Business Mathematics and

Statistics
6th Class
21st February 2019
Radical and Exponents
• Radical
• In mathematics, a radical expression is defined as any expression containing a
radical (√) symbol. Many people mistakenly call this a 'square root' symbol,
and many times it is used to determine the square root of a number. However,
it can also be used to describe a cube root, a fourth root, or higher.
• When the radical symbol is used to denote any root other than a square root,
there will be a superscript number in the 'V'-shaped part of the symbol. For
example, 3√(8) means to find the cube root of 8. If there is no superscript
number, the radical expression is calling for the square root.
• The term underneath the radical symbol is called the radicand.
Exponents
• Exponents are shorthand for repeated multiplication of the same thing
by itself. For instance, the shorthand for multiplying three copies of
the number 5 is shown on the right-hand side of the "equals" sign in
(5)(5)(5) = 53. The "exponent", being 3 in this example, stands for
however many times the value is being multiplied. The thing that's
being multiplied, being 5 in this example, is called the "base".
• This process of using exponents is called "raising to a power", where
the exponent is the "power". The expression "53" is pronounced as
"five, raised to the third power" or "five to the third“ or “Five raised to
the power three”.
 Laws of Exponents
• There are many laws of exponents that should be memorized and practiced in order to be
thoroughly understood. The following exponent laws are detailed more thoroughly with
examples on the exponential powers page and the radicals & roots page.
Some Problems
• Exponent
• Simplify (7.5*105) / (25*10-4)
• Find x if 32x-1 + 32x+1 = 270
• Simplify [10 [ (216)1/3 + (64)1/3 ]3]3/4
• Fraction
• 1. Sam had 120 teddy bears in his toy store. He sold 2/3 of them at $12
each. How much did he receive?
• 2. In a restaurant, 2/3 of the diners order drinks. Of those who order drinks,
1/2 order coffee. What fraction of the diners in the restaurant order coffee?
• 3. A factory produce 4000 units of goods each day. But each assembly line
produce one-third of total goods each day. They produce 24000 goods in six
days. How many assembly line are there in the factory?
Exponential growth / decay formula A = Pert
• where "A" is the ending amount of whatever you're dealing with (money,
bacteria growing in a petri dish, radioactive decay of an element
highlighting your X-ray), "P" is the beginning amount of that same
"whatever", "r" is the growth or decay rate, and "t" is time.
• A = Pert ...or... A = Pekt ...or... Q = Nekt ...or... Q = Q0ekt
1. A biologist is researching a newly-discovered species of bacteria. At time
t = 0 hours, he puts one hundred bacteria into what he has determined to be
a favorable growth medium. Six hours later, he measures 450 bacteria.
Assuming exponential growth, what is the growth constant "k" for the
bacteria? (Round k to two decimal places.)
• The End
Population and Sample
• The population is the set of entities under study.
• the mean height of men
• This is a hypothetical population because it includes all men that have lived,
are alive and will live in the future
• Typically it is impossible to survey/measure the entire population because not
all members are observable
• men who will exist in the future
• Men who have died
• If it is possible to enumerate the entire population it is often costly to do so
and would take a great deal of time.
• here "men" are population and their height is a parameter of interest,
Cont…
• But, we could take a subset of this population called a sample
• use this sample to draw inferences about the population under study
• Mean height of men could be measured in a sample of the population which
is called a statistic
• This statistic is used to draw inferences about the parameter of interest in the
population.
• It is an inference because there will be some uncertainty and inaccuracy involved in
drawing conclusions about the population based upon a sample.
• This should be obvious - we have fewer members in our sample than our population
therefore we have lost some information.
• There are many ways to select a sample and the study of this is called
sampling theory.
Cont…
• A commonly used method is called Simple Random Sampling (SRS).
• In SRS each member of the population has an equal probability of being
included in the sample, hence the term "random".
• There are many other sampling methods e.g.
• stratified sampling
• cluster sampling
• Systematic sampling
• Probability-proportional-to-size sampling
• Minimax sampling etc
• all have their advantages and disadvantages.
Reasons or need for sampling than census
• Reasons for sampling instead of census / Need for sampling
• There are many reasons for sampling
1. Economy
• Unit cost of collecting data in the case of sampling is significantly less then in the case of census
2. Timeliness
• Unit time involve in the case of sampling then in the case census but due to the larger size of population
total time involve in the case of census in significantly higher then in the case of sampling.
3. Large size of many population
• In some cases the size of the population is extremely large. All of them are not traceable due to, in traveling,
disease, death, mental abnormality, prisoners etc.
• In that situation the only way to conduct the research is collecting data through a sample survey.
4. Inaccessibility of the entire population.
• Population is not accessible by some obvious reasons, like law and order situation, war torn areas
5. Reliability or accuracy.
• Now with modern statistical tools and techniques, margin of error can be reduced, which results in more
reliable and accurate results.
Size
• There are various formulas for calculating the required sample size based
upon whether the data collected is to be of a categorical or quantitative nature
(e.g. is to estimate a proportion or a mean).
• These formulas require knowledge of the variance or proportion in the
population and a determination as to the maximum desirable error, as well as
the acceptable Type I error risk (e.g., confidence level).
• It is possible to use one of them to construct a table that suggests the optimal
sample size – given a population size, a specific margin of error, and a desired
confidence interval.
• Researchers/Statisticians have developed a table for optimal sample size with
respect to the population size
• This can help researchers avoid the formulas altogether.
Cont..
• Professional researchers typically set a sample size level of about 500 to
optimally estimate a single population parameter (e.g., the proportion of likely
voters who will vote for a particular candidate).
• This will construct a 95% confidence interval with a Margin of Error of about
±4.4% (for large populations).
• Since there is an inverse relationship between sample size and the Margin of
Error, smaller sample sizes will yield larger Margins of Error.
• For example, a sample size of only 100 will construct a 95% confidence interval with a
Margin of Error of almost ±13%, too large a range for estimating the true population
proportion with any accuracy.
Cont…
• Formula

• Derived by Krejcie & Morgan in their 1970 article “Determining Sample

Size for Research Activities” (Educational and Psychological Measurement,
#30, pp. 607-610). http://journals.sagepub.com/doi/abs/10.1177/001316447003000308
Distribution
• It is important to remember that the sample we draw from the population is
only one from a large number of potential samples.
• If ten researchers were all studying the same population, drawing their own
samples then they may obtain different answers.
• each of the ten researchers may come up with a different mean height of men
i.e. the statistic in question (mean height) varies of sample to sample-- it has a
distribution called a sampling distribution.
• Distribution is used to understand the uncertainty in estimate of the population
parameter.
• It the probability distribution which tells about the sample means, where the
data is
Cont…
• A probability distribution tells you what the probability of an event happening
is.
• Probability distributions can show simple events, like tossing a coin or picking a
card.
• They can also show much more complex events, like the probability of a certain
drug successfully treating cancer.
• There are many types of probability distributions in statistics including:
• Basic probability distributions which can be shown on a probability distribution table.
• Binomial distributions, which have “Successes” and “Failures.”
• Normal distributions, sometimes called a Bell Curve.
• The sum of all the probabilities in a probability
distribution is always 100% (or 1 as a decimal).
There are lots and lots of distributions. You can search and read
Con..
• Normal distribution occurs naturally in many situations. For example, the bell
curve is seen in tests like the Class tests and GRE. The bulk of students will
score the average (C), while smaller numbers of students will score a B or D.
An even smaller percentage of students score an F or an A.
• This creates a distribution that resembles a bell (hence the nickname). The bell
curve is symmetrical. Half of the data will fall to the left of the mean; half will
fall to the right.
• Many groups follow this type of pattern. That’s why it’s widely used in
business, statistics and in government bodies.
• Properties of a normal distribution
• The mean, mode and median are all equal.
• The curve is symmetric at the center (i.e. around the mean, μ).
• Exactly half of the values are to the left of center and exactly half the values are to the
right.
• The total area under the curve is 1.
Cont…
• The empirical rule tells you what percentage of your data falls within a certain
number of standard deviations from the mean:
• 68% of the data falls within one standard deviation of the mean.
• 95% of the data falls within two standard deviations of the mean.
• 99.7% of the data falls within three standard deviations of the mean.
Home Work:
Mean, Mode,
Median, Varience,
Standard
Deviation

• The following table shows the probability distribution of a tomato packing

plant receiving rotten tomatoes
Problems
1. In a class on 100 students, 80 students passed in all subjects, 10 failed in one subject, 7
failed in two subjects and 3 failed in three subjects. Find the probability distribution of
the variable for number of subjects a student from the given class has failed in.
2. A die is having 6 sides has two dots on 3 sides, four dots on 2 sides and six dot on 1 side.
Find the probability distribution of getting a number on rolling the die.
3. A radar unit is used to measure speeds of cars on a motorway. The speeds are normally
distributed with a mean of 90 km/hr and a standard deviation of 10 km/hr. What is the
probability that a car picked at random is travelling at more than 100 km/hr?
4. The length of similar components produced by a company are approximated by a normal
distribution model with a mean of 5 cm and a standard deviation of 0.02 cm. If a
component is chosen at random
1. what is the probability that the length of this component is between 4.98 and 5.02 cm?
2. what is the probability that the length of this component is between 4.96 and 5.04 cm?
5. If mean of a given data for a random value is 81.1 and standard deviation is 4.7, then find
the probability of getting a value more than 83.