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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Document preview page 1

Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 1

Document preview content for Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual

Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual

Need to ace your assignments? Use Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual for detailed, easy-to-understand solutions to textbook questions.

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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 1 preview imageChapter 01-Statistics and Data1-1Chapter 1.Statistics and DataSolutions1.a.The population is all iPhone 4 users.b.Sample statistics2.The value 35 is the estimated average age of the population.It is both costly and timeconsuming (likely impossible) to reach allvideo game players.3.a.The population is all students enrolled in the accounting class.b.The value 3.29 represents the population parameter since we are not choosinga sample but drawing results from the actual population.4.a.The population is allmarketing managers.b.No, the average salary is a sample statistic computed from a sample, not thepopulation.5.a.The population is all elderly people. The sample consists of 949 elderly people.b.22% and 17% represent the sample statistics.
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 2 preview image
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 3 preview imageChapter 01-Statistics and Data1-26.DateAdj. Close PriceDec 10$593.97Nov 10$555.71Oct 10$613.70Sep 10$525.79Aug 10$450.02Jul10$484.85Jun 10$444.95May 10$485.63Apr 10$525.70Mar 10$567.12Feb 10$526.80Jan 10$529.94Source: Monthly AdjClose Price in 2010 fromhttp://www.finance.yahoo.com.RetrievedApril 19, 2011.These numbers represent time series data. The adjusted close price of the stock wasrather volatile, with a 12-month high in October and 12-month low in June.7.Note: Individual answers will vary. This is an example of what an answer may look like.AccommodationMonthly ExpensesDorm$435Dorm$480Rental$505Other$50Rental$600Dorm$425Rental$525Other$550Other$325Dorm$385Rental$475Dorm$400Dorm$485Rental$485Other$475Dorm$425Rental$500Dorm$375Rental$625Other$350
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 4 preview imageChapter 01-Statistics and Data1-3This data is cross-sectional databecause it can be assumed to betaken at the samepoint in time.The monthly lodging expenses ranges from a low of $50 to a high of$625.The average expense is $443.75.8.Note: The data for this website changes regularly. Therefore, individual answers willdiffer depending on the date the data is retrieved. This is an example of what the tablemay look like:HomesPriceNumber of BedsSquare FeetBuilt1$374,900.003307320042$112,000.004178820053$190,000.003146720094$160,000.004189120005$30,000.003102619776$317,000.004346520047$62,000.003136219738$120,000.003200520029$289,324.0031705200810$355,000.0043648200111$65,000.0021296197612$33,000.0041696198713$110,000.0031376200014$310,000.0053716200115$75,000.0031230200416$60,000.0031285200417$140,000.0042217200318$178,000.0041967199819$226,000.001533200620$128,000.00314832006Source:http://zillow.com/;RetrievedAugust 20, 2012.The data above is cross-sectional data. The data represents characteristics of homessold at approximately the same time of the year.
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 5 preview imageChapter 01-Statistics and Data1-49.DATEGPSAVEQ1.20082138.9Q2.20082411.5Q3.20082333.9Q4.20082246.7Q1.20092503.8Q2.20092621.7Q3.20092556.6Q4.20092617.1Q1.20102781.4Q2.20102843.9Q3. 20102888.3Q4. 20102825.7Q1.20112794.6Q2.20112836.0Q3. 20112810.7Q4. 20112868.5Source:http://research.stlouisfed.org/fred2/; RetrievedAugust 20, 2012.These numbers represent time series data.Savings areincreasingover this timeperiod.050010001500200025003000350012345678910111213141516Gross Private Savings (in billions of $)Quarters, 2008-2011Gross Private Savings, 2008-2011
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 6 preview imageChapter 01-Statistics and Data1-510.StateMedian HouseholdIncome in 2010 ($)Alabama40,976Arizona47,279California54,459Florida44,243Georgia44,108Indiana46,322Iowa49,177Maine48,133Massachusetts61,333Minnesota52,544Mississippi37,985New Mexico45,098North Dakota51,380Washington56,253Source:http://www.census.gov/; Retrieved August 20, 2012.These data are estimates for 2010–you may be able to obtain more recentestimates.These numbers represent cross-sectional data. They record the medianincome by family size for different states. In this particular group of states,Massachusetts has the highest median income by family size whereas Mississippihas the lowest median income.Also, states in the North such as Massachusetts,Minnesota and Washington have higher incomes than Southern states.11.a.Quantitative; discreteb.Qualitativec.Quantitative; continuous12.a.Qualitativeb.Quantitative; continuousc.Quantitative; discrete
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 7 preview imageChapter 01-Statistics and Data1-613.a.Nominalb.Intervalc.Ordinal14.a.Ratiob.Ordinalc.Nominal15.a.Ratiob.Intervalc.Ratio16.a.Nominal scale of measurement. The values differ in name.b.Major# of StudentsAccounting5Economics7Finance5Marketing3Management6Undecided4
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 8 preview imageChapter 01-Statistics and Data1-7c.An inspection of the data shows that Economics has the highest number ofstudents whereas Marketing has the lowest.17.a.The Year data is measured on an interval scale. The values can be ranked,categorized and measured when using this kind of scale. However, there is notrue zero point so we cannot calculate meaningful ratios between years.b.The Morningstar’s based rating system is measured on an ordinal scale. Thevalues can be ranked andcategorized but the differences between ranks aremeaningless. The data shows that 80% of the companies have a three and fourstar rating. Only 20% have a five start rating. Also, the number of three and fourstar companies is the same.c.The Stock Price data is measured on a ratio scale. This type of scale is thestrongest form of measurement. There is a true zero point which allows for thecalculation of meaningful ratios between values.RatingNumber of Companies***12****12*****6
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 9 preview imageChapter 02-Tabular and Graphical Methods2-1Chapter 2 Tabular and Graphical MethodsSolutions1.a.RatingFrequencyRelative Frequency51212/36 = 0.333499/36 = 0.250377/36 = 0.194255/36 = 0.139133/36 = 0.083Total360.999b.More than a third of the patrons are very satisfied with the entrees. Overall morethan half of the customers gave a top rating of either 4 or 5. Only 8.3% gave thelowest rating.2.a.RatingFrequencyRelative FrequencyExcellent55/24 = 0.208Good1212/24 = 0.500Fair44/24 = 0.167Poor33/24 = 0.125Total241b.The most common response is Good which comprises 50% of total responses. Morethan70%of thepatients reveal that they are in good or excellent health conditions.3.a.ExpectationFrequencyRelative FrequencyBetter55/25 = 0.20Same1616/25 = 0.64Worse44/25 = 0.16Total251
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 10 preview imageChapter 02-Tabular and Graphical Methods2-2Most of the chief executives (64%) believed that the economy would be the same inthe next 12 months.b.4.a.DelaysFrequencyRelative FrequencyPM Delays11/18 = 0.056All Day Delays66/18 = 0.333AM Delays44/18 =0.222None77/18 = 0.389Total181Better20%Same64%Worse16%Expectations of U.S. economyBetterSameWorse0.000.100.200.300.400.500.600.70BetterSameWorseRelative FrequencyExpectation TypeExpectations of U.S economy
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 11 preview imageChapter 02-Tabular and Graphical Methods2-3The most common delays wereNone, comprising 38.9% of all delays. The secondmost common wereAllDayDelays, comprising 33.3% of all delays.b.5.a.22 (18 + 4) out of 50 rookies received a rating of 4 or better; 14 (10 + 4) out of 50rookies received a rating of 2 or worse.PM Delays6%All DayDelays33%AM Delays22%None39%Air Travel DelaysPM DelaysAll Day DelaysAM DelaysNone0.000.100.200.300.400.50PM DelaysAll DayDelaysAM DelaysNoneRelative FrequencyDelay TypeAir Travel Delays
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 12 preview imageChapter 02-Tabular and Graphical Methods2-4b.RatingRelative Frequency14/50 = 0.08210/50 = 0.2314/50 = 0.28418/50 = 0.3654/50 = 0.08Total18% of the rookies received a rating of 5.c.6.a.ResponseFrequencyGood Jobs0.37×5324 = 1970Affordable homes0.15×5324 = 799Top schools0.11×5324 = 586Low crimes0.23×5324 = 1225Things to do0.14×5324 = 745Total53241225respondents considered ‘Low crimes’ as the mostimportant criterion.00.10.20.30.412345Relative FrequencyRatingsRatings of Pro-football Rookies
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 13 preview imageChapter 02-Tabular and Graphical Methods2-5b.7.a.Top Vacation ChoiceRelative FrequencyCruises140/316 = 0.443Beaches68/316 = 0.215Amusement Parks68/316 = 0.215Big Cities20/316 = 0.063Lakes12/316 = 0.038Summer Camp8/316 = 0.025Total144.3% of the children cited ‘Cruises’ as the perfect summer trip.05001000150020002500Good JobsAffordablehomesTop schoolsLow crimesThings to doFrequencyResponsesSurvey Responses
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 14 preview imageChapter 02-Tabular and Graphical Methods2-6b.8.a.Car-RentalCompanyRelative FrequencyEnterprise10.7/21.9 = 0.489Hertz4.7/21.9 = 0.215Avis Budget4/21.9 = 0.183Dollar Thrifty1.5/21.9 = 0.068Other1/21.9 = 0.046Total1b.Hertzaccounted for 21.5% of sales.c.020406080100120140160CruisesBeachesAmusementParksBig CitiesLakesSummerCampFrequencyVacation ChoiceTop Vacation Choice SurveyEnterprise49%Hertz21%Avis Budget18%Dollar Thrifty7%Other5%Car-Rental Company RevenuesEnterpriseHertzAvis BudgetDollar ThriftyOther
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 15 preview imageChapter 02-Tabular and Graphical Methods2-79.a.b.(0.4 * 829) = 332 respondents believe that a cure for cancer will be found.10.a.The number of responses for“Others”is the difference between the total number ofresponses and the sum of responses in the table. That is,20825−15241=5584.b.The proportion of respondents that felt that the Green Bay Packers would win SuperBowl XLV is1076/20,825 = 0.052.c.TeamRelative FrequencyFalcons4040/20,825 = 0.19400.10.20.30.40.5Cure forcancerfoundEnd ofdependenceon oilSigns of lifein outerspacePeace inMiddle EastOtherNone willhappenRelative FrequencyEventsCBSNews SurveyCure for cancerfound40%End ofdependence onoil27%Signs of lifein outer space12%Peace inMiddle East8%Other6%None willhappen7%CBSNews SurveyCure for cancer foundEnd of dependence onoilSigns of life in outerspacePeace in Middle EastOtherNone will happen
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Essentials of Business Statistics: Communicating With Numbers 1st Edition Solution Manual - Page 16 preview imageChapter 02-Tabular and Graphical Methods2-8Saints1880/20,825 = 0.090Texans1791/20,825 = 0.086Cowboys1631/20,825 = 0.078Vikings1438/20,825 = 0.069Colts1149/20,825 = 0.055Steelers1141/20,825 = 0.055Patriots1095/20,825 = 0.053Packers1076/20,825 = 0.052Others5584/20,825 = 0.268Total20,825/20,825 = 111.a. Since 60% favored Obama and 30% favored Romney in terms of likeability, then 10%favored neither Obama nor Romney.b. Of the 500 respondents,300 (=500×0.60) favoredObama and150 (=500×0.30) favoredRomney.So Obama was favored by 150 more respondents.12.a.According to this survey, an athlete in football was most likely to sustain an injurywith lifelong consequences. An athlete in martial arts was least likely to sustain aninjury with lifelong consequences.b.Approximately 79 respondents (=992×0.08)believed that professional hockeyplayers were most likely to sustain an injury with lifelong consequences.13.This graph does not correctly depict what has happened to Caterpillar’s stock price overthis period. The graph has been given arelativelyhigh valueof $500on the vertical axis.00.050.10.150.20.250.3FalconsSaintsTexansCowboysVikingsColtsSteelersPatriotsPackersOthersRelative FrequencyTeamSuper Bowl XLV Poll
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