Essentials Of Statistics For Business & Economics

9th Edition

ISBN: 9780357045435

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: South-Western College Pub

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Textbook Question

Chapter 3.1, Problem 9E

Advertising Spending. Which companies spend the most money on advertising? Business Insider maintains a list of the top-spending companies. In 2014, Procter & Gamble spent more than any other company, a whopping $5 billion. In second place was Comcast, which spent $3.08 billion (Business Insider website). The top 12 companies and the amount each spent on advertising in billions of dollars are as follows.

Chapter 3.1, Problem 9E, Advertising Spending. Which companies spend the most money on advertising? Business Insider

a. What is the mean amount spent on advertising?
b. What is the median amount spent on advertising?
c. What are the first and third quartiles?

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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Chapter 3 Solutions

Essentials Of Statistics For Business & Economics

Ch. 3.1 - Consider a sample with data values of 10, 20, 12,...Ch. 3.1 - Consider a sample with data values of 10, 20, 21,...Ch. 3.1 - Consider the following data and corresponding...Ch. 3.1 - Consider the following data. What is the mean...Ch. 3.1 - Consider a sample with data values of 27, 25, 20,...Ch. 3.1 - Consider a sample with data values of 53, 55, 70,...Ch. 3.1 - eICU Waiting Times. There is a severe shortage of...Ch. 3.1 - Middle-Level Manager Salaries. Suppose that an...Ch. 3.1 - Advertising Spending. Which companies spend the...Ch. 3.1 - Advertising Spending. Which companies spend the...

Ch. 3.1 - Time Spent Watching Traditional TV. Nielsen tracks...Ch. 3.1 - Online Multiplayer Game Downloads. The creator of...Ch. 3.1 - Automobile Fuel Efficiencies. In automobile...Ch. 3.1 - Unemployment Rates by State. The U.S. Bureau of...Ch. 3.1 - Motor Oil Prices. Martinez Auto Supplies has...Ch. 3.1 - Calculating Grade Point Averages. The grade point...Ch. 3.1 - The following table shows the total return and the...Ch. 3.1 - Business School Ranking. Based on a survey of...Ch. 3.1 - Revenue Growth Rate. Annual revenue for Corning...Ch. 3.1 - Mutual Fund Comparison. Suppose that at the...Ch. 3.1 - If an asset declines in value from $5000 to $3500...Ch. 3.1 - The current value of a company is 25 million. If...Ch. 3.2 - Consider a sample with data values of 10, 20, 12,...Ch. 3.2 - Consider a sample with data values of 10, 20, 12,...Ch. 3.2 - Consider a sample with data values of 27, 25, 20,...Ch. 3.2 - Price of Unleaded Gasoline. Data collected by the...Ch. 3.2 - Round-Trip Flight Prices. The following table...Ch. 3.2 - Annual Sales Amounts. Varatta Enterprises sells...Ch. 3.2 - Air Quality Index. The Los Angeles Times regularly...Ch. 3.2 - Prob. 30E Ch. 3.2 - Cellular Phone Spending. According to the 2016...Ch. 3.2 - Advertising Spend by Companies. Advertising Age...Ch. 3.2 - Amateur Golfer Scores. Scores turned in by an...Ch. 3.2 - Consistency of Running Times. The following times...Ch. 3.3 - Consider a sample with data values of 10, 20, 12,...Ch. 3.3 - Prob. 36E Ch. 3.3 - Consider a sample with a mean of 30 and a standard...Ch. 3.3 - Suppose the data have a bell-shaped distribution...Ch. 3.3 - The results of a national survey showed that on...Ch. 3.3 - Price per Gallon of Gasoline. Suppose that the...Ch. 3.3 - GMAT Exam Scores. The Graduate Management...Ch. 3.3 - Many families in California are using backyard...Ch. 3.3 - Best Places to Live. Each year Money magazine...Ch. 3.3 - NCAA Basketball Game Scores. A sample of 10 NCAA...Ch. 3.3 - Prob. 45E Ch. 3.4 - Consider a sample with data values of 27, 25, 20,...Ch. 3.4 - Show the boxplot for the data in exercise 46. 46....Ch. 3.4 - Prob. 48E Ch. 3.4 - Prob. 49E Ch. 3.4 - Naples Half-Marathon Times. Naples, Florida, hosts...Ch. 3.4 - Pharmaceutical Company Sales. Annual sales, in...Ch. 3.4 - Cell Phone Companies Customer Satisfaction....Ch. 3.4 - Most Admired Companies. Fortune magazines list of...Ch. 3.4 - U.S. Border Crossings. The Bureau of...Ch. 3.5 - Five observations taken for two variables follow....Ch. 3.5 - Five observations taken for two variables follow....Ch. 3.5 - Stock Price Comparison. The file StockComparison...Ch. 3.5 - Driving Speed and Fuel Efficiency. A department of...Ch. 3.5 - Smoke Detector Use and Death Rates. Over the past...Ch. 3.5 - Stock Market Indexes Comparison. The Russell 1000...Ch. 3.5 - Best Private Colleges. A random sample of 30...Ch. 3 - Americans Dining Out. Americans tend to dine out...Ch. 3 - NCAA Football Coaches Salaries. A 2017 USA Today...Ch. 3 - Physician Office Waiting Times. The average...Ch. 3 - Worker Productivity and Insomnia. U.S. companies...Ch. 3 - Work Commuting Methods. Public transportation and...Ch. 3 - Household Incomes. The following data represent a...Ch. 3 - Prob. 69SE Ch. 3 - Best Hotels. Travel + Leisure magazine provides an...Ch. 3 - NFL Teams Worth. In 2014, the 32 teams in the...Ch. 3 - MLB Team Winning Percentages. Does a major league...Ch. 3 - Money Market Funds Days to Maturity. The days to...Ch. 3 - Automobile Speeds. Automobiles traveling on a road...Ch. 3 - Annual Returns for Panama Railroad Company Stock....Ch. 3 - Pelican Stores, a division of National Clothing,...Ch. 3 - Prob. 2CP Ch. 3 - The pursuit of a higher education degree in...Ch. 3 - Although millions of elephants once roamed across...

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Solution Summary: The author explains that the table summarizes the top 12 companies and the amount spent on advertisement by each company.

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Chapter 3 Solutions