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statistics
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

The P04_24.xlsx file contains data on over 6000 Airbnb listings in New York City. Use Tableau Public to create at least two charts of the data. Then integrate these charts into a dashboard and
The P04_25.xlsx file lists the top finishers in the last five Boston marathons, grouped by age and type.a. The times are listed as 2:33:53, for example, meaning 2 hours, 33 minutes, and 53 seconds,
Visit https://www.olympic.org/olympic-results, where you can search for all kinds of Olympics results. Find data of interest to you, import (or type) the data into Excel, use the data to create a viz
The file P04_31.xlsx contains data on 500 randomly selected households. Check for bad or suspicious values and change them appropriately.
Assume that the monthly sales for Toyota passenger cars follow a normal distribution with mean 5000 cars and standard deviation 1400 cars.a. There is a 1% chance that Toyota will sell more than what
Suppose that 53% of all registered voters prefer presidential candidate Smith to presidential candidate Jones. (You can substitute the names of the most recent presidential candidates.)a. In a random
Suppose that if a presidential election were held today, 53% of all voters would vote for candidate Smith over candidate Jones. (You can substitute the names of the most recent presidential
A television network earns an average of $25 million each season from a hit program and loses an average of $8 million each season on a program that turns out to be a flop. Of all programs picked up
The file Confidence Interval Simulation.xlsx generates observations randomly from a normal population. Suppose instead that each observation in column A is exponentially distributed with mean 10.
Answer the questions in the previous problem when the population is a mixture of two normal distributions. Specifically, suppose each observation has a 65% chance of coming from a normal distribution
Ritter Manufacturing Company has kept track of machine hours and overhead costs at its main manufacturing plant for the past 52 weeks. The data appear in the file P08_45.xlsx. Ritter has studied
In the past, 60% of all undergraduate students enrolled at State University earned their degrees within four years of matriculation. A random sample of 95 students from the class that matriculated in
The director of admissions of a distinguished (i.e., top-20) MBA program is interested in studying the proportion of entering students in similar graduate business programs who have achieved a
The CEO of a medical supply company is committed to expanding the proportion of highly qualified women in the organization’s staff of salespersons. He claims that the proportion of women in similar
The CEO of a medical supply company is committed to expanding the proportion of highly qualified women in the organization’s large staff of salespersons. Given the recent hiring practices of his
The director of admissions of a top-20 MBA program is interested in studying the proportion of entering students in similar graduate business programs who have achieved a composite score on the
Will the chi-square test ever conclude, at the 5% significance level, that data are not normally distributed when you know that they are? Check this with simulation. Specifically, generate n normally
Repeat the previous problem but with a non-normal population. Specifically, generate n random numbers from a fifty- fifty mixture of two normal distributions with respective means 90 and 110 and
Suppose that you are the state superintendent of a state’s public schools. You want to know whether decreasing the class size in grades 1 through 3 will improve student performance. Explain how you
Continuing the previous problem, analyze part b in Excel as follows. Start with hypothetical population mean GMAT scores for men and women, along with population standard deviations. Enter these at
In a simple regression of Y versus X, what is the relationship between the estimated slope, labeled b, and the correlation between Y and X, labeled r? Are they the same? Do they always have the same
The file P12_06.xlsx contains the weekly sales at an electronics store for each of the past 36 weeks. Perform a runs test and find a few autocorrelations to determine whether this time series is
The file P12_24.xlsx contains the daily closing prices of Procter & Gamble stock from April 2017 to April 2018. Use only the 2017 data to estimate the trend component of the random walk model.
Suppose Winters’ method is used to forecast quarterly U.S. retail sales (in billions of dollars). At the end of the first quarter of 2018, the seasonal indexes are: quarter 1, 0.94; quarter 2,
Suppose that a time series consisting of six years (2014−2019) of quarterly data exhibits obvious seasonality. Assume that the seasonal indexes turn out to be 0.75, 1.45, 1.25, and 0.55.a. If the
The file P12_51.xlsx contains monthly data on the nonfarm hire rate in the United States from 2005 until mid-2015.a. What evidence is there that seasonality is important in this series? Find seasonal
State whether each of the following variables is categorical or numerical. If categorical, give the level of measurement.If numerical, is it discrete or continuous?a. Size of a vanilla chai (small to
The Budapest Airport managers circulated a form to find out passengers’ level of satisfaction with the lounges and VIP services. The passengers who frequented the lounges and used the services were
Tourists visiting Croatia are asked to participate in a survey, consisting of various questions regarding their experience during their trip, which have been provided below. For each question,
A survey of students at one college was conducted to provide information to address various concerns about the college’s library. This information and other data about the students are stored in
The supervisor of a factory conducted a survey on how long it takes employees to get to work based on the mode of transportation they use. The following table contains data from a random sample of
Suppose that an estimate of a certain country’s federal spending showed that 45% was for entitlements, 19% was for defense, 15% was for grants to various regions, 13% was for interest on debt, 5%
The European Central Bank (ECB) published a reliable and complete statistics of annual structural financial indicators for the banking sector in the European Union (EU). It comprises statistics on
A tennis coach kept a record of the most serious type of errors made by each player during a 1-week training camp. The data are stored in the data file Tennis.a. Construct a Pareto diagram of total
On what social media platform do you spend the most time? The responses from a random sample of 1,200 Internet users were Instagram, 382; Facebook, 226; LinkedIn, 350; Twitter, 85; Tumblr, 56; and
The number of male and female Indian tourists visiting Korea from March 2018 to December 2018 is given in the following table. Graphically present these data with a time-series plot.
Information about GDP (Gross domestic product), which is a measure of the economic activity and is important to business owners and economists.a. Use a time-series plot to graph real GDP growth rate
Consider the following data:a. Construct a frequency distribution.b. Construct a histogram.c. Construct an o give.d. Construct a stem-and-leaf display.
Determine an appropriate interval width for a random sample of 370 observations that fall between and include each of the following:a. 30 to 75 b. 40 to 200c. 50 to 240 d. 180 to 400
Construct a stem-and-leaf display for the price (in dollars) of 20 cryptocurrencies that is spent to make international money transfers. 5.2 5.0 2.6 2.2 3.5 3.9 4.4 3.0 3.3 4.8 1.8 3.3 3.6 3.6 2.1
Consider the following frequency distribution for a random variable x:a. Construct a relative frequency distributionb. Construct a cumulative frequency distribution.c. Construct a cumulative relative
Prepare a scatter plot of the following data: (4,54) (20,66) (14,49) (12,66) (8,47) (3,57) (8,54) (20,56) (18,50) (15,66) (8,54) (6,57) (10,54) (20,53) (14,50) (15,56) (8,59) (3,57)
The following table shows the age of the faculty members of the largest university in Lithuania who have obtained a PhD degree.a. Construct a relative cumulative frequency distribution.b. What
Eight different regions in Croatia set different prices for renting a three bedroom holiday house or apartment. The accompanying table shows the number of apartments rented and the corresponding
Sixteen transport companies offer a bus transportation from a local city in Croatia, Split, to Croatia’s capital, Zagreb. Croatia’s transportation department wants to estimate whether the number
Sales revenue totals (in dollars) by day of the week are contained in the data file Stordata. repare a cross table that contains the days of the week as rows and the four sales quartile intervals as
Describe graphically the average amount of money a person spends on movie tickets each month (in € per month). 6.0 5.3 4.0 5.7 4.3 6.8 4.1 3.4 3.9 5.0 6.5 4.7 6.2 2.5 1.9 4.5 3.1 2.4 3.5 2.3 3.1 5.5
Describe graphically the average amount of money a person spends on movie tickets each month (in € per month). Stock Price (€) 19.95 20.45 20.45 < 30.95 30.95 41.45 41.45 < 51.95 51.95
Management of a British firm recognize that statistics is useful for business decisions, but do not think it is important to have an in-depth knowledge of it. The firm decides to conduct a survey to
In one region it was found that 32% of shoppers with incomes less than €50,000 shop online; 48% of those with incomes between €50,000 and €74,999 shop online; and 20% of those with incomes of
Management of a supermarket wants to find the relationship between the price of milk and the average daily demand for milk. A random sample of (price, quantity) data for eight days of operation was
How familiar are consumers with ecommerce? Suppose a survey is conducted among consumers who had recently shopped online for the first time. The survey found that 89% were able to use the Internet to
The CEO of tradeindia.com wants information concerning the relationship between the age of an individual (in years) and weekly sales (in hundreds of rupees). He obtained the following random sample
The coach of a rowing team wants to know if working with a sport nutritionist will improve the performance of the elite rowers. A random sample of eight members of his crew took part in a year-long
A professor wants to explore the relationship between the grades students receive on their first classroom quiz (X) and the grade they receive on their first aptitude test (Y). Aptitude test scores
The records of a university in Berlin over a 12-year period show the following percentage increase in the number of students enrolled:a. Compute the mean increase in the number of students
Israel’s Ministry of Transport and Road Safety is interested in the number of cars passing through the Wadi Araba crossing between Israel and Jordan. Records over a 5-day period show the following
Alpha Yatching, a yatch charter in Greece, reviewed its finances at the end of 2018. The records over the last 10 years show that the following amount ( in €000) was spent on maintenance and
A manager at the Norinchukin Bank, a Japanese cooperative bank, randomly sampled 12 overdrawn bank accounts. The following overdrafts are found (in 000 yen):a. Compute the sample median.b. Compute
During the last couple years many countries faced depopulation. Ten counties of a certain country are selected and the number of elementary schools closed are found:a. Find the mean, median, and mode
Private rented sector is showing strong growth due to an increase number of tourists. A tourist office wants to examine the number of 4-bedroom apartments available for rent in the local city over
The number of cars that pass through a payment point on an A1-highway toll road during a period of 35 days are as follows:a. Find the mean number of cars.b. Find the standard deviation.c. Find the
Construct a stem-and-leaf display of the number of cars that pass through the payment point mentioned in Exercise 2.15. Then find the interquartile range.Data From Exercise 2.15A tennis coach kept a
A random sample of data has a mean of 77 and a variance of 9.a. Use Chebyshev’s theorem to determine the percent of observations between 68 and 86.b. If the data are mounded, use the empirical rule
If the mean of a population is 190 and its standard deviation is 15, approximately what proportion of observations is in the interval between each pair values?a. 145 and 235b. 160 and 220
The daily EUR to USD exchange rates converting from February 5 to 14, 2019 (business days only) were as follows:Over the same period, the daily USD to JPY exchange rates were as follows:a. Compare
Navigating through an airport can be quite chaotic. You could instead choose to spend your waiting time at one of the airport lounges—hospitality areas where you can relax and enjoy food and
A set of data is mounded, with a mean of 300 and a variance of 144. Approximately what proportion of the observations isa. Greater than 288?b. Less than 324?c. Greater than 336?
Consider the following sample of five values and corresponding weights:a. Calculate the arithmetic mean of the xi values without weights.b. Calculate the weighted mean of the xi values.
Calculate the mean Croatian kuna (kn) amount and the standard deviation for the kuna amounts charged to the Master Card account at Pristavi Kavu, a local cafe in Croatia, for the coffee sold. Data
Consider the following frequency distribution for a sample of 40 observations:a. Calculate the sample mean.b. Calculate the sample variance and sample standard deviation. Class 0
A drive-through fast-food chain obtained the following pick-up times (number of minutes between the time an order is placed and the time the order is picked up at the drive-through window). A random
An online-grocery market is growing fast. A sample of 40 customers is selected and the number of online orders over the last month are listed in the following table.Calculate the standard deviation.
Frequent-flyer programs are customer loyalty programs used by many passenger airlines. The following table shows the number of award trips offered to 60 passengers during the last year.a. Find the
A survey was conducted to find the amount of money university students spend during Valentine's day. A random sample of 28 students was selected from a local university in Brussels and their
For predicting credit default, a sample of 20 financial data analysts was asked to provide forecasts of credit scores for next year. The results are summarized in the following table:a. Estimate the
The number of problems solved on the entrance exam is given in the table:Find the mean and standard deviation of the number of problems per exam. Number of Exams Number of Problems 0 1 2 3 4 100 110
Following is a random sample of seven (x, y) pairs of data points:a. Compute the covariance.b. Compute the correlation coefficient. (11, 102) (15,51) (6, 25) (14, 30) (10,21) (8,56) (13,30)
According to the Office for National Statistics (ONS), the monthly growth rate in the quantity of goods bought in Great Britain increased by 1.0% in January 2019, after a 0.7% decline in December
According to Statista, in 2016, global retail sales of chocolate amounted to approximately $98.2 billion, making choclates one of the most popular snacks in the world. A random sample of 15 consumers
Travel Shaw is an agency based in Bulgaria that employs a group of travel reporters who publish stories based on exciting destinations from around the world. Travel Shaw also offers three destination
The manager of a used-car dealership is very interested in the resale price of used cars. The manager feels that the age of the car is important in determining the resale value. He collects data on
A professor at the University of Oulu, Finland, keeps records of the number of hours each student studies and the grades they receive. A random sample of hours studied and test grades for n = 11
In April 2018, a study was conducted to understand the role of Twitter. The study showed that Twitter helps business by illustrating the practical implications of a decision, connecting businesses to
The Audit Bureau of Circulations of South Africa a nonprofit company that provides accurate and comparable circulation figures, has released newspaper-circulation statistics for the period
The following data represents the age of the students enrolled at a music school and the scores obtained by them in an entrance exam. The scores ranged from 0 to 70. Describe the data numerically.
Babbel is a language learning app with around one million users worldwide. The central principle behind Babbel's language learning method is that people should spend a mean of 15 minutes per day
AI Heatlthtech, a growing startup in Sweden, keeps records of charges for its various healthcare services. A random sample of n = 40 charges is stored in the data file HealthTech. Describe the data
A local bus company wants to estimate if the major travel line from a local city to the capitol is a profitable route. The number of passengers and the number of corresponding trips made during a
The president of World Aircraft Association wants to determine if there is a relationship between the number of vacation days provided to cabin crew members of eight airline companies and their
The farmer based in Gujarat, India, wants to determine the relationship between the number of rainy days in August and the amount of rice (kg) sold per month. Data was collected for a 5-year period
To explore the relationship between the grades students receive on their first quiz (X) and their first exam (Y). The first quiz and exam scores for a sample of students reveal the following data:
Management of a local retail outlet in Australia wants to predict weekly online shopping sales. It administers an aptitude test to all sales people, where test scores range from 0 to 10 with greater

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