Statistics for Business and Economics (13th Edition)
13th Edition
ISBN: 9780134506593
Author: James T. McClave, P. George Benson, Terry Sincich
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.1LM
What is statistics?
Expert Solution & Answer
To determine
The statistics.
Explanation of Solution
Justification:
Statistics:
Statistics is defined as the ‘science of data’, which deals with collection, classification, summarization, organization and analysis of data, interpretation of numerical and categorical data, along with inferring about the nature of the data.
For an example, a researcher wants to find the average height of students of 7th grade of a certain school. The researcher collects the height of all students of 7th standard. Now the data should be organized in a well-defined manner or grouped into classes. The researcher uses statistics (mean) to find the average heights of the students, infer about the heights of 7th grade students in general, and makes a conclusion.
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Example 4 (Part 2) We can use Statkey to take 50 different random samples of size 20 each, find the mean of
each sample, and compute a confidence interval for each one. The graph of the sampling distribution of the means
is on the left below, and that of the 50 confidence intervals is on the right.
1. What does each dot on the left hand dotplot represent?
StatKey Sampling Distribution for a Mean
Percent with Internet Access (Countries) ▾
Show Data Table Edit Data
Choose samples of size n =
20
Upload File
Change Column(s)
Generate 1 Sample
Generate 10 Samples
Generate 100 Samples
Generate 1000 Samples
Reset Plot
Sampling Dotplot of Mean
Left Tail Two-Tail Right Tail
60
50
40
40
30
20
20
10
samples = 50
mean = 41.626
std. error = 5.089
:
.:
:
::
0
25
30
35
40
45
50
55
60
41.626
Data Plots
Confidence Intervals
95%->
Confidence Intervals
Coverage
48/50 = 96%
20
40
60
80
2. Circle the confidence intervals that failed to capture the true mean.
3. Circle the sample means that produced those…
Example 4 (Part 1) One of the datasets in the Lock book
contains information about 215 countries of the world. One
of the variables is the percentage of people in the country
who have access to the internet. We have data for 203 of
those countries. The plot on the right shows a dotplot of
the data.
1. What are the cases?
Population
n = 203, mean = 43.024
median = 43.5, stdev = 29.259
20
2. What does each dot on the dotplot represent?
15
10
5
20
40
43.024
60
80
3. What type of data is do we collect from the cases, quantitative or categorical?
Let x be a random variable that represents the percentage of successful free throws a professional basketball player makes in a season. Let y be a random variable that represents the percentage of successful field goals a professional basketball player makes in a season. A random sample of n =6 professional basketball players gave the following information.
x
63
79
70
80
84
87
y
46
49
45
55
57
58
Find Se. Round your answer to three decimal places.
Chapter 1 Solutions
Statistics for Business and Economics (13th Edition)
Ch. 1 - What is statistics?Ch. 1 - Explain the difference between descriptive and...Ch. 1 - List and define the four elements of a descriptive...Ch. 1 - List and define the five elements of an...Ch. 1 - List the three major methods of collecting data...Ch. 1 - Explain the difference between quantitative and...Ch. 1 - Explain how populations and variables differ.Ch. 1 - Explain how populations and samples differ.Ch. 1 - What is a representative sample? What is its...Ch. 1 - Why would a statistician consider an inference...
Ch. 1 - Explain the difference between a population and a...Ch. 1 - Define statistical thinking.Ch. 1 - Suppose youre given a data set that classifies...Ch. 1 - Suppose that a population contains 200,000...Ch. 1 - The Random Numbers applet generates a list of n...Ch. 1 - The Random Numbers applet can be used to select a...Ch. 1 - Applying the ConceptsBasic 1.15 Performance-based...Ch. 1 - Jamming attacks on wireless networks. Terrorists...Ch. 1 - Disaggregation of annually reported accounting...Ch. 1 - College application data. Colleges and...Ch. 1 - Opinion polls. Pollsters regularly conduct opinion...Ch. 1 - Cybersecurity survey. The information systems...Ch. 1 - Treasury deficit prior to the Civil War. In Civil...Ch. 1 - The lucky store effect in lottery ticket sales. In...Ch. 1 - Consumer recycling behavior. Under what conditions...Ch. 1 - Who is better at multi-tasking? In business,...Ch. 1 - Zillow.com estimates of home values. Zillow.com is...Ch. 1 - Drafting NFL quarterbacks. The National Football...Ch. 1 - The economic return to earning an MBA. What are...Ch. 1 - Corporate sustainability and firm characteristics....Ch. 1 - Inspection of highway bridges. All highway bridges...Ch. 1 - Structurally deficient highway bridges. Refer to...Ch. 1 - Monitoring product quality. The Wallace Company of...Ch. 1 - Guilt in decision making. The effect of guilt...Ch. 1 - Accounting and Machiavellianism. Behavioral...Ch. 1 - Can money spent on gifts buy love? Is the gift you...Ch. 1 - Random-digit dialing. To ascertain the...Ch. 1 - Current population survey. The employment status...Ch. 1 - Monitoring the production of soft-drink cans. The...Ch. 1 - Sampling TV markets for a court case. A recent...Ch. 1 - Critical Thinking Challenge 1.40 20/20 survey...
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