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Understanding Business Statistics by Timothy Bergquist, Stacey Jones, Ned Freed

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APPENDIX B

SELECTED EXERCISE ANSWERS

Chapter 1

    2. Descriptive statistics focuses on summarizing and presenting data.

Statistical inference, or inferential statistics, deals with the selection and use of sample data to learn about the larger population from which the sample data was selected.

    4. Probability serves as a link between descriptive and inferential statistics.

    6. Qualitative: c, e, j, k, m, o, p, q; Numeric: a, b, d, f, g, h, i, k, l, m, n, q

    8. Cross-sectional: a, b, d, f, g, i, j

  10. Nominal: f, l; Ordinal: a, c, h, i, k; Interval: j; Ratio: b, d, e, g, m

Chapter 2

    2. mean = $533.25 million; median = $487 million; no mode

    4. mean = 142; median = 130; mode = 130

    6. mean = $60,100; median = 60,451; no mode

    8. range = 20; MAD = 5.33; variance = 43.667; Std dev = 6.61

  10. range = $24; MAD = $5; variance = 44.33; Std dev = $6.66

  12. range = 250 pins; MAD = 56 pins; variance (s2) = 6246.33; Std dev (s) = 79.0 pins

  14. range = $39.9 billion; MAD = $9.658 billion; variance = 158.852; Std dev = $12.604 billion

  16. c. The distribution is negatively skewed and unimodal.

  22. a. μ = 2.56; b. median = approximately the 52 millionth ((104.6 million + 1)/2) value in the ordered list = 2; c. σ2 = 1.99; σ = 1.41 household members

  24. a. μ = 2.8; b. med = 183rd value ((365 + 1)/2 = 183) in the ordered list = 3; c. σ2 = 1.55; σ = 1.24

  26. b. μ = $13.20; c. median = $12; d. σ2 = 10.96; σ = $3.31

  32. median = 7

  34. b. mean = 20.06; c. median ...

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