chap001_solutions

# chap001_solutions - Chapter 01 An Introduction of Business...

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Chapter 01 - An Introduction of Business Statistics CHAPTER 1—An Introduction of Business Statistics 1.1 A population is a set of existing units. Consumers utilizing a particular product. 1.2 Any characteristic of a population unit is called a variable. Quantitative: values on the real number line. Qualitative: record unit into categories. 1.3 a. Quantitative; dollar amounts correspond to values on the real number line. b. Quantitative; net profit is a dollar amount. c. Qualitative; which stock exchange is a category. d. Quantitative; national debt is a dollar amount. e. Qualitative; media is categorized into radio, television, or print. 1.4 Census: examine all of the population units. Sample: subset of the units in a population. 1.5 a. Descriptive statistics: science of describing the important aspects of a set of measurements. b. Statistical inference: science of using a sample of measurements to make generalizations about the important aspects of a population of measurements. c. Random sample: selected in a manner so that on each selection from the population every unit remaining in the population on that selection has the same chance of being chosen. d. Systematic sample: select every n th unit of a population. 1.6 Choosing the sample without replacement guarantees that all of the units in the sample will be different units. 1.7 From Table 1.1 (starting in the upper lefthand corner) we obtain the following 2digit random numbers: 33 03 92 85 08 51 60 94 58 09 14 74 24 87 07 Crossing out numbers greater than 27 (because there are only 27 companies), the sample consists of firms 03, 08, 09, 14, and 07. That is: 03 Coca-Cola 09 Reynolds American 07 Sara Lee 14 Pepsi Bottling Group 08 Coca-Cola Enterprises 1- 1

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Chapter 1: Essentials of Business Statistics 1.8 From Table 1.1 (starting in the upper righthand corner) we obtain the following 2digit random
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chap001_solutions - Chapter 01 An Introduction of Business...

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