Business Finance Homework Help

DUE TOMORROW AT 3PM PACIFIC TIME

Please answer the following questions. Include the question with your answers:

• Question 1: Describe the five basic steps in a statistical study.
• Question 2: Describe how you would apply the five basic steps in a statistical study to the below scenario.
  • You want to determine the percentage of drivers who text while they are driving.
• Question 3: In each of the following cases, identify the sample, the population, the sample statistics and the population parameter.
  • Smoking Poll. In a Gallup poll of 1018 adults, it was found that 22% smoked cigarettes in the past week.
    • Sample:
    • Population:
    • Sample Statistics:
    • Population Parameter:
  • Garlic and Cholesterol. In a test of the effectiveness of garlic for lowering cholesterol, 47 adult subjects were treated with Garlicin, which is garlic in a processed tablet form. Cholesterol levels were measured before and after the treatment. The changes in the subjects’ levels of LDL, cholesterol (in mg/dL) had an average (mean) of 3.2 (based on data from “Effect of Raw Garlic vs Commercial Garlic Supplements on Plasma Lipid Concentrations in Adults With Moderate Hypercholeterolemia,” by Gardner et al., Archives of International Medicine, Vol. 167).
    • Sample:
    • Population:
    • Sample Statistics
    • Population Parameter:
  • Question 4: Determine whether the study is an observational study, an experiment or a meta-analysis and explain your choice.
    • Nielsen Ratings. The Nielsen company installs devices in homes to record the TV shows that are watched. The results are then used to provide ratings identifying which shows are being viewed more than others.
    • Magnet Therapy. In a study of the effect of magnets on back pain, some subjects were treated with magnets while other were given on-magnetic devices with a similar appearance. The magnets did not appear to be effective in treating back pain.
  • Question 5: What do we mean by data at the nominal, ordinal, interval and ratio levels of measurement?
  • Question 6: Identify the level of measurement in the following scenarios.
    • Body temperatures in Fahrenheit of all giraffes in Kenya
    • Rotten Tomato Scores. Scores of 0%, 1%, 2% . . . , 100% used to rate the quality of a movie
    • Categories 1, 2, 3, 4, and 5, used to describe the intensity of hurricanes
    • Classifications of cards by size as subcompact, compact, intermediate and full size
  • Question 7: Distinguish between random errors and systemic errors. How can we minimize the effects of random errors? How can we account for the effect of a systemic error?
  • Question 8: Find the values of the absolute and relative errors.
    • Credit Card Bill. You receive a Visa credit card bill for $512.50, but it includes a charge of $8.00 that was not valid. (That is, the true credit card bill should be $8.00 less than the bill claims.)
    • Wrong Change. The actual (true value) amount of change due after a gallon of milk is purchased is $12.00, but the incorrect amount of $2.00 is given instead.