Tag: business economics and quantitative methods

Questions Related to business economics and quantitative methods

Mode is that value in a frequency distribution which possesses __________.

business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

  1. minimum frequency

  2. maximum frequency

  3. frequency one

  4. none of the above

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Correct Option: B

In a discrete series having $(2n+1)$ observations, median is ______.

business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

  1. nth observation

  2. $(n+1)$th observation

  3. $[(n+2)/2]th$ observation

  4. $[(2n+1)/2]th$ observation

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Correct Option: B

The average runs of a cricketer in four innings is $32$. How many runs he should score in the fifth inning so that his averages score becomes $50$ runs?

business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

  1. $132$

  2. $122$

  3. $128$

  4. $126$

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Correct Option: B

In a moderately skewed distribution the arithmetic mean is $10$ units and the mode is $7$ units, the median is ______.

business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

  1. $9$

  2. $5$

  3. $8$

  4. $6$

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Correct Option: A

The mean annual salary of all employees in a company is Rs$25,000$. The mean salaries of male and female employees are Rs$27,000$ and $Rs17,000$ respectively, the percentage of males and females employees by the company is _______.

business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

  1. $80,20$

  2. $20,80$

  3. $30,70$

  4. $70,30$

Show answer
Correct Option: A
Explanation:

Given, the mean annual salary of all employees in a company is $Rs\ 25,000$ & mean salaries of male and female employees are $Rs\ 27,000$ and $Rs\ 17,000$ respectively.


Let us consider mean salaries of male as $Rs. 27000$ and female as $17,000$

$\dfrac{27,000x+17,000y}{x+y}=25,000$
$27,000x+17,000y=25,000x+25,000y$
$2000x=8000y$

$x=4y$

Percentage of males $(4y/5y)\times 100=80\%$

Percentage of females $=20\%$

In distribution $25\%$ of the observations are less than $46$ and $25\%$ of the observations are more than $54$. The quartile deviation of the distribution is _______.

business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

  1. $3$

  2. $7$

  3. $4$

  4. $6$

Show answer
Correct Option: C
Explanation:

Quartile deviation divides the series into four equal parts and measures the distance average between the third and the first quartile. The first quartile is denoted as Q1 and the third quartile is denoted as Q3 . 

Q1= 46 and Q3=54

Quartile deviation = (Q3-Q1) /2

                             = (54-46)/2

                             = 8/2

                             = 4

Probability is expressed as _______.

business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

  1. percentage

  2. ratio

  3. proportion

  4. all (a), (b), (c)

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Correct Option: D
Explanation:
Probability shows the relationship between two variables in the form of ratio, percentage or proportion where there the chances of occurrence of one variable is expressed in terms of other variable. Since the value of one variable belongs to the range of value of another variable, the range o probability varies from 0 to 1.

Correlation rank coefficient for the tied rank is 

business economics and quantitative methods linear correlation spearman's coefficient of correlation spearman's rank correlation method correlation coefficients

  1. $1-\dfrac{6\sum D^2}{n(n^2-1)}$

  2. $\dfrac{1}{n}\sum(x-\overline x)(y-\overline y)$

  3. $\dfrac{\dfrac{1}{n}\sum(x-\overline x)(y-\overline y)}{\sigma _x\sigma _y}$

  4. $1-\dfrac{6[\sum D^2+\dfrac{1}{12}(m _1^3-m _1)+frac{1}{12}(m-2^3-m _2)+....]}{n(n^2-1)}$

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Correct Option: D

Rank correlation depends on________________.

business economics and quantitative methods linear correlation spearman's coefficient of correlation spearman's rank correlation method correlation coefficients

  1. a specific distribution

  2. the ranks of observations

  3. the ranks of unknown value

  4. the ranks of known value

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Correct Option: B
Explanation:

Rank correlation is the measure of association or strength between the ranked variables. For example: the rank of this  numerical data 65, 25, 75, 69 would be 3, 4, 1, 2 respectively.

The value of Spearman's rank coefficient lies between 

business economics and quantitative methods linear correlation spearman's coefficient of correlation spearman's rank correlation method correlation coefficients

  1. $2$ and $3$

  2. $1$ and $2$

  3. $0$ and $1$

  4. $-1$ and $1$

Show answer
Correct Option: D
Explanation:

Spearman's rank cofficient : $R=1-\dfrac { 6\sum { { d } _{ i }^{ 2 } }  }{ n({ n }^{ 2 }-1) } $

Its values lies between $-1$ and $1$
So option $D$ is correct.