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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

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
Suppose you were the agent for Ralph “Boomer” Smith, the punter for the Los Angeles Rams. Explain how you could use the mean yards and standard deviation for Boomer’s punts to argue for a pay
You are a quality control specialist for Brite Lite Company, a light bulb manufacturer. Carefully explain why the standard deviation is as important to you as the mean number of defective light bulbs
Comment on the following statement: “Investors don’t care about the variability of a stock’s returns, because they have the same chance of falling below the median as above the median.
A sample of 20 workers in a small company earned the following weekly wages:$175, 175, 182, 175, 175, 200, 250, 225, 250, 200, 195, 200, 200, 190, 325, 300, 310, 325, 400, 225(a) Calculate the mean
You are given the following information about two stocks:(a) Calculate the mean, standard deviation, and coefficient of variation for each stock.(b) If you had to purchase only one stock, which would
Find the following joint probability: the probability that a sale will result in a sales commission, given that 75%of the sales representatives receive a commission on their sales and that 80 % of
Roll a die 25 times and construct a table showing the relative frequency of each of the 6 possible numbers.
You would like to compare the risk and return of two mutual funds. You have the following information:Which fund do you think is more desirable? Explain. Expected return Standard deviation Fund A (%)
Draw a frequency and cumulative frequency histogram for Chrysler’s current ratio. Is this frequency histogram symmetric or skewed?
Compute the mean, variance, and coefficient of variation for Chrysler’s current ratio for the period 1969–1978 and the period 1979–1990. Compare these descriptive statistics to those you
Compute the mean, variance, and coefficient of variation for Chrysler’s inventory turnover for the period 1969–1978 and the period 1979–1990. Compare these descriptive statistics to those you
Suppose you are in a statistics class of 12 students. Your score on the test is a 75 out of 100. The scores for the entire class (including your score) wereWould you prefer that the teacher use the
The Home News used the chart reproduced here in its September 29, 1991, issue to show the economic growth record for 12 different periods since World War II.(a) Calculate the mean and the median.(b)
The following table, reprinted from the November 20, 1991, Wall Street Journal, shows the percentage change of stock prices for ten Dow Jones sectors over two different periods.(a) Calculate the
Refer to Table 4.17, in which the GDP, personal consumption, and disposable income during the period 1960–2009 are given.Table 4.17Please give the two quartiles Q1 and Q3 for the GDP, personal
Please draw the box and whisker plots for the GDP, personal consumption, and disposable income, respectively.
Please calculate the mean, median for EPS, DPS, and PPS for JNJ during the period 1988–2009.Refer to Table 2.3, in which data on EPS, DPS, and PPS for JNJ, Merck, and S&P 500 during the period
Please calculate the skewness for the GDP, personal consumption, and disposable income, respectively.
Please calculate the kurtosis for the GDP, personal consumption, and disposable income, respectively.
Please calculate the skewness for the rates of return for JNJ and S&P 500 during the period 1989–2009.Refer to Table 2.4, in which data on rates of return for JNJ, Merck, and S&P 500 during
Please calculate the kurtosis for the rates of return for JNJ and S&P 500 during the period 1989–2009.Refer to Table 2.4, in which data on rates of return for JNJ, Merck, and S&P 500 during
Two cards are drawn from an ordinary deck of shuffled cards.(a) What is the probability that they are both queens if the first card is replaced?(b) What is the probability that they are both queens
Find the probability of a 5 turning up at least once in 2 tosses of a fair die.
Find the probability of rolling a 1 on the first roll of a die, a 2 on the second, and a 3 on the third.
Suppose you are flipping a fair coin.(a) Find the probability of flipping four heads in a row.(b) Find the probability of flipping H T H T H.(c) Find the probability of flipping five heads in six

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