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statistics for business and economics 11th edition chapter 3 - exercise solution

# Statistics for business and economics 11th edition chapter 3 - exercise solution

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Chapter 3 Descriptive Statistics: Numerical Methods Solutions: 3. 15, 20, 25, 25, 27, 28, 30, 34 20 (8) 1.6 100 i = = 2nd position = 20 25 (8) 2 100 i = = 20 25 22.5 2 + = 65 (8) 5.2 100 i = = 6th position = 28 75 (8) 6 100 i = = 28 30 29 2 + = 5. a. 3181 \$159 20 i x x n Σ = = = b. Median 10th \$160 Los Angeles 11th \$162 Seattle Median = 160 162 \$161 2 + = c. Mode = \$167 San Francisco and New Orleans d. 25 20 5 100 i = = 5th \$134 6th \$139 1 134 139 \$136.50 2 Q + = = e. 75 20 15 100 i = = 15th \$167 16th \$173 3 167 173 \$170 2 Q + = = 6. a. Marketing Majors 363 36.3 10 i x x n Σ = = = Data in order 28.4 30.6 34.2 34.2 35.2 35.8 37.7 39.5 42.4 45.0 Median (5 th and 6 th ) = 35.2 35.8 35.5 2 + = Mode – 34.2 (2 times) Accounting Majors 731.2 45.7 16 i x x n Σ = = = Data in order 33.5 38.0 40.2 40.8 41.1 41.7 43.5 44.2 45.2 47.8 49.1 49.7 49.9 53.9 55.5 57.1 Median (8 th and 9 th ) = 44.2 45.2 44.7 2 + = There is no mode – all values occur one time. b. Marketing Q 1 : i = .25(10) = 2.5

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Chapter 3 Round to 3 rd position Q 1 = 34.2 Q 3 : i = .75(10) = 7.5 Round to 8 th position Q 3 = 39.5 Accounting Q 1 : i = .25(16) = 4 Use 4 th and 5 th positions Q 1 = 40.8 41.1 40.95 2 + = Q 3 : i = .75(16) = 12 Use 12 th and 13 th positions Q 3 = 49.7 49.9 49.8 2 + = c. The difference between the sample means is 45.7 – 36.3 = 9.4. The difference between the sample medians is 44.7 – 35.5 = 9.2. On the basis of both of these measures of central location, accounting majors have an average salary that is slightly over \$9,000 more per year than marketing majors. The highest accounting major salary was \$57,1000, while the highest marketing major salary was \$45,000. The top 25% of accounting majors made \$49,800 or more per year. The top 25% of marketing majors made \$39,500 or more per year. 8. a. i x Σ = 695 695 34.75 20 i x x n Σ = = = The modal age is 25; it appears 3 times. b. Median is average of 10th and 11th items. 33 36
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Statistics for business and economics 11th edition chapter 3 - exercise solution

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