Say Table-2, provides the data on the number of enrolments in the three BSc courses for “Male”and “Female” gender students. Given this information, answer the given subquestions. Figure from the passage in the original paper If a 20% confidence interval is considered, then which of the following statements is/are true (choose all that is applicable)

(A) If the p-value for the test is 0.35, conclude that the course enrolments are independent of gender

(B) If the p-value for the test is 0.35, conclude that the course enrolments are not independent of gender

(C) If the computed test statistic is less than the chi-square tabulated, then conclude that the course enrolments are not independent of gender

(D) If the computed test statistic is greater than the chi-square tabulated, then conclude that the course enrolments are independent of gender

Business Analytics Quiz 1 PYQ May 2023: 16 Jul 2023

Question 1

+1 markOne correct option

When is a “Table” the best visualisation option for presenting data?

A
When the outliers in the data need to be shown
B
When trends in the data need to be shown
C
When proportions in the data need to be shown
D
None of these

Show answer

Correct answer

D
None of these

Question 1 on its own page

Question 2

+1 markOne correct option

The table below provides the summary statistic for a random variable. Then what distribution could be a good fit for this random variable?

A
Poisson distribution
B
Normal distribution
C
Uniform distribution
D
Standard normal distribution

Show answer

Correct answer

B
Normal distribution

Question 2 on its own page

Question 3

+1 markOne correct option

For a linear demand response curve, the satiating price is __

A
The price at which the profits are maximum
B
The price at which demand is zero
C
The price beyond which the consumer surplus exists
D
The price beyond which latent demand exists

Show answer

Correct answer

B
The price at which demand is zero

Question 3 on its own page

Question 4

+1 markOne or more correct options

Which of the following distributions is/are not symmetric in nature (select all that are applicable)?

Select all that apply.

A
Standard Normal distribution
B
Standard Binomial distribution
C
Uniform distribution between [-1 to +1]
D
Poisson distribution

Show answer

Correct answer

D
Poisson distribution

Question 4 on its own page

Question 5

+1 markOne or more correct options

A distribution is left tailed if (select all that is applicable)

Select all that apply.

A
Coefficient of variation is positive
B
Skewness is positive
C
Skewness is negative
D
Cannot say without the histogram

Show answer

Correct answer

C
Skewness is negative

Question 5 on its own pageAlso asked in End Term 3 Apr 2022

Question 6

+1 markOne or more correct options

For a demand response curve which has constant elasticity, which of the following statements are true (choose all that are applicable)

Select all that apply.

A
If the curve is for an inelastic product, the revenue is increased only by setting price close to zero
B
If the curve is for an inelastic product, the revenue is increased by simply increasing the prices
C
If the curve is for an elastic product, the revenue is increased by simply increasing the prices
D
If the curve is for an elastic product, the revenue is increased only by setting price close to zero

Show answer

Correct answers

B
If the curve is for an inelastic product, the revenue is increased by simply increasing the prices
D
If the curve is for an elastic product, the revenue is increased only by setting price close to zero

Question 6 on its own page

Question 7

+2 marksNumerical answer

Suppose a factory manufactures products on three machines A, B and C. Suppose 65% of total output comes from machine A, 30% of total output comes from machine B and 5% of total output comes from machine C. From the past data, it is known that 1% of products by machine A are defectives, 2% of products by machine B are defectives and 10% of products by machine C are defectives. What is the probability that the product has come from machine B, given that it is defective?

Show answer

Correct answer: 0.34 (accepted within ±0.02)

Question 7 on its own page

Question 8

+1 markNumerical answer

Say, Table-1 specifies the win results for the teams that batted first during the PARADOX Cricket Games. You are now interested to generate more data on win margins for Teams that bat first during future PARADOX games, which will be used as part of your business proposal to improve the pitch. Accordingly, you are told that the win margins are uniformly distributed between 1 and 10 runs U[1,10] for any given game in the future. Then answer the given subquestions.

What is the expected number of runs by which a team batting first will win a game?
Note: Round your answer to one decimal point. Example, if your answer is "1.245", enter the answer as "1.2"

Show answer

Correct answer: 5.5

Question 8 on its own page

Question 9

+2 marksNumerical answer

Say, Table-1 specifies the win results for the teams that batted first during the PARADOX Cricket Games. You are now interested to generate more data on win margins for Teams that bat first during future PARADOX games, which will be used as part of your business proposal to improve the pitch. Accordingly, you are told that the win margins are uniformly distributed between 1 and 10 runs U[1,10] for any given game in the future. Then answer the given subquestions.

What is the value of the computed test statistic?
Note: Round your answer to one decimal point. Example, if your answer is "1.245", enter the answer as "1.2"

Show answer

Correct answer: 2.1 (accepted within ±0.1)

Question 9 on its own page

Question 10

+1 markNumerical answer

Say, Table-1 specifies the win results for the teams that batted first during the PARADOX Cricket Games. You are now interested to generate more data on win margins for Teams that bat first during future PARADOX games, which will be used as part of your business proposal to improve the pitch. Accordingly, you are told that the win margins are uniformly distributed between 1 and 10 runs U[1,10] for any given game in the future. Then answer the given subquestions.

What is the number of degrees of freedom for the test?

Show answer

Correct answer: 4

Question 10 on its own page

Question 11

+1 markOne correct option

Say, Table-1 specifies the win results for the teams that batted first during the PARADOX Cricket Games. You are now interested to generate more data on win margins for Teams that bat first during future PARADOX games, which will be used as part of your business proposal to improve the pitch. Accordingly, you are told that the win margins are uniformly distributed between 1 and 10 runs U[1,10] for any given game in the future. Then answer the given subquestions.

The p-value of the chi-square goodness of fit test represents __

A
The chance of observing the sample when the null hypothesis is false
B
The chance of observing the sample when the alternative hypothesis is true
C
The chance of observing the sample at the specified level of significance
D
None of these

Show answer

Correct answer

D
None of these

Question 11 on its own page

Question 12

+1 markNumerical answer

Say, Table-1 specifies the win results for the teams that batted first during the PARADOX Cricket Games. You are now interested to generate more data on win margins for Teams that bat first during future PARADOX games, which will be used as part of your business proposal to improve the pitch. Accordingly, you are told that the win margins are uniformly distributed between 1 and 10 runs U[1,10] for any given game in the future. Then answer the given subquestions.

If the p-value for the test is 0.75, then what should be the minimum level of significance needed if we need to conclude that the sample indeed comes from a U[1,10]
Note: Round your answer to one decimal point. Example, if your answer is "1.245", enter the answer as "1.2"

Show answer

Correct answer: 0.755 (accepted within ±0.005)

Question 12 on its own page

Question 13

+2 marksNumerical answer

Say Table-2, provides the data on the number of enrolments in the three BSc courses for “Male”and “Female” gender students. Given this information, answer the given subquestions.

What is the value for the computed test statistic? (Note-1: round your final answer to two decimal places. Example: If your answer is “1.2345” enter it as “1.23”)

Show answer

Correct answer: 14.5 (accepted within ±0.5)

Question 13 on its own page

Question 14

+2 marksOne or more correct options

Say Table-2, provides the data on the number of enrolments in the three BSc courses for “Male”and “Female” gender students. Given this information, answer the given subquestions.

If a 20% confidence interval is considered, then which of the following statements is/are true (choose all that is applicable)

Select all that apply.

A
If the p-value for the test is 0.35, conclude that the course enrolments are independent of gender
B
If the p-value for the test is 0.35, conclude that the course enrolments are not independent of gender
C
If the computed test statistic is less than the chi-square tabulated, then conclude that the course enrolments are not independent of gender
D
If the computed test statistic is greater than the chi-square tabulated, then conclude that the course enrolments are independent of gender

Show answer

Correct answer

A
If the p-value for the test is 0.35, conclude that the course enrolments are independent of gender

Question 14 on its own page

Question 15

+1 markNumerical answer

Your local grosser has observed that the demand for Butter Milk follows a linear demand response curve. Hence, he has decided to raise the “Butter Milk” price by Rs. 5 rupees per bottle to Rs. 15 per bottle. If the demand was 100 units per day before the rise and is now 80 units per day after the rise, then answer the given subquestions.

What is the elasticity of demand?

Show answer

Correct answer: 0.41 (accepted within ±0.01)

Question 15 on its own page

Question 16

+1 markOne or more correct options

Your local grosser has observed that the demand for Butter Milk follows a linear demand response curve. Hence, he has decided to raise the “Butter Milk” price by Rs. 5 rupees per bottle to Rs. 15 per bottle. If the demand was 100 units per day before the rise and is now 80 units per day after the rise, then answer the given subquestions.

Given the computed elasticity, what can you say about the “Butter Milk” demand? (choose all that are applicable)

Select all that apply.

A
It is elastic
B
It is inelastic
C
It is a luxury
D
It is a necessity
E
Cannot say, insufficient information

Show answer

Correct answer

B
It is inelastic

Question 16 on its own page