Introductory Statistics for Business and Economics: Theory, Exercises and Solutions PDF
Preview Introductory Statistics for Business and Economics: Theory, Exercises and Solutions
Springer Texts in Business and Economics Jan Ubøe Introductory Statistics for Business and Economics Theory, Exercises and Solutions Springer Texts in Business and Economics Moreinformationaboutthisseriesathttp://www.springer.com/series/10099 Jan Ubøe Introductory Statistics for Business and Economics Theory, Exercises and Solutions 123 JanUbøe DepartmentofBusiness andManagementScience NorwegianSchoolofEconomics Bergen,Norway ISSN2192-4333 ISSN2192-4341 (electronic) SpringerTextsinBusinessandEconomics ISBN978-3-319-70935-2 ISBN978-3-319-70936-9 (eBook) https://doi.org/10.1007/978-3-319-70936-9 LibraryofCongressControlNumber:2017960422 ©SpringerInternationalPublishingAG2017 Revised translation from the Norwegian language edition: Statistikk for økonomifag, (cid:2)c Gyldendal NorskForlagAS2004,2007,2008,2012,2015,AllRightsReserved. Thisworkissubjecttocopyright. AllarereservedbythePublisher,whetherthewholeorpartofthe materialisconcerned,specificallytherightsoftranslation,reprinting,reuseofillustrations,recitation, broadcasting,reproductiononmicrofilmsorinanyotherphysicalway,andtransmissionorinformation storageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilarmethodology nowknownorhereafterdeveloped. Theuseofgeneraldescriptivenames,registerednames,trademarks,servicemarks,etc.inthispublication doesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfromtherelevant protectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformationinthisbook arebelievedtobetrueandaccurateatthedateofpublication.Neitherthepublishernortheauthorsor theeditorsgiveawarranty,expressorimplied,withrespecttothematerialcontainedhereinorforany errorsoromissionsthatmayhavebeenmade.Thepublisherremainsneutralwithregardtojurisdictional claimsinpublishedmapsandinstitutionalaffiliations. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAG Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland Electronic Supplementary Material The online version of this book (https:// doi.org/10.1007/978-3-319-70936-9) contains supplementary material, which is availabletoauthorizedusers. To BerntØksendalwho taughtmeeverything Iknowaboutprobabilitytheory,andJostein Lillestølwho taughtmeallIknowabout statistics. Preface This book has a traditional yet modern approach to teaching statistics. When combinedwithmynewlydevelopedsystemforcollaboratelearning,itiswellsuited for modern teaching formatslike flipped classrooms, but it also serves well if the lecturerprefersamoretraditionalapproach. My system for collaborative learning can be downloaded from the book’s website. The files are available for lecturers only and contain supplementary problems with separate solution files for each chapter. The system is particularly targeted at the average student, and my own students like it a lot. Many of them reportbackthatitisgreatfun! I strongly believe that the best way to learn statistics is by doing. As a consequenceof this, the main bodyof each chapter is shorter than what has been common.The idea is to let students work with exercises as soon as possible, and most of my efforts have been invested in developing interesting, relevant, and to some extent challenging exercises. The exercises are divided into two parts. The exercisesinthefirstpartofeachchapterarestraightforward.Frommyexperience evenexcellentstudentsstrugglealotwhentheystudynewmaterial,andtoquickly gain momentum it is necessary that the first few exercises are very simple. Only when the basic framework is in place is it time to move on to more interesting problems. Asamotivationforfurtherstudies,studentsneedtoseeinterestingapplications from the start. Throughout the book I have picked bits and pieces of theory that are usually taught on a much higher level and organized them such that they are suitableforbeginners.Theseexercisesareallequippedwithashortlabelproviding lecturers with hints of what type of theory/issues they discuss. My approach is muchappreciatedbystudents,whoatanearlystageseethatstatisticsisessentialto anyseriousstudyofeconomics.Inthebeginningofthebookthereareonlyafew suchproblems,butas welearnmorethereismoreroomforrelevantapplications. Someoftheseexercisesarechallenging,butcomplexitywasneveragoal.Nontrivial problemstendtohavenontrivialsolutions,butmyintentistopresenttheoryinthe simplestpossibleway.Thelabeledexercisesarenotalwaysdifficult.Indeed,some oftheexercisesthathavegivenmethemostpleasurehaveaverysimplesolution. My book is one of the very few that makes some use of nonlinear theory, in particulartheoryrelatedtologarithmsandexponentialfunctions.Ihaveoftenheard ix x Preface thatsuchtheoryshouldbeavoidedsinceitistoodifficultforstudents,butfrommy experiencethisisnottrue.Whyatalldoweteachbeginnercoursesinmathematics, if none of this theory is to be used later? To keep things simple, however, I have mainly included computations that would have been considered straightforward whenencounteredinabeginnercourseinmathematics. Many textbooks now focus on software applications. Statistical software is an indispensabletooloncethetheoryisunderstood.Veryoften,however,theusersdo notproperlyunderstandthelimitationsofthetheory,andmisinterpretationsareall too common.The problemis increasing at all levels in science. I refer to and use softwareapplicationsonlysparinglythroughoutthe book.To hedgevariousforms ofmalpractice,IdiscussseveralpitfallsIhavecomeacross,intheexercises. Alotofpeoplehavecontributedtothisbook,andIwillmentiononlyafew.First of all I wish to thank all my former students at Norwegian Schoolof Economics. Thesestudentshavebeenmyfortunein life,andfewof theexercisesin thisbook would ever materialized had it not been for such abundance of ability and talent. SecondIshouldthankPerOscarAndersenforhisneverendingencouragementfor the Norwegian edition and Arve Michaelsen for endless hours of typesetting and preparation of figures. Bernt Øksendal deserves a special thanks for teaching me probability theory and for being a constant source of inspiration. Jostein Lillestøl deservesaspecialthanksforteachingmestatistics,andJostein’sbrillianttextbook in statistics has no doubt served as a template for my own presentation. Jonas Andersson deserves a special thanks for the many times he clarified points I did notfullyunderstand. LastIwishtothanktheeditorialstaffatSpringerforaverypositive,swift,and professionalhandlingofmymanuscript. Bergen,Norway JanUbøe October2017 Contents 1 DescriptiveStatistics ....................................................... 1 1.1 PopulationandSamples............................................ 1 1.2 TheMedian.......................................................... 4 1.3 QuartilesandMode................................................. 6 1.4 RelativeFrequencyandHistograms ............................... 7 1.5 TheMean............................................................ 8 1.6 SampleVarianceandSampleStandardDeviation................. 10 1.7 SampleCovarianceandCoefficientofVariation.................. 12 1.8 UsingExcel ......................................................... 17 1.9 SummaryofChap.1................................................ 18 1.10 ProblemsforChap.1 ............................................... 20 2 Probability................................................................... 27 2.1 SampleSpace ....................................................... 27 2.2 Probability........................................................... 29 2.2.1 Events .................................................... 30 2.2.2 UniformProbability ..................................... 30 2.2.3 SetTheory................................................ 31 2.2.4 ComputingProbabilities................................. 33 2.2.5 TheNegationPrinciple.................................. 35 2.3 SummaryofChap.2................................................ 35 2.4 ProblemsforChap.2 ............................................... 36 3 Combinatorics .............................................................. 41 3.1 CountingCombinations ............................................ 41 3.1.1 OrderedSelections....................................... 42 3.1.2 UnorderedChoicesWithoutReplacement.............. 44 3.1.3 CombinatorialProbabilities............................. 47 3.2 SummaryofChap.3................................................ 49 3.3 ProblemsforChap.3 ............................................... 49 xi
The list of books you might like
