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Practice Questions 1 Answers ECO 329 1. A 2. B 3. A 4. D 5. B 6. a. ANSWER: b. ANSWER: c. d. 65% Time(in hours) Frequency 0 but < 3.5 3 3.5 but < 6.5 4 6.5 but < 9.5 3 9.5 but < 12.5 3 12.5 but < 15.5 5 15.5 but < 18.5 2 Time (in hours Cumulative Frequency Cumulative % < 3.5 3 15% < 6.5 7 35% < 9.5 10 50% < 12.5 13 65% < 15.5 18 90% < 18.5 20 100% Histogram Chart of Process Times 0 1 2 3 4 5 6 3.5 6.5 9.5 12.5 15.5 18.5 Interval Times Frequency

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7. a. b. Histogram 0 2 4 6 8 10 15 20 25 30 35 40 45 50 Returns Frequency Cumulative Percentage Ogive for Returns 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 15 20 25 30 35 40 45 50 Returns Cumulative Percentage
8. A 9. B 10. C 11. B 12. A 13. D 14. C 15. B 16. C 17. C 18. a. ANSWER: Sigma 2 =514/10=51.4 sigma=7.17 b. ANSWER: Location of 3 Q = 0.75(n+1) = 0.75(11) = 8.25; Value of 3 Q =26+0.25(31-26) =27.25 Location of 1 Q = 0.25(n+1) = 0.25(11) =2.75; Value of 1 Q =13+0.75(3-3) =13.0 IQR = 3 Q - 1 Q = 27.25-13.0 =14.25 19. a. b. ANSWER: In general, there is a positive relationship between the two variables; that is, as the number of people on the sales force increases, so do sales. c. ANSWER: r = 0.765 d. ANSWER: A useful rule of thumb is that a relationship exists if | | 2/ r n . Since 2/ 2/ 12 n = = 0.577, and |r| = 0.765, we may conclude that a positive relationship exists between the size of the sales force and gross sales. Scatter Plot of Sales Force and Volume of Sales 20 25 30 35 40 45 50 55 60 65 70 10 15 20 25 30 # People on Sales Force Sales Volume

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20. a. b. ANSWER: There appears to be a slight positive relationship between daily temperature and ice cream sales.
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