Questions and Answers of Statistics Business Economics

University endowments are financial assets that are donated by supporters to be used to provide income to universities. There is a large discrepancy in the size of university endowments. The
Electric plug-in vehicle sales have been increasing worldwide. The table below displays data collected by the U.S. Department of Energy on electric plug-in vehicle sales in the words top markets in
Consumer complaints are frequently reported to the Better Business Bureau (BBB). Some industries against whom the most complaints are reported to the BBB are banks; cable and satellite television
The SAT is a standardized test used by many colleges and universities in their admission decisions. More than one million high school students take the SAT each year. The current version of the SAT
The U.S. Department of Energy’s Fuel Economy Guide provides fuel efficiency data for cars and trucks (Fuel Economy website). A portion of the data from 2018 for 341 compact, midsize, and large cars
The Flying Pig is a marathon (26.2 mile long) running race held every year in Cincinnati, Ohio. Suppose that the following data show the ages for a sample of 40 marathon runnersa. Construct a
Based on the total passenger traffic, the airports in the following list are the 20 busiest airports in North America in 2018 (The World Almanac). a. Which is busiest airport in terms of total
Consider the following frequency distribution.? Construct a cumulative frequency distribution and a cumulative relative frequency distribution. Class Frequency 10-19 10 20-29 14 30-39 17 40-49
TripAdvisor is one of many online websites that provides ratings for hotels throughout the world. Ratings provided by 649 guests at the Lakeview Hotel can be found in the file HotelRatings. Possible
Nearly 1.9 million bachelor’s degrees and over 758,000 master’s degrees are awarded annually by U.S. postsecondary institutions as of 2018 (National Center for Education Statistics website). The
Many airlines use surveys to collect data on customer satisfaction related to flight experiences. Completing a flight, customers receive an email asking them to rate a variety of factors, including
Nielsen Media Research tracks the top-rated television shows. The following data show the television network that produced each of the 25 top-rated shows in the history of television. a.
In alphabetical order, the six most common last names in the United States in 2018 are Brown, Garcia, Johnson, Jones, Smith, and Williams (United States Census Bureau website). Assume that a sample
The movie industry is a competitive business. More than 50 studios produce hundreds of new movies for theater release each year, and the financial success of each movie varies considerably. The
Skechers U.S.A., Inc., is a performance footwear company headquartered in Manhattan Beach, California. The sales revenue for Skechers over a four-year period are as follows: a. Are these
Consumer Reports evaluates products for consumers. The file CompactSUV contains the data shown in Table 1.8 for 15 compact sports utility vehicles (SUVs) from the 2018 model line (Consumer Reports
Pew Research Center is a nonpartisan polling organization that provides information about issues, attitudes, and trends shaping America. In a poll, Pew researchers found that 73% of teens aged
The U.S. Census Bureau tracks sales per month for various products and services through its Monthly Retail Trade Survey. Figure 1.9 shows monthly jewelry sales in millions of dollars for
Figure 1.8 provides a bar chart showing the annual advertising revenue for Facebook from 2010 to 2017 (Facebook Annual Reports). a. What is the variable of interest?b. Are the data categorical
A Gallup Poll utilizing a random sample of 1,503 adults ages 18 or older was conducted in April 2018. The survey indicated a majority of Americans (53%) say driverless cars will be common in the next
Based on data from the U.S. Census Bureau, a Pew Research study showed that the percentage of employed individuals ages 25–29 who are college educated is at an all-time high. The study showed that
Williams Sonoma is a consumer retail company that sells kitchenware. Williams Sonoma has reported the quantity and product value information for three different glass tumblers in two different years
The closing price of Walmart stock at the end of its fiscal year (end of January) for five years is given in the following table. The CPI for January of each year is also provided. Deflate the stock
Actuaries are analysts who specialize in the mathematics of risk. Actuaries often work for insurance companies and are responsible for setting premiums for insurance policies. Below are the median
The operations of seafood restaurant chains such as Red Lobster are sensitive to changes in the price of seafood. Quantity data for a regional seafood chain coupled with price data are in the
Suppose on average a male shaver in Year 1 bought one razor handle and used 17 razor blades in a year and that the price relatives for Year 1 to Year 11 are as appears in the following table. Develop
Boran Stockbrokers, Inc., selects four stocks for the purpose of developing its own index of stock market behavior. Prices per share for a Year 1 base period, January of Year 3, and March of Year 3
Many factors influence the retail price of gasoline. The following table shows the average retail price for a gallon of regular grade gasoline for each year from 2014 through 2017 (U.S. Energy
An automobile dealer reports the Year 1 and Year 8 sales for three models in the following table. Compute quantity relatives and use them to develop a weighted aggregate quantity index for Year 8
In 2017, Google’s revenue broke $100 billion for the first time. The revenue for Google for the years 2010–2017 is shown in the following table (Statista website). Deflate the revenue in dollars
The average hourly wage rate for construction laborers in 2001 was $13.36. In 2017 construction laborers made $18.70 per hour. The CPI for 2001 was 177.1 and for 2017, 245.1. Calculate the percentage
Registered nurses in 2007 made an average hourly wage of $30.04. In 2017, their hourly wage had risen to $35.36. Given that the CPI for 2007 was 207.3 and the 2017 CPI was 245.1, answer the
Fastenal, the largest fastener distributor in North America, procures an identical drive anchor from three independent suppliers that differ in unit price and quantity supplied. The relevant data for
An item with a price relative of 132 cost $10.75 in 2018. Its base year was 2001. a. What was the percentage increase or decrease in cost of the item over the 17-year period? b. What did
The following table reports prices and usage quantities for two items in 2016 and 2018. a. Compute price relatives for each item in 2018 using 2016 as the base period. b. Compute an
In 2017, the American Red Cross had to make decisions related to preparations for Hurricane Irma, which was threatening the United States, including the state of Florida, Puerto Rico, and the U.S.
Nielsen Research provides weekly ratings of nationally broadcast television programs. The mean weekly number of viewers for the 207 prime-time programs broadcast by five major televisions networks
According to the National Association of Realtors website (https://www.nar.realtor/sites/default/files/documents/metro -home-prices-q3-2017-single-family-2017-11-02.pdf), the national median sales
The National Football League (NFL) holds its annual draft of the nation’s best college football players in April each year. Prior to the draft, various sporting news services project the players
Forty-minute workouts of one of the following activities three days a week will lead to a loss of weight, assuming no change in calories consumed. The following sample data show the number of
In 2018 a survey of 10,508 CEOs by PayScale. com, the range of annual salaries reported was from $73,187 to $336,550. But do CEO salaries differ across the two most populous states in the United
1. Based on these data, should RainOrShine.Com warn its audience of seasonal differences in the numbers fatal lightning strikes in the United States? Use the a = .05 level of significance. 2. If
Hudson Marine provides boat sales, service, and maintenance. Boat trailers are one of its top sales items. The following table reports the number of trailers sold for the last seven years. a.
The following data show the price in dollars for a general admission ticket to the Magic Kingdom at Disney World from the year 2000 (period 1) to 2017 (period 18) (Travel 1 Leisure website). These
Annual retail store revenue for Apple from 2007 to 2017 are shown below (investorapple website). a. Construct a time series plot. What type of pattern exists in the data? b. Using
The following data show Google revenue from 2008 (period 1) to 2017 (period 10) in billions of dollars (Alphabet, Inc. annual reports). These data are in the file GoogleRevenue. a. Construct a
The following data show the number of Netflix subscribers worldwide for the years 2012 (period 1) to 2017 (period 6) (datawrapper website). The data are in the file NetflixSubscribers. a.
The following data shows the average interest rate (%) for a 30-year fixed-rate mortgage over a ten-year period (FreddieMac website). a. Construct a time series plot. Do you think a linear trend
Skechers is a performance footwear company headquartered in Manhattan Beach, California. The sales for Skechers (in billions of dollars) for 2012 (period 1) to 2017 (period 6) are in the file
The general fund revenue receipts for the state of Kentucky for 2003 (period 1) to 2017 (period 15) are in the file KYRevenue (ky.gov website). a. Construct a time-series plot. What type of
The U.S. Department of Energy’s Fuel Economy Guide provides fuel efficiency data for cars and trucks (www.fueleconomy.gov). The file FuelEconomy2019 provides a portion of the data for 387 vehicles
Mbuy is a media consulting firm that provides advice to companies on how to allocate their advertising budgets. Mbuy designed a factorial experiment to test the effect of the size of a banner ad on a
In 2016, the average monthly residential natural gas bill for Black Hills Energy customers in Cheyenne, Wyoming, is $67.95 (Wyoming Public Service Commission website). How is the monthly average gas
As of September 4, 2016, the film Suicide Squad had an average rating of 3.7 out of 5 based on 117,323 viewer ratings (Rotten Tomatoes website). How are the viewer ratings of Suicide Squad related to
Home Depot, a home-improvement retailer, sells several brands of washing machines. The following table contains a sample of 24 models of full-size washing machines sold by Home Depot in 2016, with
1. Develop a table that shows the number of wines that were classified as classic, outstanding, very good, good, mediocre, and not recommended and the average price. Does there appear to be any
Suppose that you have been hired by the commissioner of the LPGA to analyze the data for a presentation to be made at the annual LPGA Tour meeting. The commissioner has asked whether it would be
For the holiday season of 2017, nearly 59 percent of consumers planned to buy gift cards. According to the National Retail Federation, millennials like to purchase gift cards (Dayton Daily News
The Cincinnati Zoo and Botanical Gardens had a record attendance of 1.87 million visitors in 2017 (Cincinnati Business Courier website). Nonprofit organizations such as zoos and museums are becoming
The Wall Street Journal asked Concur Technologies, Inc., an expense-management company, to examine data from 8.3 million expense reports to provide insights regarding business travel expenses. Their
Refer to Problem 25. Use the estimated regression equation from part (a) to answer the following questions. a. Estimate the selling price of a four-year-old Honda Accord with mileage of 40,000
The Honda Accord was named the best-midsized car for resale value for 2018 by the Kelley Blue Book (Kelley Blue Book website). The file AutoResale contains mileage, age, and selling price for a
Revisit exercise 9, where we develop an estimated regression equation that can be used to predict the selling price given the number of bathrooms, square footage, and number of bedrooms in the
Spring is a peak time for selling houses. The file SpringHouses contains the selling price, number of bathrooms, square footage, and number of bedrooms of 26 homes sold in Ft. Thomas, Kentucky, in
Sherry is a production manager for a small manufacturing shop and is interested in developing a predictive model to estimate the time to produce an order of a given size—that is, the total time to
Many small restaurants in Portland, Oregon, and other cities across the United States do not take reservations. Owners say that with smaller capacity, no-shows are costly, and they would rather have
The data from exercise 1 follow. a. Use equation (14.23) to estimate the standard deviation of yˆ* when x = 4. b. Use expression (14.24) to develop a 95% confidence interval for the
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. The following data were used to investigate the relationship
Do students with higher college grade point averages (GPAs) earn more than those graduates with lower GPAs (CivicScience)? Consider the college GPA and salary data (10 years after graduation)
The following data were used to investigate the relationship between the number of cars in service (1000s) and the annual revenue ($millions) for six smaller car rental companies (Auto Rental News
David’s Landscaping has collected data on home values (in thousands of $) and expenditures (in thousands of $) on landscaping with the hope of developing a predictive model to help marketing to
The American Association of Individual Investors (AAII) On-Line Discount Broker Survey polls members on their experiences with discount brokers. As part of the survey, members were asked to rate the
A factorial experiment was designed to test for any significant differences in the time needed to translate other languages into English with two computerized language translators. Because the type
A Pew Research study conducted in 2017 found that approximately 75% of Americans believe that robots and computers might one day do many of the jobs currently done by people (Pew Research website,
Based on a 2018 study, the average elapsed time between when a user navigates to a website on a mobile device until its main content is available was 14.6 seconds. This is more than a 20% increase
In 2018, consumer goods giant Procter and Gamble (P&G) had more than 20 brands with more than $1 billion in annual sales (P&G website, https://us.pg.com/). How does a company like P&G
Are there differences in airfare depending on which travel agency website you utilize? The following data were collected on travel agency websites on July 9, 2018. The following table contains the
How long it takes paint to dry can have an impact on the production capacity of a business. In May 2018, Deal’s Auto Body & Paint in Prescott, Arizona, invested in a paint-drying robot to speed
Based on 2017 sales, the six top-selling compact cars are the Honda Civic, Toyota Corolla, Nissan Sentra, Hyundai Elantra, Chevrolet Cruze, and Ford Focus (New York Daily News,
The Barna Group conducted a survey about church attendance. The survey respondents were asked about their church attendance and asked to indicate their age. Use the sample data to determine whether
As listed by The Art Newspaper Visitor Figures Survey (https://www.theartnewspaper.com/visitor-figures-2017), the five most-visited art museums in the world are the Louvre Museum, the National Museum
Arconic Inc. is a producer of aluminum components for the avionics and automotive industries. At its Davenport Works plant, an engineer has conducted a quality-control test in which aluminum coils
In a 2018 study, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, D.C.; and Lexington Park, Maryland as the four U.S. cities with the highest
The manager at a Whole Foods Market is responsible for managing store inventory. The mathematical models that she uses to determine how much inventory to stock rely on product demand being normally
On a television program, two movie critics provide their reviews of recent movies and discuss. It is suspected that these hosts deliberately disagree in order to make the program more interesting for
The race for the 2013 Academy Award for Actress in a Leading Role was extremely tight, featuring several worthy performances. The nominees were Jessica Chastain for Zero Dark Thirty, Jennifer
The Wall Street Journal Annual Corporate Perceptions Study surveyed readers and asked how they rated the quality of management and the reputation of the company for more than 250 worldwide
In 2015, Addison Group (a provider of professional staffing services) and Kelton (a global insights firm) surveyed the work preferences and attitudes of 1,006 working adults spread over three
Social media is becoming more and more popular around the world. Statista.com provides estimates of the number of social media users in various countries in 2017 as well as the projections for 2022.
The Carnegie Classification of Institutes of Higher Education categorizes colleges and universities on the basis of their research and degree-granting activities. Universities that grant doctoral
In an effort to make better use of its resources, the New York City Food Bank engaged in lean process improvement. This employee-driven kaizen effort resulted in a new method for packing meals for
A sample of 9 days over the past six months showed that Philip Sherman, DDS, treated the following numbers of patients at his dental clinic: 22, 25, 20, 18, 15, 22, 24, 19, and 26. If the number of
OrderUp is a service that delivers food that its customers order online from participating restaurants. OrderUp claims consistent delivery times for its deliveries. A sample of 22 meal deliveries
Barron’s has collected data on the top 1000 financial advisers. Merrill Lynch and Morgan Stanley have many of their advisers on this list. A sample of 16 of the Merrill Lynch advisers and 10 of the
In 2016, the Graduate Management Admission Council reported that the variance in GMAT scores was 14,660. At a recent summit, a group of economics professors met to discuss the GMAT performance of
The competitive advantage of small American factories such as Tolerance Contract Manufacturing lies in their ability to produce parts with highly narrow requirements, or tolerances, that are typical
In 2017, Americans spent a record-high $9.1 billion on Halloween-related purchases (the balance website, https://www.thebalance.com /halloween-spending-statistics-facts-and-trends-3305716). Sample
In 2018, Mike Krzyewski and John Calipari topped the list of highest-paid college basketball coaches (Sports Illustrated website,
Amazon.com is testing the use of drones to deliver packages for same-day delivery. In order to quote narrow time windows, the variability in delivery times must be sufficiently small. Consider a
Each year, more than 2 million people in the United States become infected with bacteria that are resistant to antibiotics. In particular, the Centers of Disease Control and Prevention have launched

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