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PAN AFRICA CHRISTIAN UNIVERSITY BACHELORS OF COMMERCE END OF TERM EXAMINATION DEPARTMENT: BUSINESS COURSE CODE: BUS2243 COURSE TITLE: BUSINESS STATISTICS ROYSAMBU CAMPUS - EVENING EXAM DATE: THURSDAY; 4TH AUGUST, 2016 TIME: 5.30PM – 8.30PM INSTRUCTIONS This examination script consists of six (6) questions. Answer ANY five Questions. Read all questions carefully before attempting. Write your student number on the answer booklet provided. QUESTION ONE a) Explain the term statistics (2 marks) b) Distinguish between: i) Descriptive and inferential statistics (4 marks) ii) Regression analysis and correlation analysis (4 marks) iii) A dependent variable and an independent variable (4 marks) c) Given the following data set: 191 288 236 184 260 354 291 530 242 a) The arithmetic mean b) Mode c) The median (3marks) (1mark) (2 marks) QUESTION TWO a) Explain the importance of computing price indices in business (7 marks) b) Cable PLC manufactures an item of domestic equipment which requires a number of components which have varied as various modifications of the model have been used. The following table shows the number of components required together with the price over the last three years of production. Component A B C D 2010 Prices Quantity 3.63 3 2.11 4 10.03 1 4.01 7 2011 Prices Quantity 4.00 2 3.10 5 10.36 1 5.23 6 2012 Prices Quantity 4.49 2 3.26 6 12.05 1 5.21 5 Required: a) Establish the base weighted price indices for 2011 and 2012 based on 2010 for the item of equipment. (4 marks) b) Establish the current weighted price indices for 2011 and 2012 based on 2010 for the item of equipment. (4 marks) QUESTION THREE The table indicates the proportion of adults who are celebrity-endorsement ads believable, listed according to the adult's level of educational achievement. Believable Less Than High School High School Graduate Some College College Graduate 0.32 0.32 0.24 0.21 Suppose that a single adult is randomly selected from among those listed in the survey. a) If 24% of adults in the surveyed group are college graduates, what is the probability that the chosen adult will be a college graduate who does not believe the ad? (5 marks) b) If the chosen adult has had some college, what is the probability that she does not believe the ad? (5 marks) c) If 40% of adults in the surveyed group have never been to college, what is the probability that the chosen adult has not gone to college but believes the ad? (5 marks) QUESTION FOUR a) Describe three levels of measurements in statistics (6 marks) b) Explain situations where the following types of analyses can be applicable: i. Times series (3 marks) ii. Regression Analysis (3 marks) iii. Probability analysis (3 marks) QUESTION FIVE a) Given the following data: Marks No. of Students Required: i. ii. iii. 0-10 3 10-20 7 20-30 8 30-40 18 Calculate the mean Calculate the standard deviation Calculate the coefficient of variance 40-50 12 (6 marks) (7 marks) (2 marks) QUESTION SIX b) Describe the sampling process c) Discuss various ways in which statistics is important to business d) Explain reasons as to why data should be classified (5 marks) (6 marks) (4 marks)