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@®RMIT
‘UNIVERSITY RMIT BUSINESS
SCHOOL OF ECONOMICS, FINANCE AND
MARKETING
END OF SEMESTER EXAMINATION
‘EGON 1036: BUSINESS STATISTICS.
DATE: 2May2006 SEMESTER 12006
READING TIME: ‘seMINUTES
WRETING TIME: SHOURS
iustRUCTIONS:
4. The paper consis of2 soctons and each Seton contains 5 sts of questions.
Each section's woth 50% of ho mar or i examinatlon
Section A: This seton contains 5 ets of Mutiple Choice quesbne.
‘Theresa ttl of 25 Mutiple Cholee questions.
‘At Multiple Coice questions cay the same marks
Secon &: The secon contain § ets of Practical questions
Each at of Prac! questions is worth 10%
2 Marc your anowers tothe Mutiple Chole questions in dark panic oro onthe
‘Answer Shea and writ your answers to the practical questions in the
‘space provided in the exam paper.
3. Youmust ontor your name and you student number onthe Answer Sheet and
‘atthe bation of his sana.
4. The exam oot for 70% ofthe total marks svalaben tis bjt
Use of a calettor hich dosent store ete perited. No ntructon|
‘manuals or ay thar books, nots or oer relvant mats are perite,
8. _Thotermulae and ProbabityTabes ave given in the 8 page formu sheet
FAMILY NAME (OVEN NAME STUDENT NUMBERSECTION A: ECON 1035 25 MULTIPLE CHOICE QUESTIONS
25 0hdiple Choice Questions worth 2marke each (25x2 = 60 marks)
‘Select the ONE BEST answer. Multiple anewers othe same question wil be
marked as incorrect.
Cirle your multiple choles anowers on the answer sheet stached to thie pap
Place the entire examination paper, together withthe answer sheet, in your
‘examination aneworserpt
ite your name and student number on the answer sheet provided wth thi,
‘examination paper.
4. INTRODUCTION AND DESCRIPTIVE STATISTICS
‘QuEsTiON 4
Inti subject we cscs statistical tems that managers need tobe fair wth, Which of the
folowing statistical definitions isnot coract
{(@) random sample ono wher the value are chosen In auch a way tha ever valu inthe
population has an equal chance of boing chosen.
{sampling ecrore aro equal othe standard deviation ofthe posable vane ofthe saree
‘estat of popuiaton summary moasure such as the mean or ropotion
(©) éeacigtve statistics i concerned withthe clacton, presortaton and caracterization ofa
‘set of data rd to dese the various fetus ofthat tf data,
(@) regresion ana is ued to etinate the relatonstioe betwaen deren variables where
‘heeeralatonehipe are then used to make forecasts ofthe valu ofthe variable.
(ey me sample rame thet of are we Use when wo eect sample,
INFORMATION NEEDED TO ANSWER QUESTIONS 270 6
“The manager ofthe customer compile eon of large homeware marufactureris|
Intestin the oa amount of ine at any employee apends aking to customers in ipa
“hour ptiod. He decides to lok ata random sample of n= 72 diferent on hour periods ant
‘nol the time rounded othe nesraet minute which one ofthe laff members spends on he
pone ding that hour Thasa voles are son totale onthe top of he net page. The
‘he som-andeat ply for thse value ie shown below tis tbl.
“The sum of the values andthe sum ofthe squared valves is
x + 09 ond Ext = sos
ECOMO35 SEMESTER 1,2008 2INFORMATION NEEDED TO ANSWER QUESTIONS 2 TO 6 (continued)
‘TABLE OF VALUES
13 16 16 17 7 18 19 19 1 1
au Bw BB Mm mm
24 25 25 25 25 5 25 OS 2 25 25 20
2% 2 2 mw mm 2
werere re eee)
22 2 2 28 Hw 8 AO
‘STEM AND LEAF DISPLAY.
Branches Leaves
tse 008 we oud dlde he value of th standart rar 6 by
the te population corocin fect value.
(Aste rato N= 0.0583 we need to mull he standard err of hepato vals of
tha sample mean by he rite popaton correction fact.
(c) The vate ofthe fiat population aectn factor e equa othe squareroct of 8488
{Nene othe above
ECOMI0R5 SEMESTER 1,2006 84, STATISTICAL INFERENCE t
INFORMATION NEEDED TO ANSWER QUESTIONS 16 TO 20,
‘Suppose the asset manager fra chain of converience sore is infra I ing ot
\whethr the lering company tht leas ta ores Ie provding sec wich
‘900d oF bate han the carent ust standard As the value of be ning contacts
‘bat onthe average im needed ocean a store she decks to examine he average
time that ths leaning contractor akes when leaning aco, From oar suis she nds
that he posele vais ofthe tes needed to clean a store havea population mean valve
of = hour. From eter larger sues the ase manager fds thatthe polation
andar deviation so = 05.
After exariring pay clsie the atsct manage a that tis cleaning cofactor takes
Tengee than 2 hour fo clean each store. She approaches he leaning contactor and pins
‘ou that ther contract wi a be renewed. The dearing contractor argues at this valu of
2 hours le based on overseas deta where he soos are much sale. The lrger
‘Austral stores need more than 2 hous to lean,
‘Totep determine whether these clans ofthe clearing contractor ae o are not correct the
aceet manager decios to elect random sarge of = 36 dlaning Jobs and perform
‘thom here n each case she notes how long itakes to complete them. Sho uses these
value to caletsto the vate ofthe sample moan (X). This sample evidences used to eet
‘he fotoning hypotheeee
Wosns2 (Replace the ening closing contactor
Herne (oot replace the existing ceaning contact)
uEsTiON 16
tbe asset manager uses a ove of significance of «= 0.05 than which ote fotowing
statements not correct
(2) The mean ofthe posible valu ofthe sample mean () I the poputn mean
(©) The posible values ofthe sample mean (X) can onl be Normal tuted when the
times for each cleaning job ar aso Normal strbutd
(6) The varence ofthe pose values ofthe sample mean () le equalto be
population variance 0.25 vided bythe size ofthe sample
(@) The standard deviation ofthe posse vates ofthe sarpio mean (K), which we
ako call the standard era, sequal to 0.0833 (= 05/8)
(e)Nene ofthe above
ECON1035 SEMESTER 12008 9‘question +7
‘Suppose he asset manager fds om this sarge of .= 3 value thats eamplo mean
{earing time for each store is X =21Shour I values are rounded a & decimal pias
which ote following statements conceing the p valu in tha hypothe testing proba
lecorrect
(2) The p vat a 0.0359 the probabity of obtaining a samplamean K of2.16 or more
then the nul hypothesis corect and y= 2.
(0) The pale ie equal to 04864
(6) The p vale is vice the probably of ebtanng a valu for the same mean X of 2.15 or
‘ore, when the population mean hes the valuoin the rl hypothe,
(2) The p vais the probably of obtaining a valuo forthe sampla mean X of2.15 or more,
han the population mean hae the vale of 215.
(e) Nene a the above
Question 18
‘Tho asset manager dais that f sho use @ sample sizeof = 35 the seo he camping
‘ror may be oo lrge. Sho decides to select a value for nin such away tat she can bo 95%
confident thatthe sampling eer. ho stance betveen X and yi 0.2 ess. we krow
{hat = 0.5 which of te folowing statements coroct
(a) The curentsarpe ze arger tan the sample size she requires.
(©) The sample size she needs 48,
(©) Her sample szo of 3 the caret sample sia.
(@) The cuent sample size i as than tha sample size she requires,
(0) Nene ofthe abovo.
‘QUESTION 19
ich ofthe folowing descriptions of what happens when the manager makes a Type I or
“hen testing the given hypotheses is corect
(a) Sho wronalyaccopts Hp and kepe tho exting clanors
(6) Sho wronly rejects Hy and hires new cleaners when sho shoul not.
(@ She wrongly accepts Hy and doesnot oop the existing deanors when she shout
(@) She wrongly rejects Hy and doesnot kop the ol leaners when she oul
(6) None o the above
‘question 20
{the managers equal concerned withthe consequences associated wih the Type | Eor
‘26 ha Type ror in his problem. Which ofthe folowing actors isthe sorectacton.
(a) Use 22 ta tot so that eho wil be aioe ax sure that ehefnot making» Type | Exe
(6) Use a smal level of significance suchas a= 0.01
(©) Sot up tho decision rule so that he probabty of making a Type I iors we the
‘probabity of making a Type Ero,
(c) Use a larger vate of «auch a 0.150 0.2,
(6) None oft above
ECONIOS5 SEMESTER 1, 2006 10|. SIMPLE LINEAR REGRESSION AND CORRELATION.
INFORMATION NEEDED TO ANSWER QUESTIONS 21 TO 25
“The manager ofthe customer complints section of large homeware manufacturer
Inteceetod in finding the rlationeip between tre total aunt of ne that any employeo
‘sponds talking to customers ina typical 1 hour period (Y) an the number of cls that he or
she anewert in that 1 how perod(X), He decides to look a a random sarpiaof n= 72
‘ferent one hour pores and note bot) theme spent aking on the phone 1). rounded to
‘he nearest minute) and the number of cals tha the tar member answers. Forts
patledar sample of n= 72 vales he obtain the flowing set ofS valves
ws xem
ond EF = soon
NB. WHEN YOU PERFORM ANY CALCULATIONS FOR THESE QUESTIONS YOU.
[NEED ONLY USE VALUES THAT ARE ROUNDED TO 4 DECIMAL PLACES,
‘QUESTION 2t
Wich ofthe folowing sets of valves, (which are rounded to 3 daclmal plates) shows the
correct values ofthe 3 tema (A or SSXVB or SEX and Cor SST) hat we we when
performing calcuatons in regression preter.
(@)A=916, B= 460 and C= 2124875,
(@)A=400,B = 016 and C= 2124876
(@A=-916,8 = 400 and C= 2124875,
(A=2124.075, 8 400 and C #516
{@) None ofthe above
‘question 22
mich fhe folowing statements concring the estimatod valu fhe slope of the simplo
linear pression ne (hese values are rounded to 3 decimal places) is correct
(a) The ecimated slope o 1.9 shows the impact ofthe ime spent on ho ttaphone
cn he number of cal recaved,
(0) The estimated slope is greater than 3.5.
(©) The estimated slope i greater han the estimated intercept
(@ Tha estimated lope of 1.99 shows te impacto the numberof calle on te tre
spent on he telephone.
(Noe ofthe above
ECON0S5 SEMESTER 1,2005 11‘quesmioN 23
‘The sna now caeustes the creation coefilant (for hese to varies,
\Whicn ofthe folowing statements is correct
(4) The r value of 0.8584 shows that there a strong postive oatinship btwoon
those wo variabies
(0) The value of 05285 inate hat href no relaonaip between hace bo
vibes
(© Ther vie of 0.8504 ncoatasthat here is # erongrelatonehip between these
‘two viable but we donot knew his reatinship i postive negate.
(6) The rvaue of © 265 cals ha there ia strong postive relaorstir between
‘hse two variates.
{) None of te above
‘QUESTION 24
Which ofthe flowing statements about the standard ero ofthe estimate Sys correct,
(The values have been rounded to 3 decimal places)
(a) As three Sx value greater than 1.0 there must bef significant pave relatontip
betieen these varbis.
(b) Because he Sir value i loss than 1.06 thls shows that her ia nota sgcant postive
Felationaip between thee we vaiabies.
(0) The Siva is boowoen 4 and 8.
(@) The Sr valu of 2073 the standard deviation of the oxor terms in the regression modo.
(e) None of the above
QuEsTiON 2
men you est water tho nul hypothe that the valu f the slope er he population's
‘qu oO against tha atoraive hyphecle hat ee not agua O wth « =C.08, wich of
the falowing statment is correct
(@) As tet statistic has a value of over 20 whichis grater than tho cca valve 1.98 we
i ject he rll hyperhoss and conc that hero significant reeonship
botnoon hese two varebles,
(Aa thes 2 2-Tall oat we must die the cia value of 23848 by 2
{6) While thot ttc has value which elees than 10 ie ea greater nan tho era
vale wich is 1.645
(@) Aste static has a value of ver 20 whic le greater than thecal alse 1.98 wo
‘wi accept the null ypashes and concidethat here ia net grit raltionsip
etuoen hone to varies
(None ofthe above
ECOMIO08 SEMESTER 1, 200812SECTION B: ECON 1035 § PRACTICAL QUESTIONS
‘5 Practica Questions worth 10 marks each (Sx 10 = 50 marks)
Enter all our worldng and answers in the spaces provided under the questions.
‘you require extra apace for your working writ onthe blank page opposite tothe
‘examination questions.
QUESTION |
“The france officer for fim which imports and dries Asian groceries is king at the
expanea clans of ttn the marketing scton of th fem. She takes arencom sample of
‘n= 64 expane claims. The vakies sho oblane ae arranged in ascendg rer and
pled in he fobowing table
‘he fe hat for those values har sum and thei sum ef squares areas flows
3x, = zee ond Ext = easoare
(2) Find the 3 messures of canal tendency Le. the mean, te mesian the moe lon with
‘the values of Quarle 1 ard Quarto 2 tis suggested that you perform the folowing
caleulations when you answer his quoston.
Find te mean
ECON%036 SEMESTER 1, 2008 13,QUESTION 1a) (continued)
Fd tne men
Fie he Mode
Find he Feat Quare
Fi the third Quarto
ECONTOSS SEMESTER 1, 2008 14‘QUESTION + (continued)
(©) Srey expat you tink thatthe set of vans so not tuted yma. tis
suggested tht you perform the folowing stops when you answer the question,
Compare the values of the mean and the mean
Compare the vate nthe 5 number summary Le the minimum vue, Ne Fat quart, he
median, the thr quate end the masimam vai.
‘ccOM05 SEMESTER 7005 18QUESTION 1 (continued)
(©) Fe the sample ecto of he standard deviation an then the eal of vaios
‘whichis one standard devation below the mean and one standard éeviton above
the mean
(Find the proportion ofthe 64 vals which Ke inthe intwval wich exten one
‘fandard devation on ether se ofthe ean, Bi daouss weather acu
gre o agross wi the empl ule.
ECOMIO95 SEMESTER 1, 2008 18‘QUESTION?
(@) The france ofcr fora frm which imports and tious Asian grocer ooking st
the actors which afer he love of the expense cams of staffin the maritng secon
ofthe im. She defines expense cms of $40 oF more a high (H) and hms of les
than $40 cols ast high (NH). She thnks that he romber of ih cans i ected
bythe amount of ime that a saff member has werked fr the fm. She cal tt who
have worked forthe frm for 2 years of mere fog tem if (.) and staf vo have boon
with frm for less han 2 years ae cae shor term (S) stat
Using random sample on = 64 expense clans and employment recor the france
‘fcr obtain the folowing contingency table which shows the number of cis
eseosiated wih each combination of ho type of expense claim (H or NH) andthe ype of
‘employ (Lor 8).
TYPE OF
eueLover
Long Term)
Sher Tem (8)
on [noth
20 20
Using he above tbieanewer the following quesions
(0 Fire folowing probabities
POLAND S)
Pe AND Ne
POLAND NH),
(0 Find the folowing probab
PL,
Ones).
-ECONs035 SEMESTER 1, 2006
”QUESTION 22) (continued)
(Bray expan why te Type of Employee and he Type ot Expense Clim are or
ae not independent
(©) Ate earning a numberof expense cai he finance ooo fins that many of tho
forme were file n incorrect. By examining a large numberof cams she fds tthe
‘robabity that an expense clan form is et led in caret isp = 0.25. Shao finds
‘hat he numberof expense claim forme no filed in corey has a Brora dtrbuton
Ifshe amines n= 8 expense claim foe:
{9 Whatie ho everage andthe variance ofthe number of cli forms tht are nt led
incorecty?
(ap What the probabity tht 2 oF moe of he 8 aim forme are not cn eorecty?
ECOWI026 SEMESTER 1, 2008 10‘QUESTION 2 (continued)
(@ Suop0ce the france ofc nde that the number of an fos not Mladin corey dose
not have a Binal tbuton intsod sho fnds out tat on anyday the number fam
forme that are not led in corey has Poeson detrbuton with an average ruber for
each day off =2
(0 Whatis the averape and the variance of the number ofc forms at ae not
‘lod in corey on any one day?
{Whats the probabty at onary day 2 or mor ofthe ca orm arent ied
conecty?
EOONIO35 SEMESTER 1,2008 19‘questions
‘The manager of a chain of clothing stores wishes to use certain statistical procedures
ion akin the decision wheter o averse trough the local TV stato. This station
‘roadcats oa areas where tho stores ae located. To lp him when he is mang the
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