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DS212_HW1_Solutions - DS 212 Business Statistics Soorapanth...

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DS 212 Business Statistics Soorapanth Homework #1: Chapter 1 and 2 Chapter 1 (Introduction to Statistics) 1.3 Descriptive statistics in recorded music industry - 1) RCA total sales of compact discs this week, number of artists under contract to a company at a given time. 2) total dollars spent on advertising last month to promote an album. 3) number of units produced in a day. 4) number of retail outlets selling the company's products. Inferential statistics in recorded music industry - 1) measure the amount spent per month on recorded music for a few consumers then use that figure to infer the amount for the population. 2) determination of market share for rap music by randomly selecting a sample of 500 purchasers of recorded music. 3) Determination of top ten single records by sampling the number of requests at a few radio stations. 4) Estimation of the average length of a single recording by taking a sample of records and measuring them. The difference between descriptive and inferential statistics lies mainly in the usage of the data. These descriptive examples all gather data from every item in the population about which the description is being made.
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