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Chapter 1: Q7. (page 49)
Explain how population and variables differ?
The main difference between population and variables is that variables explain the attribute of any population.
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List and define the four elements of a descriptive statistics problem.
Bank corporate mergers. Corporate merger is a means through which one firm (the bidder) acquires control of the assets of another firm (the target). Recently, there was a frenzy of bank mergers in the United States, as the banking industry consolidated into more efficient and more competitive units.
a. Construct a brief questionnaire (two or three questions) that could be used to query a sample of bank presidents concerning their opinions of why the industry is consolidating and whether it will consolidate further.
b. Describe the population about which inferences could be made from the results of the survey.
c. Discuss the pros and cons of sending the questionnaire to all bank presidents versus a sample of 200.
Suppose that a production batch contains 1,000 units and you have to select 10 units for quality assurance. Use a random number generator to select a simple random sample of n = 10 from the production batch.
What is a representative sample? What is its value?
Guilt in decision making. The effect of guilt emotion on how a decision maker focuses on the problem was investigated in the Journal of Behavioral Decision Making (January 2007). A total of 171 volunteer students participated in the experiment, where each was randomly assigned to one of three emotional states (guilt, anger, or neutral) through a reading/writing task. Immediately after the task, the students were presented with a decision problem (e.g., whether or not to spend money on repairing a very old car). The researchers found that a higher proportion of students in the guilty-state group chose to repair the car than those in the neutral-state and anger-state groups.
a. Identify the population, sample, and variables measured for this study.
b. Identify the data-collection method used.
c. What inference was made by the researcher?
d. In later chapters you will learn that the reliability of an inference is related to the size of the sample used. In addition to sample size, what factors might affect the reliability of the inference drawn in this study?
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