Questions and Answers of Statistics for Management

The number of magazine subscriptions per household is represented by the following probability distribution.a. Calculate the mean number of magazine subscriptions per household.b. Find the standard
The distribution of the number of home runs in soft-ball games is shown here.a. Calculate the mean number of home runs.b. Find the standard deviation. Number of home runs 0 1 2 3 4 5 .05 .16 41 .27
The Powerball lottery is one of the most popular lotteries in the United States. From time to time, the jackpot exceeds $100 million. As a result so many more people buy Powerball tickets that there
Ten percent of American adults devote so much time to playing video games either on a console, computer, or cell phone that they consider themselves to be “gamers” according to a Pew Research
University and college students are relatively confident about finding a job after graduation. According to a Gallup survey 50% of students are say now is a good time to find a quality job. Suppose
Many cell phone service providers offer family plans wherein parents who subscribe can get discounts for other family members. Suppose that the number of cell phones per family is Poisson distributed
In 1941 Joe DiMaggio hit in 56 consecutive games, a record that is predicted to never be broken. To see how unlikely this streak was, assume that a player batting .350 gets to bat 5 times in a game
In Basketball players are awarded free throw when they are fouled. Suppose that a player has a career percentage of making free throws 80% of the time. If the player is awarded 10 free throws
An investor hears a radio report that says in 60% of the stocks on the New York Stock Exchange increased in value. He realizes that he owns 20 stocks on the NYSE. Determine the probability of the
According to a Gallup Poll conducted in 2015 only 1% of Russians approved of U.S. leadership. To evaluate whether this claim has any merit a statistician took a random sample of 100 Russians.
a. Adobe (ADBE): 25%, Cisco Systems (CSCO): 25%, Comcast (CMCSA): 25%, Garmin (GRMN): 25%b. ADBE: 40%, CSCO: 10%, CMCSA: 40%, GRMN: 10%c. ADBE: 10%, CSCO: 20%, CMCSA: 30%, GRMN: 40%d. Which portfolio
Refer to Exercise 7.92.a. Compute the expected value and variance of the portfolio described next. BNS: 44.0%, CNR: 27.5%, CTC.A: 21.9%, MG: 6.6%b. Can you do better? That is, can you find a
a. Agnico Eagle (AEM): 25%, Canadian Imperial Bank of Commerce (CM): 25%, Canadian Tire (CTC.A): 25%, Royal Bank (RY): 25%b. AEM: 10%, CM: 20%, CTC.A: 60%, RY: 10%c. AEM: 10%, CM: 10%, CTC.A: 10%,
a. Bank of Nova Scotia (BNS): 25%, Sun Energy (SU): 25%, Telus (T): 25%, George Weston (WN): 25%b. BNS: 10%, SU: 10%, T: 70%, WN: 10%c. BNS: 10%, SU: 50%, T: 10%, WN: 30%d. Which portfolio would a
a. Bank of Montreal (BMO): 25%, Magna International (MG): 25%, Power (POW): 25%, Rogers Communication (RCL.B): 25%b. BMO: 20%, MG: 60%, POW: 10%, RCL.B: 10%c. BMO: 10%, MG: 20%, POW: 30%, RCL.B:
Refer to Exercise 7.85. Compute the correlation matrix of the returns of the four banks. Briefly describe what the correlations tell you.In exercise 7.85An analyst recommends that you invest in a
a. Canadian National Railway (CNR): 10%, Enbridge (ENB): 40%, Loblaw (L): 40%, Manulife Financial (MFC): 10%b. CNR: 50%, ENB: 30%, L: 10%, MFC: 10%c. CNR: 70%, ENB: 10%, L: 10%, MFC: 10%d. Which
a. Agnico Eagle (AEM): 25%, Bell Canada Enterprises (BCE): 25%, Bank of Montreal (BMO: 25%, Dollarama (DOL): 25%b. AEM: 30%, BCE: 30%, BMO: 20%, DOL: 20%c. AEM: 40%, BCE: 15%, BMO: 15%, DOL: 30%d.
An analyst recommends that you invest in a portfolio made up of Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CM), and Royal Bank (RY). Why would it not
Refer to Exercise 7.82.In exercise 7.82a. United Health (UNH): 25%, United Technologies (UTX): 25%, Verizon (VZ): 25%, Walmart (WMT): 25%b. UNH: 10%, UTX: 20%, VZ: 30%, WMT: 40%c. UNH: 40%, UTX: 30%,
a. United Health (UNH): 25%, United Technologies (UTX): 25%, Verizon (VZ): 25%, Walmart (WMT): 25%b. UNH: 10%, UTX: 20%, VZ: 30%, WMT: 40%c. UNH: 40%, UTX: 30%, VZ: 20%, WMT: 10%d. Which portfolio
a. Chevron (CVX): 25%, du Pont (DD): 25%, Procter & Gamble (PG): 25%, Travelers (TRV): 25%b. CVX: 50%, DD: 20%, PG: 15%, TRV: 15%c. CVX: 10%, DD: 20%, PG: 30%, TRV: 40%d. Explain why the choice
a. Coca Cola (KO): 40%, Pfizer (PFE): 20%, Verizon Communications (VZ): 40%b. KO: 60% PFE: 20%, (VZ): 20%c. KO: 10%, PFE: 30%, VZ: 60%d. Which portfolio would a gambler choose? Explain.e. Which
a. General Electric (GE): 25%, Johnson & Johnson (JNJ): 25%, McDonald’s (MCD): 25%, Merck (MRK): 25%b. GE: 5%, JNJ: 30%, MCD: 40%, MRK: 25%c. GE: 10%, JNJ: 50%, MCD: 30%, MRK: 10%d. Which
Refer to Exercise 7.63.In exercise 7.63After watching several seasons of soccer a statistician produced the following bivariate distribution of scores.a. Determine the probability distribution of the
After watching several seasons of soccer a statistician produced the following bivariate distribution of scores.a. What is the probability that the home team wins?b. What is the probability of a
Refer to Exercise 7.59.In exercise 7.59A fire inspector has conducted an extensive analysis of the number of smoke detectors and the number of carbon monoxide detectors in the homes in a large city.
Refer to Exercise 7.59.In exercise 7.59A fire inspector has conducted an extensive analysis of the number of smoke detectors and the number of carbon monoxide detectors in the homes in a large city.
Refer to Exercise 7.59.In exercise 7.59A fire inspector has conducted an extensive analysis of the number of smoke detectors and the number of carbon monoxide detectors in the homes in a large city.
The bivariate distribution of X and Y is described here.a. Find the marginal probability distribution of X.b. Find the marginal probability distribution of Y .c. Compute the mean and variance of X.d.
Refer to Exercise 7.45.In exercise 7.45The following table lists the bivariate distribution of X and Y .a. Determine the distribution of X + Y .b. Determine the mean and variance of X + Y .c. Does
Refer to Exercise 7.45. Use the laws of expected value and variance of the sum of two variables to compute the mean and variance of X + Y .In exercise 7.45The following table lists the bivariate
Should government do more or less to solve country’s problems (HELPNOT: 1 = Government should do more; 2, 3, 4, 5 = Government does too much)?
Has educational levels kept uniform over the years 2006, 2008, 2010, 2012, and 2014? Conduct a test to determine whether the number of years of education (EDUC) differs in the 8-year period.
Has the amount of television American adults watch been constant over the years 2006, 2008, 2010, 2012, and 2014 or has the amount varied. Test to determine whether the number of hours of television
How much evidence is there that more education leads to higher incomes and more financial success? Test to determine whether differences in income (INCOME) exist between the four education categories.
Does the education category affect the net worth of households? Is so, there should be differences in net worth between the four categories of education. Conduct a test to determine whether there are
Are more educated individuals likely to have more unrealized capital gains? Is there enough evidence to infer that there are differences in total unrealized capital gains (KGTOTAL)?
Is education a factor in the amount of debt carried by heads of households? Conduct a statistical test to determine whether the amount of debt (DEBT) differs between the four categories.
Do households headed by a more educated person spend their food dollars differently from households headed by less-educated people? Is there enough evidence to conclude that there are differences in
Is there enough evidence to conclude that there are differences in total annual amount spent on food away from home between the four categories (FOODAWAY)?
Are some industries better than others in terms of financial remuneration? Conduct a test to determine whether there are differences in income (INCOME) between the three categories of industry.
Can we infer from the data that there are differences in net worth (NETWORTH) between the heads of households whose jobs are in one of the three industry classifications? 14.55 Can we infer from the
Can we infer from the data that there are differences in the total unrealized capital gains (KGTOTAL) between the three industry classifications?
Can we infer from the data that there are differences in the total unrealized capital gains (KGTOTAL) between the three industry classifications?
Refer to Exercise 14.23.a. Apply Tukey’s multiple comparison method to determine which pairs of means differ.b. Use the Bonferroni adjustment test to determine whether there are differences between
Refer to Exercise 14.24. Suppose that all you want to know is whether there are statistically significant differences in income between the three Independents (PARTYID: 2, 3, and 4). Perform the
Refer to Exercise 14.25.a. Apply Tukey’s multiple comparison method to determine whether any means differb. Is this result different from analysis of variance F-test?In exercise 14.25If differences
Refer to Exercise 14.26.a. Apply Tukey’s multiple comparison method to determine which pairs of means differ.b. Use the Bonferroni adjustment test to determine whether there are differences between
Refer to Exercise 14.27.a. Use Tukey’s multiple comparison method to determine which pairs of political parties differ.b. Use an appropriate method the compare the three Independents with the
a. Apply the analysis of variance to determine whether there is enough evidence to conclude that there are differences in income (RINCOME) between the races (RACE: 1 = White, 2 = Black, 3 =
a. Use the analysis of variance to test for differences in the number of hours worked (HRS1) between races (RACE: 1 = White, 2 = Black, 3 = Other).b. Apply Tukey’s method to determine whether there
Is it a myth that Democrats are more educated than Republicans and Independents?a. Use the analysis of variance to determine whether the years of education (EDUC) differ among Democrats,
Refer to Exercise 14.29. If you wanted to determine whether the following pairs of means differ: PARTYID: 1 and 3, 1 and 5, 3 and 5, which multiple comparison method would you select? What value of a
Refer to Exercise 14.30. Suppose that you want to determine whether there are differences in the amount of education between each pair of liberals: POLVIEWS: 1 = Extremely liberal, 2 = Liberal, 3 =
Refer to Exercise 14.31. Apply Tukey’s multiple comparison method to test for differences in income for each pair of political views.In exercise 14.31What happens to Americans’ political
Refer to Exercise 14.39. Use Tukey’s multiple comparison method to determine which pairs differ.In exercise 14.39Television networks and their advertisers are constantly surveying viewers to
Refer to Exercise 14.34. Suppose that you want to determine which of the following pairs of means differ (POLVIEWS: 1 and 2, 1 and 3, 2 and 3).a. Which technique should you use?b. Use the technique
Refer to Exercise 14.51. Use Tukey’s multiple comparison method to determine which pairs of means differ.In exercise 14.51Do households headed by a more educated person spend their food dollars
Refer to Exercise 14.52. Apply Tukey’s method to determine whether there is enough statistical evidence to infer that each pair of means differ. Developing an Understanding of Statistical
Repeat Exercise 14.98 for the 2012 General Social Survey.In exercise 14.98Is there sufficient evidence to conclude that there are differences in the years of education between American adults and
How have 25- to 34-year-olds with university degrees fared financially since 1984? To answer this question, the Pew Research Center conducted surveys in 1984, 1996, and 2009 recording monthly
Refer to Exercise 14.129. A similar study was conducted for Bachelor’s degrees.a. Can we infer from the data that incomes differed for 25- to 34-year-olds with Bachelor’s degrees between the
Refer to Exercise 14.129. A similar study determined the monthly household income of households headed by 25- to 34-year-olds with only a high school diploma. The incomes were converted to 2012
Does the day a house is listed for sale affect how long it takes for the sale to be completed or its selling price? A study conducted by economists attempted to answer the question. A random sample
Another useful measure of Americans’ beliefs about the state of the economy is the age at which they believe they will retire. If non retired people believe that they will need to work longer to be
Each year Michigan State University’s Collegiate Employment Research Institute tracks starting salaries of graduates. The Institute recorded the starting salaries of the following engineers:
The U.S. Bureau of Labor Statistics conducts regular surveys to determine how Americans are spending their money. The annual expenditures for vehicle insurance of a random sample of American
Refer to Exercise 14.135. Do Americans spend more on health care as they age? To answer the question, economists turned to the Bureau of Labor Statistics to measure how much Americans in the
St Catharine’s-Niagara, Kitchener- Cambridge-Waterloo. Brantford, Guelph, London, and Windsor are relatively small cities in Southwest Ontario. Because of their size the expectation is that the
Automobile insurance companies use statistics to determine their premiums. The premiums are proportional to the risks and costs of accidents. Suppose that an economist conducted a study that looked
The National Center for Charitable Statistics estimates that individual giving in the United States in 2014 was $258.51 billion. A study to determine who gave and how much they gave was undertaken. A
Do married couples typically have the same completed degrees? Conduct a test to determine whether there is enough evidence to conclude that married couples do not have the same degrees (DEGREE,
Conduct the Kruskal–Wallis test on the following statistics. Use a 5% significance level.T1 = 984 n1 = 23T2 = 1,502 n2 = 36T3 = 1,430 n3 = 29
From the following statistics, use the Kruskal–Wallis test (with α = .01) to determine whether the population locations differ.T1 = 1,207 n1 = 25T2 = 1,088 n2 = 25T3 = 1,310 n3 = 25T4 = 1,445 n4 =
Apply the Kruskal–Wallis test and the following statistics to determine whether there is enough statistical evidence at the 10% significance level to infer that the population locations differ.T1 =
Use the Kruskal€“Wallis test on the following data to determine whether the population locations differ. (Use Î± = .05.) Sample 1: Sample 2: Sample 3: 18 33 12 41 22 52 27 29
Using the Kruskal€“Wallis test, determine whether there is enough evidence provided by the accompanying data to enable us to infer that at least two population locations differ. (Use
a. Four random samples of 50 people each were asked to rate four different computer printers in terms of their ease of use. The responses are:Very easy to useEasy to useDifficult to useVery difficult
Apply the Friedman test to the accompanying table of data to determine whether we can conclude that at least two population locations differ. (Use Î± = .10.) Treatment Block 2 3 12 10 15
The following data were generated from a blocked experiment. Conduct a Friedman test to determine whether at least two population locations differ. (Use Î± = .05.) Treatment Block 2 3
a. A random sample of 30 people was asked to rate each of four different premium brands of coffee. The ratings are:ExcellentGoodFairPoorThe responses were assigned numbers 1 through 4, respectively.
a. Refer to Example 19.6. Suppose that the responses were recoded so that the numbers equaled the midpoint of the range of percentiles. That is: 97.5 = The candidate is in the top 5% of
In an effort to determine whether differences exist between three methods of teaching statistics, a professor of business taught his course differently in each of three large sections. In the first
Applicants to MBA programs must take the Graduate Management Admission Test (GMAT). There are several companies that offer assistance in preparing for the test. To determine whether they work, and if
Ten judges were asked to test the quality of four different brands of orange juice. The judges assigned scores using a 5-point scale where 1 = Bad, 2 = Poor, 3 = Average, 4 = Good, and 5 = Excellent.
The manager of a chain of electronic products retailers is trying to decide on a location for its newest store. After a thorough analysis, the choice has been narrowed to three possibilities. An
Many North Americans suffer from high levels of cholesterol, which can lead to heart attacks. For those with very high levels (over 280), doctors prescribe drugs to reduce cholesterol levels. A
The manager of a personnel company is in the process of examining her company€™s advertising programs. Currently, the company advertises in each of the three local newspapers for a wide
A well-known soft-drink manufacturer has used the same secret recipe for its product since its introduction over 100 years ago. In response to a decreasing market share, however, the president of the
The management of fast-food restaurants is extremely interested in knowing how their customers rate the quality of food and service and the cleanliness of the restaurants. Customers are given the
A consumer testing service compared the effectiveness of four different brands of drain cleaner. The experiment consisted of using each product on 50 different clogged sinks and measuring the amount
During the last presidential campaign, the Gallup organization surveyed a random sample of 30 registered Democrats in January, another 30 in February, and yet another 30 in March. All 90 Democrats
It is common practice in the advertising business to create several different advertisements and then ask a random sample of potential customers to rate the ads on several different dimensions.
Do university students become more supportive of their varsity teams as they progress through their 4-year stint? To help answer this question, a sample of students was drawn. Each was asked their
In anticipation of buying a new scanner, a student turned to a website that reported the results of surveys of users of the different scanners. A sample of 133 responses was listed showing the ease
Do more educated people derive more satisfaction from their jobs? Test to determine whether there are differences in job satisfaction (SATJOB: 1 = Very satisfied, 2 = Moderately satisfied, 3 = A
Respondents were asked the following question, Compared to your parents at your age is your standard of living (PARSOL: 1 = Much better, 2 = Somewhat better, 3 = About the same, 4 = Somewhat worse, 5
Are there differences between the five categories of marital status (MARITAL) with respect to health (HEALTH: 1 = Excellent, 2 = Good, 3 = Fair, 4 = Poor)? Conduct a statistical test to answer the
Do less-educated people believe that they have a higher probability of losing their job? Test to determine whether there is enough evidence to conclude that there are differences in perceived

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