Statistics for Management
and Economics
12th Edition
by Gerald Keller
Complete Chapter Solutions Manual
are included (Ch 1 to 23)
* There is no Solution for Ch. 23
** Immediate Download
** Swift Response
** All Chapters included
** Excel Data Files
** Excel Workbooks
, Solution and Answer Guide: Gerald Keller, Statistics for Management and Economics 12e, 9780357714270;
Chapter 1: What is Statistics?
Solution and Answer Guide
Gerald Keller, Statistics for Management and Economics 12e, 9780357714270;
Chapter 1: What is Statistics?
Table of Contents
Chapter Exercises ............................................................................................................................. 1
Chapter Exercises
1.1. In your own words, define and give an example of each of the following statistical terms.
a. population
b. sample
c. parameter
d. statistic
e. statistical inference
Solutions:
1.2. Briefly describe the difference between descriptive statistics and inferential statistics.
Solutions:
Descriptive techniques summarize data. Inferential techniques draw inferences about a
population based on sample data.
1.3. A politician who is running for the office of mayor of a city with 25,000 registered voters
commissions a survey. In the survey, 48% of the 200 registered voters interviewed say
they plan to vote for the politician.
a. What is the population of interest?
b. What is the sample?
c. Is the value 48% a parameter or a statistic? Explain.
Solutions:
a. The population is the 25,000 registered voters.
b. The sample is the 200 registered voters.
c. The 48% figure is the statistic.
1.4. A manufacturer of computer chips claims that less than 10% of its products are defective.
When 1,000 chips were drawn from a large production, 7.5% were found to be defective.
a. What is the population of interest?
1
, Solution and Answer Guide: Gerald Keller, Statistics for Management and Economics 12e, 9780357714270;
Chapter 1: What is Statistics?
b. What is the sample?
c. What is the parameter?
d. What is the statistic?
e. Does the value 10% refer to the parameter or to the statistic?
f. Is the value 7.5% a parameter or a statistic?
g. Explain briefly how the statistic can be used to make inferences about the parameter
to test the claim.
Solutions:
a. The population is the complete production run.
b. The sample is comprised of the 1,000 chips.
c. The parameter is the proportion of defective chips in the production run.
d. The statistic is the proportion of defective chips in the sample.
e. The 10% figure refers to the parameter.
f. The 7.5% figure refers to the statistic.
g. We can estimate that the population proportion is 7.5%. Statistical inference methods
will allow us to determine whether we have enough statistical evidence to reject the
claim as the sample proportion.
1.5. Suppose you believe that, in general, graduates who have majored in your subject are
offered higher salaries upon graduating than are graduates of other programs. Describe
a statistical experiment that could help test your belief.
Solutions:
Draw a random sample from the population of graduates who have majored in your
subject and a random sample of graduates of other majors and record their highest
salary offers.
1.6. You are shown a coin that its owner says is fair in the sense that it will produce the same
number of heads and tails when flipped a very large number of times.
a. Describe an experiment to test this claim.
b. What is the population in your experiment?
c. What is the sample?
d. What is the parameter?
e. What is the statistic?
f. Describe briefly how statistical inference can be used to test the claim.
Solutions:
a. Flip the coin (say 100 times) and record the number of heads (assuming that you are
interested in the number of heads).
2
and Economics
12th Edition
by Gerald Keller
Complete Chapter Solutions Manual
are included (Ch 1 to 23)
* There is no Solution for Ch. 23
** Immediate Download
** Swift Response
** All Chapters included
** Excel Data Files
** Excel Workbooks
, Solution and Answer Guide: Gerald Keller, Statistics for Management and Economics 12e, 9780357714270;
Chapter 1: What is Statistics?
Solution and Answer Guide
Gerald Keller, Statistics for Management and Economics 12e, 9780357714270;
Chapter 1: What is Statistics?
Table of Contents
Chapter Exercises ............................................................................................................................. 1
Chapter Exercises
1.1. In your own words, define and give an example of each of the following statistical terms.
a. population
b. sample
c. parameter
d. statistic
e. statistical inference
Solutions:
1.2. Briefly describe the difference between descriptive statistics and inferential statistics.
Solutions:
Descriptive techniques summarize data. Inferential techniques draw inferences about a
population based on sample data.
1.3. A politician who is running for the office of mayor of a city with 25,000 registered voters
commissions a survey. In the survey, 48% of the 200 registered voters interviewed say
they plan to vote for the politician.
a. What is the population of interest?
b. What is the sample?
c. Is the value 48% a parameter or a statistic? Explain.
Solutions:
a. The population is the 25,000 registered voters.
b. The sample is the 200 registered voters.
c. The 48% figure is the statistic.
1.4. A manufacturer of computer chips claims that less than 10% of its products are defective.
When 1,000 chips were drawn from a large production, 7.5% were found to be defective.
a. What is the population of interest?
1
, Solution and Answer Guide: Gerald Keller, Statistics for Management and Economics 12e, 9780357714270;
Chapter 1: What is Statistics?
b. What is the sample?
c. What is the parameter?
d. What is the statistic?
e. Does the value 10% refer to the parameter or to the statistic?
f. Is the value 7.5% a parameter or a statistic?
g. Explain briefly how the statistic can be used to make inferences about the parameter
to test the claim.
Solutions:
a. The population is the complete production run.
b. The sample is comprised of the 1,000 chips.
c. The parameter is the proportion of defective chips in the production run.
d. The statistic is the proportion of defective chips in the sample.
e. The 10% figure refers to the parameter.
f. The 7.5% figure refers to the statistic.
g. We can estimate that the population proportion is 7.5%. Statistical inference methods
will allow us to determine whether we have enough statistical evidence to reject the
claim as the sample proportion.
1.5. Suppose you believe that, in general, graduates who have majored in your subject are
offered higher salaries upon graduating than are graduates of other programs. Describe
a statistical experiment that could help test your belief.
Solutions:
Draw a random sample from the population of graduates who have majored in your
subject and a random sample of graduates of other majors and record their highest
salary offers.
1.6. You are shown a coin that its owner says is fair in the sense that it will produce the same
number of heads and tails when flipped a very large number of times.
a. Describe an experiment to test this claim.
b. What is the population in your experiment?
c. What is the sample?
d. What is the parameter?
e. What is the statistic?
f. Describe briefly how statistical inference can be used to test the claim.
Solutions:
a. Flip the coin (say 100 times) and record the number of heads (assuming that you are
interested in the number of heads).
2
