KEY
ID
ECON 2843
Spring 2008
Quiz 1
Students must show all work on problems that involve calculation, even if the question is multiple
choice.
Questions 1 through 4 refer to the following:
The Ollander Corporation operates five food-processing plants in Europe.
Recently, the company
was considering modifying its financial reward system for the plant managers.
The director of
human resources collected information on the profits (in thousands of dollars) generated from
each plant last year, which are
7,400 ,
14,400 ,
12,300 ,
6,200 ,
3,100 ,
3,900
1.
What is the median of this population?
a.
$6,800
b.
$9,250
c.
$6,800,000
*
d.
$7,833,333.33
e.
$9,250,000
2.
What is the standard deviation of the population?
a.
$4,159
b.
$4,556
c.
$4,159,093 *
d.
$4,556,058
e.
$7,200,000
3.
Compute the interquartile range?
IQR
$ 8,400,000.00
4.
What is the mode of this data set?
All of the data points are modes.
1