04-Business-Mathematics

Q.1 Describe the properties of Arithmetic Mean with an example.

Similarly = total of the observations of the first
Answer:
sample
The combined mean of the two samples
Properties Of Arithmetic Mean
1. The sum of the deviations, of all the values of x, from their
arithmetic mean, is zero. =
Justification :
Since is a constant, =

Example The average marks of three batches of students having 70, 50

2. The product of the arithmetic mean and the number of items and 30 students respectively are 50, 55 and 45. Find the average marks
gives the total of all items. of all the 150 students, taken together.

Solution :
Justification :
Let x be the average marks of all 150 students taken together.
Batch - I Batch - II Batch - III
or

3. If and are the arithmetic mean of two samples of sizes n1

A. marks : = 50 = 55 = 45
and n2 respectively then, the arithmetic mean of the
distribution combining the two can be calculated as No. of students n1 = 70 n2 = 50 n3 = 30

This formula can be extended for still more groups or samples.

Justification : = total of the

observations of the first sample

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Q.2 What is Statistics? Discuss its characteristics and functions.  Statistical laws are valid on the average or in the long run. There is no
Answer: guarantee that a certain law will hold in all cases. Statistical inference is
therefore made in the phase of certainty.
Statistics is the science of collection, analysis, and presentation of data.  Statistical results might be misleading and incorrect if sufficient care in
Statisticians contribute to scientific enquiry by applying their knowledge to the collecting, processing and interpreting the data is not exercised or if the
design of surveys and experiments; the collection, processing, and analysis of statistical data is handled by a person who is not well versed in the
data; and the interpretation of the results. subject matter of statistics.

Statisticians may apply their knowledge of statistical methods to a variety of F U N C T I O N S O F S T A T I S T I C S

subject areas, such as biology, economics, engineering, medicine, public health, Statistics is used for various purposes. It’s used to simplify mass data and tomake
psychology, marketing, education, and sports. comparisons easier. It’s also used to bring out trends and tendenciesin the data as
well as the hidden relations between variables. All this helps tomake decision
Many economic, social, political, and military decisions cannot be made without making much easier. Let us look at each function of statisticsin detail.
statistical techniques, such as the design of experiments to gain federal approval
of a newly manufactured drug. 1) Statistics simplifies mass date-
the use of statisticalconcepts helps in simplification of complex data. Using
Characteristics of Statistics statisticalconcept, the manager can make decisions more easily. Thestatistical
Statistics is a subject in its own right. It may therefore be desirable to know the methods help in reducing the complexity of the data andconsequently in the
characteristic feature of statistics in order to appreciate and understand its general understanding of any huge mass of data.
nature. Some of its important characteristics are given below:
 Statistics deals with the behavior of aggregates or large group of data. It 2) Statistics makes comparison easier -
has nothing to do with what is happening to a particular individual or Without using statisticalmethods and concepts, collection of data and comparison
object of the aggregate. can’t bedone easily. Statistics helps us to compare data collected fromdifferent
 Statistics deals with aggregates of observations of the same kind rather sources. Grand totals, measures of central tendency,measures of dispersion,
than isolated figures. graphs and diagrams, coefficient of correlation all provide ample scopes for
 Statistics deals with variability that obscures underlying patterns. No two comparison.
objects in this universe are exactly alike. If they were, there would have
been no statistical problem. 3)Statistics brings out trends and tendencies in the data -
 Statistics deals with uncertainties as every process getting observations Afterdata is collected, it’s easy to analyse the trend and tendencies in thedata by
whether controlled or uncontrolled, involves deficiencies or chance using the various concepts of Statistics.
variation. That’s why we have to talk in terms of probability.
 Statistics deals with those characteristics or aspects of things which can 4)Statistics bring out the hidden relations between variables-
be describes numerically either by counts or by measurements. Statistical analysis helps in drawing inferences on data. Statisticalanalysis brings
 Statistics seals with those aggregates which are subject to a number of out the hidden relations between variables.
random causes, e.g. the heights of persons are subject to a number of
causes such as rays, ancestry, age, diet, habits, climate and so forth. 5)Decision making power becomes easier -

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With the properapplication of Statistics and statistical software packages on The most common method used for (point) estimation is maximum likelihood
thecollected data, managers can take effective decisions, which canincrease the estimation (MLE), which consists in choosing the estimate that maximizes the
profit in a business. probability of the statistical material. Formally:
Q.3 Write short notes on any two of the following:
(a)Statistical Inference 1. Given a statistical material (x1, ..., xn) amd a set of parameters θ, the
likelihood function L is:
Statistical inference is the science of making predictions or inferences from finite L(x1, ..., xn, θ) = ∏i Pθ(xi)
sets of observations (samples) to potentially infinite sets of new observations where Pθ(xi) is the probability that the variable Xi assumes the value xi
(called populations or models). We begin by defining the fundamental notions of given a set of values for the parameters in θ.
random sample and statistical material for a stochastic variable X: 2. Maximum likelihood estimation means choosing θ so that the likelihood
function is maximized:
1. A vector (X1, ..., Xn) of independent variables Xi with the same maxθ L(x1, ..., xn, θ)
distribution as X is said to be a random sample of X.
2. A vector of values (x1, ..., xn) such that Xi = xi in a particular experiment Special cases of MLE:
is called a statistical material. 1. The sample mean of X is a MLE of E[X].
2. The relative frequency of x is a MLE of P(X = x).
Given a random sample of a variable X, we can define new stochastic variables
that are functions of the sample, called sample variables: MLE is a good solution to the estimation problem if the statistical material is large
enough. In practice, MLE is often suboptimal because of sparse data. Practical
1. The sample mean: mn = 1/n ∑i Xi solutions to the estimation problem often use MLE as a starting point, applying
2. The sample variance: sn2 = 1/(n-1) ∑i (Xi - mn)2 more or less sophisticated smoothing methods in order to improve the quality of
the estimate.
There are essentially two kinds of statistical inference:
The basic reasoning underlying most statistical hypothesis tests can be
1. Estimation: Use samples and sample variables to predict population summarized as follows:
variables.
2. Hypothesis testing: Use samples and sample variables to test hypotheses 1. Choose a test statistic t whose distribution is known when the null
about populations and population variables. hypothesis is true.
2. Use t to calculate the probability p of observing the data given that the
Estimation can in turn be divided into two main types: null hypothesis is true.
3. If p < α, reject the null hypothesis, where α is the significance level
1. Point estimation: Use sample variable f(X1, ..., Xn) to estimate parameter adopted.
φ.
2. Interval estimation: Use sample variables f1(X1, ..., Xn) and f2(X1, ..., Xn) Essentially the same reasoning can be used for interval estimation, where the idea
to construct an interval such that is to make the width of the interval such that the true value of the parameter is
P(f1(X1, ..., Xn) < φ < f2(X1, ..., Xn)) = p, where p is the confidence level inside the interval with probability p, where p is the adopted confidence level
adopted. (typically 0.95 or 0.99).

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(b) Mathematical Induction = k2 + (2k+1)

= (k+1)2
Mathematical Induction (MI) is an extremely important tool in Mathematics.
Which exactly means that P(k+1) holds. (For 2k+1 = 2(k+1)-1.) Therefore,
First of all you should never confuse MI with Inductive Attitude in Science.
P(n) is true for all n starting with 1.
The latter is just a process of establishing general principles from particular
cases.
Intuitively, the inductive (second) step allows one to say, look P(1) is true and
implies P(2). Therefore P(2) is true. But P(2) implies P(3). Therefore P(3) is
MI is a way of proving math statements for all integers (perhaps excluding a
true which implies P(4) and so on. Math induction is just a shortcut that
finite number) [1] says:
collapses an infinite number of such steps into the two above.
In Science, inductive attitude would be to check a few first statements, say,
Statements proved by math induction all depend on an integer, say, n. For
P(1), P(2), P(3), P(4), and then assert that P(n) holds for all n. The inductive
example,
step "P(k) implies P(k + 1)" is missing. Needless to say nothing can be proved
(1) 1 + 3 + 5 + ... + (2n - 1) = n2
this way.
(2) If x1, x2, ..., xn > 0 then (x1 + x2 + ... + xn)/n ≥ (x1·x2·...·xn)1/n
etc. n here is an "arbitrary" integer.
Remark
It's convenient to talk about a statement P(n). For (1), P(1) says that 1 = 1 2 1. Often it's impractical to start with n = 1. MI applies with any starting
which is incidently true. P(2) says that 1 + 3 = 22, P(3) means that 1 + 3 + 5 = integer n0. The result is then proved for all n from n0 on.
32. And so on. These particular cases are obtained by substituting specific 2. Sometimes, instead of 2., one assumes 2':
values 1, 2, 3 for n into P(n). Assume that P(m) is true for all m < (k + 1).
Derive from here that P(k+1) is also true. The two approaches are
Assume you want to prove that for some statement P, P(n) is true for all n equivalent, because one may consnider a statement Q: Q(n) = P(1)
starting with n = 1. The Principle (or Axiom) of Math Induction states that, to and P(2) and ... and P(n), so that Q(n) is true iff P(1), P(2), ..., P(n)
this end, one should accomplish just two steps: are all true.
1. Prove that P(1) is true.
2. Assume that P(k) is true for some k. Derive from here that P(k+1) is This variant goes by the name of Complete Induction or Strong Induction.
also true. In problem solving, mathematical induction is not only a means of proving an
existing formula, but also a powerful methodology for finding such formulas
The idea of MI is that a finite number of steps may be needed to prove an in the first place. When used in this manner MI shows to be an outgrowth of
infinite number of statements P(1), P(2), P(3), .... (scientific) inductive reasoning - making on conjectures on the basis of a finite
set of observations.
Let's prove (1). We already saw that P(1) is true. Assume that, for an arbitrary
k, P(k) is also true, i.e. 1 + 3 + ... + (2k-1) = k2. Let's derive P(k+1) from this
assumption. We have
1 + 3 + ... + (2k-1) + (2k+1) = [1 + 3 + ... + (2k-1)] + (2k+1)

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Q.4 What are the properties of the triangle? Explain. Also:

Answer:
Triangle properties 1. The shortest side is always opposite the smallest interior angle
Vertex The vertex (plural: vertices) is a corner of the triangle. 2. The longest side is always opposite the largest interior angle
Every triangle has three vertices.
Terminology
Base The base of a triangle can be any one of the three sides,
usually the one drawn at the bottom. You can pick any
side you like to be the base. Commonly used as a
reference side for calculating the area of the triangle. In
an isosceles triangle, the base is usually taken to be the
unequal side.
It is usual to name each vertex of a
Altitude The altitude of a triangle is the perpendicular from the
triangle with a single capital (upper-case) letter. The sides can be
base to the opposite vertex. (The base may need to be
named with a single small (lower case) letter, and named after the
extended). Since there are three possible bases, there
opposite angle. So in the figure on the right, you can see that side b is
are also three possible altitudes. The three altitudes
opposite vertex B, side c is opposite vertex C and so on.
intersect at a single point, called the orthocenter of the
triangle.
Alternatively, the side of a triangle can be thought of as a line segment
Median The median of a triangle is a line from a vertex to the joining two vertices. So then side b would be called
midpoint of the opposite side. The three medians
intersect at a single point, called the centroid of the AC. This is the form used on this site because it is consistent across all
triangle shapes, not just triangles.

Area The number of square units it takes to exactly fill the Properties of all triangles
interior of a triangle These are some well known properties of all triangles. See the section
below for a complete list
Perimeter The distance around the triangle. The sum of its sides
 The interior angles of a triangle always add up to 180°
Interior angles The three angles on the inside of the triangle at each  The exterior angles of a triangle always add up to 360°
vertex.

Exterior angles The angle between a side of a triangle and the

extension of an adjacent side.

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Q.5 Define a relation on a Set. What do you mean by the domain and For a finite set, if we use a table to represent a relation then it is easy to spot
range of a relation? Give Examples. some of these properties provided we list the column elements across the top
Answer: of the tabe in the same order as the row elements down the table. The relation
is reflexive if the diagonal entries are all 1 and irreflexive if all the diagonal
Relations on a set entries are zero. The relation is symmetric if the lower triangle below the
In this section we restrict ourselves to talking about relations on a set A and diagonal is the reflection across the diagonal of the upper triangle. It is
define some properties a relation may have. antisymmetric if whenever the (a,b) position is 1 then the (b,a) position is 0.
Note that it is OK to have both positions 0 in this case. Unfortunately, we can
not observe transitivity so readily.
A relation on A is said to be reflexive if for each a is related to a. If we

let R denote the relation then we have aRa for each . An example of a
Defining domain and range of relation
non reflexive relation is the relation "is the father of" on a set of people. As no
A relation R between the elements of a set X and the elements of a set Y
person is the father of themself the relation is not reflexive. As another
is the set of pairs (x, y) where x is an element of X and y is an element of Y .
example consider the relation on defined by if is odd. The relations nay not include all pairs giving us a correspondence between
some
Then 1 1 and 3 3 but 0 0 and so the relation is not reflexive. values of x and some values of y only. There are always two sets associated
with
a relation R:
A relation on A is said to be irreflexive if for each a is not related to a.
This is not the negation of the definition of reflexive. The relation "is the (1) the set of values of the variable x which have a pair in the relation R;
father of " is irreflexive.
(2) the set of values of the variable y which have a pair in the relation R.
A relation R on A is symmetric if given then . The relation "is the Below we give more precise definition.
sister of" is not symmetric on a set that contains a brother and sister but would
be symmetric on a set of females. The empty relation on a set is an example of DEFINITION.
a symmetric relation since the statement "if aRb" is always false. Let R be a relation. Then R is a subset of the set of all pairs

{(x, y)|x belongs X and y belongs to Y }.

A relation R on A is antisymmetric if given then . Again, it is
possible to have relations that are neither symmetric nor antisymmetric. The domain of R is the set

A relation R on A is transitive if given aRb and bRc then aRc. The relation "is {x|x belongs to X and there exists y in Y such that x is related to y}.
an ancestor of" on a set of people is transitive as is the empty relation on a set.
The range of R is the set

{y|y belongs to Y and there exists x in X which is related to y}.

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EXAMPLE. EXAMPLE.

In the above figure the oval-shaped region represents a relation and we can
see that the number 5 belongs to the domain of the relation because the vertical In the above figure the oval-shaped region represents a relation and we can
line passing through 5 in the x-axis intersects the region. The same is true for see that the number 5 belongs to the range of the relation because the horizontal
each number between 1 and 7 including 1 and 7. So the domain is the closed line passing through 5 in the y-axis intersects the region. The same is true for
interval [1, 7]. each number between 2 and 6 including 2 and 6. So the range is the closed
interval [2, 6].

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