Business Statistics: A First Course (7th Edition)
Business Statistics: A First Course (7th Edition)
7th Edition
ISBN: 9780321979018
Author: David M. Levine, Kathryn A. Szabat, David F. Stephan
Publisher: PEARSON
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 3, Problem 3.1LB

The following set of data is from a sample of n = 5:

7 4 9 8 2

  1. Calculate the mean, median, and mode.
  2. Calculate the range, variance. standard deviation, and coefficient of variation.
  3. Calculate the Z scores. Are there any outliers?
  4. Describe the shape of the data set.

(a)

Expert Solution
Check Mark
To determine

To compute: The mean, median, and mode for the given data set.

Answer to Problem 3.1LB

Mean is 6, median is 7 for the given dataset.

Explanation of Solution

Given:

Given data set is:

7,4,9,8, and 2.

Formula:

  Mean(μ)=xn

  Median=( n+12)thterm

Calculation:

Mean could be calculated as for the given data set:

  Mean(μ)=7+4+9+8+25=6

Median could be calculated as for the given data set:

Arrange the data in ascending ordered:

2,4,7,8, and 9.

  Median=( n+1 2)thterm=3rdterm=7

Thus, Median is 7.

Mode:

There is no mode.

(b)

Expert Solution
Check Mark
To determine

To conclude:

The range, variance, standard deviation, and coefficient of variation.

Answer to Problem 3.1LB

The is 7, variance is 11.33, standard deviation is 3.366 for the given data set.

Explanation of Solution

Given:

From the above given data set,

Calculation:

The range could be calculated as:

  R=maxmin=92=7

Formula:

  σ2=1n1( xμ)2

The standard deviation (σ2) could be calculated as:

  σ2=1n1 ( xμ )2= ( 76 )2+ ( 46 )2+ ( 96 )2+ ( 86 )2+ ( 26 )241=11.33

The standard deviation (σ) could be calculated as:

  (σ)=σ2=11.33=3.3660

(c)

Expert Solution
Check Mark
To determine

To compute:

The Z-score, there is any outliers.

Answer to Problem 3.1LB

z scores are -1.18, -0.29, 0.89, -0.59, 0.59.

Explanation of Solution

Given:

from the above part,

Formula:

  z=xμσ

Calculation:

Z score can be calculated:

x =2,7,9,4,8

  z=xμσ

Thus,

  z=x63.366

Thus,

Z =-1.18, -0.29,0.89,-0.59,0.59

There is one value outlier 2 because 2 does not lie in the interval (μσ,μ+σ) .

(d)

Expert Solution
Check Mark
To determine

To explain:

The shape of the data set.

Explanation of Solution

Given:

from the above given data set:

Graph:

The graph could be construct for the given data set as:

  Business Statistics: A First Course (7th Edition), Chapter 3, Problem 3.1LB

Interpretation:

Shape:

It seems that there would be two nods.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Chapter 3 Solutions

Business Statistics: A First Course (7th Edition)

Ch. 3 - Prob. 3.11ACCh. 3 - Prob. 3.12ACCh. 3 - Is there a difference in the variation of the...Ch. 3 - Prob. 3.14ACCh. 3 - A bank branch located in a commercial district of...Ch. 3 - Prob. 3.16ACCh. 3 - Using the three-year return percentage variable in...Ch. 3 - Prob. 3.18ACCh. 3 - Using the three-year return percentage variable in...Ch. 3 - Using the three-year return percentage variable in...Ch. 3 - Prob. 3.21LBCh. 3 - The following is a set of data from a sample of n...Ch. 3 - Prob. 3.23LBCh. 3 - Prob. 3.24LBCh. 3 - Prob. 3.25ACCh. 3 - The file MarketPenetration contains Facebook...Ch. 3 - Prob. 3.27ACCh. 3 - Prob. 3.28ACCh. 3 - Prob. 3.29ACCh. 3 - Prob. 3.30ACCh. 3 - Prob. 3.31LBCh. 3 - The following is a set of data for a population...Ch. 3 - Consider a population of 1,024 mutual funds that...Ch. 3 - Prob. 3.35ACCh. 3 - The file Energy contains the per capita energy...Ch. 3 - Prob. 3.37ACCh. 3 - The following is a set of data from a sample of n...Ch. 3 - Prob. 3.39ACCh. 3 - The file CEREALS lists the calories and sugar, in...Ch. 3 - Movie companies need to predict the gross receipts...Ch. 3 - Prob. 3.42ACCh. 3 - Prob. 3.43ACCh. 3 - Prob. 3.44CYUCh. 3 - Prob. 3.45CYUCh. 3 - What are the differences among the mean, median,...Ch. 3 - Prob. 3.47CYUCh. 3 - Prob. 3.48CYUCh. 3 - Prob. 3.49CYUCh. 3 - Prob. 3.50CYUCh. 3 - Prob. 3.51CYUCh. 3 - Prob. 3.52CYUCh. 3 - Prob. 3.53CYUCh. 3 - Prob. 3.54CYUCh. 3 - Prob. 3.55CYUCh. 3 - How do the covariance and the coefficient of...Ch. 3 - Prob. 3.57CRPCh. 3 - Prob. 3.58CRPCh. 3 - One of the major measures of the quality of...Ch. 3 - Prob. 3.60CRPCh. 3 - The manufacturing company in Problem 3.60 also...Ch. 3 - Prob. 3.62CRPCh. 3 - Prob. 3.63CRPCh. 3 - Prob. 3.64CRPCh. 3 - Prob. 3.66CRPCh. 3 - The file PropertyTaxes contains the property...Ch. 3 - 311 is Chicagos web and phone portal for...Ch. 3 - How much time do Americans living in or near...Ch. 3 - You are planning to study for your statistics...Ch. 3 - Prob. 3.74RWE

Additional Math Textbook Solutions

Find more solutions based on key concepts
Knowledge Booster
Background pattern image
Statistics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
The Shape of Data: Distributions: Crash Course Statistics #7; Author: CrashCourse;https://www.youtube.com/watch?v=bPFNxD3Yg6U;License: Standard YouTube License, CC-BY
Shape, Center, and Spread - Module 20.2 (Part 1); Author: Mrmathblog;https://www.youtube.com/watch?v=COaid7O_Gag;License: Standard YouTube License, CC-BY
Shape, Center and Spread; Author: Emily Murdock;https://www.youtube.com/watch?v=_YyW0DSCzpM;License: Standard Youtube License