BASIC BUSINESS STATISTICS
BASIC BUSINESS STATISTICS
14th Edition
ISBN: 9780135285923
Author: MARK BERENSON
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
Prove that 1) | RxX (T) | << = (R₁ " + R$) 2) find Laplalse trans. of Normal dis: 3) Prove thy t /Rx (z) | < | Rx (0)\ 4) show that evary algebra is algebra or not.
For each of the time​ series, construct a line chart of the data and identify the characteristics of the time series​ (that is,​ random, stationary,​ trend, seasonal, or​ cyclical). Month    Number (Thousands)Dec 1991    65.60Jan 1992    71.60Feb 1992    78.80Mar 1992    111.60Apr 1992    107.60May 1992    115.20Jun 1992    117.80Jul 1992    106.20Aug 1992    109.90Sep 1992    106.00Oct 1992    111.80Nov 1992    84.50Dec 1992    78.60Jan 1993    70.50Feb 1993    74.60Mar 1993    95.50Apr 1993    117.80May 1993    120.90Jun 1993    128.50Jul 1993    115.30Aug 1993    121.80Sep 1993    118.50Oct 1993    123.30Nov 1993    102.30Dec 1993    98.70Jan 1994    76.20Feb 1994    83.50Mar 1994    134.30Apr 1994    137.60May 1994    148.80Jun 1994    136.40Jul 1994    127.80Aug 1994    139.80Sep 1994    130.10Oct 1994    130.60Nov 1994    113.40Dec 1994    98.50Jan 1995    84.50Feb 1995    81.60Mar 1995    103.80Apr 1995    116.90May 1995    130.50Jun 1995    123.40Jul 1995    129.10Aug 1995…
For each of the time​ series, construct a line chart of the data and identify the characteristics of the time series​ (that is,​ random, stationary,​ trend, seasonal, or​ cyclical). Year    Month    Units1    Nov    42,1611    Dec    44,1862    Jan    42,2272    Feb    45,4222    Mar    54,0752    Apr    50,9262    May    53,5722    Jun    54,9202    Jul    54,4492    Aug    56,0792    Sep    52,1772    Oct    50,0872    Nov    48,5132    Dec    49,2783    Jan    48,1343    Feb    54,8873    Mar    61,0643    Apr    53,3503    May    59,4673    Jun    59,3703    Jul    55,0883    Aug    59,3493    Sep    54,4723    Oct    53,164

Chapter 3 Solutions

BASIC BUSINESS STATISTICS

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