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Statistical Analysis of Wait Times, Electricity Costs, and Real Estate Prices: QNT 561 Week 1 Homework

This assignment provides statistical solutions for analyzing wait times, electricity costs, and real estate prices.

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    Statistical Analysis of Wait Times, Electricity Costs, and Real Estate Prices: QNT 561 Week 1 Homework Qnt 561 Chapter 3 Week 1 Homework #80 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. Column1 Column2 Column3 Column4 Column5 Column6 Column7 Column8 Column9 Column10 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. The times are a population because we used all 25 tables to determine the wait time. b. Find the mean and median of the times. Sample mean = Sum of all values in the sample/ 1021 Number of values in the sample 25 Answer: 40.84 Median Answer: 39 c. Find the range and the standard deviation of the times. Range = Largest value - Smallest value

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    Largest value 67 Small value 23 Answer: 44 Standard Deviation Answer: 14.84834446 #82 The following frequency distribution reports the electricity cost for a sample of 50 twobedroom apartments in Albuquerque, New Mexico during the month of May last year. Column1 Column2 Column3 Column4 Column5 Column6 Electricity Cost Frequency (f) Midpoint (M) fM (M - x bar) (M - x bar)2 $80 up to $100 3 90 $270.0 - 51.2 2621.44 100 up to 120 8 110 $880.0 - 31.2 973.44 120 up to 140 12 130 $1,560.0 - 11.2 125.44 140 up to 160 16 150 $2,400.0 8.8 77.44 160 up to 180 7 170 $1,190.0 28.8 829.44 180 up to 200 4 190 $760.0 48.8 2381.44 TOTAL 50 $7,060.0 7008.64 a. Estimate the mean cost. Arithmetic Mean x bar = ∑ fM/n= 7060/50= 141.2 b. Estimate the standard deviation. s= √∑ (X - X bar)2 / n - 1 Answer: 11.9 s= √ 7008.64 /50 - 1 s= √ 7008.64 /49 s=83.7176206 /7

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    s= 11.95966 c. Use the Empirical Rule to estimate the proportion of costs within tw o standard deviations of the mean. What are these limits? Mean 141.2 Std. Dev 11.9 141.2 +/ - (2) $11.9 141.2+11.9 = 165 141.2 - 11.9 = 117.4 95% of all costs will be between $117.4 and $165.0. #87 Refer to the Real Estate data, which reports information on homes sold in the Denver, Colorado, area last year. Price X - X bar (X - Xbar)2 263.1 42.0 1763.8 182.4 - 38.7 1497.9 242.1 21.0 440.9 213.6 - 7.5 56.3 139.9 - 81.2 6593.9 245.4 24.3 590.4 327.2 106.1 11256.6 271.8 50.7 2570.2 221.1 0.0 0.0 266.6 45.5 2070.0

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    292.4 71.3 5083.3 209 - 12.1 146.5 270.8 49.7 2469.8 246.1 25.0 624.9 194.4 - 26.7 713.0 281.3 60.2 3623.7 172.7 - 48.4 2342.8 207.5 - 13.6 185.0 198.9 - 22.2 493.0 209.3 - 11.8 139.3 252.3 31.2 973.3 192.9 - 28.2 795.4 209.3 - 11.8 139.3 345.3 124.2 15424.9 326.3 105.2 11066.4 173.1 - 48.0 2304.3 187 - 34.1 1163.0 257.2 36.1 1303.0 233 11.9 141.5 180.4 - 40.7 1656.7 234 12.9 166.3 207.1 - 14.0 196.1 247.7 26.6 707.4

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