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

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Statistical Analysis of Wait Times, Electricity Costs, and Real Estate Prices:QNT 561 Week 1 HomeworkQnt 561 Chapter 3 Week 1 Homework#80Creek Ratz is a very popular restaurant located along the coast of northern Florida. Theyserve a variety of steak and seafood dinners. During the summer beach season, they donot take reservations or accept “call ahead” seating. Management of the restaurant isconcerned with the time a patron must wait before being seated for dinner. Listed belowis the wait time, in minutes, for the 25 tables seated last Saturday night.Column1 Column2 Column3 Column4 Column5 Column6 Column7 Column8 Column9Column1028 39 23 67 37 28 56 40 28 5051 45 44 65 61 27 24 61 34 4464 25 24 27 29a. 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/ 1021Number of values in the sample 25Answer: 40.84Median Answer: 39c. Find the range and the standard deviation of the times.Range = Largest value-Smallest value

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Largest value 67Small value 23Answer: 44Standard Deviation Answer: 14.84834446#82The following frequency distribution reports the electricity cost for a sample of 50 twobedroomapartments in Albuquerque, New Mexico during the month of May last year.Column1 Column2 Column3 Column4 Column5 Column6Electricity Cost Frequency (f) Midpoint (M) fM (M-x bar) (M-x bar)2$80 up to $100 3 90 $270.0-51.2 2621.44100 up to 120 8 110 $880.0-31.2 973.44120 up to 140 12 130 $1,560.0-11.2 125.44140 up to 160 16 150 $2,400.0 8.8 77.44160 up to 180 7 170 $1,190.0 28.8 829.44180 up to 200 4 190 $760.0 48.8 2381.44TOTAL 50 $7,060.0 7008.64a. Estimate the mean cost.Arithmetic Mean x bar =∑fM/n= 7060/50= 141.2b. Estimate the standard deviation.s=√∑(X-X bar)2 / n-1 Answer: 11.9s=√7008.64 /50-1s=√7008.64 /49s=83.7176206 /7

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s= 11.95966c. Use the Empirical Rule to estimate the proportion of costs within two standard deviationsof the mean. What are these limits?Mean 141.2Std. Dev 11.9141.2 +/-(2) $11.9141.2+11.9 = 165141.2-11.9 = 117.495% of all costs will be between $117.4 and $165.0.#87Refer to the Real Estate data, which reports information on homes sold in the Denver,Colorado, area last year.Price X-X bar (X-Xbar)2263.1 42.0 1763.8182.4-38.7 1497.9242.1 21.0 440.9213.6-7.5 56.3139.9-81.2 6593.9245.4 24.3 590.4327.2 106.1 11256.6271.8 50.7 2570.2221.1 0.0 0.0266.6 45.5 2070.0

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292.4 71.3 5083.3209-12.1 146.5270.8 49.7 2469.8246.1 25.0 624.9194.4-26.7 713.0281.3 60.2 3623.7172.7-48.4 2342.8207.5-13.6 185.0198.9-22.2 493.0209.3-11.8 139.3252.3 31.2 973.3192.9-28.2 795.4209.3-11.8 139.3345.3 124.2 15424.9326.3 105.2 11066.4173.1-48.0 2304.3187-34.1 1163.0257.2 36.1 1303.0233 11.9 141.5180.4-40.7 1656.7234 12.9 166.3207.1-14.0 196.1247.7 26.6 707.4

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