Statistical Techniques in Business and Economics
18th Edition
ISBN: 9781260579611
Author: Douglas Lind; William Marchal; Samuel Wathen
Publisher: MCGRAW-HILL HIGHER EDUCATION
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 2, Problem 2SR
In the first quarter of last year, the 11 members of the sales staff at Master Chemical Company earned the following commissions:
$1,650 $1,475 $1,510 $1,670 $1,595 $1,760 $1,540 $1,495 $1,590 $1,625 $1,510
- (a) What are the values such as $1,650 and $1,475 called?
- (b) Using $1,400 up to $1,500 as the first class, $1,500 up to $1,600 as the second class, and so forth, organize the quarterly commissions into a frequency distribution.
- (c) What are the numbers in the right column of your frequency distribution called?
- (d) Describe the distribution of quarterly commissions, based on the frequency distribution. What is the largest concentration of commissions earned? What is the smallest, and the largest? What is the typical amount earned?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
In how many days will $4,500 grow to $4,845.21 at 7% p.a.?
The question was asking for the number of customers to break even.
From your hotel room, you look down at the street and want to estimate howmany taxis are available. You know that taxis are numbered sequentially, and,from your window, you can make out a passing taxi’s number as 50. What isyour unbiased estimate for the total number of taxis in town?
Chapter 2 Solutions
Statistical Techniques in Business and Economics
Ch. 2 - DeCenzo Specialty Food and Beverage Company has...Ch. 2 - A pie chart shows the relative market share of...Ch. 2 - In a marketing study, 100 consumers were asked to...Ch. 2 - A total of 1,000 residents in Minnesota were asked...Ch. 2 - Two thousand frequent business travelers are asked...Ch. 2 - Wellstone Inc. produces and markets replacement...Ch. 2 - A small business consultant is investigating the...Ch. 2 - In the first quarter of last year, the 11 members...Ch. 2 - Prob. 3SRCh. 2 - A set of data consists of 38 observations. How...
Ch. 2 - A set of data consists of 45 observations between...Ch. 2 - A set of data consists of 230 observations between...Ch. 2 - A set of data contains 53 observations. The...Ch. 2 - Wachesaw Manufacturing Inc. produced the following...Ch. 2 - The Quick Change Oil Company has a number of...Ch. 2 - The manager of the BiLo Supermarket in Mt....Ch. 2 - The food services division of Cedar River...Ch. 2 - The annual imports of a selected group of...Ch. 2 - Mollys Candle Shop has several retail stores in...Ch. 2 - The following chart shows the number of patients...Ch. 2 - The following frequency distribution reports the...Ch. 2 - Prob. 18ECh. 2 - A sample of the hourly wages of 15 employees at...Ch. 2 - The following cumulative frequency and the...Ch. 2 - The cumulative frequency and the cumulative...Ch. 2 - The frequency distribution representing the number...Ch. 2 - Prob. 22ECh. 2 - Describe the similarities and differences of...Ch. 2 - Describe the similarities and differences between...Ch. 2 - Alexandra Damonte will be building a new resort in...Ch. 2 - Prob. 26CECh. 2 - A data set consists of 83 observations. How many...Ch. 2 - A data set consists of 145 observations that range...Ch. 2 - The following is the number of minutes to commute...Ch. 2 - The following data give the weekly amounts spent...Ch. 2 - A social scientist is studying the use of iPods by...Ch. 2 - David Wise handles his own investment portfolio,...Ch. 2 - Prob. 33CECh. 2 - The monthly issues of the Journal of Finance are...Ch. 2 - The following histogram shows the scores on the...Ch. 2 - The following chart summarizes the selling price...Ch. 2 - A chain of sport shops catering to beginning...Ch. 2 - Prob. 38CECh. 2 - A recent survey showed that the typical American...Ch. 2 - Midland National Bank selected a sample of 40...Ch. 2 - Residents of the state of South Carolina earned a...Ch. 2 - A recent study of home technologies reported the...Ch. 2 - Merrill Lynch recently completed a study regarding...Ch. 2 - Prob. 44CECh. 2 - Refer to the following chart: a. What is the name...Ch. 2 - The following chart depicts the annual revenues,...Ch. 2 - Prob. 47CECh. 2 - Prob. 48CECh. 2 - One of the most popular candies in the United...Ch. 2 - The number of families who used the Minneapolis...Ch. 2 - Refer to the North Valley Real Estate data that...Ch. 2 - Prob. 52DACh. 2 - Refer to the Lincolnville School District bus...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- What is the total effect on the economy of a government tax rebate of $1,000 to each household in order to stimulate the economy if each household will spend 90% of the rebate in goods and services?arrow_forwardFor a recent year, the federal income tax owed by a taxpayer (single-no dependents) was based on the individual's taxable income. (Source: Internal Revenue Service, www.irs.gov) If your taxable income is but not over– The tax is of the amount over- over– $0 $8925 $0 + 10% $O $8925 $36,250 $892.50 + 15% $8925 $36,250 $87,850 $4991.25 + 25% $36,250 Write a piecewise-defined function that expresses an individual's federal income tax f(x) (in S) as a function of the individual's taxable income x (in S).arrow_forwardA vendor sells twenty-four sweatshirts for $15 each, fifty-one t-shirts for $10 each, and thirteen hats for $8 each. What is the average price of an item sold that day?arrow_forward
- Suppose that you read through this year's issues of the New York Times and record each number that appears in a news article-the income of a CEO, the number of cases of wine produced by a winery, the total charitable contribution of a politician during the previous tax year, the age of a celebrity, and so on. Now focus on the leading digit of each number, which could be 1, 2, ..., 8, or 9. Your first thought might be that the leading digit X of a randomly selected number would be equally likely to be one of the nine possibilities (a discrete uniform distribution). However, much empirical evidence as well as some theoretical arguments suggest an alternative probability distribution called Benford's law, given below. x + 1 x = 1, 2, ..., 9 P(x) = P(1st digit is x) = log,o (a) without computing individual probabilities from this formula, show that it specifies a legitimate pmf. x+ : ? v1 for all x = 1, ..., 9, so log,o ? v 0. x + 1 First, Next, check that the probabilities sum to 1. lo910…arrow_forwardThe number of gallons of milk sold each day at a grocery store ........... variable .arrow_forward.arrow_forward
- Please help me with the below question.arrow_forwardYou recently received a job with a company that manufactures an automobile anti theft device. To conduct an advertising campaign for the product, you need to make a claim about the number of automobile thefts per year. Since the population of various cities in the United States varies, you decide to use rates per 10,000 people. (The rates are based on the number of people living in the cities.) Your boss said that last year the theft rate per 10,000 people was 44 vehicles. You want to see if it has changed. The following are rates per 10,000 people for 36 randomly selected locations in the United States. Assume σ = 30.3. U s e α = 0.05 Car Thefts 55 42 125 62 134 73 39 69 23 94 73 24 51 55 26 66 41 67 15 53 56 91 20 78 70 25 62 115 17 36 58 56 33 75 20 16 Use the traditional method to conduct the hypothesis test. a/ Write the conjuncture b/ Find the critical value(s) c/ Find the test value d/ Make a decision e/ Write the summaryarrow_forwardEvaluate %3D O a. 6 O b. 2 Ос. 120 O d. 24arrow_forward
- During their freshman year, Derek's GPA was 3.5 and Terry's was 3.1. During their sophomore year, Derek's GPA was 3.6 and Terry's was 3.5. Which of the following is not necessarily true? Choose the correct answer below. A. Terry's overall GPA for the two year-period was somewhere between 3.1 and 3.5. B. Terry's overall GPA for the two-year period could be lower, higher or the same as Derek's overall GPA for the two-year period. C. Derek's overall GPA for the two year-period was somewhere between 3.5 and 3.6. D. Terry had a lower GPA than Derek during their freshman year and again in their sophomore year. E. Derek's overall GPA for the two-year period was higher than Terry's because their GPA's may have been weighted differently. OF. Derek had a higher GPA than Terry during their freshman year and again during their sophomore year.arrow_forwardWhich had the greater tuition increase?arrow_forwardJOYFUL Fashion Company is reviewing the monthly sales in year 2021. each month were as below:The monthly sales (in millions) of Jan: $2.2 Feb: $2.5 Mar: $2.0 Apr: $2.8 May: $1.9 Jun: $0.9Jul: $3.4 Aug: $3.7 Sep: $2.1 Oct: $2.5 Nov: $2.3 Dec: $4.6(a) Find the mean, mode, standard deviation, and range of the above data.(b) Comment on the skewness of the above data. Explain your answer with the comparison of quartiles.The JOYFUL Fashion Company will issue a Gold Membership to customers with accumulated spending in January 2022 over 1% of 2021’s average monthly sales and a Platinum Membership to customers with accumulated spending in January 2022 over 1% of the 80th percentile of 2021’s monthly sales.(c) Mrs. Robinson has spent $27,450 in January 2022. Will she be qualified for the Gold Membership? Will she be qualified for the Platinum Membership? Explain your answers.(d) It is known that the average monthly sales from Jul 2020 to Dec 2020 were $1.9 millions. Find the average monthly…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Algebra: Structure And Method, Book 1AlgebraISBN:9780395977224Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. ColePublisher:McDougal LittellHolt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
- Elementary AlgebraAlgebraISBN:9780998625713Author:Lynn Marecek, MaryAnne Anthony-SmithPublisher:OpenStax - Rice University
Algebra: Structure And Method, Book 1
Algebra
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:McDougal Littell
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Elementary Algebra
Algebra
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:OpenStax - Rice University
Find number of persons in a part with 66 handshakes Combinations; Author: Anil Kumar;https://www.youtube.com/watch?v=33TgLi-wp3E;License: Standard YouTube License, CC-BY
Discrete Math 6.3.1 Permutations and Combinations; Author: Kimberly Brehm;https://www.youtube.com/watch?v=J1m9sB5XZQc;License: Standard YouTube License, CC-BY
How to use permutations and combinations; Author: Mario's Math Tutoring;https://www.youtube.com/watch?v=NEGxh_D7yKU;License: Standard YouTube License, CC-BY
Permutations and Combinations | Counting | Don't Memorise; Author: Don't Memorise;https://www.youtube.com/watch?v=0NAASclUm4k;License: Standard Youtube License
Permutations and Combinations Tutorial; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=XJnIdRXUi7A;License: Standard YouTube License, CC-BY