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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

You are given the following information about a stock:Calculate the value of the call option if the stock goes up in 3 out of the 5 months. S = $100 X = $101 r = .005 n = 5 u= 1.10 d = .95 Price of
Answer question 57 when u = 1.20. How does a change in the amount of increase if the stock goes up affect the value of the call option?Question 57You are given the following information about a
Answer question 57 when d = .85. How does a change in the amount of decrease if the stock goes down affect the value of the call option?Question 57You are given the following information about a
What is the Poisson distribution? Give some examples of situations wherein it would be appropriate to use the Poisson distribution. Compare the Poisson approximation to the binomial distribution.
What is a Bernoulli trial? Give some examples of a Bernoulli trial related to the binomial distribution.
Using the information from question 43, compute the probability that the stock will go up in at least 7 months during the year.Question 43An analyst calculates the probability of McGregor stock going
An analyst calculates the probability of McGregor stock going up in value for any month as .6 and the probability of the same stock going down in any month as .4. Calculate the probability that the
Tell whether each of the following is a discrete or a continuous random variable:(a) The number of beers sold at a bar during a particular week(b) The length of time it takes a person to drive 50
What is a random variable? What is a discrete random variable? What is a continuous random variable? Give some examples of discrete random variables.
Consider a single toss of a fair coin, and define X as the number of heads that come up on that toss. Then X can be 0 or 1, with a probability of 50 %.The expected value of X is 1/2 . Can we
Suppose that of 40 salespersons in a company, 10 are females and the rest males. Five of them are randomly chosen to attend a seminar. What is the probability that three females and two males are
An insurance company found that one of 5,000 50-year-old, nonsmoking males will suffer a heart attack in a given year. The company has 50,000 50-year-old, nonsmoking male policyholders. What is the
A soft drink company argues that its new cola is the favorite soft drink of the next generation. Ten teenagers were picked to test-drink the cola one by one.Assume that five of them liked the new
After assembly, a finished TV is left turned on for one full day (24 h) to determine whether the product is reliable. On average, two TVs break down each day. Yesterday 500 TVs were produced. What is
Of seven prominent financial analysts who are attending a meeting, three are pessimistic about the future of the stock market, and four are optimistic. A newspaper reporter interviews two of the
In question 32, what is the probability that there are no traffic accidents in all five workdays of a week?Question 32The state highway bureau found that during the rush hour, in the treacherous
The state highway bureau found that during the rush hour, in the treacherous section of a highway, an average of three accidents occur. The probability of there being an accident follows a Poisson
A factory examines its work injury history and discovers that the chance of there being an accident on a given workday follows a Poisson distribution. The average number of injuries per workday is
Billings Company is considering leasing a computer for the next 3 years. Two computers are available. The net present value of leasing each computer in the next 3 years, under different business
In a certain statistics course, the misguided professor is very lenient. He fails about 1 % of the students in the class. Assume that the probability of failing the course follows a Poisson
The makers of two kinds of cola are having a contest in the local shopping mall.Assume that 60 % of the people in this region prefer brand A and 40 % prefer brand B. Ten local residents were randomly
A company found that on average, on a given day, .5 % of its employees call in sick. Assume a Poisson distribution. What is the probability that fewer than two of 300 employees will call in sick?
In the game of roulette, a gambler who wins the bet receives $36 for every dollar she or he bet. A gambler who does not win receives nothing. If the gambler bets $1, what is the expected value of the
There are 38 numbers in the game of roulette. They are 00, 0, 1, 2, . . ., 36. Each number has an equal chance of being selected. In the game, the winning number is found by a spin of the wheel. Say
A medical report shows that 5% of stock brokers suffer stress and need medical attention. There are 10 brokers working for your brokerage house. What is the probability that three of them will need
Despite your discomfort with statistics, you find yourself employed by a dog food manufacturer to do statistical research for quality control purposes. Your job is to weigh the dog food to determine
Returning to question 21, say (1), your company’s policy is to accept the shipment only when fewer than two springs (out of 400 springs examined) are bad, and (2) the proportion of the bad springs
Every week a truckload of springs is delivered to the warehouse you supervise. Every time the springs arrive, you have to measure the strength of 400 springs. You accept the shipment only when there
The local bank manager has found that one out of every 400 bank loans end up in default. Last year the bank made 400 loans. What is the probability that two bank loans will end up in default?
During each hour, 0.1 % of the total production of paperclips is defective. For a random sample of 500 pieces of the product, what is the chance of finding more than one defective item?
An average of three small businesses go bankrupt each month. What is the probability that five small businesses will go bankrupt in a certain month?
A hospital has three doctors working on the night shift. These doctors can handle only three emergency cases in a time period of 30 min. On average, 1/2 an emergency case arises in each 30-min
A student takes an exam that consists of 10 multiple-choice questions. Each question has five possible answers. Suppose the student knows nothing about the subject and just guesses the answer on each
A certain insurance salesman sees an average of five customers in a week. Each time he speaks to a customer, he has a 30 % chance of making a deal. What is the probability that he makes five deals
A baseball player usually has four at bats each game. Suppose the baseball player is a lifetime 0.25 hitter. Find the probability that this player will have:(a) Two hits out of four at bats(b) No
Two teams are playing each other in seven basketball games. Team A is considered to have a 60–40 % edge over team B. What is the probability that team A will win four or more games?
The Wicker company has one repair specialist who services 200 machines in the shop and repairs machines that break down. The average breakdown rate is λ = .5 machine per day (or 1 breakdown every 2
The number of people arriving at a bank teller’s window is Poisson distributed with a mean rate of .75 persons per minute. What is the probability that two or fewer people will arrive in the next 6
A survey was conducted. Of 20 questionnaires that were sent, 12 were completed and returned. We know that 8 of the 20 questionnaires were sent to students and 12 to nonstudents. Only two of the
Consider a group of 12 employees of whom five are in management and seven do clerical work. Select at random a sample of size 4. What is the probability that there will be one manager in this sample?
A fair coin is tossed eight times.(a) Use MINITAB to construct a probability function table.(b) What is the probability that you will have exactly four heads?
A fair die is rolled 10 times. An “ace” means to roll a “6.” Find the probability of getting exactly four aces, of getting five aces, of getting six aces, and of getting four aces or more.
Find the mean and standard deviation of the number of successes in binomial distributions characterized as follows: (a) n = 20, p =.5 (b) n = 100, p = .09 (c) n = 30, p = .7 (d) n = 50, p = 4
The rate of defective items in a production process is 15 %. Assume a random sample of 10 items is drawn from the process. Find the probability that two of them are “defective”. Calculate the
The following table gives the probability distribution for two random variables:x, which measures the total number of times a person will be ill during a year, and y, the sex of this person, where 1
The following table gives the number of unpainted machines in a container.Calculate the mean and standard deviation. Unpainted Probability 0 .05 1 .09 2 .15 3 .30 4 .25 5 .10 6 .05 7 .01
An investment banker estimates the following probability distribution for the earnings per share (EPS) of a firm.Calculate the expected value of the EPS. x(EPS) P(x) 2.25 .05 2.50 .10 2.75 .20 3.00
A team of students participates in a project. The results show that all students are able to finish the project in 7 days. The distribution for the finishing time is given in the following
As controller of the Hamby Corporation, you are directed by the chairman of the board to investigate the problem of overspending by employees who have expense accounts. You ask the accounting
Suppose you are dealing with problems in probability and statistical inference.Which is usually the larger value in the problem, the population size or the sample size? Why?
State which type of statistical problem (deductive or inductive) makes each of the following assumptions.(a) You know what the population characteristics are.(b) You know what the sample
When a cosmetic manufacturer tests the market to determine how many women will buy eyeliner that has been tested for safety without subjecting animals to injury, is it involved in a descriptive
A teacher has just given an algebra exam. What are some of the statistics she could compute?
A bullet manufacturer would like to keep the number of duds (bullets that won’t fire) to a maximum of 2 per box of 100. Should inferential or descriptive statistics be used to decide this issue?
Explain why election pollsters use inferential statistics rather than descriptive statistics to predict the outcome of an election.
Explain whether each of the following was arrived at via descriptive or inferential statistics.(a) Ted Williams’ lifetime batting average(b) The number of people watching the Super Bowl, based on
Suppose you are interested in purchasing AT&T stock. You know that AT&T stock has had an average rate of return of 8 % over the last 5 years. Explain how you could use descriptive statistics to help
Use the information given in the accompanying figure to answer the following questions.(a) Which month has the greatest amount of help-wanted advertising?(b) How did help-wanted advertising fluctuate
A popular commercial claims that “Four out of five dentists prefer sugarless gum.” Is this conclusion drawn from a sample or a population?
The most commonly reported indicator of stock market performance is the Dow Jones Industrial Average. Explain whether the firms whose share price are included in the DJIA represent a sample or a
Suppose a Gallup poll is to be conducted to predict the outcome of the 1992 presidential election. Should the pollsters survey a sample or a population?
If managers at Weight Watchers are interested in the average number of pounds that people on Weight Watchers diets lose, should they use a sample or the population to find out?
Refer to Table 2.2, in which annual macroeconomic data including GDP, CPI, 3-month T-bill rate, prime rate, private consumption, private investment, net exports, and government expenditures from 1960
The following list gives the seven highest-paid baseball players for 1992 and their salaries.(a) Does this list represent a sample or population of baseball players’ salaries?(b) If you were the
Suppose Greg Norman has the following scores in his last eight rounds of golf:71, 68, 64, 73, 69, 62, 75, 69.(a) If Greg computed his average score over these eight rounds, would he be computing a
J. D. Power is a consulting firm that assesses consumer satisfaction for the auto industry. Do you think this company uses a sample or the population to conduct its survey?
Refer to Table 2.2, which of the variables are qualitative and which are quantitative variables?Table 2.2 3-month T-bill Prime Private Private Net Goverment rate consumption investment exports
You are given the following information about a certain company’s current assets over the past 4 years:Use a component-lines graph to plot this firm’s current assets. Current assets Cash and
Briefly explain why learning statistical inference is important for students of business and economics. Give two examples.
Define the term statistics. What are the two basic types of statistics? Describe them and give examples.
Explain the difference between deductive and inductive statistics. Illustrate your answer with examples taken from everyday life.
You are assigned by your general manager to examine each of last month’s sales transactions. Find their average, find the difference between the highest and lowest sates figures, and construct a
Using any newspaper of your choice, find examples of statistics from the following sections:(a) Sports section(b) Business section(c) Entertainment section
The owner of a factory regularly requests a graphical summary of all employees’ salaries. The graphical summary of salaries is an example of descriptive statistics inferential statistics?
Of 354 MBA students, the following numbers chose to concentrate their study in these fields: 35 in finance, 63 in accounting, 70 in marketing, 35 in operations management, 52 in management
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

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