Chapter 2

Basic Statistics for Business and Economics with Student · 15 exercises

Problem 1

Refer to your local paper, USA Today, or the Internet and find two examples of qualitative variables.

4 step solution

Problem 2

In a marketing study, 100 consumers were asked to select the best digital music player from the iPod, the iRiver, and the Magic Star MP3. To summarize the consumer responses with a frequency table, how many classes would the frequency table have?

3 step solution

Problem 3

A total of 1,000 residents in Minnesota were asked which season they preferred. The results were 100 liked winter best, 300 liked spring, 400 liked summer, and 200 liked fall. If the data were summarized in a frequency table, how many classes would be used? What would be the relative frequencies for each class?

3 step solution

Problem 4

Two thousand frequent Midwestern business travelers are asked which Midwest city they prefer: Indianapolis, Saint Louis, Chicago, or Milwaukee. The results were 100 liked Indianapolis best, 450 liked Saint Louis, 1,300 liked Chicago, and the remainder preferred Milwaukee. Develop a frequency table and a relative frequency table to summarize this information.

6 step solution

Problem 7

A set of data consists of 38 observations. How many classes would you recommend for the frequency distribution?

6 step solution

Problem 8

A set of data consists of 45 observations between \(\$ 0\) and \(\$ 29 .\) What size would you recommend for the class interval?

4 step solution

Problem 10

A set of data contains 53 observations. The lowest value is 42 and the largest is \(129 .\) The data are to be organized into a frequency distribution. a. How many classes would you suggest? b. What would you suggest as the lower limit of the first class?

3 step solution

Problem 23

Describe the similarities and differences of qualitative and quantitative variables. Be sure to include: a. What level of measurement is required for each variable type? b. Can both types be used to describe both samples and populations?

4 step solution

Problem 24

Describe the similarities and differences of a frequency table and a frequency distribution. Be sure to include which requires qualitative data and which requires quantitative data.

5 step solution

Problem 27

A data set consists of 83 observations. How many classes would you recommend for a frequency distribution?

5 step solution

Problem 28

A data set consists of 145 observations that range from 56 to \(490 .\) What size class interval would you recommend?

3 step solution

Problem 37

Residents of the state of South Carolina earned a total of \(\$ 69.5\) billion in 2005 in adjusted gross income. Seventy-three percent of the total was in wages and salaries; 11 percent in dividends, interest, and capital gains; 8 percent in IRAs and taxable pensions; 3 percent in business income pensions; 2 percent in Social Security, and the remaining 3 percent from other sources. Develop a pie chart depicting the breakdown of adjusted gross income. Write a paragraph summarizing the information.

4 step solution

Problem 40

In spring 2007 , a total of 6.4 percent of the prime time viewing audience watched shows on \(\mathrm{ABC}, 8.1\) percent watched shows on CBS, 6.2 percent on Fox, 6.1 percent on \(\mathrm{NBC}, 2.1\) percent on Warner Brothers, and 2.0 percent on UPN. A total of 69.1 percent of the audience watched shows on other cable networks, such as CNN and ESPN You can find the latest information on TV viewing from the following website: http://tv.zap2it.com/news/ratings. Develop a pie chart or a bar chart to depict this information. Write a paragraph summarizing your findings.

5 step solution

Problem 45

One of the most popular candies in the United States is M\&M's, which are produced by the Mars Company. In the beginning M\&M's were all brown; more recently they were produced in red, green, blue, orange, brown, and yellow. You can read about the history of the product, find ideas for baking, purchase the candies in the colors of your school or favorite team, and learn the percent of each color in the standard bags at http://global.mms.com/us/about/products/milkchocolate/ Recently the purchase of a 14 -ounce bag of M\&M's Plain had 444 candies with the following breakdown by color: 130 brown, 98 yellow, 96 red, 35 orange, 52 blue, and 33 green. Develop a chart depicting this information and write a paragraph summarizing the results.

10 step solution

Problem 46

Monthly and year-to-date truck sales are available at the website: www.pickuptruck.com. Go to this site and search under News to obtain the most recent information on sales. Make a pie chart or a bar chart showing the most recent information. What is the best selling truck? What are the four or five best selling trucks? What is their market share? You may wish to group some of the trucks into a category called "Other" to get a better picture of market share. Comment on your findings.

8 step solution

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