. A teaching assistant for Statistics course as a university collected data from students in her class to investigate whether study time per week (average number of hours) differed between students who planned to go to graduate school and those who did not. The data were as follows:

Graduate school: 15, 7, 15, 10, 5, 5, 2, 3, 12, 16, 15, 37, 8, 14, 10, 18, 3, 25, 15, 5, 5

No graduate school: 6, 8, 15, 6, 5, 14, 10, 10, 12, 5.

State the null and alternative hypotheses using statistical notations. Use R command t.test to test whether study time differed between two groups. Include your R output and identify the test statistic and p-value. Draw the conclusion.

Descriptive Statistics and Graphical Displays

Valencia Orange Price Comparison

You have been hired as a consultant to determine who ABC Grocery Store should be ordering Valencia Oranges from.

To: Statistician

From: ABC Grocery Store

Please advise us on which company to use as our orange distributor. Three highly recommended distributors have provided us with statistical data on the weekly prices for one load of Valencia oranges per week for a ten-week period last year. Prices fluctuate according to availability, and we would like to use the company with the lowest overall price and the least amount of fluctuation. We would like your written report showing your results and a detailed recommendation as to which company we should choose.

Thank you.

Here are the prices, listed as price in dollars per crate:

You must type in and analyze the data for each company.

Helpful directions:

1. Analyze the data for each company: frequency, relative frequency, mean, median,******* (ONLY complete the mode, standard deviation and range because below I am going to list my answers for the frequency, relative frequency, mean and median)
2. You need to decide which statistics to compare to determine the overall lowest price and the least fluctuation. Create and include at least two charts that will be useful to best support your conclusions.
3. Write a brief informative letter in response to the request from ABC Grocery answering their request. Be sure to include:
   1. A very detailed explanation of the data and the conclusions you came to. You should use the statistics you calculated to make this decision.
   2. Charts to support your explanation.
4. Attach copies of the Excel pages or embed the Excel work in your letter of response.

Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.)

1. 1) Acquired $1,350 cash from the issue of common stock.
2. 2) Borrowed $820 from a bank.
3. 3) Earned $1,000 of revenues cash.
4. 4) Paid expenses of $330.
5. 5) Paid a $130 dividend.

During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.)

1. 1) Issued an additional $725 of common stock.
2. 2) Repaid $500 of its debt to the bank.
3. 3) Earned revenues of $1,150 cash.
4. 4) Incurred expenses of $520.
5. 5) Paid dividends of $180.

What is the net cash inflow from operating activities on Packard's statement of cash flows for Year 2?

• $540

• $1,395

• $630

• $1,000

Case Study 1 Quick Biotech It is late in September 2010, and Michelle Chang, a doctoral student at the National University of Singapore (NUS), is to meet her colleagues Henry Tan and Mike Hammer from the Institute of Molecular Biology again in a few days to discuss the course of action to be pursued for the establishment of Quick Biotech. Henry Tan and Mike Hammer both hold doctorates in biology and work at NUS as senior assistants. A few months before, they patented a process for the production of multi protein complexes, which they had already put to successful use, and about which they had received favourable feedback. Now, the three colleagues want to set-up a company called Quick Biotech in order to apply the new technology to a wider field. Background The human body is exposed to numerous external influences and internal genetic defects, which cause the proteins in our cells to malfunction. Proteins constitute the basis of all biological processes. If proteins no longer fulfill their function adequately owing to defects, this often results in life-threatening illnesses, such as cancer. This is why almost all drugs have effect on proteins. Consequently, most research and development work for drugs and therapies need protein, which is why both academic research institutions and the pharmaceutical companies use proteins as a basis to their research activities. Recently, progress in fundamental research revealed the total of the proteins in a cell, which in the case of human being amounts to more than 40,000 proteins. It became obvious that the proteins in a cell do not work individually; rather, they combine to act as protein complexes that are made up of numerous protein components. In addition, virtually all biological processes in cells are executed by such protein complexes. This has crucial consequences for research; in order to understand how proteins work, protein machines must be explored as a whole, and not only their individual protein components. Nonetheless, academic institutes and the pharmaceutical industry have almost exclusively focused on individual, isolated proteins. The primary reason for this was that human protein machines are very difficult to produce in a pure form. Although the development of modern, recombinant methods now enables the production of individual protein components, there is still a demand for a technology that is able to provide sufficient volumes of entire protein machine, which form the basis of biological functions. This is also Michelle’s, Henry’s and Mike’s experience in their research at NUS. They realize that no suitable technology for the production of protein machines exists. This is why they developed their own technology: the MultiBac technology. The technology The MultiBac technology uses a modified, yet greatly improved version of the so called “baculovirus gene transfer vector” to produce any combination of proteins in great volumes and of high quality. The genes of a great number of proteins, such as human ones, can be placed on this gene transfer vector. This process can be carried out in an ordinary molecular biology laboratory. The MultiBca gene transfer vector multiplies in cell cultures and constitutes no danger to human beings. Therefore, no special health and safety regulations are required to work with this system. The gene transfer vector of the MultiBac system was developed to provide it with a unique feature namely, that is particularly careful in the production of the desired protein machines. For customers, this is a guarantee of the unsurpassed quality of the protein complex produced with the MultiBac technology. In comparison with conventional processes, the simplified MultiBac technology additionally saves a substantial amount of time for the production of the desired protein product: it only takes weeks rather than months. Also, the technology offers the possibility to build numerous different protein complexes from the same protein components on a modular basis and, thus, of supplying individual solution to customers’ problems. Laboratories of renowned research institutes already use MultiBac, which NUS has made available as trial specimens. This shows that the technology works, is mature and has a selling potential. The process was patented last year by NUS, and since then it was developed in the context of employment at the university. However, the rights can be assigned to a start up, for instance, in the form of an exclusive license. The next steps to launch the venture In autumn 2010, Michelle is in the final stages of her doctoral thesis, which she wants to complete by the year. After that, she needs to work full time for the new company. In contrast, Henry and Mike want to retain their jobs at NUS and spend less time on the company. As such, they would not be involved in the company’s operative daily business but will assume an advisory function. They will receive shares in the start-up but will not be on the company payroll. One of the key roles of Henry and Mike will be to guarantee long term access to the latest findings in scientific research. This model, whereby some of the founders remain at the university, has already proved successful in a number of other biotechnology start ups. Research in the field of biotechnology is very costly; both in terms of time and money, so only by retaining close links with a research institution will the company ensure that it will always work with the latest technologies and, thus, remain competitive. One of the greatest challenges currently perceived by the team is to secure funding for the new company. Although the founders are able to invest S$200, 000 of their personal savings into the enterprise and, thus, realize a small scale start up, present plans are based on the assumption that at least S$500 000 of external capital will be needed for the first two years. These funds will primarily serve to finance Michelle’s position and a small team of lab assistants in charge of producing the protein complex for the clients. The product will be sold via a network of sales agents, and other functions, such as accounting and finance, will be outsourced to a professional accountant.

Answer all questions. 1. Should Michelle consider debt or equity to finance QuickBiotech? Explain your answer.

2. Would you consider any alternative sources or finance? Which one? Why?

3. Analyse other issues to be addressed before QuickBiotech is launched.

Use the following information to answer the first 5 questions:

Suppose we wanted to estimate the average age of a certain group of divorced men during 1988 and took a random sample of (n = ) 100 giving us x =35.2 years old.

1. this is the symbol that represents the average age of the population
2. this is the amount of people in the sample
3. this is the average age found from our sample
4. this is the symbol we use to represent the average age of the sample
5. this is the population

Answer choices

(a) 35.2 (b) 100

(c) m (d) x

(e) the average age of a certain group of divorced men during 1988

Suppose we wanted to estimate the average age of a certain group of divorced men during 1988 and took a random sample of n = 7 and received the following ages: 37, 22, 31, 43, 39, 61, and 26.

6) Calculate . You can use a Google Spreadsheet if you’d like since you should know by now how to calculate averages this way. We will learn another way soon (which most of you know at this time from previous courses).

x = 37 years old Answer choices: (a) True (b) False

Use the following information to answer the next three questions and choose the best answer::

To determine the average height of Cornell University males, two Sociology students sampled 50 males, yielding an average height of 5’10”.

7) What is the population parameter of interest?

(a) two Sociology students

(b) 50 males

(c) the average height of Cornell University males

8) What is the sample?

(a) two Sociology students

(b) 50 males

(c) the average height of Cornell University males

9) What symbol would we use to represent the average height of 5’10” ?

(a) n

(b) x

(c) m

Decide if the following statements are descriptive or inferential.

10) About 85% of women in the US have a job.  

11) The mean grade on the MA 161 final given last semester was an 83.

12) Drinking bubble tea can raise cholesterol levels by 10%.  

Answer choices: (a) Descriptive (b) Inferential

Decide if the following statements are quantitative or categorical (if categorical whether they are binary)

13) The age of a groom on his wedding day.

14) Whether a spun penny lands on heads or tails.

Answer choices:

(a) Quantitative

(b) Categorical - not binary    

(c) Categorical - binary

15) Any x found is a parameter Answer choices: (a) True (b) False

Three professors at the University of Macau compared two different approaches to teaching courses in the faculty of business administration. At the time of the study, there were 2,100 students in the faculty, and 96 students were involved in the study. Demographic data collected on these 96 students included year of study (first, second, third, fourth), age, gender, and major. What is the population of interest in the study?

Select one:

a. The demographic data collected from the 96 selected students in the faculty of business administration at the University of Macau at the time of the study.

b. All the students in the faculty of business administration at the University of Macau in the academic year 2019/2020.

c. The 96 selected students in the faculty of business administration at the University of Macau in the academic year 2019/2020.

d. The 2,100 students in the faculty of business administration at the University of Macau at the time of the study.

Assume the US can produce 30 barrels of oil or 15 tons of wheat, while Canada can produce 50 barrels of oil OR 20 tons of wheat. What is the opporunity cost ratios (oil to wheat)for each country? If Canada and the US are trading, who will be exporting Oil? What can the importing nation do to encourage oil production (if it chooses)?

Rocio, an RA and student at FAU, and her father, Nairo, a Columbian citizen, who does not reside in the US, jointly own a townhouse in Boca, where Rocio lived while going to FAU, but Nairo paid $100,000 for it. The townhouse is being sold for $150,000. Dot, a US citizen, is buying the townhouse as rental property. Is Dot required to withhold any amount?