MATH1030 Statistics for Business Assignment

Question 1 - 8 – Type The Letter Corresponding To Your Answers In Table Provided

Question 1 - 4 (1 mark each = 4 marks)

The number of students attending the weekly tutorial for the last 7 weeks was recorded as follows:

23, 23, 18, 26, 20, 31, 20

Question 5 - 8 (1 mark each = 4 marks)

A survey was conducted to determine whether if a customer would recommend the store is independent to the store’s location. The result of the survey is tabulated for the following possible responses and the store’s location.

Let W be the event that the customer would recommend the store and

Let M be the event that the store’s location is Sydney CBD.

Question 9 - 15 – Type The Letter Corresponding To Your Answers In Table Provided

Question 9 - 12 (1 mark each = 4 marks)

A fast food franchise is deciding between four locations for its new store. The locations and expected revenues are shown in the table along with the likelihoods that the store will be popular or unpopular.

Question 13 - 15 (1 mark each = 3 marks)

A bank has a savings account in which it knows that the balance across all accounts is normally distributed, with a mean of $8000 and a standard deviation of $1000.

Questions 16 - 20 – Type Your Answers In Space Provided

Question 16 [4 marks]

A sample of 100 employees from a company had their annual sales recorded. The results gave a mean salary of $19,500. From past experiences, it is known that the standard deviation of mean salaries is $2,500. Construct a 95% confidence interval for the true average salary of all employees.

Question 17 (6 marks]

Researchers compared an experimental drug with the standard drug for the treatment of a certain disease, 300 were given the experimental drug and 500 were given the standard drug. The number of patients who recovered from each group were recorded as follows

Can we conclude, at the 10% level of significane, that the experimental drug had a higher proporion of recovered patients than the standard drug?

Question 18 (7 marks)

In consumer marketing, a common problem that any marketing manager faces is the selection of appropriate colours for package design. Assume that a marketing manager wishes to compare five different colours of package design. He is interested in knowing which of the five the most preferred one is so that it can be introduced in the market. A random sample of 400 consumers reveals the following:

Can we conclude, at five percent level of significance, that the consumer preference for package colours shows a significant difference?

Question 19 (2 + 2 = 4 marks)

The following random sample of 8 data values were obtained in a study of the relationship between the selling price of a three-bedroom unit (in thousands of dollars) and its assessed value (in thousands of dollars):

You may use the following Excel print-outs or summary statistics provided to answer the questions

a)       Determine the linear regression equation to predict the selling price of a three-bedroom unit from its assessed value.

b)       Predict the approximate selling price of a comparable three-bedroom unit with an assessed     value of $800,000.

Question 20 (2 + 2 = 4 marks)

A role of the NSW Department of Social Services is to monitor the cost of goods and services in the state. Recent reports reveal that the price of commonly purchased supermarket items has doubled over the past ten years, and this is a concern for the department. In June 2015 the department investigated the findings of the report by regularly sending officials out to a typical supermarket in their area. The officials are asked to purchase a basket of food whose items that are commonly bought – these include eggs (by the dozen), milk (two litre bottle), bread (by the load), and potatoes (by the kilogram). The following information summarises the average yearly price of each item in the basket and the quantity typically bought (per year) for the years 2005 and 2015.

a)       Calculate a simple aggregate price index for 2015, taking 2005 as the base year.

b)         Calculate the Paasche price index for 2015, taking 2005 as the base year.