still
The accompanying data file contains 40 observations on the response variable y along with the predictor variables x1 and x2. Use the holdout method to compare the predictability of the linear model
The accompanying data file contains survey data for 80 participants with information on average daily time spent on mobile devices (Usage, in minutes), household income (Income, in $1,000s), lived in
The accompanying data file contains 35 observations for an ice cream truck driver’s daily income (Income in $), number of hours on the road (Hours), whether it was a particularly hot day (Hot = 1
The accompanying data file contains 40 observations on the binary response variable y along with the predictor variables x1 and x2. Use the holdout method to compare the accuracy rates of the linear
The accompanying data file contains salary data (in $1,000s) for 30 college-educated men with their respective BMI and a dummy variable that represents 1 for a white man and 0 otherwise. Model 1
The accompanying data file contains information on 100 working adults’ self-assessed happiness on a scale of 0 to 100, along with their age and annual income. Consider two quadratic models for
The accompanying data file contains weekly data on crew size (the number of workers) and productivity (jobs/week) over the past 27 weeks. A linear regression model and a quadratic regression model
The accompanying data file contains monthly data on rent (Rent, in $) along with square footage (Sqft), number of bedrooms (Bed), and number of bathrooms (Bath) of 80 rental units. Consider two
The accompanying data file contains survey information on 120 American adults who rated their health (Health) and social connections (Social) on a scale of 1 to 100. The file also contains
The accompanying data file contains information on 30 employee’s annual pick errors (Errors), experience (Exper in years), and whether or not the employee attended training (Train equals 1 if the
The accompanying data file contains 10 observations with two variables, x1 and x2.a. Using the original values, compute the Euclidean distance between the first two observations.b. Using the original
Consider the accompanying data to analyze how people view divorce (Acceptable equals 1 if morally acceptable, 0 otherwise) on the basis of age and religiosity (Religious equals 1 if very religious, 0
Consider the accompanying data to predict an Under Armour purchase (Purchase; 1 for purchase, 0 otherwise) on the basis of customer age. a. Use the holdout method to compare the accuracy rates
The accompanying data file contains information on the sale price (in $) for 36 single-family homes in Arlington, Massachusetts. In order to analyze house price, the predictor variables include the
Consider a regression model for predicting monthly electricity cost (Cost in $) on the basis of average outdoor temperature (Temp in °F), working days per month (Days), and tons of product produced
Merrick Stevens is a sports analyst working for ACE Sports Management, a sports agency that represents over 200 athletes. Merrick is tasked with analyzing sports-related data and developing a
The accompanying data file contains 10 observations with three variables, x1, x2, and x3.a. Using the original values, compute the Euclidean distance between the first two observations.b. Using the
The accompanying data file contains 28 observations with three variables, x1, x2, and x3.a. Using the original values, compute the Euclidean distance for all possible pairs of the first three
A manager at 24/7 Fitness Center is strategic about contacting open house attendees. With her strategy, she believes that 40% of the attendees she contacts will purchase a club membership. Suppose
The probabilities that stock A will rise in price is 0.40 and that stock B will rise in price is 0.60. Further, if stock B rises in price, the probability that stock A will also rise in price is
Which of the following statements about data warehouses and data marts are correct? Select all that apply. Explain if incorrect. a. A data warehouse is a subset of the enterprise database that
A company conducts a consumer survey with questions about home ownership (OwnHome: Yes/No), car ownership (OwnCar: Yes/No), annual household spending on food (Food), and annual household spending on

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