MAT 003: STATISTICS OBJ

10. Deduce the coefficient of variation of this population

data: 7, 10, 11, 12. A. 1.87 B. 0.187 C. 3.5 D. 0.35

11. A random distribution that measures rare events in space

and time and that has its mean and variance the same is
expressed as MAT 003: STATISTICS ESSAY
A. Beta Distribution. B. Gamma Distribution. (a) The top 45 stocks of the NSE market, ranked by
C. Poisson Distribution. D. Hypergeometric Distribution. percentage of outstanding shares traded on one day last year
are as follows:
12. Determine the number of complete permutations of the
letters of the word MISSISSIPPI. 8.9 12.4 8.6 11.3 9.2 8.8 5.1 6.2 7.0 7.1
11.8 10.7 7.6 9.1 9.2 8.7 9.1 10.9 10.3 9.6
A. 34650 B. 12967 C. 6750 D. 35550 7.8 11.5 9.3 7.9 8.8 8.8 12.7 8.4 7.8 5.7
9.6 8.9 10.2 10.3 7.7 10.6 8.3 8.8 9.5 8.8
23. Calculate the Spearman's rank correlation for the 9.4 9.0 10.5 8.2 10.5
following pairs of numbers (40,27), (50,60), (60,75),
By using a class 5.0 − 5.9, 6.0 − 6.9,
(70,80), (80,67), (90,58).
(i) prepare the frequency distribution table; [3 Marks]
A. 0.1 B. 0.257 C. 0.743 D. 0.876
(ii) find the coefficient of variation of the distribution.
24. A statistical hypothesis can be [3 Marks]
A. null/exact. B. simple/composite. (ii) Does the data represent a sample or a population?
C. null/simple. D. exact/composite [3 Marks]

25. Four coins are tossed together. Determine the probability (b) Two numbers a and b are to be added to set of four
that they will show the same face. A. 1/16 B. 1/8 C. 1/4 numbers: 2, 3, 6, 9 such that the
D. 1/2 mean is increased by 1 and the variance is increased by 2.5.
26. Given the table: Find a and b. [4 Marks]
10
𝑥 0 1 2 (c) Given that 𝐶𝑟+2 = 10 𝐶𝑟 , find the value of 𝑟.
𝑓(𝑥) 1/16 1/2 1/3 [2 Marks]
Compute the variance of 𝑥.

A. 1.1667 B. 0.4048 C. 0.4722 D. 0.5890 [TOTAL=15 Marks]

27. Evaluate the mean of the set of data 97, 91, 94, 90, 89, 6. The table shows heights x and y of a sample of 12
85. A. 95 B. 94 C. 92 D. 91 mothers and their oldest daughters.
28. If two fair dice are tossed, determine the probability that
Height 𝑥 of 65 63 67 64 68 62 70 66 68 67 69 71
the total score that shows up is 8. Mothers
A. 0.1 B. 0.257 C. 1/36 D. 19/36 (inches)

38. Determine the number of different arrangements of the Height y of 68 66 68 65 69 66 68 65 71 67 68 70

letters of the word OGBOMOSO. Daughters
(inches)
A. 1280 B. 1500 C. 1680 D. 2400
2 𝑥 1 5 √5 1 5 5
39. Evaluate ∫1 𝑑𝑥 A. ln B. ln C. ln D.
1+𝑥 2 2 4 2 2 2 2 (a) Construct a scatter diagram. [4 Marks]
40. The sampling technique that does not involve the use of (b) The mean life span of bulbs manufactured by a company
random sampling is identified as A. Quota. B. Stratified. is 1870 hours with standard deviation of 85 hours. If the
C. Systematic. D. Multi-stage. life-span of the bulbs is normally distributed, calculate (with
the extract of the Normal distribution table behind) the
probability that a bulb will cease to function;

1. in more than 1950 hours, [2 Marks]

ii. between 1750 hours and 1900 hours. [2 Marks]

iii. How many bulbs would be expected to last beyond 1900 48. The consumption function for a commodity is C = 200 +
hours, if tested? [2 Marks] 0.25I, where I is the consumption. What is the Marginal
Propensity to Save? A. 0.25 B 0.45 C. 0.55 D. 0.75
(c) If X is a discrete random variable with sample space
1 2 49. Which of the following gives the revenue of a company?
𝑆 = {𝑥: 𝑥 = 0, 1, 2, 3, 4} and 𝑓(𝑥) = (4 𝐶𝑥 ). ( ) . Show that
4
f(x) defines a probability density function. A. Product of selling price and units bought.

B. Product of selling price and units sold.

C. Product of units sold and quantity bought.

D. Product of buying price and units sold. f t...).

50. Consider the following linear programing problem

MAT 004B: APPLIED BUSINESS MATHEMATICS 𝑍 = 15𝑥 + 10𝑦 (1)

(MANAGEMENT SCIENCES AND SOCIAL
SCIENCES) OBJ Subject to:
2𝑥 + 3𝑦 ≤ 15
41. A loan of ₦1000 is given at 15% for 8 months. Find the } (2)
5𝑥 + 7𝑦 ≤ 30
maturity of the loan. A. ₦1050 B. ₦1100 C. ₦1200
D. ₦1300 The inequalities in equation (2) are called
42. What is an amount established so that the maturity value A. objective functions. B. constraints.
exactly equals a specific amount at regular intervals?
A. Annuity. B. Bond. C. Rent. D. Sinking Fund. C. feasible solutions. D. optimal values.

43. The two essential factors of production in the Cobb-

Douglas production formula are
MAT 004B: APPLIED BUSINESS MATHEMATICS
A Land and Entrepreneurship. B. Land and Labour.
9 (a) The demand function 𝑞1 for Beans and yam is given in
C. Capital and Land. D. Capital and Labour. terms of f their prices 𝑝1 and 𝑝2 respectively as 𝑞1 = 30 +
2𝑝1 − 𝑝2 . Given that 𝑝1 = ₦7 and ₦9, determine [3
44. Which of these relations best describe the total cost of Marks]
production?
i. the price elasticity of demand for beans;
A. The sum of marginal cost and variable cost.
ii. the cross elasticity of demand for beans. [2 Marks]
B. The sum of total variable cost and marginal revenue.
(b) If an interest on a sum of money compounded at rate of
C. The sum of marginal revenue and total fixed cost. 4% annually, find
D. The sum of total variable cost and total fixed cost. i. how many years that the sum will be 4 times itself, correct
to nearest year; [3 Marks]
45. Which of the following best describe elasticity (e) of
demand? ii. the rate to the nearest whole number if the sum is doubled
𝑟𝑎𝑡𝑒 𝑜𝑓 𝑐ℎ𝑎𝑛𝑔𝑒 𝑜𝑓 𝑝𝑟𝑖𝑐𝑒 v within 10 years. [3 Marks]
A. 𝑒 =
𝑟𝑎𝑡𝑒 𝑜𝑓 𝑐ℎ𝑎𝑛𝑔𝑒 𝑜𝑓 𝑑𝑒𝑚𝑎𝑛𝑑
(c) Maximize the function 𝑞 = 12𝑎 + 15𝑏 subject to the
𝑟𝑎𝑡𝑒 𝑜𝑓 𝑐ℎ𝑎𝑛𝑔𝑒 𝑜𝑓 𝑑𝑒𝑚𝑎𝑛𝑑
B. 𝑒 = 1 − constraints 4𝑎 + 5𝑏 < 20, Where 𝑎 ≥ 0, 𝑏 ≥ 0. [4 Marks]
𝑟𝑎𝑡𝑒 𝑜𝑓 𝑐ℎ𝑎𝑛𝑔𝑒 𝑜𝑓 𝑝𝑟𝑖𝑐𝑒

𝑟𝑎𝑡𝑒 𝑜𝑓 𝑐ℎ𝑎𝑛𝑔𝑒 𝑜𝑓 𝑑𝑒𝑚𝑎𝑛𝑑 [TOTAL= 15 Marks]

C𝑒 =
𝑟𝑎𝑡𝑒 𝑜𝑓 𝑐ℎ𝑎𝑛𝑔𝑒 𝑜𝑓 𝑝𝑟𝑖𝑐𝑒
10. A pharmaceutical company is formulating a drug which
𝑟𝑎𝑡𝑒 𝑜𝑓 𝑐ℎ𝑎𝑛𝑔𝑒 𝑜𝑓 𝑝𝑟𝑖𝑐𝑒 must contain three chemicals in the following proportion:
D. 𝑒 = 1 +
𝑟𝑎𝑡𝑒 𝑜𝑓 𝑐ℎ𝑎𝑛𝑔𝑒 𝑜𝑓 𝑑𝑒𝑚𝑎𝑛𝑑
chemical P at least 7 units. chemical Q not more than 10
46. Calculate the first payment made by Mr. Iyanda after units and Chemical R at least 15units. The pharmaceutical
borrowing ₦1000 yearly instalment and repays ₦50 at 8% company gets chemical supplies from two companies,
per annum. A. ₦64.92 B. ₦46.29 C. ₦96.24 D. ₦42.96 company A Supplies chemical X which contains 2 units of
P, I unit of Q and 1 unit of R. Company B supplies chemical
47. The production function of a company is given by 𝑄 = Y which contains 1 unit each of P and Q. and 3 units of R. X
1 2
2𝑥 2 𝑦 3 , where 𝑥 and 𝑦 are labour and capital respectively. sells for ₦24 per kg while Y sells for ₦36 per kg.
1 2
Find the marginal productivity of labour. A. 2𝑥 2 𝑦 3 (a) State the objective function and outline the constraints.
1 2 1 2 1 2
− − − − [2 ½ Marks]
B. 𝑥 𝑦 2 3 C. 4𝑥 𝑦2 3 D. 3𝑥 𝑦 2 3

(b) i. Solve the problem graphically. [5 Marks]

ii What kilogram of 𝑥 and y should the pharmaceutical
company buy to minimize cost? [½ Mark]

(c) At what rate per annum compounded interest will the

sum of ₦2000 mature to ₦3000 in 4 years if the interest is
reckoned half-yearly? (7 Marks]