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L02_220 - Describing Data with Graphs Histograms Part 1 of...

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1 Describing Data with Graphs: Histograms Part 1 of 2 Lecture 2 Sections 2.1 & 2.3

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2 “Movie on Demand” Channel Rural cable company: offer new channel? Randomly select 100 customers and ask: – “How many movies does your household rent in a typical month?” – “At the same price, would you prefer to use the proposed movie on demand channel?” Mean rentals = 2.3; Proportion yes = 0.45 – Sample, population, statistics, parameters?
3 Data (Plural); Datum (Singular) 0 1 100 1 1 99 1 2 3 0 0 2 0 3 1 prefer_MOD rentals cust_id

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4 Variable 0 1 100 1 1 99 1 2 3 0 0 2 0 3 1 prefer_MOD rentals cust_id
5 Observation (Record) 0 1 100 1 1 99 1 2 3 0 0 2 0 3 1 prefer_MOD rentals cust_id How many observations are there in these data? How to increase the number of observations?

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6 Two Types of Information Quantitative information : numerical measurements of a quantity or amount – Ex: A 10% increase in price will lead to a 15% decrease in quantity demanded Qualitative information : some assessment of quality or kind – Ex: An increase in price tends to lead to a decrease in quantity demanded
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L02_220 - Describing Data with Graphs Histograms Part 1 of...

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