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Answer Key-Short Questions

The document contains 3 forms with sample business statistics exercises. Each form has 2 exercises. Exercise 1 involves constructing frequency distribution tables, calculating descriptive statistics, and drawing conclusions from data sets. Exercise 2 involves calculating confidence intervals from sample data and drawing conclusions. The assistant provides concise answers summarizing the key steps and conclusions for each question in under 3 sentences.

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TiếnDoanhMai
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17 views

Answer Key-Short Questions

The document contains 3 forms with sample business statistics exercises. Each form has 2 exercises. Exercise 1 involves constructing frequency distribution tables, calculating descriptive statistics, and drawing conclusions from data sets. Exercise 2 involves calculating confidence intervals from sample data and drawing conclusions. The assistant provides concise answers summarizing the key steps and conclusions for each question in under 3 sentences.

Uploaded by

TiếnDoanhMai
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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BUSINESS STATISTICS

90 minutes
FORM 1:
EXERCISE 1: 30 marks
1. Henderson Manufacturing, Inc. produced the following number of products in the last 16
days. (10 marks)
27, 27, 27, 28, 27, 26, 28, 26, 28, 31, 25, 30, 25, 28, 26, 26
Construct a frequency distribution table. Draw the conclusion.
2. The following set of data is from a sample of 7, 4, 9, 3, 7, 12 (10 marks)
a. Compute the mean, median, and mode.
b. Compute the range, variance, standard deviation, and coefficient of variation.
c. Describe the shape of the data set. Evaluate its reliability.

3. The following is a set of data from a sample of 12, 9, 4, 7, 3, 7 (10 marks)


a. Compute the first quartile, the median, the third quartile and the interquartile range.
b. Construct a box and whisker plot. Draw the conclusion.
EXERCISE 2: 20 marks
a. A random sample of 85 group leaders, supervisors, and similar personnel at Saudi
Aramco. revealed that on average, they spent 6.5 years on the job before being promoted.
The standard deviation of the sample was 1.7 years. Construct a 95 percent confidence
interval. Draw the conclusion.
b. The owner of the Berkshire Hathaway wished to determine the proportion of customers
who use a credit card or debit card to pay at the pump when they pay for their fuel at the
filling station. He surveys 100 customers and finds that 80 paid at the pump. Develop a
95 percent confidence interval for the population proportion. Draw the conclusion.

ANSWER – FORM 1:
EXERCISE 1: 30 marks
1. 5 groups, the largest concentration is in the class from 27 to 28.5 products
2.
a. Mean = 7, median = 7, mode = 7
b. Range = 9, Variance = 10.8, Standard deviation = 3.286, CV = 46.948%
c. Symmetric: Mean = Median = 7
3.
1. 4, 9, 5.
2. 5 points for Box and Whisker Plot: 3, 4, 7, 9, 12
EXERCISE 2: 20 marks
a. 6.14 years to 6.86 years
b. Between 72% and 88%
FORM 2:
EXERCISE 1: 30 marks
1. The manager of the Home Depot gathers the following information on the number of
times a customer visits the supermarket during a month. The responses of 51 customers
were: (10 marks)
5, 3, 1, 14, 8, 4, 1, 10, 3, 1, 7, 8, 1, 2, 6, 9, 4, 4, 5, 4, 4, 4, 5, 9, 11, 2, 12, 6, 4, 5, 6, 3, 12, 2, 3, 4,
6, 5, 7, 6, 3, 6, 6, 7, 4, 5, 5, 15, 1, 6, 1
Construct a frequency distribution table. Draw the conclusion.
2. The following set of data is from a sample of 7, -5, -8, 7, 9 (10 marks)
a. Compute the mean, median, and mode.
b. Compute the range, variance, standard deviation, and coefficient of variation.
c. Describe the shape of the data set. Evaluate its reliability.

3. The following is a set of data from a sample of 12, 7, 4, 9, 0, 7, 3 (10 marks)


a. Compute the first quartile, the median, the third quartile and the interquartile range.
b. Construct a box and whisker plot. Draw the conclusion.
EXERCISE 2: 20 marks
a. A recent study of 50 self-service gasoline stations in the Royal Dutch Shell metropolitan
area in the spring of 2004 revealed that the mean price of unleaded gas was $2.029 per
gallon. The sample standard deviation was $0.03 per gallon. Determine a 99 percent
confidence interval for the population mean price.
b. The Time Warner network is considering replacing one of its prime-time crime
investigation shows with a new family-oriented comedy show. Before a final decision is
made, network executives commission a sample of 400 viewers. After viewing the
comedy, 250 indicated they would watch the new show and suggested it replace the
crime investigation show. Develop a 99 percent confidence interval for the population
proportion.

ANSWER – FORM 2:
EXERCISE 1: 30 marks
1. 6 groups, the largest group of shoppers (21) shop at the Home Depot 3-6 times during a
month period.
2.
a. Mean = 2, median = 7, mode = 7
b. Range = 17, Variance = 62, Standard deviation = 7.874, CV = 393.7%
c. Left-skewed: Mean < Median
3.
a. 3.75, 11.25, 0.46
b. 5 points for Box and Whisker Plot: 0.55, 0.68, 0.88, 1.14, 1.51
EXERCISE 2: 20 marks
a. Between $2.018 and 2.040
b. Between 56.3% and 68.7%
FORM 3:
EXERCISE 1: 30 marks
1. The commissions earned for the first quarter of last year by the 11 members of the sales
staff at Walgreens Company are: (10 marks)
$1,650, $1,475, $1,510, $1,670, $1,595, $1,760, $1,540, $1,495, $1,590, $1,625, $1,510
Construct a frequency distribution table. Draw the conclusion.
2. The following set of data is from a sample of 12, 7, 4, 9, 0, 7, 3 (10 marks)
a. Compute the mean, median, and mode.
b. Compute the range, variance, standard deviation, and coefficient of variation.
c. Describe the shape of the data set. Evaluate its reliability.
3. The information contains the cost ($) per ounce for a sample of 14 white chocolate bars:
0.68, 0.72, 0.92, 1.14, 1.42, 0.94, 0.77, 0.57, 1.51, 0.57, 0.55, 0.86, 1.41, 0.90 (10 marks)
a. Compute the first quartile, the median, the third quartile and the interquartile range.
b. Construct a box and whisker plot. Draw the conclusion.
EXERCISE 2: 20 marks
a. Jacob Miller recently assumed the position of director of the Alphabet. He would like
some current data on how long current members of the Alphabet have been members. To
investigate, suppose he selects a random sample of 40 current members. The mean length
of membership of those included in the sample is 8.32 years and the standard deviation is
3.07 years. Develop a 90 percent confidence interval for the population mean.
b. A market survey was conducted to estimate the proportion of homemakers who would
recognize the brand name of a cleanser based on the shape and the color of the container.
Of the 1,400 homemakers sampled, 420 were able to identify the brand by name.
Develop a 99 percent confidence interval for the population proportion.

ANSWER – FORM 3:
EXERCISE 1: 30 marks
1. 4 groups, the largest concentration of commissions is $1,500 up to $1 ,600.
2.
a. Mean = 6 , median = 7, mode = 7
b. Range = 12, Variance = , Standard deviation = , CV =
c. Left-skewed: Mean < Median

3.
a. 3.75, 11.25, 0.46
b. 5 points for Box and Whisker Plot: 0.55, 0.68, 0.88, 1.14, 1.51
EXERCISE 2: 20 marks
a. Between 7.52 and 9.12 years
b. Between 27% and 33%

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