Maximum Word Count 500 words

Essay 20 Marks

b) On Thursday, 4th June 2020, a group of students from University of Ghana Business School (UGBS) and the Department of Political Science were debating whether Management should be classified as a Science or an Art. The students from the Department of Political Science were of the view that Management is an Art whiles those from UGBS believed that it should be considered as a Science. A student from UGBS retorted: “You people even call Political Science a Science how much more management, what is really Science about your Politics?”. Based on this debate, do you think management is a Science or an Art? Give examples to support your argument.

Please do it by type not write.

1. Suppose that the publishers of a particular Economics book often used as a requirement in Economics classes raise the price from $40 to $60. Afterwards, they notice that the quantity demanded among college students dropped from 105 to 95, and the quantity demanded among casual readers dropped from 70 to 30.

a. Calculate the price elasticity of demand for students. Then calculate the price elasticity of demand for casual readers. (Note: in each case, the price change is the same).

b. Based on part a, how would you characterize demand for each group of buyers? Explain (briefly) why the elasticities differ.

c. Explain (briefly) how the publishers could use this information to maximize revenue.

The following data are the monthly salaries y and the grade point averages xfor students who obtained a bachelor's degree in business administration.

The estimated regression equation for these data is  = 358.6 + 1,028.6x and MSE =533,607. Use Table 1 of Appendix B.

a. Develop a point estimate of the starting salary for a student with a GPA of 3.0 (to 1 decimal).
$

b. Develop a 95% confidence interval for the mean starting salary for all students with a 3.0 GPA (to 2 decimals).
$ (  ,  )

c. Develop a 95% prediction interval for Ryan Dailey, a student with a GPA of 3.0 (to 2 decimals).
$ (  ,  )

Two random samples are taken, one from among first-year students and the other from among fourth-year students at a public university. Both samples are asked if they favor modifying the student Honor Code. A summary of the sample sizes and number of each group answering "yes'' are given below:

First-Years (Pop. 1):n1=93 x2=56

Fourth-Years (Pop. 2):,n2=97 x1=62

Is there evidence, at an α=0.07 level of significance, to conclude that there is a difference in proportions between first-years and fourth-years? Carry out an appropriate hypothesis test, filling in the information requested.

A. The value of the standardized test statistic:

B. The P-value is

A statistics teacher believes that the final exam grades for her business statistics class have a normal distribution with a mean of 82 and a standard deviation of 8.

(1)Find the score which separates the top 10% of the scores from the lowest 90% of the scores.

(2)

The teacher plans to give all students who score in the top 10% of scores an A. Will a student who scored a 90 on the exam receive an A? Explain.

(3)

Find the score which separates the lowest 20% of the scores from the highest 80% of the scores.
(4)

The teacher plans to give all students who score in the lowest 10% of score an F. Will a student who scored a 65 on the exam receive an F? Explain.

1. Professor Bailey wanted to assess his students’ understanding of statistics. He decided to test both their problem- solving ability, and their conceptual understanding of basic statistics principles governing the topics they had covered so far. He gave his class 2 tests. Test 1 involved problem-solving using statistics formulas and test 2 was conceptual (i.e. it involved students interpreting statistical concepts). The mean on both tests was 70%. However, the standard deviation for the problem-solving test was 5, and the standard deviation for the conceptual test was 10. Based on the information given for both tests, how would you interpret the general performance/ test scores of the class in statistics? Explain your answer.

The Schiffert Health Center at Virginia Tech wants to see whether putting antibacterial soap in the dormitory bathrooms will reduce the number of visits to the infirmary. VT has 47 on-campus residence halls. They are home for 9300 students. Twenty residence halls have been randomly selected. In all 2,000 students spanning over all selected halls. Half of the dormitories are chosen at random and supplied with the special soap; the remaining ones were supplied with regular soap. At the end of the semester, the two types of soap are compared using the number of visits to the infirmary per person per semester.

1. After the data are analyzed, can we generalize our results to the 47 dormitories (population) and why?

Decisions about alpha level may be different, especially as it relates from hard sciences to social sciences. For example, a medical trial for cancer treatments conducts their statistical tests at .0001 – so for every 1 out of 10,000 patients, there may be issues, sickness or even death. For social science, we use alpha .05. We are comfortable with performing research, for example, on students. So we are satisfied with losing 5 out of 100 students or having our results being incorrect 5 out of 100 times. Do you agree with these alpha levels? Why or why not? What if your child’s education and the teacher assigned to him/her would be successful 95 out of 100 times?

In Professor Krugman’s economics course, the correlation between the students’ total scores prior to the final exam and their final exam scores is r = 0.7. The pre-final-exam totals for all students in the course have a mean of 265 and a standard deviation of 45. The final exam scores have mean of 76 and standard deviation 9. Professor Krugman has lost Sam’s final exam, but knows that her total before the exam was 290. He decides to predict her final-exam score from her pre-exam total. Use the least-squares best-fit regression line to predict Julie’s final-exam score. Round your answer to one decimal place.