Questions and Answers of Statistics For Business And Economics

The partial output for an experiment with treatment factors A and B are summarized in the following table.Compute the F ratios and test the null hypotheses of any effect from either treatment and any
Consider an experiment with treatment factors A and B, with factor A having three levels and factor B having seven levels. The results of the experiment are summarized in the following analysis of
A researcher randomly collected the annually income (in thousand) in a village for three different age range (less than 20 years old, 20 to 30 years old and above 30 years old) based on gender (male
Random samples of two freshmen, two sophomores, two juniors, and two seniors each from four dormitories were asked to rate, on a scale of 1 (poor) to 10 (excellent), the quality of the dormitory
Twelve pairs were entered in the ice-dancing competition. Once again, there were 9 judges, and contestants were assessed in seven subevents. The sums of squares between groups (pairs of contestants)
Case is a car assessor shop provides the car windows tinting. The shop ordered three different types of film from a manufacturer. According to the manufacturer, the dyed window tint film is the most
Briefly discuss the analysis of variance (ANOVA) by defining what ANOVA is. Give examples to explain when ANOVA analysis is used and what it delivers.
List three common assumptions in conducting the one-way analysis of variance and the two-way analysis of variance.
ReduX Corporation is planning to change their management program. The company needs to choose on one out of four different management programs provided by four different programming companies. Before
Susan, a school teacher in Norway, is planning on traveling overseas during her holidays in December. Since most schools are shut in December, the holiday season, Susan wants to determine if there is
Zhang Shan Cai is a researcher in Taiwan. She wants to know if there is any difference in the average hours spent on reading each day for people aged 21 to 30 years, 31 to 40 years, and 41 to 50
Professor Sui predicts that students will learn better with adding animations and sound effects in the PowerPoint slides. She randomly puts 21 students into three different groups to complete one
A delivery company manager needs information on the mean delivery time (in minutes) for five different locations in Sichuan, China—Chengdu, Leshan City, Garze, Jiuzhaigou County, and Daocheng
Catherine Tate owns a restaurant in Maltby Street Market, London, and serves four different main dishes. She randomly recorded the time (in hours) spent at her restaurant by customers, grouped
Bong Soon owns a tire shop and wants to compare the longevity of four different brands of tires that he sells in his shop. He collected 20 observations and measured the mileage (in miles) covered by
Suppose that in the simple exponential smoothing method, the smoothing constant a is set equal to 1. What forecasts will result?
In many business applications, forecasts for future values of time series, such as sales and earnings, are made exclusively on the basis of past information on the time series in question. What
A manager in charge of inventory control requires sales forecasts for several products, on a monthly basis, over the next 6 months. This manager has available A manager in charge of inventory control
What is meant by the seasonal adjustment of a time series? Explain why government agencies expend a large amount of effort on the seasonal adjustment of economic time series.
Given the estimated linear modela.b.c.d. ŷ = 12 + 5x₁ + 6x2 + 2x3
Given the estimated linear modela.b.c.d. ŷ = 10 + 5x₁ + 4x2 + 2x3
Given the estimated linear modela.b.c.d. ŷ = 10+ 2x₁ + 12x2 + 8x3
Simoné Berk, president of Food Unlimited, has asked you to study the relationship between market price (euros) and the amount of rice (kg) supplied by her competitor, Good Food, Inc. Simoné
For a sample of 50 monthly observations the regression of the percentage return on an investment (y) against the percentage change in the consumer price index (x) was estimated. The sample regression
A regression analysis has produced the following analysis of variance table:a. Compute se and s2e.b. Compute SST.c. Compute R2 and the adjusted coefficient ofdetermination. Analysis of
A regression analysis has produced the following analysis of variance table:a. Compute se and s2e.b. Compute SST.c. Compute R2 and the adjusted coefficient of determination. Analysis of
Compute the coefficients b1 and b2 for the regression modelgiven the following summary statistics.a.b.c.d. ŷ₁ = bo + b₁x₁i + b₂x2i
A regression analysis has produced the following analysis of variance table:a. Compute se and s2e.b. Compute SST.c. Compute R2 and the adjusted coefficient of determination. Analysis of
A regression analysis has produced the following analysis of variance table:a. Compute se and s2e.b. Compute SST.c. Compute R2 and the adjusted coefficient of determination. Analysis of
The results from a regression model analysis are shown as follows:The numbers below the coefficient estimates are the sample standard errors of the coefficient estimates.a. Compute two-sided 95%
The following are results from a regression model analysis:The numbers in parentheses under the coefficients are the estimated coefficient standard errors.a. Compute two-sided 95% confidence
Inventas Design, an architecture company in Norway, wants to predict the number of worker-hours necessary to finish the design of a new building in Oslo. Relevant explanatory variables were thought
The following are results from a regression model analysis:The numbers below the coefficient estimates are the sample standard errors of the coefficient estimates.a. Compute two-sided 95% confidence
In a study of differences in levels of community demand for firefighters, the following sample regression was obtained, based on 46 towns in Bavaria, Germany:wherey = number of full-time firefighters
The following are results from a regression model analysis:The numbers in parentheses under the coefficients are the estimated coefficient standard errors.a. Compute two-sided 95% confidence
The following model was fitted to a sample of 28 families in order to explain household bread consumption:wherey = bread consumption, in loaves per weekx1 = weekly income, in hundreds of
The Norwegian architecture company, Invent as Design, wants to predict the number of worker-hours necessary to finish the design of a new building in Tromsø. Relevant explanatory variables
A study was conducted to determine whether certain features could be used to explain variability in the prices of furnaces. For a sample of 21 furnaces, the following regression was estimated:wherey
In a study of the determinants of household expenditures on vacation travel, data were obtained from a sample of 2,233 households (Hagermann 1981). The model estimated waswherey = expenditure on
An agricultural economist believes that the amount of fish consumed (y) in tons in a year in the France depends on the price of fish (x1) in euros per pound, the price of potatoes (x2) in euros per
Consider the following two equations estimated using the procedures developed in this section:i. yi = 2x1.4ii. yi = 2 + 6xi + 1.4x2iCompute values of yi when xi = 1, 2, 4, 6, 8, 10.
The following model was fitted to explain the selling prices of automobiles in a sample of 106 sales:whereŷ = selling price of an automobile, in eurosx1 = the size of the carx2 = number of
Describe an example from your experience in which a quadratic model would be better than a linear model.
The following model was fitted to data on 34 states:whereŷ = annual salary of the attorney general of the statex1 = average annual salary of lawyers, in thousands of eurosx2 = number of bills
A random sample of 93 freshmen at the University of Illinois was asked to rate, on a scale of 1 (low) to 10 (high), their overall opinion of residence hall life. They were also asked to rate their
What is the model constant when the dummy variable equals 1 in the following equations, where x1 is a continuous variable and x2 is a dummy variable with a value of 0 or 1?a. ŷ = 9 + 6x1 + 9x2b.
What are the model constant and the slope coefficient of x1 when the dummy variable equals 1 in the following equations, where x1 is a continuous variable and x2 is a dummy variable with a value
In order to assess the effect in one state of a casualty insurance company’s economic power on its political power, the following model was hypothesized and fitted to data from all 50 states:whereY
The following model was fitted to 47 monthly observations in an attempt to explain the difference between certificate of deposit rates and commercial paper rates:whereY = commercial paper certificate
The Baltic Shipping Company, Denmark, is estimating the delivery time (Y, in minutes) for an order made to their company. The order needs to be shipped to Brofjorden (X1), Norrköping (X2), Stockholm
You have been asked to develop a model to analyze salary in a large business organization. The data for this model are stored in the file named Salorg; the variable names are self-explanatory.a.
Suppose that two independent variables are included as predictor variables in a multiple regression analysis. What can you expect will be the effect on the estimated slope coefficients when these two
Consider a regression analysis with n = 58 and four potential independent variables. Suppose that one of the independent variables has a correlation of 0.48 with the dependent variable. Does this
Suppose that a population model of a simple linear regression is given by the following:In getting an unbiased estimate of β1 for the above model, we are assuming E(u Ι ƒ x) = 0. When this
Suppose that the true linear model for a process wasand you incorrectly estimated the modelInterpret and contrast the coefficients for X2 in the two models. Show the bias that results from using the
Based on the results in Exercise 13.32, answer the following questions in which a lagged dependent variable is added to the above model.a. Write the model in which a lagged dependent variable is
What is dummy variable? When and how it is use in a regression analysis?
By assigning dummy variables with the numbers ‘0’ and ‘1’ indicates the association is mutually exclusive and exhaustive in any category. What other conditions must be considered for dummy
A farmer’s yearly yield is based on the amount of rainfall received in a year and average temperature during the year. A series of observations over the past 15 years was obtained, and the model
The head of the statistics department at the University of Iceland needs to know the students’ scores in a statistic module before and after 2015 on the basis of their gender (male and female) as
In determining whether a regression model’s error terms are positively correlated for the modelfrom its least-square residuals.a. State the null and alternative hypothesis for the mentioned
Refer to Exercise 13.37 where a lagged variable, yield, is added to the model and suppose the estimated standard deviation of the estimated coefficient for the lagged dependent variable is 0.0639.Use
Consider the following models estimated using regression analysis applied to time-series data. What is the long-term effect of a 1-unit increase in x in period t?a. yt = 15 + 4xt + 0.28yt-1b. yt = 15
A market analyst, Amelia, is assessing the demand for perfume from three different brands—Adolfo Dominguez, Chanel, and Tiffany. She suspects there are interactions between the price of the perfume
In a regression analysis of 50 observations between the annual family income and their annual family expenses on vacations, the coefficient of determination value is 0.839. Determine whether the
The following regression model was fitted for an individual with a constant term and three explanatory variables, including the lagged yearly consumption yt-1 and two other variables, yearly income,
An autoregressive distributed lag model for a country observed by 25 yearly observations is estimated aswhereŷ = inflation ratex1 = Consumer Price Index (CPI)x2 = price set by governmentx3 =
To study the pass rates of students based on the number classes missed by students and the number of cocurricular activities students enroll for, a random sample was selected from the past 40 long
The following regression model was fitted to 30 observations:whereŷ = Temperature (°F)x1 = Cloud cover (%)x2 = Humidity (%)x3 = Wind (mph)The numbers below the coefficients are the
Joanne is the human resources manager of the University of Barcelona, Spain. She is interested in determining the effect of an academic degree (bachelor’s, master’s, and doctorate) on salary. She
The following model was fitted to a company’s yearly sales ($000) on the advertising expenditure ($000), number of sales people, distance traveled by the sales people (000km), and the previous
The following regression model shows the cash balance for a household which based on the expenditures on food, the expenditures on entertainments and the lagged cash balance for the past 30
In estimating annual food expenditure for a family based on the family’s annual income and size, R2 is 0.927 and the p-value for the family’s annual income and size is 0.0567 and 0.0235,
A company in Bulgaria is working with the local police force to develop an app to analyze the causes of crime in the region. The following regression model was fitted to 28 observations:whereŷ =
A heteroscedasticity test determines the test statistic value, x2 = 0.12, for 20 observations.a. Justify when heteroscedasticity might occur.b. Define the null hypothesis and alternative for the
A company is modelling its revenue based on the sales make by its marketers, its summer sales, fall sales and winter sales for all the units in $000. It determined the following regression model from
A doctor conducted a survey to define “healthy food items” based on the amount of sugar and fats contained in each item. From a sample of 25 items, the doctor collected the following output:The
Data providers want to investigate the time spent online (in hours) per day by an individual based on their age, gender, purpose (work, entertainment, information searching), and their relationship
A business manager wants to improve employee satisfaction in his company. He asked a random sample of 100 employees from four departments if they were satisfied with the working conditions of the
Assume the 2018 enrollment records for Stockholm University showed that 55% of applicants were for the business program, 25% for the science program, 10% for the law program, and the rest for other
Campbell’s Soup Company is going to produce a new flavor for their soup product. They conducted a survey to ask users to vote on their favorite soup flavor. It found that 40% voted for creamy
Anna Sui is a fashion designer known for her innovative packaging and product designs like those for her fragrance collection. According to the brand, 65% of its customers prefer the design of Sui
TMaker is a Malaysian t-shirt printing and design company. Each month it receives orders for each size—10% for large, 55% for medium, and 35% for small. The company wants to compare the proportion
Steven and his friends are playing a board game that involves rolling two dice. He is interested in the number of times a 6 is rolled. Based on each player’s records, he found that 52 rolls did not
Several types of puddings are sold in a small general store in London. From a past study of customer selections, the owner knows that 25% of the customers ordered strawberry pudding; 30% ordered
The chef of Brew’d café is calculating the cost of baking a cake. He pays $2 for sugar, $1.30 for flour, $5.80 for butter, $3.20 for milk, and $10 for labor cost. The past records indicate that
The cafeteria at the University of Barcelona, Spain, hired a group of analysts to determine the pizza best liked by students enrolled in the university. Two years ago a similar study was conducted,
In a specific book of 150 pages various typo errors are observed and recorded. The following table shows the number pages and the number of typo errors across the book with an average of 1.5. Test
The Baby Walking data file contains information on 98 babies about several variables concerning their birth and first steps. One of the variables measured is the “first walk timeline”, coded as 1
In a blood donation camp, out of 168 donors, 57 are of blood type O; 77 are blood type A; 25 are blood type B; and 9 are blood type AB. The expected distribution in the entire population is 43% for
A random sample of 50 students was asked to estimate how much money they spent on textbooks in a year. The sample skewness of these amounts was found to be 0.47 and the sample kurtosis was 4.14. Test
Australia’s traffic department was tracing the speed of different automobiles at one spot on the highway. They found that with a random sample of 125 automobiles, the skewness of the sample was
In January 2019, local organizations in Nigeria held several presidential debates before the general elections in February. Suppose after one debate related to the main presidential
What test is used to determine whether a data set matches a normal distribution? Give two examples of the form of data may use this test.
An organization offers a program designed to increase the level of comprehension achieved by students when reading technical material quickly. Each member of a random sample of 10 students was given
A random sample of 50 children appearing for an IQ test was taken. The sample skewness in their IQ results was 0.73 and the sample kurtosis was 1.15. Test the null hypothesis that the IQ results
A random sample of 160 shoppers was asked to compare two new energy bars. From the sample, 91 shoppers preferred energy bar A, 61 preferred energy bar B, and 8 expressed no preference. Use the normal
A random sample of 10 students was asked to rate, in a blind taste test, the quality of two brands of ice cream, one reduced-sugar and one regular ice cream. Ratings were based on a scale of 1 (poor)
At the beginning of the year, a stock market analyst produced a list of stocks to buy and another list of stocks to sell. For a random sample of 12 stocks from the buy list, percentage returns over
The human resources department of Alfa Laval, Sweden, is analyzing on the number of years of work experience of employees in the marketing and finance departments. For a random sample of 12 marketing

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