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business
statistics for business and economics
Questions and Answers of
Statistics For Business And Economics
Use the following data on the labor force in thousands of people in the United States and in New Jersey to answer question.Use an exponential trend model to forecast the labor force in the United
Use the following data on the labor force in thousands of people in the United States and in New Jersey to answer question.What are the growth rates of the United States and New Jersey labor
Suppose you generate the following data by tossing a coin 50 times. Let the initial value be $50. If you toss a head, increase the value by $.50. If you toss a tail, decrease the value by $.50. Graph
Can you use any regression or time-series method to forecast the values in periods 50, 51, and 52 in question 71?Question 71Suppose you generate the following data by tossing a coin 50 times. Let the
What is the best forecast for the value at period 51?
Suppose you adjusted the data generated in question 71 by adding $.25 to every fourth coin toss. Graph these data. Does this new series exhibit any time-series pattern? What time-series pattern would
What is the best forecast for the time series generated in question 74?
Johnson & Johnson’s quarterly sales, in millions of dollars, from first quarter 1990 to first quarter 1991 areUse this set of data and the data in Table 18.10 to run an autoregression model
The contents in the last column of Table 18.5 are the adjusted EPS of Johnson& Johnson by the Seasonal Index from first quarter 2000 to fourth quarter 2010.Denote them as x*t.Table 18.5 (a)
(Problem 77 continued.) Forecast the adjusted or deseasonalized EPS of the Johnson & Johnson from the first quarter 2011 to fourth quarter 2011 by using the linear trend estimates, quadratic
(Problem 78 continued.) Find the forecasts of EPS of the Johnson & Johnson from the first quarter 2011 to fourth quarter 2011.Problem 78(Problem 77 continued.) Forecast the adjusted or
Use a fourth-order autoregressive model to forecast EPS of the Johnson &Johnson for the first quarter of 2011.
Use the exponential smoothing method, with the smoothing constant α being 0.1, and 0.9, respectively, to forecast the return of NYSE Index. Which smoothing constant has smaller MSE?
Find the following sales indexes for the accompanying retail sales volume (in thousands of dollars) with the base year indicated. Year 1984 1985 1986 (a) 1984 (b) 1988 Sates ($) 85,390 86,745 88,452
An alloy is made up of 27 % metal A, 34 % metal B, and 39 % metal C. During the past year, prices of the metals have changed as shown in the table. Find the simple aggregative index for the cost of
Find the simple aggregative index number for the following data.(a) Find the Laspeyres index number.(b) Find the Paasche index number.(c) Find the ideal index number.(d) Find a physical volume index
Use the data in question 2.(a) Find the weighted aggregative index for the cost of the alloy.(b) How can you explain the values of these index numbers in view of the fact that only 2 out of 3
Say you earned $10,725 in 1975 when the CPI in your city was 150 and earned$29,500 in 1989 when your city’s CPI hit 358. Express your 1989 purchasing power as a percentage of your 1975 purchasing
Assume the CPI for your city had the following values.(a) Find the purchasing power of the dollar in each of these years as a proportion of the 1986 dollar.(b) Explain the meaning of these figures
Suppose you have a stock market indicator made up of five common stocks selling at the prices per share indicated in the following table.(a) Find the market average.(b) Suppose stock A split 2 for 1
For the accompanying data for the retail price of selected appliances, find the Laspeyres retail price index for each year, using 1967 as the base. Appliance ABCD Average unit price 1967 255 310 223
Which of the following index numbers could be found by using the data in question 8?(a) Simple aggregative index(b) Laspeyres index(c) Fisher’s ideal index(d) Weighted aggregative index(e) Paasche
What is an index number? Give some examples of index numbers. Why are they useful?
What is the difference between an index constructed with simple averages and an index constructed with weighted averages? If we construct an index of stock prices in which all the companies are small
What is the difference between the ways the Paasche and Laspeyres price indexes are computed?
Under what conditions would you expect Paasche and Laspeyres indexes to be significantly different?
What is Fisher’s ideal price index? Why might it be better to use than a Paasche or Laspeyres index?
One commonly reported index in business is the index of leading economic indicators. What is the purpose of this index? If you were asked to construct your own index of leading economic indicators,
Explain how a price-weighted stock index must be adjusted to reflect the stock split of a company.
Some people argue that price indexes do not reflect the improvements in quality of the products we buy. Would this limitation cause estimates of inflation to be too high or too low?
What is a base year? What is the value of the index in the base year?
What is the consumer price index? What does it measure? How is it constructed?
Use the data in Tables 19.5 and 19.6 to compute the Laspeyres index and compare the result to the Paasche index. Also compute Fisher’s ideal quantity index.Tables 19.5Tables 19.6 1989 Commodity Qui
What is a real component? What is a price component? How are the two related?
What is the Wilshire 5000 equity index? What securities are included in this index? How is it computed?
You are given the following information on prices and quantities for widgets.Using 1987 as the base year, compute the Laspeyres price index for widgets. Year 1985 1986 1987 1988 1989 1990 Price $1.00
Drawing on the data given in question 23, compute the Paasche price index, again using 1987 as the base year.Question 23You are given the following information on prices and quantities for
Using your calculations in questions 23 and 24, compute Fisher’s ideal price index.Question 23You are given the following information on prices and quantities for widgets.Using 1987 as the base
On the Island of Crusoe, there are only two goods: coconuts and fish. Suppose you have the following information on the prices and quantities of fish and coconuts.Using 1988 as the base year, compute
Using the data from question 26, compute the Laspeyres price index.Question 26On the Island of Crusoe, there are only two goods: coconuts and fish. Suppose you have the following information on the
Using the data from questions 26 and 27, compute Fisher’s ideal price index.Question 26On the Island of Crusoe, there are only two goods: coconuts and fish. Suppose you have the following
Using the Laspeyres, Paasche, and Fisher’s indexes you computed in questions 26–28, compute the percentage change in price for each year (inflation rate), and compare the results for the three
Three commonly reported measures of price level are the consumer price index, the producer price index, and the GNP deflator. Explain why these measures may yield different inflation rates.
Here are some price indexes for four different types of collectibles.(a) What is the base year?(b) Which of the collectibles increased the most in price from 1980 to 1990?(c) Which of the
Consider the following price and market-value information for five stocks in 1990.Compute an equally weighted price average and a value-weighted price average.Explain why the two indexes differ.
Now suppose you have the following price and market-value information for the same stocks of question 32 in 1991.Compute an equally weighted and a value-weighted relative price index.Question
Suppose you are given the following information about wages and prices for 5 years.(a) Compute real wages for all years between 1986and 1987.(b) Are workers any better off in 1987 than they were in
You are given the following cost indexes for three categories of consumer expenditures.Compute the percentage change in housing, food, and transportation costs between 1980 and 1985. Which
Repeat question 36 for the period 1985–1990 and the period 1980–1990.Question 36You are given the following cost indexes for three categories of consumer expenditures.Compute the percentage
Agricultural economists have data on the price per bushel of wheat, corn, barley, and hops for the last 20 years. They want to obtain a measure for the aggregative price movements of grain over this
The following table shows the price of hamburger over the last 10 years.(a) Form a price index, using year 1 as the base.(b) Form a price index, using year 6 as the base. Year 1 2 3 4 5 6 7 8 9 10
The following table shows the price of gold over the last 10 weeks.(a) Form a price index, using week 1 as the base.(b) Form a price index, using week 5 as the base. Week 1 2 3 4 5 6 7 8 9 10 Price
The following table shows the average price, taken monthly, of Widget Company stock over the last year.(a) Form a price index, using week 1 as the base.(b) Form a price index, using week 7 as the
The following table shows the price and volume of shares (in thousands) traded for ABC Company and XYZ Company in the first 10 weeks of 1991.Compute the market-value-weighted index using week 1 as
Use the data given in question 42, and use week 1 as the base, to compute:(a) The Laspeyres aggregative quantity index(b) The Paasche aggregative quantity index(c) Fisher’s ideal quantity
Redo question 43, this time using week 5 as the base. Compare the results to your results in question 43.Question 43Use the data given in question 42, and use week 1 as the base, to compute:(a) The
The following table shows the price per pound and the volume (in thousands of pounds) for chicken and beef at Eat More Grocery Store.Use week 1 as the base to:(a) Compute the Laspeyres aggregative
Use the data in question 45, and use week 1 as the base, to compute:(a) The Laspeyres aggregative quantity index(b) The Paasche aggregative quantity index(c) Fisher’s ideal quantity indexQuestion
Use the week 10 data in question 46 to show that the ratio of the Laspeyres price index to the Laspeyres quantity index is equal to the ratio of the Paasche price index to the Paasche quantity
Show that the ratio of the Laspeyres price index to the Laspeyres quantity index is equal to the ratio of the Paasche price index to the Paasche quantity index.
Briefly explain the differences between aggregative price indexes and aggregative quantity indexes.
The following table shows the price and volume (in thousands) for shirts and pants at Snappy Dresser Department Store.Compute the value indexes using week 12 as the base. Month 1 2 3 4 5 6 7 8 9 10
Use the data in question 50, and use week 1 as the base, to compute the value indexes.Question 50The following table shows the price and volume (in thousands) for shirts and pants at Snappy Dresser
Redo question 51, this time using month 6 as the base.Question 51Use the data in question 50, and use week 1 as the base, to compute the value indexes.Question 50The following table shows the price
Using the business section of any newspaper, find the current value of the S&P 500 index. What stocks are included in the S&P 500? How is the index computed? Is the S&P 500 index a better or a worse
Using the business section of any newspaper, find the most recent value of the Dow Jones Industrial Average (DJIA). What stocks are included in the DJIA? Compare the DJIA to the Wilshire 5000 and the
Explain the problems that would arise from comparing price indexes for computers over the last three decades.
The consumer price index (CPI) and the producer price index (PPI) are often reported as measures of the inflation rate. What problems appear using these indexes to measure the inflation rate? Do
You are given the following information on prices and quantities for Knick-Knacks.Using 1985 as the base year, compute the value price index for Knick-Knacks. Year 1985 1986 1987 1988 1989 1990 Price
Using the data from question 57, compute the Paasche price index, again using 1985 as the base year.Question 57You are given the following information on prices and quantities for Knick-Knacks.Using
Using your calculations from 57 to 58, compute the Laspeyres index. Why are you getting the same answer as in question 58?
For the data in question 57, are the Laspeyres quantity index and the Paasche quantity index equal? Why?Question 57You are given the following information on prices and quantities for
Suppose you are given the following information about wages and prices for 5 years.(a) Compute the change in real salaries between 1988 and 1989.(b) Are workers any better off in 1989 than they were
Use the data given in question 61 to compute the change in real wages between 1987 and 1991. Are workers any better off?Question 61Suppose you are given the following information about wages and
Use the data presented in the following table to calculate the growth rate for nominal GNP, GNP deflator, and real GNP using MINITAB Year 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987
A quantity index measures a change in quantity from a base year to a particular year is the physical volume of production levels of industrial goods over time.Which of the following one is the most
The Laspeyres index is a weighted aggregate price index where the weight for each item is its(a) Base-year price(b) Base-year quantity(c) Current-year price(d) Current-year quantity
The Paasche index is a weighted aggregate price index where the weight for each item is its(a) Base-year price(b) Base-year quantity(c) Current-year price(d) Current-year quantity
What is the disadvantage of the CPI?(a) It tends to give less weight to those items that show a dramatic price increase.(b) It tends to give more weight to those items that show a dramatic price
Use the data in the following table to calculate GNP deflator, the growth rate for nominal GNP, GNP deflator, and real GNP. Year/quarter 2005 Q1 2005 Q2 2005 Q3 2005 Q4 2006 Q1 2006 Q2 2006 Q3 2006
Under what conditions might stratified random sampling or cluster sampling be preferable to simple random sampling? Explain.
Suppose we are interested in the proportion of college seniors in a class of 900 who will be attending graduate school. A survey of 50 seniors reveals that 15 will be attending graduate school. We
Suppose you are a financial consultant trying to determine whether a group of 1,500 country club members represents a good source of potential clients for a real estate firm in New Jersey. To
If X is a normal variable with known variance equal to 650, how large a sample must we take to be 90 % confident that the sample mean will not differ from the true mean by more than ±5 units?
If a normal population is known to have σ equal to 10, how large a sample should we take in order to be 90 % confident that the sample mean will not differ from the population mean by more than
A sales manager wants to know what proportion of her accounts are inactive.How many accounts should she examine if she wants her confidence interval to be no more than w = .08 (w being the desired
A company manager wishes to estimate the mean length of time μ it takes company crews to do certain jobs. She wants to estimate m within ±7 min with 95 % confidence. Because the value of σ, the
The claims manager for an insurance company would like to know the mean amount of automobile insurance repair claims paid by his company. He took a sample of n = 25 claims and found X̅ = $950 and s
A marketing manager is interested in the number of trips per month that people take to a nearby shopping center. Denote the number of trips per month by X.The manager feels that the variance of X is
Is the plan in question 9 stratified sampling with proportional allocation? When might proportional allocation not be the best form of allocation in a stratified sampling plan?
The number of cars licensed in a particular state last year was 4.8 million; the number of cars licensed in a neighboring state was 3.9 million. For the current year, the officials of the neighboring
Outline the basic steps used in designing a sampling study. What problems may you encounter if your study is poorly planned?
What is simple random sampling? What are the advantages and disadvantages of this technique compared to other sampling techniques?
What is sampling error? What is a non sampling error? Give some examples of each.
What is two-stage cluster sampling? What are the benefits and disadvantages of this technique compared to other sampling techniques?
Suppose you are working for a political consulting firm that is trying to forecast the outcome of a presidential election. Because of the time and cost involved in conducting a simple random sample
Use the information given in Example 20.1 to determine the size of the sample if you want a level of precision ofExample 20.1Simple Random Sampling to Determine Household Income. Suppose an
Again using the data from Example 20.1 and question 18, construct a 95 %confidence interval.Example 20.1Simple Random Sampling to Determine Household Income. Suppose an investment adviser is trying
Use the data in Example 20.2 to determine the size of the sample you need if you want a level of precision of .05.Example 20.2Simple Random Sampling to Determine the Proportion of College-Bound High
Suppose you have decided to conduct a sampling survey on the salaries of baseball players. There are essentially two types of players, those not eligible for free agency and those eligible for free
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