In June an investor purchased 300 shares of Oracle (an

Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen

Chapter 3: Problem 1 Basic Statistics for Business and Economics 7

Problem 1E Compute the mean of the following population values: 6, 3, 5, 7, 6.

Chapter 3: Problem 2 Basic Statistics for Business and Economics 7

Problem 2E Compute the mean of the following population values: 7, 5, 7, 3, 7, 4.

Chapter 3: Problem 3 Basic Statistics for Business and Economics 7

Problem 3E a. Compute the mean of the following sample values: 5, 9, 4, 10. ________________ b. Show that ( ).

Chapter 3: Problem 69 Basic Statistics for Business and Economics 7

Refer to the Baseball 2008 data, which reports information on the 30 major league teams for the 2008 baseball season. a. Select the variable team salary and find the mean, median, and the standard deviation. b. Select the variable that refers to the age the stadium was built. (Hint: Subtract the year in which the stadium was built from the current year to find the stadium age and work with that variable.) Find the mean, median, and the standard deviation. c. Select the variable that refers to the seating capacity of the stadium. Find the mean, median, and the standard deviation.

Chapter 3: Problem 5 Basic Statistics for Business and Economics 7

Problem 5E Compute the mean of the following sample values: 16.25, 12.91, 14.58.

Chapter 3: Problem 4 Basic Statistics for Business and Economics 7

Problem 4E a. Compute the mean of the following sample values: 1.3, 7.0, 3.6, 4.1, 5.0. b. Show that . .

Chapter 3: Problem 6 Basic Statistics for Business and Economics 7

Problem 6E Compute the mean hourly wage paid to carpenters who earned the following hourly wages: $15.40, $20.10, $18.75, $22.76, $30.67, $18.00.

Chapter 3: Problem 7 Basic Statistics for Business and Economics 7

Problem 7E There are 10 salespeople employed by Midtown Ford. The number of new cars sold last month by the respective salespeople were: 15, 23, 4, 19, 18, 10, 10, 8, 28, 19.(10%) (a) compute the arithmetic mean and (b) indicate whether it is a statistic or a parameter.

Chapter 3: Problem 8 Basic Statistics for Business and Economics 7

Problem 8E The accounting department at a mail-order company counted the following numbers of incoming calls per day to the company's toll-free number during the first 7 days in May: 14,24, 19, 31, 36, 26, 17. (a). Compute the arithmetic mean. (b). Indicate whether it is a statistic or a parameter.

Chapter 3: Problem 9 Basic Statistics for Business and Economics 7

Problem 9E The Cambridge Power and Light Company selected a random sample of 20 residential customers. Following are the amounts, to the nearest dollar, the customers were charged for electrical service last month: (10%) 54 48 58 50 25 47 75 46 60 70 67 68 39 35 56 66 33 62 65 67 (a) compute the arithmetic mean and (b) indicate whether it is a statistic or a parameter.

Chapter 3: Problem 10 Basic Statistics for Business and Economics 7

Problem 10E The Human Relations Director at Ford began a study of the overtime hours in the Inspection Department. A sample of 15 workers showed they worked the following number of overtime hours last month. (10%) 13 13 12 15 7 15 5 12 6 7 12 10 9 13 12 (a) compute the arithmetic mean and (b) indicate whether it is a statistic or a parameter. ANS: a. 10.73, found by 161/15 b. Sample of RN’s

Chapter 3: Problem 11 Basic Statistics for Business and Economics 7

Problem 11E AAA Heating and Air Conditioning completed 30 jobs last month with a mean revenue of $5,430 per job. The president wants to know the total revenue for the month. Based on the limited information, can you compute the total revenue? What is it?

Chapter 3: Problem 12 Basic Statistics for Business and Economics 7

Problem 12E A large pharmaceutical company hires business administration graduates to sell its products. The company is growing rapidly and dedicates only one day of sales training for new salespeople. The company's goal for new salespeople is $10,000 per month. The goal is based on the current mean sales for the entire company, which is $10,000 per month. After reviewing the retention rates of new employees, the company finds that only 1 in 10 new employees stays longer than three months. Comment on using the current mean sales per month as a sales goal for new employees. Why do new employees leave the company?

Chapter 3: Problem 13 Basic Statistics for Business and Economics 7

In June an investor purchased 300 shares of Oracle (an information technology company) stock at $20 per share. In August she purchased an additional 400 shares at $25 per share. In November she purchased an additional 400 shares, but the stock declined to $23 per share. What is the weighted mean price per share?

Chapter 3: Problem 14 Basic Statistics for Business and Economics 7

Problem 14E The Bookstall, Inc., is a specialty bookstore concentrating on used books sold via the Internet. Paperbacks are $1.00 each, and hardcover books are $3.50. Of the 50 books sold last Tuesday morning, 40 were paperback and the rest were hardcover. What was the weighted mean price of a book?

Chapter 3: Problem 15 Basic Statistics for Business and Economics 7

Problem 15E The Loris Healthcare System employs 200 persons on the nursing staff. Fifty are nurse's aides, 50 are practical nurses, and 100 are registered nurses. Nurse's aides receive $8 an hour, practical nurses $15 an hour, and registered nurses $24 an hour. What is the weighted mean hourly wage?

Chapter 3: Problem 17 Basic Statistics for Business and Economics 7

Problem 17E What would you report as the modal value for a set of observations if there were a total of: a. 10 observations and no two values were the same? ________________ b. 6 observations and they were all the same? ________________ c. 6 observations and the values were 1, 2, 3, 3, 4, and 4?

Chapter 3: Problem 16 Basic Statistics for Business and Economics 7

Problem 16E Andrews and Associates specialize in corporate law. They charge $100 an hour for researching a case, $75 an hour for consultations, and $200 an hour for writing a brief. Last week one of the associates spent 10 hours consulting with her client, 10 hours researching the case, and 20 hours writing the brief. What was the weighted mean hourly charge for her legal services?

Chapter 3: Problem 18 Basic Statistics for Business and Economics 7

Problem 18E The following is the number of oil changes for the last 7 days at the Jiffy Lube located at the corner of Elm Street and Pennsylvania Avenue. 41 15 39 54 31 15 33 Determine the (a)mean, (b) median, and (c) mode.

Chapter 3: Problem 19 Basic Statistics for Business and Economics 7

Problem 19E The following is the percent change in net income from last year to this year for a sample of 12 construction companies in Denver. 5 1 ?10 ?6 5 12 7 8 2 5 ?1 11 Determine the (a)mean, (b) median, and (c) mode.

Chapter 3: Problem 20 Basic Statistics for Business and Economics 7

Problem 20E The following are the ages of the 10 people in the video arcade at the Southwyck Shopping Mall at 10 A.M. 12 8 17 6 11 14 8 17 10 8 Determine the (a)mean, (b) median, and (c) mode.

Chapter 3: Problem 21 Basic Statistics for Business and Economics 7

Problem 21E Several indicators of long-term economic growth in the United States are listed below. Economic Indicator Percent Change Economic Indicator Percent Change Inflation 4.5% Real GNP 2.9% Exports 4.7 Investment (residential) 3.6 Imports 2.3 Investment (nonresidential) 2.1 Real disposable income 2.9 Productivity (total) 1.4 Consumption 2.7 Productivity (manufacturing) 5.2 a. What is the median percent change? ________________ b. What is the modal percent change?

Chapter 3: Problem 22 Basic Statistics for Business and Economics 7

Problem 22E Reported below are the per capita state lottery sales (rounded to the nearest $10) for a recent year in selected states. Find the median and the mode of this lottery information.

Chapter 3: Problem 23 Basic Statistics for Business and Economics 7

Problem 23E The accounting firm of Rowatti and Koppel specializes in income tax returns for self- employed professionals, such as physicians, dentists, architects, and lawyers. The firm employs 11 accountants who prepare the returns. For last year the number of returns prepared by each accountant was: 58 75 31 58 46 65 60 71 45 58 80 Find the mean, median, and mode for the number of returns prepared by each accountant. If you could report only one, which measure of location would you recommend reporting?

Chapter 3: Problem 24 Basic Statistics for Business and Economics 7

Problem 24E The demand for the video games provided by Mid-Tech Video Games, Inc., has exploded in the last several years. Hence, the owner needs to hire several new technical people to keep up with the demand. Mid-Tech gives each applicant a special test that Dr. McGraw, the designer of the test, believes is closely related to the ability to create video games. For the general population the mean on this test is 100. Below are the scores on this test for the applicants. 95 105 120 81 90 115 99 100 130 10 The president is interested in the overall quality of the job applicants based on this test. Compute the mean and the median score for the ten applicants. What would you report to the president? Does it seem that the applicants are better than the general population?

Chapter 3: Problem 25 Basic Statistics for Business and Economics 7

The unemployment rate in the state of Alaska by month is given in the table below: a. What is the arithmetic mean of the Alaska unemployment rates? b. Find the median and the mode for the unemployment rates. c. Compute the arithmetic mean and median for just the winter (Dec-Mar) months. Is it much different?

Chapter 3: Problem 26 Basic Statistics for Business and Economics 7

Problem 26E Big Orange Trucking is designing an information system for use in "in-cab" communications. It must summarize data from eight sites throughout a region to describe typical conditions. Compute an appropriate measure of central location for each of the three variables shown in the table below: City Wind Direction Temperature Pavement Anniston, AL West 89 Dry Atlanta, GA Northwest 86 Wet Augusta, GA Southwest 92 Wet Birmingham, AL South 91 Dry Jackson, MS Southwest 92 Dry Meridian, MS South 92 Trace Monroe, LA Southwest 93 Wet Tuscaloosa, AL Southwest 93 Trace

Chapter 3: Problem 27 Basic Statistics for Business and Economics 7

Problem 27E There were five customer service representatives on duty at the Electronic Super Store during last weekend's sale. The numbers of HDTVs these representatives sold are: 5, 8, 4, 10, and 3. Calculate the (a) range, (b) arithmetic mean, (c) mean deviation

Chapter 3: Problem 28 Basic Statistics for Business and Economics 7

Problem 28E The Department of Statistics at Western State University offers eight sections of basic statistics. Following are the numbers of students enrolled in these sections: 34, 46, 52, 29, 41, 38, 36, and 28. Calculate the (a) range, (b) arithmetic mean, (c) mean deviation

Chapter 3: Problem 29 Basic Statistics for Business and Economics 7

Problem 29E Dave's Automatic Door installs automatic garage door openers. The following list indicates the number of minutes needed to install a sample of 10 door openers: 28, 32, 24, 46, 44, 40, 54, 38, 32, and 42. Calculate the: 1. Range 2. Arithmetic Mean 3. Mean Deviation

Chapter 3: Problem 30 Basic Statistics for Business and Economics 7

Problem 30E A sample of eight companies in the aerospace industry was surveyed as to their return on investment last year. The results are (in percent): 10.6, 12.6, 14.8, 18.2, 12.0, 14.8, 12.2, and 15.6. Calculate the range, arithmetic mean, mean deviation, and interpret the values.

Chapter 3: Problem 31 Basic Statistics for Business and Economics 7

Problem 31E Ten randomly selected young adults living in California rated the taste of a newly developed sushi pizza topped with tuna, rice, and kelp on a scale of 1 to 50, with 1 indicating they did not like the taste and 50 that they did. The ratings were: 34 39 40 46 33 31 34 14 15 45 In a parallel study 10 randomly selected young adults in Iowa rated the taste of the same pizza. The ratings were: 28 25 35 16 25 29 24 26 17 20 As a market researcher, compare the potential markets for sushi pizza.

Chapter 3: Problem 32 Basic Statistics for Business and Economics 7

Problem 32E A sample of the personnel files of eight employees at the Pawnee location of Acme Carpet Cleaners, Inc., revealed that during the last six-month period they lost the following number of days due to illness: 2 0 6 3 10 4 1 2 A sample of eight employees during the same period at the Chickpee location of Acme Carpets revealed they lost the following number of days due to illness. 2 0 1 0 5 0 1 0 As the director of human relations, compare the two locations. What would you recommend?

Chapter 3: Problem 33 Basic Statistics for Business and Economics 7

Problem 33E Consider these five values a population: 8, 3, 7, 3, and 4. a. Determine the mean of the population. ________________ b. Determine the variance.

Chapter 3: Problem 34 Basic Statistics for Business and Economics 7

Problem 34E Consider these six values a population: 13, 3, 8, 10, 8, and 6. a. Determine the mean of the population. ________________ b. Determine the variance.

Chapter 3: Problem 35 Basic Statistics for Business and Economics 7

Problem 35E The annual report of Dennis Industries cited these primary earnings per common share for the past 5 years: $2.68, $1.03, $2.26, $4.30, and $3.58. If we assume these are population values, what is: a. The arithmetic mean primary earnings per share of common stock? ________________ b. The variance?

Chapter 3: Problem 36 Basic Statistics for Business and Economics 7

Problem 36E Referring to Exercise 43, the annual report of Dennis Industries also gave these returns on stockholder equity for the same five-year period (in percent): 13.2, 5.0, 10.2, 17.5, and 12.9. a. What is the arithmetic mean return? ________________ b. What is the variance?

Chapter 3: Problem 37 Basic Statistics for Business and Economics 7

Problem 37E Plywood, Inc., reported these returns on stockholder equity for the past 5 years: 4.3, 4.9, 7.2, 6.7, and 11.6. Consider these as population values. a. Compute the range, the arithmetic mean, the variance, and the standard deviation. ________________ b. Compare the return on stockholder equity for Plywood, Inc., with that for Dennis Industries cited in Exercise 44.

Chapter 3: Problem 39 Basic Statistics for Business and Economics 7

Problem 39E Consider these values a sample: 7, 2, 6, 2, and 3. a. Compute the sample variance. ________________ b. Determine the sample standard deviation.

Chapter 3: Problem 40 Basic Statistics for Business and Economics 7

Problem 40E The following five values are a sample: 11, 6, 10, 6, and 7. a. Compute the sample variance. ________________ b. Determine the sample standard deviation.

Chapter 3: Problem 38 Basic Statistics for Business and Economics 7

Problem 38E The annual incomes of the five vice presidents of TMV Industries are: $125,000; $128,000; $122,000; $133,000; and $140,000. Consider this a population. a. What is the range? ________________ b. What is the arithmetic mean income? ________________ c. What is the population variance? The standard deviation? ________________ d. The annual incomes of officers of another firm similar to TMV Industries were also studied. The mean was $129,000 and the standard deviation $8,612. Compare the means and dispersions in the two firms.

Chapter 3: Problem 41 Basic Statistics for Business and Economics 7

Problem 41E Dave's Automatic Door, referred to in Exercise 37, installs automatic garage door openers. Based on a sample, following are the times, in minutes, required to install 10 door openers: 28, 32, 24, 46, 44, 40, 54, 38, 32, and 42. a. Compute the sample variance. ________________ b. Determine the sample standard deviation.

Chapter 3: Problem 42 Basic Statistics for Business and Economics 7

Problem 42E The sample of eight companies in the aerospace industry, referred to in Exercise 36, was surveyed as to their return on investment last year. The results are: 10.6, 12.6, 14.8, 18.2, 12.0, 14.8, 12.2, and 15.6. a. Compute the sample variance. ________________ b. Determine the sample standard deviation.

Chapter 3: Problem 43 Basic Statistics for Business and Economics 7

Problem 43E The Houston, Texas, Motel Owner Association conducted a survey regarding weekday motel rates in the area. Listed below is the room rate for business-class guests for a sample of 10 motels. $101 $97 $103 $110 $78 $87 $101 $80 $106 $88 a. Compute the sample variance. ________________ b. Determine the sample standard deviation.

Chapter 3: Problem 44 Basic Statistics for Business and Economics 7

Problem 44E A consumer watchdog organization is concerned about credit card debt. A survey of 10 young adults with credit card debt of more than $2,000 showed they paid an average of just over $100 per month against their balances. Listed below is the amounts each young adult paid last month. $110 $126 $103 $93 $99 $113 $87 $101 $109 $100 a. Compute the sample variance. ________________ b. Determine the sample standard deviation.

Chapter 3: Problem 45 Basic Statistics for Business and Economics 7

Problem 45E According to Chebyshev's theorem, at least what percent of any set of observations will be within 1.8 standard deviations of the mean?

Chapter 3: Problem 47 Basic Statistics for Business and Economics 7

Problem 47E The distribution of the weights of a sample of 1,400 cargo containers is symmetric and bell-shaped. According to the Empirical Rule, what percent of the weights will lie:

Chapter 3: Problem 46 Basic Statistics for Business and Economics 7

Problem 46E The mean income of a group of sample observations is $500; the standard deviation is $40. According to Chebyshev's theorem, at least what percent of the incomes will lie between $400 and $600?

Chapter 3: Problem 48 Basic Statistics for Business and Economics 7

Problem 48E The following graph portrays the distribution of the number of Biggie-sized soft drinks sold at a nearby Wendy's for the last 141 days. The mean number of drinks sold per day is 91.9 and the standard deviation is 4.67. If we use the Empirical Rule, sales will be between what two values on 68 percent of the days? Sales will be between what two values on 95 percent of the days?

Chapter 3: Problem 49 Basic Statistics for Business and Economics 7

Problem 49E The accounting firm of Crawford and Associates has five senior partners. Yesterday the senior partners saw six, four, three, seven, and five clients, respectively. a. Compute the mean number and median number of clients seen by the partners. ________________ b. Is the mean a sample mean or a population mean? ________________ c. Verify that ?(X - ?) = 0.

Chapter 3: Problem 50 Basic Statistics for Business and Economics 7

Problem 50E Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, 22. a. Compute the mean number and median number of apples in a bag. ________________ b. Verify that = 0.

Chapter 3: Problem 51 Basic Statistics for Business and Economics 7

Problem 51E A sample of households that subscribe to United Bell Phone Company for land line phone service revealed the following number of calls received per household last week. Determine the mean and the median number of calls received. 52 43 30 38 30 42 12 46 39 37 34 46 32 18 41 5

Chapter 3: Problem 52 Basic Statistics for Business and Economics 7

Problem 52E The Citizens Banking Company is studying the number of times the ATM located in a Loblaws Supermarket at the foot of Market Street is used per day. Following are the number of times the machine was used daily over each of the last 30 days. Determine the mean number of times the machine was used per day. 83 64 84 76 84 54 75 59 70 61 63 80 84 73 68 52 65 90 52 77 95 36 78 61 59 84 95 47 87 60

Chapter 3: Problem 53 Basic Statistics for Business and Economics 7

Problem 53E The Canadian government wants to know the relative age of its workforce. As the baby boom generation becomes older, the government is concerned about the availability of younger qualified workers. To become more informed, the government surveyed many industries regarding employee ages. The mean and median age for two industries, communication and retail trade, for six different job types are listed in the following table. Communication and Other Utilities Retail Trade and Consumer Services Mean Median Mean Median Managers 42.6 43 38.6 38 Professionals 40.8 40 40.0 39 Technical/Trades 41.4 42 37.1 37 Marketing/Sales NA NA 33.7 31 Clerical/Administrative 40.8 41 38.0 38 Production Workers 37.2 40 32.0 24 Comment on the distribution of age. Which industry appears to have older workers? Younger workers? In each industry, which job types show the greatest difference between mean and median age?

Chapter 3: Problem 54 Basic Statistics for Business and Economics 7

Problem 54E Trudy Green works for the True-Green Lawn Company. Her job is to solicit lawn-care business via the telephone. Listed below is the number of appointments she made in each of the last 25 hours of calling. What is the arithmetic mean number of appointments she made per hour? What is the median number of appointments per hour? Write a brief report summarizing the findings. 9 5 2 6 5 6 4 4 7 2 3 6 3 4 4 7 8 4 4 5 5 4 8 3 3

Chapter 3: Problem 55 Basic Statistics for Business and Economics 7

Problem 55E The Split-A-Rail Fence Company sells three types of fence to homeowners in suburban Seattle, Washington. Grade A costs $5.00 per running foot to install, Grade B costs $6.50 per running foot, and Grade C, the premium quality, costs $8.00 per running foot. Yesterday, Split-A-Rail installed 270 feet of Grade A, 300 feet of Grade B, and 100 feet of Grade C. What was the mean cost per foot of fence installed?

Chapter 3: Problem 57 Basic Statistics for Business and Economics 7

Problem 57E The table below shows the percent of the labor force that is unemployed and the size of the labor force for three counties in Northwest Ohio. Jon Elsas is the Regional Director of Economic Development. He must present a report to several companies that are considering locating in Northwest Ohio. What would be an appropriate unemployment rate to show for the entire region? County Percent Unemployed Size of Workforce Wood 4.5 15,300 Ottawa 3.0 10,400 Lucas 10.2 150,600

Chapter 3: Problem 56 Basic Statistics for Business and Economics 7

Problem 56E Rolland Poust is a sophomore in the College of Business at Scandia Tech. Last semester he took courses in statistics and accounting, 3 hours each, and earned an A in both. He earned a B in a five-hour history course and a B in a two-hour history of jazz course. In addition, he took a one-hour course dealing with the rules of basketball so he could get his license to officiate high school basketball games. He got an A in this course. What was his GPA for the semester? Assume that he receives 4 points for an A, 3 for a B, and so on. What measure of location did you just calculate?

Chapter 3: Problem 58 Basic Statistics for Business and Economics 7

Problem 58E The manager of Tri-Town Motors checks the age of vehicles traded in at his dealership. Here are the values for a sample of 15 cars: a. What is the mean age of the trade-ins? b. Find the median age. c. What is the modal age?

Chapter 3: Problem 59 Basic Statistics for Business and Economics 7

Problem 59E The ages of a sample of Canadian tourists flying from Toronto to Hong Kong were: 32, 21, 60, 47, 54, 17, 72, 55, 33, and 41. a. Compute the range. ________________ b. Compute the mean deviation. ________________ c. Compute the standard deviation.

Chapter 3: Problem 61 Basic Statistics for Business and Economics 7

Problem 61E The Apollo space program lasted from 1967 until 1972 and included 13 missions. The missions lasted from as little as 7 hours to as long as 301 hours. The duration of each flight is listed below. 9 195 241 301 216 260 7 244 192 147 10 295 142 a. Explain why the flight times are a population. ________________ b. Find the mean and median of the flight times. ________________ c. Find the range and the standard deviation of the flight times.

Chapter 3: Problem 60 Basic Statistics for Business and Economics 7

Problem 60E The weights (in pounds) of a sample of five boxes being sent by UPS are: 12, 6, 7, 3, and 10. a. Compute the range. ________________ b. Compute the mean deviation. ________________ c. Compute the standard deviation.

Chapter 3: Problem 62 Basic Statistics for Business and Economics 7

Problem 62E Creek Ratz is a very popular restaurant located along the coast of northern Florida. They serve a variety of steak and seafood dinners. During the summer beach season, they do not take reservations or accept "call ahead" seating. Management of the restaurant is concerned with the time a patron must wait before being seated for dinner. Listed below is the wait time, in minutes, for the 25 tables seated last Saturday night. 28 39 23 67 37 28 56 40 28 50 51 45 44 65 61 27 24 61 34 44 64 25 24 27 29 a. Explain why the times are a population. ________________ b. Find the mean and median of the times. ________________ c. Find the range and the standard deviation of the times.

Chapter 3: Problem 64 Basic Statistics for Business and Economics 7

Problem 64E The ERA recently released the following air quality indexes for selected metropolitan areas. Index Metropolitan Area Index Metropolitan Area 41 Allentown-Bethlehem-Easton, PA 29 Monroe, LA 45 Athens, GA 48 New York, NY 44 Bergen-Passaic, NJ 34 Oakland, CA 39 Buffalo-Niagara Falls, NY 31 Pittsfield, MA 32 Cedar Rapids, IA 36 Reading, PA 42 Cleveland-Lorain—Elyria, OH 31 Rochester, NY 37 Florence, AL 38 San Antonio, TX 41 Fort Worth–Arlington, TX 42 Savannah, GA 37 Goldsboro, NC 35 Scranton-Wilkes Barre–Hazleton, PA 38 Huntsville, AL 36 Vineland-Millville–Bridgeton, NJ 38 Jacksonville, FL 54 Visalia–Tulare-Porterville, CA 33 Johnstown, PA 47 Wheeling, WV–OH 20 Mayaguez, PR a. Find the mean, median, and mode of this data set. ________________ b. What are the range and standard deviation of the readings? ________________ c. Use the Empirical Rule to establish an interval which includes about 95 percent of the observations.

Chapter 3: Problem 63 Basic Statistics for Business and Economics 7

Problem 63E A sample of 25 undergraduates reported the following dollar amounts of entertainment expenses last year: 684 710 688 711 722 698 723 743 738 722 696 721 685 763 681 731 736 771 693 701 737 717 752 710 697 a. Find the mean, median and mode of this information. ________________ b. What are the range and standard deviation? ________________ c. Use the Empirical Rule to establish an interval which includes about 95 percent of the observations.

Chapter 3: Problem 65 Basic Statistics for Business and Economics 7

Problem 65E U.S. housing prices reached their peak in July of 2006. The following data shows the ratio of the prices reported in a recent month to the July 2006 figure. These are to be used to represent typical amounts of decline from that peak for 20 cities. Phoenix Los Angeles San Diego San Francisco Denver Washington Miami Tampa Atlanta Chicago 0.760 0.784 0.764 0.802 0.909 0.828 0.786 0.792 0.933 0.915 Boston Detroit Minneapolis Charlotte Las Vegas New York Cleveland Portland Dallas Seattle 0.902 0.792 0.855 1.025 0.756 0.922 0.865 0.981 0.939 0.999 a. Find the mean, median, and mode of these statistics. ________________ b. What are the range and standard deviation of the values? (Assume this to be sample information.) ________________ c. Use the Empirical Rule to determine an interval which contains approximately 95 percent of the observations.

Chapter 3: Problem 66 Basic Statistics for Business and Economics 7

The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, KY. The racing track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet. a. Obtain the mean and median for the variables winning time and payoff on a $2 bet. b. Determine the range and standard deviation of the variables time and payoff. c. Refer to the variable winning margin. What is the level of measurement? What measure of location would be most appropriate?

Chapter 3: Problem 67 Basic Statistics for Business and Economics 7

Problem 67E The manager of the local Wal-Mart Super Store is studying the number of items purchased by customers in the evening hours. Listed below is the number of items for a sample of 30 customers. 15 8 6 9 9 4 18 10 10 12 12 4 7 8 12 10 10 11 9 13 5 6 11 14 5 6 6 5 13 5 a. Find the mean and the median of the number of items. ________________ b. Find the range and the standard deviation of the number of items.

Chapter 3: Problem 68 Basic Statistics for Business and Economics 7

Refer to the Real Estate data, which reports information on homes sold in the Denver, Colorado, area last year. a. Select the variable selling price. 1. Find the mean, median, and the standard deviation. 2. Write a brief summary of the distribution of selling prices. b. Select the variable referring to the area of the home in square feet. 1. Find the mean, median, and the standard deviation. 2. Write a brief summary of the distribution of the area of homes.

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