Solutions Manual
to Accompany
Statistics for Business
and Economics
Eighth Edition
David R. Anderson
University of Cincinnati
Dennis J. Sweeney
University of Cincinnati
Thomas A. Williams
Rochester Institute of Technology
encouraged to study theories and frameworks but also to keep up-to-date with current business trends. Case studies from leading businesses can be helpful, as they illustrate how business concepts
,encouraged to study theories and frameworks but also to keep up-to-date with current business trends. Case studies from leading businesses can be helpful, as they illustrate how business concepts
Chapter
1. Data and Statistics
2. Descriptive Statistics: Tabular and Graphical Approaches
3. Descriptive Statistics: Numerical Methods
4. Introduction to Probability
5. Discrete Probability Distributions
6. Continuous Probability Distributions
7. Sampling and Sampling Distributions
8. Interval Estimation
9. Hypothesis Testing
10. Statistical Inference about Means and Proportions With Two Populations
11. Inferences about Population Variances
12. Tests of Goodness of Fit and Independence
13. Analysis of Variance and Experimental Design
14. Simple Linear Regression
15. Multiple Regression
16. Regression Analysis: Model Building
17. Index Numbers
18. Forecasting
19. Nonparametric Methods
20. Statistical Methods for Quality Control
21. Sample Survey
, Chapter 1
Data and Statistics
encouraged to study theories and frameworks but also to keep up-to-date with current business trends. Case studies from leading businesses can be helpful, as they illustrate how business concepts
Learning Objectives
1. Obtain an appreciation for the breadth of statistical applications in business and economics.
2. Understand the meaning of the terms elements, variables, and observations as they are used in
statistics.
3. Obtain an understanding of the difference between qualitative, quantitative, crossectional and time
series data.
4. Learn about the sources of data for statistical analysis both internal and external to the firm.
5. Be aware of how errors can arise in data.
6. Know the meaning of descriptive statistics and statistical inference.
7. Be able to distinguish between a population and a sample.
8. Understand the role a sample plays in making statistical inferences about the population.
and practical application. Depending on the subject area, these exams can vary significantly in format. Common types of business exams include:Multiple Choice Questions (MCQs): These are frequently
used to assess students’ understanding of business terminology, theories, and principles.Case Studies: A staple of business exams, case studies present students with real-world business scenarios and
ask them to apply their knowledge to solve complex problems. Case studies evaluate students' ability to think critically and make strategic decisions.Essay/Short Answer Questions: These types of
questions test the student’s ability to explain and
Solutions:
1. Statistics can be referred to as numerical facts. In a broader sense, statistics is the field of study
dealing with the collection, analysis, presentation and interpretation of data.
2. a. 9
b. 4
c. Country and room rate are qualitative variables; number of rooms and the overall score are
quantitative variables.
d. Country is nominal; room rate is ordinal; number of rooms and overall score are ratio.
3. a. Average number of rooms = 808/9 = 89.78 or approximately 90 rooms
b. 2 of 9 are located in England; approximately 22%
c. 4 of 9 have a room rate of $$; approximately 44%
4. a. 10
b. Fortune 500 largest U.S. industrial corporations
c. Average revenue = $142,275.9/10 = $14,227.59 million
, d. Using the sample average, statistical inference would let us estimate the average revenue for the
population of 500 corporations as $14,227.59 million.
5. a. 3
b. Industry code is qualitative; revenues and profit are quantitative.
c. Average profit = 10,652.1/10 = $1065.21 million
d. 8 of 10 had a profit over $100 million; 80%
e. 1 of 10 had an industry code of 3; 10%
6. Questions a, c, and d are quantitative.
Questions b and e are qualitative.
7. a. The data are numeric and the variable is qualitative.
b. Nominal
8. a. 2,013
b. Qualitative
c. Percentages since we have qualitative data
d. (0.28)(2013) = 563.64 Must have been 563 or 564.
encouraged to study theories and frameworks but also to keep up-to-date with current business trends. Case studies from leading businesses can be helpful, as they illustrate how business concepts exams are often a mix of
theoretical knowledge and practical application. Depending on the subject area, these exams can vary significantly in format. Common types of business exams include:Multiple Choice Questions (MCQs): These are
frequently used to assess students’ understanding of business terminology, theories, and principles.Case Studies: A staple of business exams, case studies present students with real-world business scenarios and ask them to
apply their knowledge to solve complex problems. Case studies evaluate students' ability to think critically and make strategic decisions.Essay/Short Answer Questions: These types of questions test the student’s ability to
explain and
9. a. Qualitative
b. 30 of 71; 42.3%
10. a. Quantitative; ratio
b. Qualitative; nominal
c. Qualitative (Note: Rank is a numeric label that identifies the position of a student in the class. Rank
does not indicate how much or how many and is not quantitative.); ordinal
d. Qualitative; nominal
e. Quantitative; ratio
11. a. Quantitative; ratio
b. Qualitative; ordinal
c. Qualitative; ordinal (assuming employees can be ranked by classification)
d. Quantitative; ratio
e. Qualitative; nominal
12. a. The population is all visitors coming to the state of Hawaii.
to Accompany
Statistics for Business
and Economics
Eighth Edition
David R. Anderson
University of Cincinnati
Dennis J. Sweeney
University of Cincinnati
Thomas A. Williams
Rochester Institute of Technology
encouraged to study theories and frameworks but also to keep up-to-date with current business trends. Case studies from leading businesses can be helpful, as they illustrate how business concepts
,encouraged to study theories and frameworks but also to keep up-to-date with current business trends. Case studies from leading businesses can be helpful, as they illustrate how business concepts
Chapter
1. Data and Statistics
2. Descriptive Statistics: Tabular and Graphical Approaches
3. Descriptive Statistics: Numerical Methods
4. Introduction to Probability
5. Discrete Probability Distributions
6. Continuous Probability Distributions
7. Sampling and Sampling Distributions
8. Interval Estimation
9. Hypothesis Testing
10. Statistical Inference about Means and Proportions With Two Populations
11. Inferences about Population Variances
12. Tests of Goodness of Fit and Independence
13. Analysis of Variance and Experimental Design
14. Simple Linear Regression
15. Multiple Regression
16. Regression Analysis: Model Building
17. Index Numbers
18. Forecasting
19. Nonparametric Methods
20. Statistical Methods for Quality Control
21. Sample Survey
, Chapter 1
Data and Statistics
encouraged to study theories and frameworks but also to keep up-to-date with current business trends. Case studies from leading businesses can be helpful, as they illustrate how business concepts
Learning Objectives
1. Obtain an appreciation for the breadth of statistical applications in business and economics.
2. Understand the meaning of the terms elements, variables, and observations as they are used in
statistics.
3. Obtain an understanding of the difference between qualitative, quantitative, crossectional and time
series data.
4. Learn about the sources of data for statistical analysis both internal and external to the firm.
5. Be aware of how errors can arise in data.
6. Know the meaning of descriptive statistics and statistical inference.
7. Be able to distinguish between a population and a sample.
8. Understand the role a sample plays in making statistical inferences about the population.
and practical application. Depending on the subject area, these exams can vary significantly in format. Common types of business exams include:Multiple Choice Questions (MCQs): These are frequently
used to assess students’ understanding of business terminology, theories, and principles.Case Studies: A staple of business exams, case studies present students with real-world business scenarios and
ask them to apply their knowledge to solve complex problems. Case studies evaluate students' ability to think critically and make strategic decisions.Essay/Short Answer Questions: These types of
questions test the student’s ability to explain and
Solutions:
1. Statistics can be referred to as numerical facts. In a broader sense, statistics is the field of study
dealing with the collection, analysis, presentation and interpretation of data.
2. a. 9
b. 4
c. Country and room rate are qualitative variables; number of rooms and the overall score are
quantitative variables.
d. Country is nominal; room rate is ordinal; number of rooms and overall score are ratio.
3. a. Average number of rooms = 808/9 = 89.78 or approximately 90 rooms
b. 2 of 9 are located in England; approximately 22%
c. 4 of 9 have a room rate of $$; approximately 44%
4. a. 10
b. Fortune 500 largest U.S. industrial corporations
c. Average revenue = $142,275.9/10 = $14,227.59 million
, d. Using the sample average, statistical inference would let us estimate the average revenue for the
population of 500 corporations as $14,227.59 million.
5. a. 3
b. Industry code is qualitative; revenues and profit are quantitative.
c. Average profit = 10,652.1/10 = $1065.21 million
d. 8 of 10 had a profit over $100 million; 80%
e. 1 of 10 had an industry code of 3; 10%
6. Questions a, c, and d are quantitative.
Questions b and e are qualitative.
7. a. The data are numeric and the variable is qualitative.
b. Nominal
8. a. 2,013
b. Qualitative
c. Percentages since we have qualitative data
d. (0.28)(2013) = 563.64 Must have been 563 or 564.
encouraged to study theories and frameworks but also to keep up-to-date with current business trends. Case studies from leading businesses can be helpful, as they illustrate how business concepts exams are often a mix of
theoretical knowledge and practical application. Depending on the subject area, these exams can vary significantly in format. Common types of business exams include:Multiple Choice Questions (MCQs): These are
frequently used to assess students’ understanding of business terminology, theories, and principles.Case Studies: A staple of business exams, case studies present students with real-world business scenarios and ask them to
apply their knowledge to solve complex problems. Case studies evaluate students' ability to think critically and make strategic decisions.Essay/Short Answer Questions: These types of questions test the student’s ability to
explain and
9. a. Qualitative
b. 30 of 71; 42.3%
10. a. Quantitative; ratio
b. Qualitative; nominal
c. Qualitative (Note: Rank is a numeric label that identifies the position of a student in the class. Rank
does not indicate how much or how many and is not quantitative.); ordinal
d. Qualitative; nominal
e. Quantitative; ratio
11. a. Quantitative; ratio
b. Qualitative; ordinal
c. Qualitative; ordinal (assuming employees can be ranked by classification)
d. Quantitative; ratio
e. Qualitative; nominal
12. a. The population is all visitors coming to the state of Hawaii.
