Exercise 1-1 - survey whether it be the lower or higher net...

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Justin Moore MA3110 Statistics (Monday) Exercises 1.1 Central Tendency and Measures of Variation Task 1: Refer to the Exercises 1.1: Understanding the Concepts and the Skills, Chapter 1, pp. 8–9, and complete questions 1.1, 1.7, 1.14, and 1.17. 1.1 Population - The collection of all individuals or items under consideration in a statistical study. Sample- The part of the population from which information is obtained. 1.7 Inferential, the information shown was based on information obtained from a sample of the population. 1.14 A. The population is U.S. adults; the sample is 500 million Americans. B. Descriptive in that it is summarizing information. 1.17 Designed experiment in that there was a testing group and a control group. Task 2: Refer to the Exercise 3.1: Understanding the Concepts and the Skills, Chapter 3, p. 97, and complete questions 3.8, 3.14, and 3.18. 3.8 The median net worth, in that it is the center/middle range of the survey and would be the diving point for the top 50% and bottom 50% that every person falls into, meaning people could easily see where they fall into this
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Unformatted text preview: survey whether it be the lower or higher net worth. 3.14 A. Mean 02224 5 = 10 5 = 2 B. Median 0 2 2 2 4 = 2 C. Mode 0 2 2 2 4 = 2 3.18 A. Mean 5.55.65.75.75.75.75.75.85.9 9 = 51.3 9 = 5.7 B. Median 5.5 5.6 5.7 5.7 5.7 5.7 5.7 5.8 5. 9 = 5.7 C. Mode 5.5 5.6 5.7 5.7 5.7 5.7 5.7 5.8 5.9 = 5.7 Task 3: A simple random sample of Fair Isaac Corporation (FICO) credit rating scores is listed below: 714 751 664 789 818 779 698 836 753 834 693 802 Find range, variance, and standard deviation. Range 836 – 664 = 172 Variance (664-760)²+(693-760)²+(698-760)²+(714-760)²+(751-760)²+(753-760)²+(779-760)²+(789-760)²+(802-760)²+(818-760)²+(834-760)²+(836-760)² 12-1 (-96)²+(-67)²+(-62)²+(-46)²+(-9)²+(-7)²+(19)²+(29)²+(42)²+(58)²+(74)²+(76)² 11 9216+4489+3844+2116+81+49+361+841+1756+3364+5476+5776 11 34377 11 = 3125.18 Standard Deviation √ 3125.18 = 55.90...
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