Questions and Answers of Statistics For Business And Economics

In a city of 140,000 people there are 40,000 Norwegians. What is the probability that a randomly selected person from the city will be Norwegian?
Sale manager wants to estimate a probability that a car will be returned for a service during the warranty period. The following table shows a manager’s probability assessment for the number of
The probability of A is 0.30, the probability of B is 0.70, and the probability of either is 0.90. What is the probability of both A and B?
The probability of event E is 0.54, the probability of event F is 0.38, and the probability of both is 0.2. What is the probability of either E and F?
The probability of A is 0.30, the probability of B is 0.70, and the probability of both is 0.20. What is the conditional probability of A, given B? Are A and B independent in a probability sense?
A university in Europe wants to award two students for their academic achievements. Based on academic results, 100 students were selected from among whom two will receive the award. The most
The senior management of a corporation has decided that in the future it wishes to divide its consulting budget between 5 firms. Eight firms are currently being considered for this work. How many
What is the joint probability that a Doctoral student prefers Movies /Series? TV
A cabin crew of a large airline company consists of 2 pilots and 5 flight attendants. The members of the crew are selected out of 10 pilots and 20 flight attendants.a. How many different combinations
What is the conditional probability that a student who prefers watching News is a Bachelors student? TV
What is the joint probability that a Doctoral student prefers Documentaries? TV
A student in Singapore wants to apply to a business school in Singapore. Suppose there are 5 private and 3 public business schools in the city. She wants to select two schools from each sector.a. How
A football fan wants to predict who would win the Premier League. There is a choice of 4 English an German football clubs. She is asked to predict, in order, the 2 clubs of each league that will
What is the joint probability that a Masters student prefers watching News? TV
What is the joint probability that a Bachelors student prefers Documentaries? TV
A traffic analyst supervisor wants to examine the worst day and time during a week to commute. He finds that 35% of accidents happen on a Friday and that 23% of the accidents occur at around 2 p.m.
What is the conditional probability a student who prefers Movies/Series is a Bachelors student? TV
What is the conditional probability that a Masters student prefers Documentaries? TV
An analyst at an airline company wants to predict whether the number of passengers for the various cabin classes will decrease, remain the same, or increase over the next year. The following table
The probability of a sale is 0.80. What are the odds in favor of a sale?
A form was circulated among the employees at the Sinopec Group, one of the world’s largest oil refining, gas and petrochemical conglomerate, asking them if they are planning to apply for leaves in
The probability of a sale is 0.50. What are the odds in favor of a sale?
Consider two groups of students: B1, students who received high scores on tests, and B2, students who received low scores on tests. In group B1, 60% study more than 25 hours per week, and in group
Consider two groups of athletes: A1, athletes who excel at football, and A2, the athletes who do not excel at football. In A1, 55% of the athletes jog in the morning for more than three days a week,
At a business school in London, a student club distributes material about membership to new students attending an orientation meeting. Of those receiving this material 66% were women and 42% were
An analyst attempting to predict a corporation’s earnings next year believes that the corporation’s business is quite sensitive to the level of interest rates. He believes that, if average rates
Fourty-four percent of a corporation’s blue-collar employees were in favor of a modified health care plan, and 24% of its blue-collar employees favored a proposal to change the work schedule.
Suppose the students at the Lebanese University, Beirut, can attend advanced math (precalculus) classes during their final year. Records show that among the students who took precalculus during their
The following basic exercises use a sample space defined by events A1, A2, B1, and B2.Given P(A1) = 0.38, P(B1 Ι A1) = 0.87, and P(B1 Ι A2) = 0.42, what is the probability of P(A1 Ι B1)?
The following basic exercises use a sample space defined by events A1, A2, B1, and B2.Given P(A1) = 0.60, P(B1 Ι A1) = 0.40, and P(B1 ΙA2) = 0.30, what is the probability of P(A1 Ι B1)?
The following basic exercises use a sample space defined by events A1, A2, B1, and B2.Given P(A1) = 0.50, P(B1 Ι A1) = 0.40, and P(B1 ΙA2) = 0.70, what is the probability of P(A1 Ι B2)?
The following basic exercises use a sample space defined by events A1, A2, B1, and B2.Given P(A1) = 0.40, P(B1 Ι A1) = 0.60, and P(B1 Ι A2) = 0.70, what is the probability of P(A2 Ι B2)?
The following basic exercises use a sample space defined by events A1, A2, B1, and B2.Given P(A1) = 0.60, P(B1 Ι A1) = 0.60, and P(B1 Ι A2) = 0.40, what is the probability of
A publisher sends advertising material for an accounting text to 60% of all the professors teaching the appropriate accounting course in the Netherlands. Twenty percent of the professors who received
A cryptocurrency market analyst investigated the performance of a large number of cryptocurrencies listed on CoinMarketCap, a website that tracks cryptocurrencies by market captialization. The
State with evidence, whether each of the following statements is true or false:a. If events A and B are mutually exclusive, the conditional probability of A, given B, is equal to the probability that
a. What is the probability that the student’s loan will be approved by the bank within the next three months?b. If there is a 0.75 probability to get the loan, what is the probability that the bank
Suppose in Greece it is known that 75% of all properties in the country is privately held and 35% is located along the coast. Of all the properties located along the coast, 57% is privately owned.a.
A Turkish blogger posts many diabetic-friendly and gluten-free recipes on his “Healthy Cooking” blog. As the blog administrator, he decides which healthy food advertisements should be allowed on
A traffic safety service found that only 30% of drivers take the highway to coastal destinations due to the costly highway toll. Of those who do take the highway, 80% use the central traffic
Note that this exercise represents a completely imaginary situation. Suppose that a tourist agency wants to offer four free trips aboard a Caribbean cruise line. The Agency considers 10 women and 7
A survey of auto consumers shows the buying preferences of consumers in Asia. Out of 120 cars included in the survey, 75 are brand new and the rest are used cars. Of the new cars, 12 are MAZDAs, 25
Several insurance companies are trying to promote additional health insurance coverage. In order to offer complete information, insurance providers connect with customers via phone or email. It is
The file P02_02.xlsx contains information on 256 movies that grossed at least $1 million in 2017. RankMovieRelease DateDistributorRecoded DistributorGenreRecoded GenreMPAA2017 GrossTickets
The file P02_04.xlsx contains salary data on all Major League Baseball players for each year from 2012 to 2018. For any three selected years, create a table of counts of the various positions,
The file P02_05.xlsx contains monthly values of the Dow Jones Industrial Average from 1950 until recently. It also contains the percentage changes from month to month. (This file is used in an
The file P02_12.xlsx includes data on the 50 top graduate programs in the United States, according to a 2009 U.S. News & World Report survey.a. Indicate the type of data for each of the 10
Recall that the file Supermarket Transactions.xlsx contains over 14,000 transactions made by super market customers over a period of approximately two years. Using these data, create side-by-side box
Recall that the file Baseball Salaries.xlsx contains data on 877 MLB players in the 2018 season. Using these data, create side-by-side box plots to characterize the distribution of salaries of all
The file P02_19.xlsx lists annual percentage changes in the Consumer Price Index (CPI) from 1914 through 2017. Find and interpret the first and third quartiles and the interquartile range for these
The file P02_21.xlsx contains monthly interest rates on 30-year and 15-year fixed-rate mortgages in the United States from 1991 to 2017. What conclusion(s) can you draw from a time series graph of
The file P02_22.xlsx contains annual trade balances (exports minus imports) from 1980 to 2017.a. Create a times series graph for each of the three time series in this file.b. Characterize recent
The file P02_29.xlsx contains monthly percentages of on-time arrivals at several of the largest U.S. airports and all of the major airlines from 1988 to 2008. The “By Airline” sheet contains a
The Wall Street Journal CEO Compensation Study analyzed CEO pay for many U.S. companies with fiscal year 2008 revenue of at least $5 billion that filed their proxy statements between October 2008 and
The file P02_39.xlsx contains SAT and ACT test scores by state for high school graduates of the 2016–2017 school year. These are broken down by reading/writing and math/science scores. The file
The file P02_41.xlsx contains monthly returns on American Express stock for several years. As the formulas in the file indicate, each return is the percentage change in the adjusted closing price
The file P02_42.xlsx contains monthly returns on Mattel stock for several years. As the formulas in the file indicate, each return is the percentage change in the adjusted closing price from one
The file P02_43.xlsx contains U.S. Bureau of Labor Statistics data on the monthly unemployment percentage among people 25 years old or older, broken down by education level. Use box plots and time
Recall that the file Baseball Salaries.xlsx contains data on 877 MLB players in the 2018 season. Using this data set, answer the following questions:a. Find the mean and median of the salaries of all
In 1969 and again in 1970, a lottery was held to determine who would be drafted and sent to Vietnam in the following year. For each date of the year, a ball was put into an urn. For example, in the
Recall that the file Supermarket Transactions.xlsx contains data on over 14,000 transactions. There are two numeric variables, Units Sold and Revenue. The first of these is discrete and the second is
The file P02_57.xlsx contains data on mortgage loans in 2008 for each state in the United States. The file is different from similar ones in this chapter in that each state has its own sheet with the
The file P02_02.xlsx contains data on 256 movies that grossed at least $1 million in 2017.a. Recode Distributor so that all distributors with fewer than 10 movies are listed as Other. Similarly,
Recall that the file Baseball Salaries Extra.xlsx contains data on 877 Major League Baseball (MLB) players during the 2018 season. Find the mean, median, standard deviation, and first and third
The file Golf Stats.xlsx contains data on the 200 top golfers each year from 2003 to 2017. (This data set is used in an example in the next section.) For the 2017 data, create a recoded Age variable,
The file P02_02.xlsx contains data about 256 movies that grossed at least $1 million in 2017.a. Recode Genre so that all genres with fewer than 10 movies are listed as Other.b. Find the mean, median,
The file P02_55.xlsx contains monthly sales (in millions of dollars) of beer, wine, and liquor. The data have not been seasonally adjusted, so there might be seasonal patterns that can be
The file P03_15.xlsx contains monthly data on the various components of the Consumer Price Index (CPI). The source claims that these data have not been seasonally adjusted. The following parts ask
The file P02_11.xlsx contains data on 148 houses that were recently sold in a (fictional) suburban community. The data set includes the selling price of each house, along with its appraised value,
The file P03_18.xlsx contains the times in the Chicago marathon for the top runners each year (the top 10,000 in 2006 and the top 20,000 in 2007 and 2008).a. Merge the top 1,000 values (that is, the
The file P03_19.xlsx contains daily values of the S&P Index from 1970 to mid-2015. It also contains percentage changes in the index from each day to the next.a. Create a new variable President
Recall that the file Golf Stats.xlsx contains data on the 200 top golfers each year from 2003 to 2017. The question to be explored in this problem is what drives earnings, and whether this is
The file P02_39.xlsx contains SAT and ACT test scores by state for high school graduates of the 2016– 2017 school year. These are broken down by reading/writing and math/science scores. The file
The file P02_18.xlsx contains daily values of the S&P Index from 1970 to mid-2015. It also contains percentage changes in the index from each day to the next. Create a pivot table with average of
The file P03_56.xlsx lists the average salary for each NBA team from the 2004–2005 season to the 2009–2010 season, along with the number of team wins each of these years. Answer the same
The file P03_57.xlsx lists the average salary for each NFL team from 2002 to 2009, along with the number of team wins each of these years. Answer the same questions as in problem 55 for this football
The file P02_57.xlsx contains data on mortgage loans in 2008 for each state in the United States. The file is different from others in this chapter in that each state has its own sheet with the same
The P04_01.mdb file is an Access database file with two related tables about classical musicians. Use Power Query to import the data into a Data Model and then create a pivot table that shows the
The P04_03.xlsx file contains four tables on four separate sheets with information about a company’s sales in the latter part of 2018. These tables are not currently related, but they are relatable
The P04_04.mdb file is an Access database file with several related tables created by an entertainment agency. Use Power Query to import three of these tables, Entertainers, Entertainer_Members, and
The P04_05.mdb file is an Access database file with several related tables on college courses that students just completed. Use Power Query to import all tables and fields into a Data Model. Which of
Search the Web for NBA Salaries HoopsHype. (NBA stands for National Basketball Association.) Unless the site has changed, you should find a list of all NBA player salaries for the current season and
The P04_07.txt file is a text file listing the number of mobile subscriptions in four years for several countries. (You can view the data in NotePad if you like.) Use Power Query to import the data
Visit the website https://finance.yahoo.com/quote/ YHOO/history?p=YHOO (or search the Web for Yahoo historical stock prices if this link no longer works) to find historical stock prices for any
The P04_10.mdb file is an Access database file created by a classical music CD collector (when CDs were “in”). Keep in mind that a classical CD can have multiple works by multiple composers,
The srn_tmp.txt file is a text file that contains monthly temperature from 1895 through January 2005. The srn_data.txt is a “data dictionary” that explains the temperature file. (The data
The P04_12.txt file is a text file with data about uninsured people in each state for the years 2003–2007. Use Power Query to import this data into an Excel table (not a Data Model) and sort in
You have been hired to create a relational database for a regional soccer league. Each team in the league has players, and the teams play one another, maybe multiple times, during the soccer season.
The P04_14.xlsx file contains the Contoso Data Model discussed in Example 4.4, but without any calculated columns, measures, or hierarchies:a. In the Sales table, create two calculated columns: Net
The P04_14.xlsx file contains the Contoso Data Model discussed in Example 4.4, but without any calculated columns, measures, or hierarchies:a. In the Stores table, create a calculated column named
The P04_14.xlsx file contains the Contoso Data Model discussed in Example 4.4, but without any calculated columns, measures, or hierarchies. Create a Product Structure hierarchy in the Products
The P04_14.xlsx file contains the Contoso Data Model discussed in Example 4.4, but without any calculated columns, measures, or hierarchies. The question here is whether you can have two different
The P04_18.xlsx file contains a single-table Data Model on a company’s sales and a single blank worksheet:a. Create a pivot table on the worksheet, based on the Data Model, and drag Revenue to the
The P04_19.xlsx file contains a Data Model with four related tables about a company’s sales and a single blank worksheet:a. Create two calculated TRUE/FALSE columns, Data
The P04_18.xlsx file contains a single-table Data Model on a company’s sales and a single blank worksheet. The goal is to create a pivot table that shows the ratio of average revenue per
Before Power Pivot, you could create “calculated fields” for pivot tables. This problem explores calculated fields versus Power Pivot’s measures for ratios. The P04_21.xlsx file contains a list
The P04_19.xlsx file contains a Data Model with four related tables about a company’s sales and a single blank worksheet. This problem illustrates a potential problem with pivot tables when there
The P04_23.xlsx file contains annual CO2 emissions data for world countries. (This is basically the same data set used in the training videos on the Tableau Public website.) Use Tableau Public to
The srn_pcp.txt file is a text file that contains monthly precipitation from 1895 through January 2005. The srn_data.txt is a “data dictionary” that explains the precipitation file. (The data
Tableau Public can also import table data from pdf files. The P04_26.pdf file (from the Bureau of Labor Statistics) contains two tables. We are interested only in the first table, which contains

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