The Business Statistics solution

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Added on 2020-02-19

The Business Statistics solution

Added on 2020-02-19

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Section 1Use the dataset given below you must use the sample allocated to you based on your studentnumberhttps://app.box.com/s/56pb6hqu0ypcg0f3lhy6cl5szt1jgdlaNote that for section 1 the answers are provided so you can check your work, the answers willnot be provided for the other sections. A)paste in the scatterplot for your sample into your word document and give a simplecomment about the relationship between the variables, (you do not need to submit theexcel file) SolutionThe scatter plot above shows the relationship between income and annual contribution.As can be seen, the graph indicates that there is a positive linear relationship between theannual contribution and income.B)Estimate the annual contribution if the income is $200,000 using the regression line frompart (a) SolutionThe regression equation is given as follows;Annualcontribution=−4018.1819+0.1668∗IncomeNow with an income of $200,000 we have;Annualcontribution=−4018.1819+0.1668∗(200000)Annualcontribution=$29,342.763C)Find the z-score of the estimate in part (B) note that average of the estimates is $27,000with standard deviation $2,100, remember to show your work. Solutionzscore= ́x−μσ=29342.763−270002100=1.1156D)using the zscore from part (C) Find P(Z<zscore) , you can find out the answer usingwww.wolframalpha.comfor example found the zscore was 1.5 if the zscore is 1.5 type in 2

P(Z<1.5) into wolfram alpha.comSolutionP(Z<zscore)=P(Z<1.1156)=0.8677E)If there was a list of 10,000 estimates ranked from lowest to highest, what rank do youthinkyourestimatewouldbecloseto?Hint:justusetheformulaexpected rank = P(Z<zscore)*10000, remember to show your work. SolutionExpectedrank=P(Z<zscore)∗10000Expectedrank=0.8677∗10000=8677Section2Use the dataset given below you must use the sample allocated to you based on your studentnumberhttps://app.box.com/s/yvhk3e3oymbs3toy6j5xetid82dsjyz4A)Use the PivotTable feature in excel to find appropriate summary statistics for yoursample, This will probably require two PivotTables. You should paste both into word,you do not need the excel file. Make sure the pivot table (or pivot tables) include the following statistics *Just considering the high risk (riskier type) investments what is the sample size n1andthe proportion of high risk investments that made a loss ^p1*Just considering the low risk (safer type) investments what is the sample size =n2andWhat is the proportion of low risk investments that made a loss ^p2SolutionCount of risk level (r or s)?Column LabelsRow LabelsLPGrand TotalRiskier type (r)145670Safer type (s)52530Grand Total1981100Considering the high risk (riskier type) investments, the sample size n1 is 70 while theproportion of high risk investments that made a loss ^p1is 1470=0.2Considering the low risk (safer type) investments, the sample size n2 is 30 while theproportion of high risk investments that made a loss ^p2is 530=0.16667B)Use excel to make an appropriate graph that lets you compare the proportions found inparts A and paste this into your word document Solution3

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The Business Statistics solution