Chapter 01-An Introduction to Business Statistics1-1CHAPTER 1—An Introduction to Business Statistics1.1Any characteristic of a population unit is called a variable.Quantitative: values on the real number line.Qualitative: record unit into categories.L01-01, L01-021.2a.Quantitative; dollar amounts correspond to values on the real number line.b.Quantitative; net profit is a dollar amount.c.Qualitative; which stock exchange is a category.d.Quantitative; national debt is a dollar amount.e.Qualitative; media is categorized into radio, television, or print.L01-021.3Cross sectional data are collected at approximately the same point in time whereas time seriesdata are collected over different time periods.The total number of cars sold in 2009 by 10 different sales people are cross sectional data.The total number of cars sold by a particular sales person for the years 2005–2009 are timeseries data.L01-031.4The response variable is whether or not the person has cancer. The factors or independentvariables are age, sex, occupation, and number of cigarettes smoked per day. This is anobservational study.L01-051.5$398,000L01-011.6Diamond: Lake Lot$494,000Rudy: Lake Lot $447,000L01-01Preview Mode
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