210HWChapter03

# 210HWChapter03 - a Sample Mean = Sum of all the values in...

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a) Sample Mean = Sum of all the values in the sample Define Variables & Symbols Number of values in the sample X = Sample Mean = "X bar" n = Total number of observations X = A particular value Σ = Indicates the operation of adding = “sigma” ΣX = Sum of the X values Sample of Annual Salaries \$62,900.00 \$69,100.00 \$58,300.00 \$76,800.00 b) \$66,775.00 =AVERAGE(B10:B13) c) Statistic, because it is calculated from a sample, not a population d) The sample mean is the best estimation of the population mean a) Population Mean = Sum of all the values in the population Define Variables & Symbols Number of values in the population µ = The population mean = “mu” N = Total number of observations X = A particular value Σ = Indicates the operation of adding = “sigma” ΣX = Sum of the X values Grades 92 96 61 86 79 84 b) 83 =AVERAGE(B26:B31) c) Parameter, because it is calculated from a population X X n Σ = X N μ Σ =

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103259d8708b0c1c03c0d7bd2b0133dfdea5403f.xls - Ex7 Page 2 of 21 15 23 4 19 18 10 10 8 28 19 ΣX = 154 N = 10 = μ = 15.4 The Population Mean is a parameter of the population. This is a population because all the salespeople are involved ΣX N
Sample of electrical bills \$54.00 \$48.00 \$58.00 \$50.00 \$25.00 \$47.00 \$75.00 \$46.00 \$60.00 \$70.00 \$67.00 \$68.00 \$39.00 \$35.00 \$56.00 \$66.00 \$33.00 \$62.00 \$65.00 \$67.00 \$54.55 =AVERAGE(A2:A21)

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Veteran sales people likely are above average and new recruits are below average. So, the sales goal is impractical and leads to more exits.
Suit Cost # Sold Total \$ Cost per suit Commission per suit Profit per suit Total Profit on suits sold 400.00 95 38,000.00 200 25 175.00 16,625.00 200.00 126 25,200.00 200 25 (25.00) (3,150.00) 100.00 79 7,900.00 200 25 (125.00) (9,875.00) Totals 300 71,100.00 3,600.00 a) Weighted Mean 237.00 Net Profit per suit Total Profit 200 25 12.00 3,600.00 b) The profit per suit was negative for both of the sale prices. It could be that the inventory costs of keeping them around as well as the potential loss if they never sold them caused them to sell the suits at a loss. Nevertheless, there was a net over all gain.

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• Winter '09
• Girvin
• Mean, general population

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