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Stats 101: CH 1 Data Levels Solution Manual

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This document is a solution manual to questions for Data Levels, Chapter 1 of Statistical Techniques in Business and Economics by Lind, Marchal and Wathen, taught at LSE. This can also be used by students of other universities, especially those using Statistics for Business and Economics by McClave, Benson and Sincich, and Statistics for Management by Levin and Rubin. The manual will help deepen your understanding of the topic, the answers are written in a straightforward and easy to understand manner, this is the right manual for those looking for no nonsense solutions! Good luck!

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Assignment 1: Introduction to Statistics and Data Levels
1.
(i) Explain briefly the difference between qualitative and quantitative variables with the
help of an example.
Qualitative variable refer to certain qualities present in the sample, for example, a person’s race,
religion, and political ideology. Quantitative variable refer to numerical values of a sample, for
example, and the amount of people buying from a certain showroom, the amount of employees
present at an establishment.
(ii) Classify the following sets of data as qualitative or quantitative.
(a) The political affiliations of registered voters Qualitative
(b) The height of each member of a basketball team Quantitative
(c) Students’ marks out of 100 on the first statistics exam Quantitative
(d) The colors of new SUV’s on a car lot Qualitative
(e) Average Household Income in Pakistan Quantitative

2. Distinguish between a sample and a population. Give an example to clarify.
A sample is a small amount of people or objects that can be used to draw conclusions about the
greater population that they have been picked from, while remaining unbiased in the selection of
the participants, take a small amount of dissatisfied customers in a bank, for instance, and have
representatives of all kinds of complaints and use the result to inform the bank about what could
be the areas of service they need to work on the most. A population is the total amount of people
or objects data must be collected from, in this example, the population is the total amount of
dissatisfied customers, in order to survey the entire population, a lot of money and time are
required.




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