TEST BANK j
Statistics for Business and Economics
j j j j
by Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlman
j j j j j j j j j j j j
n
15th Editionj
FULL TEST BANK!!! j j
,Chapter 1 j
Data and Statistics
j j
LearningjObjectives
1. Obtainjanjappreciationjforjthejbreadthjofjstatisticaljapplicationsjinjbusinessjandjeconomics.
2. Understandjthejmeaningjofjthejtermsjelements,jvariables,jandjobservationsjasjtheyjarejusedjinjst
atistics.
3. Obtainjanjunderstandingjofjthejdifferencejbetweenjcategorical,jquantitative,jcross-
sectional,jandjtimejseriesjdata.
4. Learnjaboutjthejsourcesjofjdatajforjstatisticaljanalysisjbothjinternaljandjexternaljtojthejfirm.
5. Bejawarejofjhowjerrorsjcanjarisejinjdata.
6. Knowjthejmeaningjofjdescriptivejstatisticsjandjstatisticaljinference.
7. Bejablejtojdistinguishjbetweenjajpopulationjandjajsample.
8. Understandjthejrolejajsamplejplaysjinjmakingjstatisticaljinferencesjaboutjthejpopulation.
9. Knowjthejmeaningjofjthejtermsjanalytics,jbigjdatajandjdatajmining.
10. Bejawarejofjethicaljguidelinesjforjstatisticaljpractice.
,
, Solutions:
1. Statisticsjcanjbejreferredjtojasjnumericaljfacts.jInjajbroaderjsense,jstatisticsjisjthejfieldjofjstudyjde
alingjwithjthejcollection,janalysis,jpresentation,jandjinterpretationjofjdata.
2. a. Thejtenjelementsjarejthejtenjtabletjcomputers.
b. Fivejvariables:jCostj($),jOperatingjSystem,jDisplayjSizej(inches),jBatteryjLifej(hours),jCPUj
Manufacturer
c. Categoricaljvariables:jOperatingjSystemjandjCPUjManufacturer
Quantitativejvariables:jCostj($),jDisplayjSizej(inches),jandjBatteryjLifej(hours)
d. j
Variable Measurementj Scale
Costj($) Ratio
Operatingj System Nominal
DisplayjSizej(inches) Ratio
BatteryjLifej(hours) Ratio
j CPUjManufacturer Nominal
3. a. Averagejcostj=j5829/10j=j$582.90
b. AveragejcostjwithjajWindowsjoperatingjsystemj=j3616/5j=j$723.20j
AveragejcostjwithjanjAndroidjoperatingjsystemj=j1714/4j=j$428.5jT
hejaveragejcostjwithjajWindowsjoperatingjsystemjisjmuchjhigher.
c. 2jofj10jorj20%jusejajCPUjmanufacturedjbyjTIjOMAP.
d. 4jofj10jorj40%jusejanjAndroidjoperatingjsystem.
4. a.
Therejarejeightjelementsjinjthisjdatajset;jeachjelementjcorrespondsjtojonejofjthejeightjmode
lsjofjcordlessjtelephones.
b. Categoricaljvariables:jVoicejQualityjandjHandsetjonjBasej
Quantitativejvariables:jPrice,jOveralljScore,jandjTalkjTime
c. Pricej–jratiojmeasurement
OveralljScorej–
jintervaljmeasurementjVoicejQualityj–
jordinaljmeasurementjHandsetjonjBasej–
jnominaljmeasurementjTalkjTimej–
jratiojmeasurement
5. a. AveragejPricej=j545/8j=j$68.13
b. AveragejTalkjTimej=j71/8j=j8.875jhours
c. PercentagejratedjExcellent:j 2jofj8 2/8j=j.25,jorj25%
4j-j2
Statistics for Business and Economics
j j j j
by Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlman
j j j j j j j j j j j j
n
15th Editionj
FULL TEST BANK!!! j j
,Chapter 1 j
Data and Statistics
j j
LearningjObjectives
1. Obtainjanjappreciationjforjthejbreadthjofjstatisticaljapplicationsjinjbusinessjandjeconomics.
2. Understandjthejmeaningjofjthejtermsjelements,jvariables,jandjobservationsjasjtheyjarejusedjinjst
atistics.
3. Obtainjanjunderstandingjofjthejdifferencejbetweenjcategorical,jquantitative,jcross-
sectional,jandjtimejseriesjdata.
4. Learnjaboutjthejsourcesjofjdatajforjstatisticaljanalysisjbothjinternaljandjexternaljtojthejfirm.
5. Bejawarejofjhowjerrorsjcanjarisejinjdata.
6. Knowjthejmeaningjofjdescriptivejstatisticsjandjstatisticaljinference.
7. Bejablejtojdistinguishjbetweenjajpopulationjandjajsample.
8. Understandjthejrolejajsamplejplaysjinjmakingjstatisticaljinferencesjaboutjthejpopulation.
9. Knowjthejmeaningjofjthejtermsjanalytics,jbigjdatajandjdatajmining.
10. Bejawarejofjethicaljguidelinesjforjstatisticaljpractice.
,
, Solutions:
1. Statisticsjcanjbejreferredjtojasjnumericaljfacts.jInjajbroaderjsense,jstatisticsjisjthejfieldjofjstudyjde
alingjwithjthejcollection,janalysis,jpresentation,jandjinterpretationjofjdata.
2. a. Thejtenjelementsjarejthejtenjtabletjcomputers.
b. Fivejvariables:jCostj($),jOperatingjSystem,jDisplayjSizej(inches),jBatteryjLifej(hours),jCPUj
Manufacturer
c. Categoricaljvariables:jOperatingjSystemjandjCPUjManufacturer
Quantitativejvariables:jCostj($),jDisplayjSizej(inches),jandjBatteryjLifej(hours)
d. j
Variable Measurementj Scale
Costj($) Ratio
Operatingj System Nominal
DisplayjSizej(inches) Ratio
BatteryjLifej(hours) Ratio
j CPUjManufacturer Nominal
3. a. Averagejcostj=j5829/10j=j$582.90
b. AveragejcostjwithjajWindowsjoperatingjsystemj=j3616/5j=j$723.20j
AveragejcostjwithjanjAndroidjoperatingjsystemj=j1714/4j=j$428.5jT
hejaveragejcostjwithjajWindowsjoperatingjsystemjisjmuchjhigher.
c. 2jofj10jorj20%jusejajCPUjmanufacturedjbyjTIjOMAP.
d. 4jofj10jorj40%jusejanjAndroidjoperatingjsystem.
4. a.
Therejarejeightjelementsjinjthisjdatajset;jeachjelementjcorrespondsjtojonejofjthejeightjmode
lsjofjcordlessjtelephones.
b. Categoricaljvariables:jVoicejQualityjandjHandsetjonjBasej
Quantitativejvariables:jPrice,jOveralljScore,jandjTalkjTime
c. Pricej–jratiojmeasurement
OveralljScorej–
jintervaljmeasurementjVoicejQualityj–
jordinaljmeasurementjHandsetjonjBasej–
jnominaljmeasurementjTalkjTimej–
jratiojmeasurement
5. a. AveragejPricej=j545/8j=j$68.13
b. AveragejTalkjTimej=j71/8j=j8.875jhours
c. PercentagejratedjExcellent:j 2jofj8 2/8j=j.25,jorj25%
4j-j2
