Questions and Answers of Statistical Techniques in Business and Economics 1

The North Valley Real Estate data report information on homes on the market.a. Use an appropriate nonparametric test to determine whether there is a difference in the typical selling price of the
The Citrus Council of America wants to determine whether consumers prefer orange juice with or without pulp. A random sample of 22 consumers was selected. Each member of the sample tasted a small,
A large corporation is going to award a contract for fine-line pens to be used nationally in its offices. Two suppliers, Bic and Pilot, have submitted bids. To determine the preference of office
According to Nielsen Inc., the top 20 rated TV shows for 2018, based on the share of the total available audience, are listed here. A researcher believes that viewing habits of viewers who live in
Under what conditions should the Kruskal-Wallis test be used instead of ANOVA?
Central Airlines claims that the median price of a round-trip ticket from Chicago, Illinois, to Jackson Hole, Wyoming, is $603. This claim is being challenged by the Association of Travel Agents, who
According to the U.S. Department of Labor, the median salary for a chiropractor in the United States is $81,500 per year. A group of recent graduates employed in the state of Colorado believe this
Employees of TransPacific Inc. build a computer by inserting several subassemblies into a computer frame. Testing of the computer is completed in a different department. Executives of TransPacific
Is there a difference in the length of suspension bridges in the northeast, southeast, and far west parts of the United States? The following table shows the lengths (in feet) of seven bridges in the
The following hypothesis-testing situation is given: H0: π = .50 and H1: π ≠ .50. The significance level is .05, and the sample size is 9.a. What is the decision rule?b. There were five
The following hypothesis-testing situation is given: H0: π ≤ .50 and H1: π > .50. The significance level is .10, and the sample size is 12.a. What is the decision rule?b. There were nine
Refer to the Baseball 2018 data, which report information on the 30 Major League Baseball teams for the 2018 season. Set up a variable that divides the teams into two groups, those that had a winning
The North Valley Real Estate data reports information on homes on the market.a. Determine the proportion of homes that have an attached garage. At the .05 significance level, can we conclude that
Latest statistics show that 34 million people took a cruise in 2017, spending more than $60 billion. One of the most profitable parts of a cruise for the cruise companies is shore excursions.
A coin toss is used to decide which team gets the ball first in most sports. It involves little effort and is believed to give each side the same chance. In 53 Super Bowl games, the coin toss
Television viewing habits are changing. In January 2019, Hub Entertainment Research (https://www.marketingcharts.com/industries/media-and-entertainment-108210) asked consumers, “Which
The following hypotheses are given.H0: π = .40H1: π ≠ .40A sample of 120 observations revealed that p = .30. At the .05 significance level, can the null hypothesis be rejected?a. State the
Refer to the Baseball 2018 data, which report information on the 30 Major League Baseball teams for the 2018 season. Let the number of games won be the dependent variable and the following variables
The North Valley Real Estate data reports information on homes on the market. Use the selling price of the home as the dependent variable and determine the regression equation using the size of the
Review the analysis from Exercise 31. Add a new variable that describes the potential interaction between the loan amount and the number of payments made. Then do a test of hypothesis to check if the
The director of special events for Sun City believed that the amount of money spent on fireworks displays for the Fourth of July was predictive of attendance at the Fall Festival held in October. She
The Conch Café, located in Gulf Shores, Alabama, features casual lunches with a great view of the Gulf of Mexico. To accommodate the increase in business during the summer vacation season, Fuzzy
An investment advisor is studying the relationship between a common stock’s price to earnings (P/E) ratio and factors that she thinks would influence it. She has the following data on the earnings
A market researcher is studying on line subscription services. She is particularly interested in what variables relate to the number of subscriptions for a particular on line service. She is able to
Great Plains Distributors Inc. sells roofing and siding products to home improvement retailers, such as Lowe’s and Home Depot, and commercial contractors. The owner is interested in studying the
The administrator of a new paralegal program at Seagate Technical College wants to estimate the grade point average in the new program. He thought that high school GPA, the verbal score on the
Refer to the following multiple regression analysis.a. What is the sample size?b. Compute the value of R2.c. Compute the multiple standard error of estimate.d. Conduct a global test of hypothesis to
A real estate developer wishes to study the relationship between the size of home a client will purchase (in square feet) and other variables. Possible independent variables include the family
Refer to the Baseball 2018 data, which reports information on the 2018 Major League Baseball season. Let attendance be the dependent variable and total team salary be the independent variable.
The North Valley Real Estate data reports information on homes on the market.a. Let selling price be the dependent variable and size of the home the independent variable. Determine the regression
TravelAir.com samples domestic airline flights to explore the relationship between airfare and distance. The service would like to know if there is a correlation between airfare and flight distance.
A consumer buying cooperative tested the effective heating area of 20 different electric space heaters with different wattages. Here are the results.a. Compute the correlation between the wattage and
Following is information on the price per share and the dividend for a sample of 30 companies.a. Calculate the regression equation that predicts price per share based on the annual dividend.b. Test
Super Markets Inc. is considering expanding into the Scottsdale, Arizona, area. You, as director of planning, must present an analysis of the proposed expansion to the operating committee of the
The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for the project. Of particular interest is whether the
Emily Smith decides to buy a fuel-efficient used car. Here are several vehicles she is considering, with the estimated cost to purchase and the age of the vehicle.a. Create a scatter plot of the
Refer to the data in Exercise 41. First compute a new variable by subtracting “points scored” – “points allowed.” Call this new variable “point differential.” For the following
Every April, The Masters—one of the most prestigious golf tournaments on the PGA golf tour—is played in Augusta, Georgia. In 2019, 61 players received prize money. The 2019 winner, Tiger Woods,
Using the following data with x as the independent variable and y as the dependent variable, answer the items.a. Create a scatter diagram and describe the relationship between x and y.b. Compute the
Refer to Exercise 16.Data From Exercise 16:Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar
Refer to Exercise 15.Data From Exercise 15:Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar
Refer to Exercise 14.Data From Exercise 14:The following sample of observations was randomly selected.a. Determine the 95% confidence interval for the mean predicted when x = 7.b. Determine the 95%
Refer to Exercise 13.Data From Exercises 13:The following sample of observations was randomly selected.a. Determine the 95% confidence interval for the mean predicted when x = 7.b. Determine the 95%
Given the following ANOVA table:a. Determine the coefficient of determination.b. Assuming a direct relationship between the variables, what is the correlation coefficient?c. Determine the standard
Refer to Exercise 16. Determine the standard error of estimate and the coefficient of determination. Interpret the coefficient of determination.Data From Exercise 16:Mr. James McWhinney, president of
Refer to Exercise 6.a. Determine the regression equation.b. Estimate the selling price of a 10-year-old car.c. Interpret the regression equation.Data From Exercise 6:The owner of Maumee Ford-Volvo
Bloomberg Intelligence listed 50 companies to watch in 2018 (www .bloomberg.com/features/companies-to-watch-2018). Twelve of the companies are listed here with their total assets and 12-month
The following sample of observations was randomly selected.a. Determine the regression equation.b. Determine the value of ŷ when x is 7. X: 3 3 4 4 6 8 y. 13 15 12 13 11 9. 67
The following sample of observations was randomly selected.a. Determine the regression equation.b. Determine the value of ŷ when x is 7. X: 4 6 10 y. 4 6
The following sample of observations was randomly selected.Determine the correlation coefficient and interpret the relationship between x and y. 4 5 3 6 10 y 4 6. 7 m5
Refer to the Baseball 2018 data, which report information on the 30 Major League Baseball teams for the 2018 season.a. At the .10 significance level, is there a difference in the variation in team
The North Valley Real Estate data report information on the homes sold last year.a. At the .02 significance level, is there a difference in the variability of the selling prices of the homes that
Following are the weights (in grams) of a sample of M&M’s Plain candies, classified according to color. Use a statistical software system to determine whether there is a difference in the mean
Each of three supermarket chains in the Denver area claims to have the lowest overall prices. As part of an investigative study on supermarket advertising, a local television station conducted a
A research firm wants to compare the miles per gallon of unleaded regular, mid-grade, and super premium gasolines. Because of differences in the performance of different automobiles, seven different
A task requires the completion of four activities. A teacher would like to know if differences in the sequence of the four activities results in different task completion times. The teacher selects
The city of Tucson, Arizona, employs people to assess the value of homes for the purpose of calculating real estate tax. The city manager sends each assessor to the same five homes and then compares
There are four McBurger restaurants in the Columbus, Georgia, area. The numbers of burgers sold at the respective restaurants for each of the last 6 weeks are shown here. Is there a difference in the
Shank’s Inc., a nationwide advertising firm, wants to know whether the size of an advertisement and the color of the advertisement make a difference in the response of magazine readers. A random
Three assembly lines are used to produce a certain component for an airliner. To examine the production rate, a random sample of six hourly periods is chosen for each assembly line and the number of
The fuel efficiencies for a sample of 27 compact, midsize, and large cars are entered into a statistical software package. Analysis of variance is used to investigate if there is a difference in the
There are four auto body shops in Bangor, Maine, and all claim to promptly repair cars. To check if there is any difference in repair times, customers are randomly selected from each repair shop and
A study of the effect of television commercials on 12-year-old children measured their attention span, in seconds. The commercials were for clothes, food, and toys. At the .05 significance level, is
The City of Maumee comprises four districts. Chief of Police Andy North wants to determine whether there is a difference in the mean number of crimes committed among the four districts. He examined
A consumer organization wants to know whether there is a difference in the price of a particular toy at three different types of stores. The price of the toy was checked in a sample of five discount
Chapin Manufacturing Company operates 24 hours a day, 5 days a week. The workers rotate shifts each week. Management is interested in whether there is a difference in the number of units produced
The following data were collected for a two-factor ANOVA with three treatments and three blocks.Conduct a test of hypothesis to determine whether the block or the treatment means differ. Using the
The following data were collected for a two-factor ANOVA with two treatments and three blocks.The following data were collected for a two-factor ANOVA with three treatments and three blocks.Conduct a
A senior accounting major at Midsouth State University has job offers from four CPA firms. To explore the offers further, she asked a sample of recent trainees from each firm: How many months did you
The manager of a computer software company wishes to study the number of hours per week senior executives by type of industry spend at their desktop computers. The manager selected a sample of five
A school supervisor is reviewing initial wages of former students (in $000). Samples were taken over 3 years for four different majors (accounting, administration, finance, and marketing). For each
A stockbroker at Critical Securities reported that the mean rate of return on a sample of 10 oil stocks was 12.6% with a standard deviation of 3.9%. The mean rate of return on a sample of 8 utility
Arbitron Media Research Inc. conducted a study of the iPod listening habits of men and women. One facet of the study involved the mean listening time. It was discovered that the mean listening time
The results of a one-way ANOVA are reported here. Use the .05 significance level.Answer the following questions.a. How many treatments are in the study?b. What is the total sample size?c. What is the
Stiktite Inc. plans a test of the mean holding power of two glues designed for plastic. First, a small plastic hook was coated at one end with Epox glue and fastened to a sheet of plastic. After it
What is the critical F-value when the sample size for the numerator is six and the sample size for the denominator is four? Use a two-tailed test and the .10 significance level.
The Park Manager at Fort Fisher State Park in North Carolina believes the typical summer visitor spends more than 90 minutes in the park. A sample of 18 visitors during the months of June, July, and
Refer to the Baseball 2018 data, which report information on the 30 Major League Baseball teams for the 2018 season.a. At the .05 significance level, can we conclude that there is a difference in the
The North Valley Real Estate data reports information on the homes sold last year.a. At the .05 significance level, can we conclude that there is a difference in the mean selling price of homes with
A goal of financial literacy for children is to learn how to manage money wisely. One question is: How much money do children have to manage? A recent study by Schnur Educational Research Associates
The CVS Pharmacy located on US 17 in Murrells Inlet has been one of the busiest pharmaceutical retail stores in South Carolina for many years. To try and capture more business in the area, CVS top
The amount of income spent on housing is an important component of the cost of living. The total costs of housing for homeowners might include mortgage payments, property taxes, and utility costs
The city of Laguna Beach operates two public parking lots. The Ocean Drive parking lot can accommodate up to 125 cars and the Rio Rancho parking lot can accommodate up to 130 cars. City planners are
The following data on annual rates of return were collected from 11 randomly selected stocks listed on the New York Stock Exchange (“the big board”) and 12 randomly selected stocks listed on
An investigation of the effectiveness of an antibacterial soap in reducing operating room contamination resulted in the accompanying table. The new soap was tested in a sample of eight operating
A candy company taste-tested two chocolate bars, one with almonds and one without almonds. A panel of testers rated the bars on a scale of 0 to 5, with 5 indicating the highest taste rating. Assume
Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. To test different advertising approaches, it uses different media to reach potential buyers. The mean annual family income for
The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered by two leading companies. He selects a sample of 15 families, some with only a single
Lester Hollar is vice president for human resources for a large manufacturing company. In recent years, he has noticed an increase in absenteeism that he thinks is related to the general health of
A number of minor automobile accidents occur at various high-risk intersections in Teton County despite traffic lights. The Traffic Department claims that a modification in the type of light will
The manufacturer of an MP3 player wanted to know whether a 10% reduction in price is enough to increase the sales of its product. To investigate, the owner randomly selected eight outlets and sold
Two of the teams competing in the America’s Cup race are American Magic and Australia II. They race their boats over a part of the course several times. Following are a sample of times in minutes
Commercial Bank and Trust Company is studying the use of its automatic teller machines (ATMs). Of particular interest is whether young adults (under 25 years) use the machines more than senior
Grand Strand Family Medical Center treats minor medical emergencies for visitors to the Myrtle Beach area. There are two facilities, one in the Little River Area and the other in Murrells Inlet. The
The Willow Run Outlet Mall has two Haggar Outlet Stores, one located on Peach Street and the other on Plum Street. The two stores are laid out differently, but both store managers claim their layout
Educational Technology Inc. sells software to provide guided homework problems for a statistics course. The company would like to know if students who use the software score better on exams. A sample
The owner of Bun ‘N’ Run Hamburgers wishes to compare the sales per day at two locations. The mean number sold for 10 randomly selected days at the Northside site was 83.55, and the standard
Businesses such as General Mills, Kellogg’s, and Betty Crocker regularly use coupons to build brand allegiance and stimulate sales. Marketers believe that the users of paper coupons are different
Music streaming services are the most popular way to listen to music. Data gathered over the last 12 months show Apple Music was used by an average of 1.65 million households with a sample standard
A computer manufacturer offers technical support that is available 24 hours a day, 7 days a week. Timely resolution of these calls is important to the company’s image. For 35 calls that were

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