Homework 1 - OPMT 1130 Business Statistics Homework 1 Page 1 of 7 Lab Exercises Central Tendency(Mean Median Mode 1 You have just been to talk to

# Homework 1 - OPMT 1130 Business Statistics Homework 1...

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OPMT 1130: Business Statistics Homework 1 Page 1 of 7 Lab Exercises: Central Tendency (Mean, Median, Mode) 1.You have just been to talk to your realtor Vinny. He tells you it’s a seller’s market and prices are increasing. You ask for some evidence and he supplies you with the selling prices for the new suburb of Vinyl Village. “Just look at the mean price each year during the last two years” he tells you while smoking a cigarette and talking to another client on his cell phone. Dec 2018\$750,000 \$750,000 \$780,000 \$800,000 \$780,000 \$900,000 Dec 2019 \$745,000 \$750,000 \$760,000 \$790,000 \$1,100,000 \$880,000 (a)Calculate the mean, median and mode for each year. (b)Does the evidence above clearly show the price of a typical house in Vinyl Village is increasing? Use statistics from part (a) to help answer the question. 2.You are the Business Manager for the International Brotherhood of Projectionists. In recent years, technology has changed the job from a skilled position to one of general labour. Your contract is up for renegotiation and you collect the following data – (note the very highest wages are due to long hours worked by projectionists in large multi-screened theaters). Annual Wage \$19,000 \$25,000 \$95,000 \$28,000 \$77,000 \$30,000 \$20,000 \$86,000 \$25,000 (a)Calculate the mean, median and mode for the wages. (b)If you were the business manager for the union which number would you use –the mean orthe median, as a measure of the ‘average’ wage earned by a projectionist? (c)If you were the lead negotiator for management which number would you use as a measure of the ‘average’ wage earned by projectionists? (d)Which measure best describes the wages of a typical projectionist? (e)Interpret the median using the words of the problem. 3.A study done by Humungous Bank found that its customers waited an average of 10 minutes on hold when they phoned the call centre. It was later discovered that one of the 25 waiting times was recorded incorrectly. Instead of 60 minutes the waiting time SHOULD have been 6 minutes. Compute the average waiting time using the corrected data. 4.The CRA wants to estimate how long callers wait on hold when they phone the call centre. On Monday, they recorded the waiting times for 20 randomly selected callers and obtained an average of 18 minutes. On Tuesday, they recorded the waiting times for 40 callers and obtained an average of 13.5 minutes. After checking the results, they discovered an error. One of the 20 waiting times used to calculate Monday’s average was recorded as 150 minutes instead of 15 minutes. Compute the correct average waiting time of the 60 callers. \$16,000
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