Statistics For Business And Economics (paperback)
8th Edition
ISBN: 9780273767060
Author: NEWBOLD
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2.4, Problem 43E
To determine
Identify the covariance and correlation coefficient.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
As the Country Director of a multi-national company in Ghana, you have decided to conduct a survey to determine the perception of Ghanaians about a new alcoholic beverage you have introduced into the market. Identify, justify your choice, and explain any three (3) sampling techniques that can be employed for such a survey. Discuss how you will use each technique to select sampling elements for the study. Clearly explain how you will collect the data.
Sherwin-Williams Company is attempting to develop a demand model for its line of exterior house paints. The company’s chief economist feels that the most important variable affecting paint sales (Q) (measured in gallons) is the Selling price (P) (measured in Ghana cedis per gallon). The chief economist decides to collect data on the variables in a sample of 10 company sales regions that are roughly equal in population. Data on paint sales, and selling prices were obtained from the company’s marketing department. The data are shown in the table below:
Sherwin-Williams Company Data
Sales Region
Sales (Q)
Selling Price (P) (GHS/Gallon)
1
160
15
2
220
13.5
3
140
16.5
4
190
14.5
5
130
17
6
160
16
7
200
13
8
150
18
9
210
12
10
190
15.5
Specify the linear demand model for Sherwin-William’s paint.
Estimate the demand…
In order to determine the new cost of living index, it is proposed to make survey of the income and expenditure of 1,000 households in a large city. Describe carefully two methods which might be use to select the sample households.
Chapter 2 Solutions
Statistics For Business And Economics (paperback)
Ch. 2.1 - Prob. 1ECh. 2.1 - Prob. 2ECh. 2.1 - Prob. 3ECh. 2.1 - Prob. 4ECh. 2.1 - Prob. 5ECh. 2.1 - Prob. 6ECh. 2.1 - Prob. 7ECh. 2.1 - Prob. 8ECh. 2.1 - A random sample of 156 grade point averages for...Ch. 2.1 - Prob. 10E
Ch. 2.2 - Prob. 12ECh. 2.2 - Prob. 13ECh. 2.2 - Prob. 14ECh. 2.2 - Prob. 15ECh. 2.2 - Prob. 16ECh. 2.2 - Prob. 17ECh. 2.2 - Prob. 18ECh. 2.2 - Prob. 19ECh. 2.2 - Prob. 20ECh. 2.2 - Prob. 21ECh. 2.2 - Prob. 22ECh. 2.2 - Prob. 23ECh. 2.2 - Prob. 24ECh. 2.3 - Prob. 26ECh. 2.3 - Prob. 27ECh. 2.3 - Prob. 28ECh. 2.3 - Prob. 29ECh. 2.3 - Prob. 30ECh. 2.3 - Prob. 31ECh. 2.3 - Prob. 32ECh. 2.3 - Prob. 33ECh. 2.3 - Prob. 34ECh. 2.4 - Prob. 35ECh. 2.4 - Prob. 36ECh. 2.4 - Prob. 37ECh. 2.4 - Prob. 38ECh. 2.4 - Acme Delivery offers three different shipping...Ch. 2.4 - Prob. 40ECh. 2.4 - Prob. 42ECh. 2.4 - Prob. 43ECh. 2 - Prob. 44ECh. 2 - Prob. 46ECh. 2 - Prob. 47ECh. 2 - Prob. 49ECh. 2 - Prob. 50ECh. 2 - Prob. 51ECh. 2 - Prob. 52ECh. 2 - Prob. 55ECh. 2 - Prob. 56E
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- We are interested in analysing the effect of the lockout laws introduced in some areas of the Sydney CBD and nearby surrounds on the number of alcohol-related violent incidents. Suppose we have two samples of data on the number of violent incidents in a number of local areas of the Sydney CBD and nearby surrounds. Pubs, hotels and clubs located in a subset of these areas became subject to the lockout laws when they were introduced in 2014. The first sample is from 2010 before the introduction of the lockout laws, and the second is from 2015 after the introduction of the law. The hypothesis we wish to test is that the introduction of the lockout laws reduces violent incidents in the areas in which the lockout laws were put in place. We use a difference-in-difference model on the pooled data from 2010 and 2015. We find the following results: viol_inc hat = 33.21 (5.29) + 12.43lockout (7.01) – 4.19Yr2015 (2.98) – 3.32 (lockout x Yr2015) (1.85) N = 181, R^2 = 0.128 Where: viol_incis the…arrow_forwardYou need to undertake a face - to - face interview survey of managing directors of small to medium - sized organizations . From the data , you collect you need to be able to generalize about the attitude of such managing directors to recent changes in government policy towards these firms . Your generalizations need to be accurate to within plus or minus 5 percent that is why you need at least 400 respondents . Unfortunately , you have limited resources to pay for interviewers , traveling , and other associated costs . What sampling technique do you prefer and why ?arrow_forwardTourism patterns are difficult to forecast; they normally vary from country to country and sometimes even between places quite close to each other. In Hong Kong, a survey asked 1,600 people their favorite Asian destination for a short holiday. The results were as follows: 43% go to China, 23% go to Thailand, 20% go to the Philippines, 5% go to Cambodia, and the rest choose other countries. The same survey has been carried out in Macau, China only 1 hour from Hong Kong by jet boat, and the results were as follows: 48%, China; 20%, Thailand; 22%, the Philippines; 3%, Cambodia; and the remaining, other destinations. Would you conclude that the patterns are the same in the two cities?arrow_forward
- The microstructure of an iron carbon alloy consists of proeutectoid ferrite and pearlite; the mass fractions of these microconstituents are 0.22 and 0.78, respectively. Determine the concentration of carbon in this alloy.arrow_forwardThe Struthers Wells Corporation employs more than 10,000 white-collar workers in its sales offices and manufacturing facilities in the United States, Europe, and Asia. A sample of 300 U.S. workers revealed 120 would accept a transfer to a location outside the United States. On the basis of these findings, write a brief memo to Ms. Wanda Carter, Vice President of Human Services, regarding all white-collar workers in the firm and their willingness to relocate. As a result of these sample findings, we can conclude that what percentage of the white-collar workers would transfer outside the U.S.?arrow_forwardA CBS News poll involved a nationwide random sample of 651 adults, asked those adults about their party affiliation (Democrat, Republican or none) and their opinion of how the US economy was changing ("getting better," "getting worse" or "about the same"). The results are shown in the table below. If we randomly select one of the adults who participated in this study, compute: (round to four decimal places)a.P(affiliated with neither party) = b.P(better) = c.P(better|affiliated with neither party) = d.P(affiliated with neither party|better) = e.P(affiliated with neither party and better) =arrow_forward
- 7. A television station wishes to study the relationship between viewership of its 11 p.m. news program and viewer age (18 years or less, 19 to 35, 36 to 54, 55 or older). A sample of 250 television viewers in each age group is randomly selected, and the number who watch the station’s 11 p.m. news is found for each sample. The results are given in the table below.arrow_forwardPlease solve question 7 using the data from question 5.arrow_forwardA food-products company has recently introduced a new line of fruit drinks in Lusaka and Copperbelt towns. Based on the drink’s apparent success, the company is considering a nationwide launch. Before doing so, it has decided to use data collected during a two-year market test to guide it in setting prices and forecasting future demand. The firm has collected data for a total of 48 observations through various stores. Each observation consists of data on quantity demanded (number of drinks purchased per week), price per drink, competitors’ average price per drink, income, and population. A company forecaster has run a regression on the data, obtaining the results displayed in the accompanying table. Variable Coefficient Standard Error of Coefficient Mean Value of Variable Constant -4516.3 4988.2 - Own Price (Kwacha) -3590.6 702.8 7.50 Competitors’ Price (Kwacha) 4226.5 851.0 6.50 Income (ZMW 000)…arrow_forward
- Questions 1-5 are related to the following Students in the population of all students taking E270 were asked to state how much they spent on textbooks in the current semester. There are N = 320 students taking E270. From the data collected the following summary measures were calculated. ∑x = 161,000 ∑(x − μ)² = 4,564,675 A random sample of 5 students selected from this population, yielded the following sample data: x 330 380 690 460 530 1 The sample mean is ________. A 469 B 472 C 475 D 478 2 The sample variance…arrow_forwardIn a study aimed at creating reference values, abdominal circumference (measured in cm) was measured in adult men. It was found that the relationship to age could be described as abdominal circumference = 82 + 0.3 x age a) What is the analysis that produces such a formula called? b) At what age is the average abdominal circumference 100 cm?arrow_forwardYou have noticed that paying higher wages attracts more productive employees. However, you are concerned that there may be a limit to this relationship. Some experimentation has convinced you that the relationship between wages paid (x) and profits can be modelled by the equation Profit = 25x − 0.1x2 + 200. Use a Nonlinear Solver tool to determine the level of wages that will maximize profits.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education