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202. An instructor from the school of business samples the students in his introduction to business class to learn about the amount of dollars students spend per semester on textbooks. The dis- tribution that follows indicates the results of his sample. Textbook Costs per Student per Semester (in dollars) 65 147 171 142 153 187 195 106 127 178 178 205 175 178 133 186 a) Determine the 5-number summary for the textbook spending data. b) Construct a Box-and-Whisker Plot. c) Describe the shape of the Box-and-Whisker Plot.

202. An instructor from the school of business samples the students in his introduction to business class to learn about the amount of dollars students spend per semester on textbooks. The dis- tribution that follows indicates the results of his sample. Textbook Costs per Student per Semester (in dollars) 65 147 171 142 153 187 195 106 127 178 178 205 175 178 133 186 a) Determine the 5-number summary for the textbook spending data. b) Construct a Box-and-Whisker Plot. c) Describe the shape of the Box-and-Whisker Plot.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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**Understanding Textbook Costs: A Statistical Analysis** In this example, an instructor from the school of business surveyed students in an introductory business class to determine how much they spend per semester on textbooks. Below is the data collected, representing the distribution of textbook costs in dollars per student: **Textbook Costs per Student per Semester (in dollars)** 65, 147, 171, 142, 153, 187, 195, 106, 127, 178, 178, 205, 175, 178, 133, 186 To analyze this data, we aim to: a) **Determine the 5-number summary for the textbook spending data.** b) **Construct a Box-and-Whisker Plot.** c) **Describe the shape of the Box-and-Whisker Plot.** d) **Calculate the interquartile range (IQR).** e) **Determine if there are any outliers, including potential outliers, within the data set. If there is an outlier, state its value(s).** f) **Find the z-score of any outlier(s) and interpret their relative position in terms of standard deviations.** g) **Explain what effect an outlier, if any exists, has on the mean and median textbook cost.** Through this analysis, we will gain insights into the overall cost distribution, identify any unusual spending patterns, and understand how outliers might affect the average costs. This exercise provides practical experience in statistical analysis and enhances decision-making skills relevant to financial planning and budgeting in an academic setting.
Transcribed Image Text:**Understanding Textbook Costs: A Statistical Analysis** In this example, an instructor from the school of business surveyed students in an introductory business class to determine how much they spend per semester on textbooks. Below is the data collected, representing the distribution of textbook costs in dollars per student: **Textbook Costs per Student per Semester (in dollars)** 65, 147, 171, 142, 153, 187, 195, 106, 127, 178, 178, 205, 175, 178, 133, 186 To analyze this data, we aim to: a) **Determine the 5-number summary for the textbook spending data.** b) **Construct a Box-and-Whisker Plot.** c) **Describe the shape of the Box-and-Whisker Plot.** d) **Calculate the interquartile range (IQR).** e) **Determine if there are any outliers, including potential outliers, within the data set. If there is an outlier, state its value(s).** f) **Find the z-score of any outlier(s) and interpret their relative position in terms of standard deviations.** g) **Explain what effect an outlier, if any exists, has on the mean and median textbook cost.** Through this analysis, we will gain insights into the overall cost distribution, identify any unusual spending patterns, and understand how outliers might affect the average costs. This exercise provides practical experience in statistical analysis and enhances decision-making skills relevant to financial planning and budgeting in an academic setting.
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