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NATIONAL OPEN UNIVERSITY OF NIGERIA
UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
JANUARY 2021 EXAMINATION
COURSE CODE: PAD 813
COURSE TITLE: QUANTITATIVE METHODS FOR PUBLIC ADMINISTRATION
CREDIT UNITS: 3
TIME ALLOWED: 3 Hrs
INSTRUCTION: 1. Indicate your Matriculation Number clearly 2. Attempt question one (1) and any other three (3) questions – Four questions in all 3. Question one (1) is compulsory and carries 25marks, while the other questions carry 15 marks each. 4. Present all your points in coherent and orderly Manner
(1a) In recent times, very few business and economic decisions are made without the application of quantitative techniques. Why? 10 marks.
(b) Sweet Cola Company is in the business of manufacturing bottled soft drinks (150cl). Through market research and comparism with other products, management agree, that the product can be priced between N50 and 150 and still compete effectively in the market. Below is the quantity and price alternative schedules.
| 1 | 2 | 3 | |
| P | N50 | N100 | N150 |
| Q | N5000 | N1500 | N1200 |
| C | N210, 000 | N105, 000 | N85, 000 |
| R | N250, 000 | N150, 000 | N180, 000 |
Where P = price, Q = quantity, C = Cost and R = Revenue, determine the Profit (¤) of each of the pricing alternatives, 12 marks (4 marks each).
(i) From the table which price is the best price? 3 marks.
(2)a) Outline and explain the general approaches to the development of mathematical models of economic decisions. 12 marks
(b) State the two basic tools that constitute quantitative analysis. 3 marks
(i) Mathematical tools 1½ marks
(ii) Statistical tools 1½ marks
(3)a) What is median? 5 marks.
(b) Consider the following raw data on hourly wage rate for six executive managers’ raw data in (N) x
Assuming a potential investor is considering the purchase of shares in one or two companies, A or B, each share of stock in company A has an average of N80 over the past months with standard deviation of N20. In addition, suppose that in this same time period, the price per share for company B’s stock averaged N15 with a standard deviation of N5.
Determine the coefficient variability in price relative to the average price of the two stocks. 15 marks.
(5) Define the concept of probability. 5 marks
(b) State and explain the two basic ways of calculating probability. 10 marks
