Statistical Techniques in Business and Economics, 16th Edition
Statistical Techniques in Business and Economics, 16th Edition
16th Edition
ISBN: 9780078020520
Author: Douglas A. Lind, William G Marchal, Samuel A. Wathen
Publisher: McGraw-Hill Education
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Chapter 1, Problem 20DE

Refer to the Real Estate data, which report information on homes sold in the Goodyear, Arizona, area last year. Consider the following variables: selling price, number of bedrooms, township, and distance from the center of the city.

  1. a. Which of the variables are qualitative and which are quantitative?
  2. b. Determine the level of measurement for each of the variables.
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A well-known company predominantly makes flat pack furniture for students. Variability with the automated machinery means the wood components are cut with a standard deviation in length of 0.45 mm. After they are cut the components are measured. If their length is more than 1.2 mm from the required length, the components are rejected. a) Calculate the percentage of components that get rejected. b) In a manufacturing run of 1000 units, how many are expected to be rejected? c) The company wishes to install more accurate equipment in order to reduce the rejection rate by one-half, using the same ±1.2mm rejection criterion. Calculate the maximum acceptable standard deviation of the new process.
5. Let X and Y be independent random variables and let the superscripts denote symmetrization (recall Sect. 3.6). Show that (X + Y) X+ys.
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