Assume a consumer spends all his income in the purchase of two goods X and Y whose prices are Sh. 30 and Sh. 20 per unit respectively. The consumer’s monthly income is Sh. 12,000. He is satisfied with various combinations of X and Y but prefers to spend his income […]

(i) Why is the mode not used extensively in statistical analysis? (3 marks) (ii) “The standard deviation is the natural partner to the mean.” Explain. (3 marks)

Describe briefly how to estimate the median on a grouped frequency distribution graphically.

In what situation would a weighted mean be used? Explain

Mr. Ole Mboga is married to Pesa Mboga. Ole Mboga is a registered engineer and he is the proprietor of Leta Engineering Services a firm of consulting engineers. He is nevertheless fully occupied as an employee of Zeta Construction Limited. His company is therefore managed by his wife who draws […]

Towards the end of an audit, it is common for the external auditor to seek a letter of representation (written representations) from the management of the client company. Required: (a) Explain why auditors seek letters of representation. (5 marks) (b) List the matters commonly included in the letter of representation. […]

A machine produces circular bolts and, as a quality control test, 250 bolts were selected randomly and the diameter of their heads measures as follows: Diameter of head (cm) Number of components 0.9747 0.9750 0.9753 0.9756 0.9759 0.9762 0.9765 0.9768 0.9771 0.9774 0.9777 0.9780 – – – – – – […]

An electronics firm carries out a small-scale test launch of a new low-priced pocket calculator. It estimates from this test that if it went into full-scale production it would sell between 1,000 and 2,500 calculators per month, and that is monthly revenue in thousands of shillings over this range of […]

Should citizens feel obliged to pay tax? Explain