Chapter 2 homework Business Statistics (BUSI 2305-IN1)

Two thousand frequent business travelers were asked which midwestern city they prefer: Indianapolis, Saint Louis, Chicago, or Milwaukee. One hundred liked Indianapolis best, 450 liked Saint Louis, 1,300 liked Chicago, and the remainder preferred Milwaukee. Develop a frequency table and a relative frequency table to summarize this information. (Round the "Relative Frequency" to 3 decimal places.)

100/2000=.050 450/2000=.225 1300/2000=.650 150/2000=.075

In a marketing study, 100 consumers were asked to select the best digital music player from the iPod Touch, Sony Walkman, and the Zune HD. To summarize the consumer responses with a frequency table, how many classes would the frequency table have?

3 (ipod touch, sony walkman, zune hd)

A pie chart shows the relative market share of cola products. The "slice" for Pepsi has a central angle of 90 degrees. What is it's Market share?

A pie-chart or a circle has an angle of 360 degrees which shows the relative market share of cola products. Since, Cola has a central angle of 90 degrees, the market share of cola is =90/360×100 =1/4×100 =25%​

What level of measurement is required for quantitative variables? (Select all that apply.)

Interval level and ratio level

A set of data consists of 38 observations. How many classes would you recommend for the frequency distribution?

Let K be the number of classes n=number of observations For class intervals chose the smallest k such that 2^k>n Number of observations (n) is given as 38 if k=5, then: 2^5=32 Since 32 is less than 38, therefore k cannot be taken as 5 if k=6 2^6=64 thus 64 is greater than 38, thus the number of classes recommended for the frequency distribution will be 6.

what level of measurement is required for qualitative variables?

Nominal level and ordinal level

Can qualitative and quantitative variables be used to describe both samples and populations?

Yes

Molly's Candle Shop has several retail stores in the coastal areas of North and South Carolina. Many of Molly's customers ask her to ship their purchases. The following chart shows the number of packages shipped per day for the last 100 days. For example, the first class shows that there were 5 days when the number of packages shipped was 0 up to 5. a. What is this chart called? b. What is the total number of packages shipped? c. What is the class interval? d. What is the number of packages shipped in the 10 up to 15 class? e. What is the relative frequency of packages shipped in the 10 up to 15 class? (Express your answer as a decimal rounded to two decimal places.) f. What is the midpoint of the 10 up to 15 class? (Round your answer to 1 decimal place.) g. On how many days were there 25 or more packages shipped?

a. Histogram b. (total number of packages shipped)= (5+13+28+23+18+10+3)= 100 c. 5 d. 28 e. (number of packages shipped in 10-15 class)/(total number of packages shipped)= 28/100=.28 f. (lowerlimit +upperlimit)/2)= 10+15/2= 12.5 g. 10+3=13

The frequency distribution of order lead time of a large Internet retailer is given below. a-1. How many orders were filled in less than 10 days? a-2. How many orders were filled in less than 15 days?

a-1= 6+7=13 b-1= 6+7+12=25

The following frequency distribution reports the number of frequent flier miles, reported in thousands, for employees of Brumley Statistical Consulting Incorporated during the most recent quarter. a. How many welders were studied? b. What is the class interval? c. About how many welders earn less than $10.00 per hour? d. About 75% of the welders make less than what amount? e. Ten of the welders studied made less than what amount?

a. 40 b. 5 c. 11 d. $18 e. $9 f. 78%

The following frequency distribution reports the number of frequent flier miles, reported in thousands, for employees of Brumley Statistical Consulting Incorporated during the most recent quarter. a. How many employees were studied? b. What is the midpoint of the first class? (Enter the answer in thousands. Round your answer to 1 decimal place.) d. A frequency polygon is to be drawn. What are the coordinates of the plot for the first class? (Round your x coordinate to 1 decimal place and enter your y coordinate as a whole number.) e. Outside of Connect, construct a frequency polygon. f. Outside of Connect, interpret the frequent flier miles accumulated using the two charts

a. 5+12+23+8+2=50 b. Lower limit + Upper limit/2 (0+3/2)=1.5 d. x=1.5 y=5

David Wise handles his own investment portfolio, and has done so for many years. Listed below is the holding time (recorded to the nearest whole year) between purchase and sale for his collection of 36 stocks. a. How many classes would you propose? b. Outside of Connect, what class interval would you suggest? c. Outside of Connect, what quantity would you use for the lower limit of the initial class? d. Organize the data into a frequency distribution. (Round your class values to 1 decimal place.) e. Identify the appearance of the frequency distribution.

a. 6~ (2 to the k rule) 2^6=64>36 b. 2.2~ (i> (max Value- Mini value)/k) > (15-3)/6=2 c. 2.2 d. 2.2-4.4=2 4.4-6.6=7 6.6-8.8=11 8.8-11.0=7 11.0-13.2=7 13.2-15.4=2 total=36 e. fairly symmetric or bell shaped

Speedy Swift is a package delivery service that serves the greater Atlanta, Georgia, metropolitan area. To maintain customer loyalty, one of Speedy Swift's performance objectives is on-time delivery. To monitor its performance, each delivery is measured on the following scale: early (package delivered before the promised time), on-time (package delivered within 15 minutes of the promised time), late (package delivered more than 15 minutes past the promised time), or lost (package never delivered). Speedy Swift's objective is to deliver 99% of all packages either early or on-time. Speedy collected the following data for last month's performance: a. What kind of variable is delivery performance? What scale is used to measure delivery performance? b. Construct a frequency table for delivery performance for last month. c. Construct a relative frequency table for delivery performance last month. (Round your answers to 2 decimal places.)

a. Variable=qualitative, Scale= ordinal b. early 22 late 9 lost 2 on-time 67 c. early= 22/100=.22 late= 9/100=.09 lost=2/100=.02 on-time=67/100=.67 total=100=1

The following chart summarizes the selling price of homes sold last month in the Sarasota, Florida, area. a. What is the chart called? b. How many homes were sold during the last month? c. What is the class interval? d. About 75% of the houses sold for less than what amount? (Enter your answer in thousands.) e. One hundred seventy-five of the homes sold for less than what amount? (Enter your answer in thousands.)

a. cumulative frequency polygon b. 250 c. 50 d. $240,000 e. $230,000