Questions and Answers of Statistical Techniques in Business and Economics 1

A cell phone company offers two plans to its subscribers. At the time new subscribers sign up, they are asked to provide some demographic information. The mean yearly income for a sample of 40
Using the period 2010–12 as the base period, compute a simple index of domestic sales for each year from 2013 to 2018. Johnson & Johnson Domestic Sales International Sales ($ illion) ($ million)
Determine a value index for 2018 using 2010 as the base period. 2010 2018 Item Price Quantity Price Quantity Margarine (pound) Shortening (pound) Milk (2 gallon) Potato chips $0.81 18 $2.00 27 0.84
A special-purpose index is to be designed to monitor the overall economy of the Southwest. Four key series were selected. After considerable deliberation, it was decided to weight retail sales 20%,
What are the similarities and differences between the seasonal and cyclical patterns of a time series?
During the 2019 Masters Golf tournament Patrick Reed failed to repeat as champion. His scores relative to par in each round, on each hole are reported in the table. Develop and review appropriate
Sam’s Supermarkets monitors the checkout scanners by randomly examining the receipts for scanning errors. On October 27, they recorded the following number of scanner errors on each receipt: 0, 1,
Following is a p-chart for a manufacturing process.a. What is the mean proportion defective? What are the upper and lower control limits?b. Are there any sample observations that indicate the process
Refer to the Baseball 2018 data, which include information on the 2018 Major League Baseball season. The data include the mean player salary since 2000. Plot the information and develop a linear
Consider the variable mean amount per transaction in the Home Depot data presented here. This variable indicates, for example, that the average customer spent $39.13 on goods during a store visit in
Develop a trend equation for the net sales ($ million) for Home Depot. Consider both a linear trend and a nonlinear trend. Which one would you select and why? Given the trend equation you selected,
The following data report total, monthly, U.S. new car sales in millions of dollarsfrom January 2016 to March 2019. (To find the data, go to https://www.census.gov/ retail/index.html#mrts, find
The following data report total, monthly U.S. book-store sales in millions of dollars fromJanuary 2016 to March 2019. (Go to https://www.census.gov/retail/index.html#mrts, find “Monthly
After completing exercise 32, use the same data and your regression results to test for autocorrelation with the Durbin-Watson statistic by completing the following items.a. Plot the residuals
After completing exercise 31, use the same data and your regression results to test for autocorrelation with the Durbin-Watson statistic by completing the following items.a. Plot the residuals
Using the following time series data of U.S. new car sales ($ millions), respondto the following items. Find “Monthly Retail Trade Report,” then select “Time Series/Trend Charts” to find the
Using the following time series sales data, respond to the following items.a. G raph the data.b. Based on the graph, describe the time series pattern.c. For this time series, why is forecasting with
Respond to each of the items using the following time series data.a. G raph the time series data. What do you observe?b. Compute all possible forecasts using exponential smoothing with a smoothing
Respond to each of the items using the following time series data.a. G raph the time series data. What do you observe?b. Compute all possible forecasts using exponential smoothing with a smoothing
Respond to each of the items using the following time series data.a. G raph the time series data. What do you observe?b. Compute all possible forecasts using a three-period moving average and compute
Respond to each of the items using the following time series data.a. G raph the time series data. What do you observe?b. Compute all possible forecasts using a five-period moving average.c. Compute
Respond to the following questions:a. A time series with seasonality reports quarterly demand for the past 10 years. How many indexes would be reported?b. A time series with seasonality reports
If a time series analysis reports that the seasonal indexes are all equal to 1.0, what is true about the time series pattern?
For a time series,a. What are the possible trend patterns?b. For each, what forecasting model would be applied?
Compare and contrast forecasting with a simple moving average and simple exponential smoothing.
The following data report total, monthly U.S. gasoline sales in millions of dollars from January 2017 to December 2018. (To find the data, go to the site https://
The following data report total, monthly, U.S. grocery store sales in millions ofdollars from January 2017 to December 2018. (On the site https://www.census. gov/retail/index.html#mrts, find
Using the following time series data, respond to the following items.a. G raph the data.b. Based on the graph, describe the time series pattern.c. For this time series, why is forecasting with a
Using the following time series data, respond to the following items.a. G raph the time series.b. Based on the graph, describe the time series pattern.c. For this time series, why is forecasting with
Using the data, respond to the following items. (The data is sourced from https://www.census.gov/retail/index.html#mrts, find “Monthly Retail Trade Report,” and select “Time Series/Trend
Using the same time series data and trend forecast model as in exercise 13, respond to the following items.a. Plot the residuals associated with the trend model for this data.b. T est for
The table shows the total annual sales of U.S. gasoline in millions of dollars from 2006 to 2017. (On the site https://www.census.gov/retail/index.html#mrts, find “Monthly Retail Trade
Over the years the U.S. grocery distribution and sales industry has grown. Today, the total industry sales are in the billions of dollars. Major retailers, such as Walmart and Target, added food to
Using the time series data in the table, respond to the following items.a. G raph the data.b. Based on the graph, describe the time series pattern.c. For this time series, why is forecasting with a
Using the time series data in the table, respond to the following items.a. G raph the data.b. Based on the graph, describe the time series pattern.c. For this time series, why is forecasting with a
Using simple exponential smoothing and the following time series data, respond to each of the items. (Note the data are the same as exercise 8.)a. G raph the time series data. What do you observe?b.
Using simple exponential smoothing and the following time series data, respond to each of the items. (Note the data are the same as exercise 7.)Period
Using simple exponential smoothing and the following time series data, respond to each of the items. (Note the data are the same as exercise 6.)Period
Using simple exponential smoothing and the following time series data, respond to each of the items. (Note the data are the same as exercise 5.)a. G raph the time series data. What do you observe?b.
Using simple moving averages and the following time series data, respond to each of the items.a. Graph the time series data. What do you observe?b. Compute all possible forecasts using a four-period
Using simple moving averages and the following time series data, respond to each of the items.a. G raph the time series data. What do you observe?b. Compute all possible forecasts using a four-period
Using simple moving averages and the following time series data, respond to each of the items.a. G raph the time series data. What do you observe?b. Compute all possible forecasts using a six-period
Using simple moving averages and the following time series data, respond to each of the items.a. G raph the time series data. What do you observe?b. Compute all possible forecasts using a
Based on 5 years of monthly data (the period from January 2015 to December 2019), the trend equation for a small company is ŷ = 3.5 + 0.7t. The seasonal index for January is 120 and for June it is
What is the irregular component of a time series?
The table shows the labor force and the unemployment rate for three counties in northwest Pennsylvania for 2010 and 2019.a. In 2010, the national unemployment rate was 9.3%. For 2010, compute a
Draw and label a graph that shows seasonality.
Listed are the price and quantity of several golf items purchased by members of the men’s golf league at Indigo Creek Golf and Tennis Club for 2015 and 2019.a. Determine the simple aggregate price
Listed are the net sales (in millions of euros) for the Adidas Group from 2011 to 2018.Year
Draw and label graphs of a stationary trend, a positive trend, and a negative trend.
Listed are the sales at Roberta’s Ice Cream Stand for the last 5 years, 2015 through 2019.Year
Refer to the average annual baseball player salary data in the 2018 Major League Baseball data set. The data also include the CPI from 2010 to 2018.The CPI base is 1982 – 84 = 100.a. Develop a
Suppose that the Producer Price Index and the sales of Hoskin’s Wholesale Distributors for 2006 and 2018 are:What are Hoskin’s real sales (also called deflated sales) for the 2 years? Year
The following table gives information on the Consumer Price Index (Base = 1982–84) and the monthly take-home pay of Bill Martin, an employee at Ford Motor Corporation.a. What is the purchasing
Determine a value index for 2018 using 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Aluminum (cents per pound) Natural gas $ per million BLA Petroleum (barrel) Platinum (troy
Compute Paasche’s index for 2018 using 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Aluminum (cents per pound) Natural gas $ per million BLA Petroleum (barrel) Platinum (troy
Compute Laspeyres’ price index for 2018 using 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Aluminum (cents per pound) Natural gas $ per million BLA Petroleum (barrel) Platinum
Compute a simple aggregate price index. Use 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Aluminum (cents per pound) Natural gas $ per million BLA Petroleum (barrel) Platinum (troy
Compute a simple price index for each of the four items. Use 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Aluminum (cents per pound) Natural gas $ per million BLA Petroleum
Determine a value index for 2018 using 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Cabbage (pound) $0.06 $0.05 2,000 1,500 Carrots (bunch) Peas (quart) 0.10 0.12 200 200 0.20
Compute Paasche’s index for 2018 using 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Cabbage (pound) $0.06 $0.05 2,000 1,500 Carrots (bunch) Peas (quart) 0.10 0.12 200 200 0.20
Compute Laspeyres’ price index for 2018 using 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Cabbage (pound) $0.06 $0.05 2,000 1,500 Carrots (bunch) Peas (quart) 0.10 0.12 200 200
Compute a simple aggregate price index. Use 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Cabbage (pound) $0.06 $0.05 2,000 1,500 Carrots (bunch) Peas (quart) 0.10 0.12 200 200
Compute a simple price index for each of the four items. Use 2010 as the base period. Price Quantity Item 2010 2018 2010 2018 Cabbage (pound) $0.06 $0.05 2,000 1,500 Carrots (bunch) Peas (quart) 0.10
Determine a value index for 2018 using 2010 as the base period. Price Quantity Part 2010 2018 2010 2018 RC-33 $0.50 $0.60 320 340 SM-14 1.20 0.90 110 130 WC50 0.85 1.00 230 250
Compute Paasche’s index for 2018 using 2010 as the base period. Price Quantity Part 2010 2018 2010 2018 RC-33 $0.50 $0.60 320 340 SM-14 1.20 0.90 110 130 WC50 0.85 1.00 230 250
Compute Laspeyres’ price index for 2018 using 2010 as the base period. Price Quantity Part 2010 2018 2010 2018 RC-33 $0.50 $0.60 320 340 SM-14 1.20 0.90 110 130 WC50 0.85 1.00 230 250
Compute a simple aggregate price index for 2018. Use 2010 as the base period. Price Quantity Part 2010 2018 2010 2018 RC-33 $0.50 $0.60 320 340 SM-14 1.20 0.90 110 130 WC50 0.85 1.00 230 250
Compute a simple price index for each of the three items. Use 2010 as the base period. Price Quantity Part 2010 2018 2010 2018 RC-33 $0.50 $0.60 320 340 SM-14 1.20 0.90 110 130 WC50 0.85 1.00 230 250
Compute Paasche’s index for 2018 using 2010 as the base period. 2010 2018 Item Price Quantity Price Quantity Margarine (pound) Shortening (pound) Milk (2 gallon) Potato chips $0.81 18 $2.00 27 0.84
Compute Laspeyres’ price index for 2018 using 2010 as the base period. 2010 2018 Item Price Quantity Price Quantity Margarine (pound) Shortening (pound) Milk (2 gallon) Potato chips $0.81 18 $2.00
Compute a simple aggregate price index. Use 2010 as the base period. 2010 2018 Item Price Quantity Price Quantity Margarine (pound) Shortening (pound) Milk (2 gallon) Potato chips $0.81 18 $2.00 27
Compute a simple price index for each of the four items. Use 2010 as the base period. 2010 2018 Item Price Quantity Price Quantity Margarine (pound) Shortening (pound) Milk (2 gallon) Potato chips
Compute a simple index for the number of employees for GE using the period 2013–14 as the base. What can you conclude about the change in the number of employees over the period? General Electric
Compute a simple index for the number of employees for GE. Use 2013 as the base period. What can you conclude about the change in the number of employees over the period? General Electric Employees
Compute a simple index for the revenue of GE using the period 2013–14 as the base. What can you conclude about the change in revenue over the period? General Electric Employees (thousands) Revenue
Compute a simple index for the revenue of GE. Use 2013 as the base period. What can you conclude about the change in revenue over the period? General Electric Employees (thousands) Revenue Year ($
Using the period 2010–12 as the base period, compute a simple index of the number of employees for each year from 2013 to 2018. Johnson & Johnson Domestic Sales International Sales ($ illion) ($
Using 2010 as the base period, compute a simple index of the number of employees for each year from 2011 until 2018. Interpret the trend in the number of employees. Johnson & Johnson Domestic Sales
Using the period 2000–12 as the base period, compute a simple index of international sales for each year from 2013 to 2018. Johnson & Johnson Domestic Sales International Sales ($ illion) ($
Using 2010 as the base period, compute a simple index of international sales for each year from 2011 until 2018. Interpret the trend in international sales. Johnson & Johnson Domestic Sales
Using 2010 as the base period, compute a simple index of domestic sales for each year from 2011 until 2018. Interpret the trend in domestic sales. Johnson & Johnson Domestic Sales International Sales
Sam Steward is a freelance Web page designer. Listed are his yearly wages between 2015 and 2018. Also included is an industry index for Web page designers that reports the rate of wage inflation in
In 2000, the mean salary of classroom teachers in Tinora School District was $28,650. By 2010, the mean salary increased to $33,972, and further increased in 2018 to $37,382. The American Federation
The Trade Union Association of Orlando, Florida, maintains indexes on the hourly wages for a number of the trades. Unfortunately, the indexes do not all have the same base periods. Listed is
In 2018, the mean salary for a nurse manager with a bachelor’s degree was $86,829. The Consumer Price Index for 2018 was 251.107 (1982–84 = 100). The mean annual salary for a nurse in the base
You are employed by the state bureau of economic development. There is a demand for a leading economic index to review past economic activity and to forecast future economic trends in the state. You
The index of leading economic indicators, compiled and published by the U.S. National Bureau of Economic Research, is composed of 12 time series, such as the average work hours of production in
Johnson Wholesale Company manufactures a variety of products. The prices and quantities produced for April 2010 and April 2019 are:Using April 2010 as the base period, find the value index of goods
The year-end price and production of grains for 2015 and 2018 are listed.Using 2015 as the base period, find the value index for grains produced in 2018. 2015 2018 2015 Price/ Production 2018 Pricel
Following are the quantities and prices for the years 2010 and 2018 for Kinzua Valley Geriatrics. Use 2010 as the base period.a. Determine the simple price indexes.b. Determine the simple aggregate
The prices and the numbers of various items produced by a small machine and stamping plant are reported in the table. Use 2010 as the base.a. Determine the simple price indexes.b. Determine the
Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base.a. Determine the simple price indexes.b. Determine the simple aggregate price index for the two years.c.
Following are the prices of toothpaste (9 oz.), shampoo (7 oz.), cough tablets (package of 100), and antiperspirant (2 oz.) for August 2010 and August 2018. Also included are the quantity purchased.
According to the National Chicken Council (www.nationalchickencouncil.org/about-the-industry/statistics/wholesale-and-retail-prices-for-chicken-beef-and-pork), the mean retail price per pound of
Listed are the net sales for a San Francisco–area mail-order retailer for the years 2009 to 2018. Use the mean sales for the earliest three years to determine a base and then find the index for
The table reports the earnings per share of common stock for Home Depot Inc. for 2010 through 2018. Develop an index, with 2010 as the base, for earnings per share for years 2011 through 2018. Year
PNC Bank Inc., which has its headquarters in Pittsburgh, reported the following commercial loan totals for years 2010 through 2018. Using 2010 as the base, develop a simple index of commercial loans
Refer to the Lincolnville School District school bus data.a. Assume the distribution of the maintenance cost for the bus capacities does notv follow a normal distribution. Conduct a test of
Refer to the Baseball 2018 data, which report information on the 2018 Major League Baseball season.a. Rank the teams by the number of wins and their total team salary. Compute the coefficient of rank

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