A chain of sport shops catering to beginning skiers,

Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind

Problem 37E Chapter 2

Basic Statistics for Business and Economics | 7th Edition

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Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind

Basic Statistics for Business and Economics | 7th Edition

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Problem 37E

A chain of sport shops catering to beginning skiers, headquartered in Aspen, Colorado, plans to conduct a study of how much a beginning skier spends on his or her initial purchase of equipment and supplies. Based on these figures, it wants to explore the possibility of offering combinations, such as a pair of boots and a pair of skis, to induce customers to buy more. A sample of cash register receipts revealed these initial purchases:

$140

$82

$265

$168

$90

$114

$172

$230

$142

86

125

235

212

171

149

156

162

118

139

149

132

105

162

126

216

195

127

161

135

172

220

229

129

87

128

126

175

127

149

126

121

118

172

126

 

a. Arrive at a suggested class interval. Use six classes, and let the lower limit of the first class be $70.

b. What would be a better class interval?

c. Organize the data into a frequency distribution using a lower limit of $80.

d. Interpret your findings.

Step-by-Step Solution:
Step 3 of 5

Solution:  

Step1 of 5:

     Given a 44 samples of cash register receipts revealed these initial purchases.

           

$140

$82

$265

$168

$90

$114

$172

$230

$142

86

125

235

212

171

149

156

162

118

139

149

132

105

162

126

216

195

127

161

135

172

220

229

129

87

128

126

175

127

149

126

121

118

172

126

 

 

 

 Step 2 of 5:

 a).  To arrive at a suggested class interval.

         

           Here we use 6 classes and the lower limit of the first class be 70.

           Then the class interval is

             

                     70 to 105

                     105 to 140

                     140 to 175

                     175 to 210

                     210 to 245

                     245 to 280.

         

Step 3 of 5:

 b). We have to find the best class interval.

        Here we have 44 observations. Then we using  rule.

   

  The 25 = 32, which is less than 44, so 5 classes are not enough.

       26 = 64, which is greater than 44.

        Hence, I will recommend 6 classes.

        Therefore the class interval is

                       70 to 10

                     105 to 140

                     140 to 175

                     175 to 210

                     210 to 245

                     245 to 280.

        So this is the better class interval.

 

Step 4 of 5

Chapter 2, Problem 37E is Solved
Step 5 of 5

Textbook: Basic Statistics for Business and Economics
Edition: 7th
Author: Douglas Lind
ISBN: 9780077384470

The full step-by-step solution to problem: 37E from chapter: 2 was answered by Sieva Kozinsky, our top Business solution expert on 08/23/17, 08:36AM. Basic Statistics for Business and Economics was written by Sieva Kozinsky and is associated to the ISBN: 9780077384470. Since the solution to 37E from 2 chapter was answered, more than 2454 students have viewed the full step-by-step answer. The answer to “A chain of sport shops catering to beginning skiers, headquartered in Aspen, Colorado, plans to conduct a study of how much a beginning skier spends on his or her initial purchase of equipment and supplies. Based on these figures, it wants to explore the possibility of offering combinations, such as a pair of boots and a pair of skis, to induce customers to buy more. A sample of cash register receipts revealed these initial purchases:$140$82$265$168$90$114$172$230$1428612523521217114915616211813914913210516212621619512716113517222022912987128126175127149126121118172126 a. Arrive at a suggested class interval. Use six classes, and let the lower limit of the first class be $70.________________b. What would be a better class interval?________________c. Organize the data into a frequency distribution using a lower limit of $80.________________d. Interpret your findings.” is broken down into a number of easy to follow steps, and 119 words. This textbook survival guide was created for the textbook: Basic Statistics for Business and Economics , edition: 7th. This full solution covers the following key subjects: class, Limit, pair, Lower, these. This expansive textbook survival guide covers 6 chapters, and 325 solutions.

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