Chapter 1
Data Collection
1. A business analyst is investigating the reasons that owner/operator small businesses
fail.
(a) What data should she collect?
(b) Classify the data as numeric: discrete or continuous; or categorical: nominal
or ordinal.
Solutio
University of Western Australia
School of Mathematics and Statistics
STAT1520, Semester 1 2015
Short Test 2
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School of Mathematics and Statistics
MID-SEMESTER EXAMINATION
STAT1520
ECONOMIC AND BUSINESS STATISTICS
This Paper contains: 21 pages (including title page)
Time allowed: Ninety Minutes and 10 minutes
INSTRUCTIONS:
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Answer ALL questions. N
University of Western Australia
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STAT1520, Semester 2 2016
Short Test 2
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Chapter 5
Joint Random Variables
1. (2007 S2 Exam, Q1 (e) An investment with return X is a mutual fund consisting of
the shares that make up the Dow Jones Industrial Average. Another investment with
return Y is a mutual fund that is expected to perform be
Chapter 7
Normal Distribution
1. A recipe for an Indian sweet, bar, by a commercial sweet maker requires 500 g
of milk powder and 315 g of caster sugar per tray. In practice, the machines that
weigh the ingredients give normally distributed weights with m
Chapter 11
Hypothesis Testing
1. A tyre company has found that the mean time required for a mechanic to replace a
set of four tyres is 18 minutes. A new machine and installation procedure is expected
to reduce this time. A random sample of 40 mechanics us
Chapter 14
Simple Linear Regression
1. For a simple linear regression between x and y , the following summaries are given.
(a)
(b)
(c)
(d)
(e)
(f)
(yi
2
y)
= 400;
100
X
(xi
2
= 300; b1 = 0:75:
i=1
i=1
State the probability model for the simple linear regr
Chapter 7
Normal Distribution
1. A recipe for an Indian sweet, bar, by a commercial sweet maker requires 500 g
of milk powder and 315 g of caster sugar per tray. In practice, the machines that
weigh the ingredients give normally distributed weights with m
University of Western Australia
School of Mathematics and Statistics
STAT1520, Semester 2 2016
Short Test 2
Data Set #12
A car magazine is rating 4 models of compact car. They get 26 people to drive one of the 4 makes
and then ll out a form rating their s
Chapter 2
Exploratory Data Analysis
1. (2004 S1 Exam) A market researcher obtains data on salaries of residents in a
particular suburb. Discuss in not more than half a page the exploratory data analysis
that should be performed, and the purpose of such an
Chapter 9
Estimation
1. On average, a large garment factory services 5 sewing machines a day. Let the
random variable X denote the number of machines serviced each day. Assume that
X has a Poisson distribution.
(a) What is the mean and variance of X ?
(b)
Chapter 15
Multiple Regression
1. 2012 S2 Exam [20 marks] A tourism consultant wants to determine how the amount
visitors spend while in New Zealand depends on the number of days spent there and
several other variables, described below:
Days: the number o
School of Mathematics and Statistics
SHORT TEST 2
STAT1520
ECONOMIC AND BUSINESS STATISTICS
This Paper contains: 6 pages (including title page)
Time allowed: Thirty Minutes and 10 minutes
INSTRUCTIONS:
Total marks 30.
Answer ALL questions. Note that the q
University of Western Australia
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STAT1520, Semester 2 2012
Mid-semester Test
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Chapter 4
Random Variables
1. Suppose there are three states of the economy: boom, moderate growth and recession. The annual returns for GM and Ford stocks in each economic state is given in
the table below.
Business Condition GM Return
Boom
25%
Moderate
Chapter 9
Sampling
1. A sample of size 25 is taken from a population that is normally distributed with
mean = 20 and standard deviation = 4. Let X denote the sample mean.
(a) Sate the distribution of the sample mean X.
Solution:
X N(20, 16/25)
(b) Evaluat
Chapter 14
Anova
1. A sporting goods manufacturing company wants to compare the dis- tance travelled
by golf balls produced by each of four different designs. Thirty six balls of each
design were tested by a professional golfer. The order in which the bal
Chapter 11
Basic univariate statistical Model
The basic univariate statistical model is
yi = mean + i ,
where the mean depends on the model being fitted, and i is the random variation or
error term.
Consider the model for the single sample data used for t
Chapter 13
Two Sample Tests
1. 2007 S1 Exam Q 3 (10 marks) A bank wants to know if omitting the annual
credit card fee for customers would increase the amount charged on its credit cards.
The bank makes this no-fee offer to a random sample of 250 of its c
Chapter 8
Normal Distribution
1. A recipe for an Indian sweet, barfi, by a commercial sweet maker requires 500 g
of milk powder and 315 g of caster sugar per tray. In practice, the machines that
weigh the ingredients give normally distributed weights with
Chapter 3
Probability
1. Two events A and B are independent and P (A) = 0.2, P (AB) = 0.6. Find P (B).
Solution:
P (A B) = P (A) + P (B) P (A B)
0.6 = 0.2 + P (B) P (A)P (B)
Put P (B) = x. Then
0.6 = 0.2 + x 0.2x
0.4 = 0.8x
0.4
= 0.5
x=
0.8
so P (B) = 0.5
Chapter 6
Joint Random Variables
1. (2007 S2 Exam, Q1 (e) An investment with return X is a mutual fund consisting of
the shares that make up the Dow Jones Industrial Average. Another investment with
return Y is a mutual fund that is expected to perform be
Chapter 2
Exploratory Data Analysis
1. (2004 S1 Exam) A market researcher obtains data on salaries of residents in a
particular suburb. Discuss in not more than half a page the exploratory data analysis
that should be performed, and the purpose of such an
Chapter 1
Data Collection
1. Identify the type of biases in each of the following cases. Note that more than one
type of bias may apply to each case.
(a) A monthly business magazine includes a survey of small retail business in the
June edition. The purpo
Chapter 7
Contingency Tables
Question 1: 2011 S2 Exam A bistro hires a marketing company to determine if the
type of beverage people order with lunch depends upon the age of the consumer. A survey
of 320 consumers selected at random at lunch time over sev
Chapter 5
Continuous Random Variables
1. A continuous random variable X takes only positive values and satisfies
P (X < 1) = 0.4, P (X > 2) = 0.3.
Determine
(a) P (X > 0).
(b) P (1 < X < 2).
(c) P (X < 2).
(d) P (X > 2 | X > 1).
Solution:
If P (X < 1) = 0
Chapter 8
Sampling
1. A sample of size 25 is taken from a population that is normally distributed with
mean = 20 and standard deviation = 4. Let X denote the sample mean.
(a) State the distribution of the sample mean X .
(b) Evaluate P X > 20 .
(c) Find P
Chapter 6
Continuous Random Variables
1. A continuous random variable X takes only positive values and satises
P (X < 1) = 0:4; P (X > 2) = 0:3:
Determine
(a)
(b)
(c)
(d)
P (X > 0).
P (1 < X < 2).
P (X < 2).
P (X > 2 j X > 1).
Solution:
If P (X < 1) = 0:4
Chapter 6
Continuous Random Variables
1. A continuous random variable X takes only positive values and satises
P (X <
1) = 0:4; P (X
>
2) = 0:3:
Determine
(a)
(b)
(c)
(d)
P (X >
0).
P (1 < X <
2).
P (X <
P (X
2. Let X
2).
>2jX
>
1).
U[a; b] with mean = 3
University of Western Australia
School of Mathematics and Statistics
STAT1520, Semester 2 2016
Short Test 2
Data Set #5
A car magazine is rating 4 models of compact car. They get 25 people to drive one of the 4 makes
and then ll out a form rating their sa