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Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen
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McGivern Jewelers is located in the Levis Square Mall just

Chapter 4, Problem 27E

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QUESTION:

McGivern Jewelers is located in the Levis Square Mall just south of Toledo, Ohio. Recently it ran an advertisement in the local newspaper reporting the shape, size, price, and cut grade for 33 of its diamonds currently in stock. The information is reported below.

a. Develop a box plot of the variable price and comment on the result. Are there any outliers? What is the median price? What is the value of the first and the third quartile?

b. Develop a box plot of the variable size and comment on the result. Are there any outliers? What is the median price? What is the value of the first and the third quartile?

c. Develop a scatter diagram between the variables price and size. Be sure to put a price on the vertical axis and size on the horizontal axis. Does there seem to be an association between the two variables? Is the association direct or indirect? Does any point seem to be different from the others?

d. Develop a contingency table for the variables shape and cut grade. What is the most common cut grade? What is the most common shape? What is the most common combination of cut grade and shape?

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QUESTION:

McGivern Jewelers is located in the Levis Square Mall just south of Toledo, Ohio. Recently it ran an advertisement in the local newspaper reporting the shape, size, price, and cut grade for 33 of its diamonds currently in stock. The information is reported below.

a. Develop a box plot of the variable price and comment on the result. Are there any outliers? What is the median price? What is the value of the first and the third quartile?

b. Develop a box plot of the variable size and comment on the result. Are there any outliers? What is the median price? What is the value of the first and the third quartile?

c. Develop a scatter diagram between the variables price and size. Be sure to put a price on the vertical axis and size on the horizontal axis. Does there seem to be an association between the two variables? Is the association direct or indirect? Does any point seem to be different from the others?

d. Develop a contingency table for the variables shape and cut grade. What is the most common cut grade? What is the most common shape? What is the most common combination of cut grade and shape?

ANSWER:

Step 1 of 4

The provided data is tabulated as,

Shape

Size

Price

Cut Grade

Princess

5.03

44312

ideal cut

Round

2.35

20413

Premium cut

Round

2.03

13080

ideal cut

Round

1.56

13925

ideal cut

Round

1.21

7382

ultra ideal cut

Round

1.21

5154

Average cut

Round

1.19

5339

Premium cut

Emerald

1.16

5161

ideal cut

Round

1.08

8775

ultra ideal cut

Round

1.02

4282

Premium cut

Round

1.02

6943

ideal cut

Marquise

1.01

7038

Good cut

Princess

1

4868

Premium cut

Round

0.91

5106

Premium cut

Round

0.9

3921

Good cut

Round

0.9

3733

Premium cut

Round

0.84

2621

Premium cut

Round

0.77

2828

ultra ideal cut

oval

0.76

3808

Premium cut

Princess

0.71

2327

Premium cut

Marquise

0.71

2732

Good cut

Round

0.7

1915

Premium cut

Round

0.66

1885

Premium cut

Round

0.62

1397

Good cut

Round

0.52

2555

Premium cut

Princess

0.51

1337

ideal cut

Round

0.51

1558

Premium cut

Round

0.45

1191

Premium cut

Princess

0.44

1319

Average cut

Marquise

0.44

1319

Premium cut

Round

0.4

1133

Premium cut

Round

0.35

1354

Good cut

Round

0.32

896

Premium cut

a.

Boxplot for variable Price.

Interpretation:

There are 3 outliers present in the price variable: 3925,20413 and 44312.

Minimum price is $ 896 and maximum price is $44312.

Median price is 3733

Value of 1stquartile is 1477.5

Value of 3rdquartile is 6141.

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