Basic Business Statistics, Student Value Edition
Basic Business Statistics, Student Value Edition
14th Edition
ISBN: 9780134685113
Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat
Publisher: PEARSON
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 3, Problem 1PS

The following set of data is from sample of n = 5 :

Chapter 3, Problem 1PS, The following set of data is from sample of n=5: a. Compute the <x-custom-btb-me data-me-id='2412' class='microExplainerHighlight'>mean</x-custom-btb-me>, <x-custom-btb-me data-me-id='2409' class='microExplainerHighlight'>median</x-custom-btb-me>, and <x-custom-btb-me data-me-id='2395' class='microExplainerHighlight'>mode</x-custom-btb-me>. b. Compute

a. Compute the mean, median, and mode.

b. Compute the range, variance, standard deviation and coefficient of variation.

c. Compute the Z scores. Are there any outliers?

d. Describe the shape of the data set.

a.

Expert Solution
Check Mark
To determine

Find the mean, median and mode of the data.

Answer to Problem 1PS

The mean is 6, median is 7, and there is no mode.

Explanation of Solution

A sample of data of size n=5 is given.

The formula to calculate sample mean is,

X¯=i=1nXin

Here n is the sample size, Xi is the ith value of the variable X , and X¯ is the sample mean.

Substitute the given values of the variable X in the formula. So, the mean is calculated as,

X¯=7+4+9+8+25=305=6

Thus, the mean of the sample is 6.

The median is the n+12 ranked value. So, the median is calculated as,

Median=5+12 ranked value=62 ranked value=3rd ranked value

This means that by Rule 1, the median is the value associated with third-ranked value. So, arrange the values from the smallest to the largest and give ranks. So, the given data is ranked as,

Ranked values24789Rank12345

So, the median is 7.

The mode is the value which appears most frequently. In the given data set, none of the data are repeated. So, there is no mode for the data.

Therefore, the mean is 6, median is 7, and there is no mode for the data.

b.

Expert Solution
Check Mark
To determine

Find the range, variance, standard deviation, coefficient of variation.

Answer to Problem 1PS

The range is 7 , variance is 8.5 , standard deviation is 2.92 , and coefficient of variation is 48.67% .

Explanation of Solution

The formula for range is defined as,

Range=XlargestXsmallest

In the given data, the largest value is 9, and the smallest value is 2. So, the range is calculated as,

Range=92=7

Thus, the range is 7.

The formula for sample variance is defined as,

S2=i=1nXiX¯2n1

The sample mean of the data is obtained as 6 in part (a). So, X¯=6 and n=5 . Use this to calculate the variance as shown below.

S2=762+462+962+862+26251=344=8.5

Thus, the variance is 8.5 .

The standard deviation is the square root of the variance. So, the sample standard deviation is calculated as,

S=8.52.92

Thus, the standard deviation is 2.92 .

The formula for coefficient of variation is defined as,

CV=SX¯100%

Substitute the obtained values of S=2.92,X¯=6 in the formula to calculate the coefficient of variation. So,

CV=2.926100%=48.67%

Thus, the coefficient of variation is 48.67% .

Therefore, the range is 7 , variance is 8.5 , standard deviation is 2.92 , and coefficient of variation is 48.67% .

c.

Expert Solution
Check Mark
To determine

Find the Z scores and determine if there are any outliers.

Answer to Problem 1PS

The Z scores are,

XZ score70.3440.6891.0380.6821.37

There are no outliers in the data set.

Explanation of Solution

The formula for Z score is defined as,

Z=XX¯S

Use this formula and the obtained values S=2.92,X¯=6 to calculate the Z scores for all the values of the data set. So, the Z scores are calculated as,

XZ=X62.9270.3440.6891.0380.6821.37

The largest Z score is 1.08 which corresponds to the value 9. The smallest Z score is 1.37 which corresponds to the value 2. The Z scores show that none of the Z scores is less than 3.0 or greater than +3.0 and, hence, there are no potential outliers.

d.

Expert Solution
Check Mark
To determine

Explain the shape of the data set.

Answer to Problem 1PS

The distribution of data is negative or left-skewed.

Explanation of Solution

The mean is obtained as 6 , and the median is obtained as 7 in part (a). The distribution of the data is said to be left skewed if mean is less than median.

Here the mean value (6) is less than the median value (7). So, the data distribution is negative or left-skewed distribution.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
07:45
Students have asked these similar questions
An Arts group holds a raffle.  Each raffle ticket costs $2 and the raffle consists of 2500 tickets.  The prize is a vacation worth $3,000.    a. Determine your expected value if you buy one ticket.     b. Determine your expected value if you buy five tickets.     How much will the Arts group gain or lose if they sell all the tickets?
Please show as much work as possible to clearly show the steps you used to find each solution. If you plan to use a calculator, please be sure to clearly indicate your strategy.        Consider the following game.  It costs $3 each time you roll a six-sided number cube.  If you roll a 6 you win $15.  If you roll any other number, you receive nothing.   a) Find the expected value of the game.         b) If you play this game many times, will you expect to gain or lose money?
= 12:02 WeBWorK / 2024 Fall Rafeek MTH23 D02 / 9.2 Testing the Mean mu / 3 38 WEBWORK Previous Problem Problem List Next Problem 9.2 Testing the Mean mu: Problem 3 (1 point) Test the claim that the population of sophomore college students has a mean grade point average greater than 2.2. Sample statistics include n = 71, x = 2.44, and s = 0.9. Use a significance level of a = 0.01. The test statistic is The P-Value is between : The final conclusion is < P-value < A. There is sufficient evidence to support the claim that the mean grade point average is greater than 2.2. ○ B. There is not sufficient evidence to support the claim that the mean grade point average is greater than 2.2. Note: You can earn partial credit on this problem. Note: You are in the Reduced Scoring Period. All work counts for 50% of the original. Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. . Oli wwm01.bcc.cuny.edu

Chapter 3 Solutions

Basic Business Statistics, Student Value Edition

Ch. 3 - The file Airport Rating contains the rating of...Ch. 3 - The annual NFL Super Bowl is the most widely...Ch. 3 - The AccountingPartners contains the number of...Ch. 3 - The file MobileCommerce contain the following...Ch. 3 - Prob. 15PSCh. 3 - Prob. 16PSCh. 3 - A bank branch located in a commercial district of...Ch. 3 - Suppose that another bank branch, location in a...Ch. 3 - Prob. 19PSCh. 3 - Prob. 20PSCh. 3 - The file Indices contains the total rate of return...Ch. 3 - In 2013 through 2016, the value of precious metals...Ch. 3 - Using the three-year return percentage variable in...Ch. 3 - Prob. 24PSCh. 3 - Using the three-year return percentage variable in...Ch. 3 - Prob. 26PSCh. 3 - The following is a set of data from a sample of...Ch. 3 - The following is a set of data from a sample of...Ch. 3 - The following is a set of data from a sample of...Ch. 3 - The following is a set of data from a sample of...Ch. 3 - Prob. 31PSCh. 3 - The file MobileCommerce contains the following...Ch. 3 - Prob. 33PSCh. 3 - Prob. 34PSCh. 3 - The file CD Rate contains the yields for one-year...Ch. 3 - A bark branch located in a commercial district of...Ch. 3 - The following is a set of data for a population...Ch. 3 - The following is a set of data for a population...Ch. 3 - The file McDonaldsStores contains the number of...Ch. 3 - Consider a population of 1.024 mutual funds that...Ch. 3 - Prob. 41PSCh. 3 - Prob. 42PSCh. 3 - Thirty companies comprise the DJIA Just how big...Ch. 3 - The following is a set of data from sample of n=11...Ch. 3 - A study of 267 college students investigated the...Ch. 3 - The file Cereals lists the calories and sugar. in...Ch. 3 - Movie companies need to predict the gross receipts...Ch. 3 - The fie Mobile Speed contains the overall download...Ch. 3 - A Pew Research Center survey found a noticeable...Ch. 3 - What are the properties of a set of numerical...Ch. 3 - What is meant by the property of central tendency?Ch. 3 - What are the differences among the mean, median,...Ch. 3 - How do you interpret the first quartile, median,...Ch. 3 - What is meant by the property of variation?Ch. 3 - What does the Z score measure?Ch. 3 - What are the differences among the various...Ch. 3 - How does the empirical rule help explain the ways...Ch. 3 - How do the empirical rule and the Chebyshev rule...Ch. 3 - What is meant by the property of shape?Ch. 3 - What is the difference between skewness and...Ch. 3 - What is the difference between the arithmetic mean...Ch. 3 - How do the covariance and the coefficient of...Ch. 3 - The American Society for Quality (ASQ) conducted a...Ch. 3 - Prob. 64PSCh. 3 - One of the 111801 measures of the quality of...Ch. 3 - Call centers today play an important role in...Ch. 3 - The financial services call center also monitors...Ch. 3 - Prob. 68PSCh. 3 - A quality characteristic of interest for a...Ch. 3 - The manufacturer of Boston and Vermont asphalt...Ch. 3 - Prob. 71PSCh. 3 - The file Protein contains calories. protein. and...Ch. 3 - What was the mean price of a room at two-star,...Ch. 3 - The file Property Taxes contains the property...Ch. 3 - Have you wondered how Internet connection speed...Ch. 3 - Prob. 76PSCh. 3 - Prob. 77PSCh. 3 - Prob. 78PSCh. 3 - You are planning to study for your statistics...Ch. 3 - The file DomesticBeer contains the percentage...
Knowledge Booster
Background pattern image
Statistics
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
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Text book image
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Text book image
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
The Shape of Data: Distributions: Crash Course Statistics #7; Author: CrashCourse;https://www.youtube.com/watch?v=bPFNxD3Yg6U;License: Standard YouTube License, CC-BY
Shape, Center, and Spread - Module 20.2 (Part 1); Author: Mrmathblog;https://www.youtube.com/watch?v=COaid7O_Gag;License: Standard YouTube License, CC-BY
Shape, Center and Spread; Author: Emily Murdock;https://www.youtube.com/watch?v=_YyW0DSCzpM;License: Standard Youtube License