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business statistics

Questions and Answers of Business Statistics

The Beaufort Sea, located to the north of Nunavut and the Northwest Territories, is being explored for oil and natural gas by companies that conduct geological surveys and sell the resulting data to
Exploration licences for energy companies to drill in the Beaufort Sea are overseen by Indigenous and Northern Affairs Canada. The licences typically grant the right to drill in a certain area of the
A small Canadian mining company is issuing an initial public offering (IPO) of shares on the Vancouver Stock Exchange at $17 per share. A limited number of “early” investors were able to purchase
An investor is considering how to invest her money. She has two options—either a domestic mutual fund that only invests in blue chip stocks or an international aggressive mutual fund that invests
A bicycle shop owner is deciding which products to stock. His distributor will give him a deal if he buys more of one kind of bike. The payoff table shows monthly sales for a high-end bike (selling
Akbar, of Exercises 27, 29, and 31, could obtain long-range predictions of the growing conditions for next summer. He thinks they might show a probability of good growing conditions as low as 50% or
Akbar Overgrowth, whom we met in Exercise 27, is an entrepreneur who is optimistic about the growing season. What choice should he make to maximize his return? His assistant, Lance Broadleaf, is very
Aaron, whom we met in Exercise 28, tends to be optimistic about business conditions. What is his maximax strategy that would maximize his results?In ExerciseDemand and price are related; raising
Akbar Overgrowth, from Exercise 27, estimates that the probability of a good growing season is 0.70. On that basis,In Exercise 27KickGrass Lawncare is a service that cares for lawns in a large,
Blueberries are the most important fruit in Canada. Not only do they taste good, but they also occupy over half of the land area devoted to fruit production, with blueberry exports valued at several
In potash mining, large conveyors are used underground to haul ore from the rock face to shafts through which it can be lifted to the surface for processing. A conveyer hauling one tonne per second
An organic produce company divides Canada into five regions: West, Prairies, Ontario, Quebec, and Atlantic. Each has its own greenhouses for growing organic produce and its own distribution system to
Referring to the regression in exercise 47.a) Interpret the meaning of R squared.b) Comment on how this meaning is consistent with the significance of the linear regression. Variable Coefficient
Football team owners are constantly in competition for good players. The better the winning percentage, the more likely the team will provide good business returns for the owners. Of course, the
How does the production budget of a movie depend on its length? Data on the budgets (millions of dollars) and the running times (minutes) for major-release films in a recent year are summarized in
Concern over the weather associated with El Niño has increased interest in the possibility that the climate on Earth is getting warmer. The most common theory relates an increase in atmospheric
For a physical exam to qualify for company-provided insurance, 14 employees had their blood pressure measured. Their systolic and diastolic BP are given here:SBP
A study of 98 investment advisors asked them to predict the value of a “penny” stock a week ahead. The correlation between the values predicted and the actual value was 0.20. Was this evidence
A website that rents movies online recorded the age and the number of movies rented during the past month for some of its customers. Here are its data:Age
For the model found in Exercise 1, predict how much a person with a household income of $75,000 would be expected to spend eating out in a week. EatOut$/wk 17.28 + 0.354 HHIncome
You’re considering opening an Estonian cuisine restaurant and wonder how much people in your target community spend on eating out relative to their household incomes. You commission a telephone
Use the data file Real-Estate to consider what factors might contribute to the price of a home. Specifically, consider:• Does the price for homes with a fireplace differ significantly from the
After emerging from bankruptcy protection in 2004, Air Canada worked with its employees at numerous measures to maintain profitability. However, its share price dropped from around $18 at the end of
A survey organization obtains the opinions of a random sample of Canadian adults as to how fair the Canadian tax system is on a five-point Likert scale, from “very fair” to “very unfair.”
A marketing executive tested two incentives to see what percentage of customers would enrol in a new web-based loyalty program. The customers were asked to log on to their accounts on the web and
With the rising costs of U.S. medical insurance and the declining interest and ability of employers to maintain proper medical coverage for their employees, business owners and employees alike are
The Carbon Disclosure Project (CDP) acts on behalf of over 700 institutional investors (pension funds, mutual funds, etc.) with almost $100 trillion of investments to collect and distribute
Nordion has developed a medical device that inserts a radioisotope inside a patient’s liver for the treatment of liver cancer. About half of the world’s liver cancer patients are in China, and
In a survey of 616 Canadian homeowners who have a wooden deck attached to their homes, Ipsos Reid found a substantial percentage had never inspected their decks for safety, 40% say they never really
Governments around the world implement measures to promote gender equality, and they need to know whether voters think they’re being successful. Angus Reid Strategies conducted a survey in Canada,
A councillor in the Vancouver Island region of Tofino proposed “discouraging the future development and location of large-format retail chains and fast-food chains.” Angus Reid Strategies
How should governments deal with crime? Should they focus on punishing criminals, or should they aim to prevent crime happening in the first place? It’s important for government policy to take
The survey described in Exercise 21 also investigated the customers’ emphasis on Quality by asking them to respond to the statement, “For the same amount of money, I will generally buy one good
The survey described in Exercise 21 also investigated the customers’ marital status. Using the same definitions for Shopping Frequency as in that exercise, the calculations yielded the following
A large company in New Brunswick that buys fish from local fisheries and distributes them to major companies and restaurants is considering launching a new ad campaign on the health benefits of fish.
A female fashion study surveyed customers to determine characteristics of the “frequent” shoppers at different department stores. Suppose you’re a marketing manager at one of the department
A sales representative who is on the road visiting clients thinks that, on average, he drives the same distance each day of the week. He keeps track of his driving distance for several weeks and
Four professors teach Statistics at your university in classes of about 85 students each, and you need to choose a good one. You can check them out on Ratemyprofessors.com, but some professors
The IBM artificial intelligence system, Watson, achieved fame when it beat human champions at the TV trivia game Jeopardy. It works by being able to understand English text in a vast database of
Morgan Solar develops optical systems for concentrating sunlight on solar cells and sells the resulting solar systems in Southern California and other locations with intense direct sunlight. They
The experimental farm in Ottawa performs research on a wide range of crops including grains and oil seeds for farms across the country. About 30 million tonnes of wheat are produced each year in
Canola (CANada Oil Low Acid) was bred naturally at the University of Manitoba and today farms in the prairies produce about 20 million metric tonnes per year, higher than any other country in the
An airline monitors the number of seats sold in Executive class on flights from Calgary to Vancouver on weekday mornings, afternoons, and evenings, and obtains the boxplots shown below.a) What are
A wind farm is being proposed for the shore of Lake Superior to supply power to Thunder Bay and nearby mining operations. The farm operator is testing turbines from five different manufacturers and
Salmon farms in Atlantic Canada have a problem of sea lice that attack the fish. Three alternative pesticides have been developed to kill the lice and are being tested on three different farms. We
For the following experiment, indicate whether it was single-blind, double-blind, or not blinded at all. Explain your reasoning.Does a “stop smoking” program work better if it costs more? Smokers
For the following observational studies, indicate whether they are prospective or retrospective.a) An airline was concerned that new security measures might discourage air travellers. A year after
For the following observational studies, indicate whether they are prospective or retrospective.a) A company looked at a sample of returned registration cards to estimate the income level of
The Organisation for Economic Co-operation and Development (OECD) surveyed 1000 people at random in each of its member countries in 2014 and found that the number of hours worked by Canadians was
Partly as a result of a government incentive program, several businesses and residences in Ontario have installed solar panels so as to reduce their electricity bills. The amount of electricity (in
Ontario is a world leader in the installation of smart electricity meters on residences. This has allowed the province to charge different rates for electricity at different times of day and has also
The OECD conducts the Program for International Student Assessment and in 2012 tested 510,000 15-year-old high school students in 65 countries to assess their performance in math, reading, and
According to the OECD, life satisfaction measures how people evaluate their life as a whole rather than their current feelings. It captures a ref lective assessment of which life circumstances and
In order to assist advertisers in targeting advertising to the appropriate age groups, Ipsos surveyed 9700 Canadian adults to record the amount of time they spent consuming media and obtained the
Certain businesses and professions have reputations for being somewhat dishonest when dealing with customers. One area of concern is the honesty of auto repair shops. Many provinces require emissions
The Organisation for Economic Co-operation and Development (OECD) surveyed 1000 homes at random in each of its member countries in 2014 and found that the number of rooms per person in Canadian homes
The managers for a sample of stores maintain that their businesses are doing better this year, despite relatively flat sales. Their argument is that they’ve been able to reduce costs through more
A company developing an ad campaign for its cola is investigating the impact of caffeine on studying in hopes of finding evidence of its claim that caffeine helps memory. The firm asked 30 subjects,
Having done poorly on their final math exams in June, six students repeat the course in summer school and take another exam in August. If we consider these students to be representative of all
The table on the next page gives the average high temperatures in January and July for several European cities. Find a 90% confidence interval for the mean temperature difference between summer and
After implementing the fitness program described in Exercise 48, another company found that a random sample of 48 employees increased their productivity score from 49 to 56 with a standard deviation
A national fitness firm claims that a company may increase employee productivity by implementing one of the firm’s fitness programs at the job site. As evidence of this, the fitness firm reports
When we considered the Boston Marathon in Exercise 43, we were unable to check the Nearly Normal Condition. Here’s a histogram of the differences:Those three large differences are the first three
A market analyst wants to know if the new website he designed is showing increased page views per visit. A customer is randomly sent to one of two different websites, which offer the same products
A philanthropic organization collects and buys data on its donor base. The full database contains about 4.5 million donors and over 400 variables collected on each, but the data set
A real estate agent is trying to understand the pricing of homes in her area, a region in the United States comprising small to midsize towns and a small city. For each of 1200 homes recently sold in
Climate-change concerns are resulting in investment in fuels that don’t produce greenhouse gases. Although solar and wind power garner a lot of attention, nuclear power from uranium is also a
Citizens Bank of Canada operates a credit card program that supports not-forprofit initiatives aimed at effecting positive environmental and social change.The Shared Interest VISA card has no annual
You’re on the financial planning team for monitoring a high-spending segment of a credit card. You know that customers tend to spend more during December before the holidays, but you’re not sure
Rate My Professors6 records the opinions of students about their professors according to three criteria: clarity, easiness, and helpfulness. You and your friend want to choose between two professors
Larger homes generally fetch a higher price than smaller homes. How much can we learn about a house from the fact that it has a fireplace or more than the average number of bedrooms? Data for a
Alternative sources of energy are of increasing interest throughout the energy industry. Wind energy has great potential, but appropriate sites must be found for the turbines. To select the site for
Some sports arenas and ballparks are offering “all you can eat” sections where, for a higher ticket price, fans can feast on all the hot dogs and popcorn they want. (Alcohol and desserts are
Some offices pipe in background music. The vendor claims this improves productivity, but might it cause more distraction? A firm’s HR department wants to learn whether productivity is affected by
Online shopping statistics are routinely reported by www.shop.org. Of interest to many online retailers are gender-based differences in shopping preferences and behaviours. The average monthly online
Using the data in Exercise 2, test the hypothesis that the mean numbers of page views from the two websites are the same. You may assume that the number of page views from each website follows a
The average house price in Canada in 2010 was $339,100, according to the Canadian Real Estate Association (CREA). Today, a consumer group randomly selected a sample of 54 house prices and found an
Via Rail recently installed new passing tracks and a Centralized Traffic Control system on the line between Kingston and Ottawa in order to reduce delays. Suppose that, before the improvements,
The Organisation for Economic Co-operation and Development (OECD) produces a “Better Life Index” based in part on a survey of 1000 people in each member country. They found that the number of
The Organisation for Economic Co-operation and Development (OECD) produces a “Better Life Index” based in part on a survey of 1000 homes in each member country. They found that the number of
The OECD conducts the Program for International Student Assessment and in 2012 tested 510,000 15-year-old high school students in 65 countries to assess their performance in math, reading, and
Ontario has installed a lot of wind turbines compared to other provinces, but should a landowner build some more? To produce enough energy, the site should have an annual average wind speed of at
Farmed salmon is much cheaper to bring to market than salmon caught in the wild, but consumers are concerned about several issues recently publicized about farmed salmon, including the type of food
Fancy pets are big business, so a young entrepreneur (age 12) decided to breed golden hamsters, a type well known to pet stores and collectors. (Oddly enough, nearly all the golden hamsters in
A battery company claims that its batteries last an average of 100 hours under normal use. There have been several complaints that the batteries don’t last that long, so an independent testing
The owner of the collection agency in Exercise 37 is quite certain that the agency can collect more than $200 per customer on average. He urges that the credit card company run a larger trial. Do you
A tire manufacturer is considering a newly designed tread pattern for its all-weather tires. Tests have indicated that these tires will provide better fuel efficiency and longer tread life. The last
Investment style plays a role in constructing a mutual fund. Many individual stocks can be grouped into two distinct categories: growth and value. A growth stock is one with high earning potential
Consumer Reports tested 14 brands of vanilla yogurt and found the following numbers of calories per serving: 160, 200, 220, 230, 120, 180, 140, 130, 170, 190, 80, 120, 100, and 170.a) Check the
The OECD conducts the Program for International Student Assessment and in 2012 tested 510,000 15-year-old high school students in 65 countries to assess their performance in math, reading, and
When homeowners fail to make mortgage payments, the bank forecloses and sells the home, often at a loss. In one large community, realtors randomly sampled 36 bids from potential buyers to determine
Hoping to attract more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. For a random sample
A sample of 20 CEOs from the Forbes 500 shows total annual compensations ranging from a minimum of $0.1 million to $62.24 million. The average for these 20 CEOs is $7.946 million. The histogram and
A confidence interval for the price of gasoline from a random sample of 30 gas stations in a region gives the following statistics:y̅ = $1.29 SE(y) = $0.06a) Find a 95% confidence interval for the
A confidence interval for the price of gasoline from a random sample of 30 gas stations in a region gives the following statistics:y̅ = $1.49 s = $0.18a) Find a 95% confidence interval for the mean
Using the t tables, software, or a calculator, estimate the following:a) The critical value of t for a 95% confidence interval with df = 7.b) The critical value of t for a 99% confidence interval
Using the t tables, software, or a calculator, estimate the following:a) The critical value of t for a 90% confidence interval with df = 17.b) The critical value of t for a 98% confidence interval
The analyst in Exercise 2 wants to know if the mean purchase amount of all transactions is at least $40.a) What is the null hypothesis?b) Is the alternative one- or two-sided?c) What is the value of
The owner of the internet music site from Exercise 1 wants to know if the mean age of all customers is 25 years old.a) What is the null hypothesis?b) Is the alternative one- or two-sided?c) What is
For the data in Exercise 1:a) How many degrees of freedom does the t-statistic have?b) How many degrees of freedom would the t-statistic have if the sample size had been 100? 20 32 34 29 30 11 30 30

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