Business Statistics: A First Course (7th Edition)
7th Edition
ISBN: 9780321979018
Author: David M. Levine, Kathryn A. Szabat, David F. Stephan
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.2LB
U.S. businesses are listed by size: small, medium, and large. Explain why business size is an example of categorical variable.
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The data were collected from a statistics clàss. The column head gives the variable, and each of the other rows represents a student in the class. Explain why the variable Male, is categorical, even though its values are numbers. Often, it does
not make sense, or is not even possible to add the values of a categorical variable. Does It make sense for Male? If so, what does the sum represent?
Eye
Shoe
Color Size
Weight
(pounds)
Number College Units
of Siblings This Term
Male Age
Height (inches)
Handedness
16
Right
Left
20
Hazel
8
67
210
20
Blue
10
72
190
3
15
1
15
Right
Right
28
Brown
9.5
65
160
32
Blue
7
60
185
8.
....
Explain why the variable Male is categorical, even though its values are numbers.
O A. Male is categorical with one category. Its variable coding rule is that 1's represent males and 0's do not represent anything.
O B. Male is categorical'with two categories. Its variable coding rule is that 1's represent males and O's represent females.
OC. Male is categorical with two…
The Census Bureau website gives several choices for "average income" in its historical income data. In 2017, the median income of American households was $68,145. The mean household income was $93,453. The median income of families was $75,938, and the mean family income was $100,400. The Census Bureau says, "Households consist of all people who occupy a housing unit. The term 'family' refers to a group of two or more people related by birth, marriage, or adoption who reside together." Explain carefully why mean incomes are higher than median incomes and why family incomes are higher than household incomes.
The Census Bureau Web site gives several choices for "average income" in its historical income data. In 2006, the median income of American households was $48,201. The mean household income was $66,570. The median income of families was $58,407, and the mean family income was $77,315. The Census Bureau says, “Households consist of all people who occupy a housing unit. The term ‘family’ refers to a group of two or more people related by birth, marriage, or adoption who reside together.”
Identify the reason for mean incomes for households being higher than median incomes for households.
Chapter 1 Solutions
Business Statistics: A First Course (7th Edition)
Ch. 1 - Four different beverages are sold at a fast-food...Ch. 1 - U.S. businesses are listed by size: small, medium,...Ch. 1 - Prob. 1.3LBCh. 1 - Prob. 1.4ACCh. 1 - Prob. 1.5ACCh. 1 - Prob. 1.6ACCh. 1 - For each of the following variables, determine...Ch. 1 - Prob. 1.8ACCh. 1 - Prob. 1.9ACCh. 1 - Prob. 1.10AC
Ch. 1 - The director of market research at a large...Ch. 1 - Prob. 1.12ACCh. 1 - Prob. 1.15ACCh. 1 - Prob. 1.17LBCh. 1 - Fora population of N = 902, verify that by...Ch. 1 - Given a population of N = 93, starting in row 29,...Ch. 1 - Prob. 1.20ACCh. 1 - You want to select a random sample of n = 1 from a...Ch. 1 - Prob. 1.22ACCh. 1 - The registrar of a university with a population of...Ch. 1 - Prenumbered sales invoices are kept in a sales...Ch. 1 - Prob. 1.26ACCh. 1 - Prob. 1.27ACCh. 1 - Prob. 1.30ACCh. 1 - Prob. 1.31CYUCh. 1 - Prob. 1.32CYUCh. 1 - Prob. 1.33CYUCh. 1 - Prob. 1.34CYUCh. 1 - Prob. 1.35CYUCh. 1 - Results of a 2013 Adobe Systems study on retail...Ch. 1 - Prob. 1.38CRPCh. 1 - Prob. 1.39CRPCh. 1 - Prob. 1.40CRPCh. 1 - Prob. 1.42CRPCh. 1 - A manufacturer of cat food is planning to survey...
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- Stock Market During the week of June 22, 2009, the closing numbers of the Dow Jones Industrial Average each day were: What was the overall change for the week? Was it positive or negative?arrow_forwardA market researcher's claim is that women spend more time each day on Facebook than men. If p1 represents the proportion of women on Facebook and p2 represents the proportion of men on Facebook, how would the researcher's claim be represented? a. p1 = p2 b. p1 > p2 c. p1 < p2arrow_forwardEach year forbes ranks the world’s most valuable brands. A portion of the data for 82 ofthe brands in the 2013 forbes list is shown in Table 2.12 (forbes website, february, 2014).The data set includes the following variables:brand: The name of the brand.Industry: The type of industry associated with the brand, labeled Automotive& Luxury, Consumer Packaged Goods, financial Services, Other, Technology.brand Value ($ billions): A measure of the brand’s value in billions of dollarsdeveloped by forbes based on a variety of financial information about the brand.1-Yr Value Change (%): The percentage change in the value of the brand over theprevious year.brand Revenue ($ billions): The total revenue in billions of dollars for the brand.a. Prepare a crosstabulation of the data on Industry (rows) and brand Value ($ billions).Use classes of 0–10, 10–20, 20–30, 30–40, 40–50, and 50–60 for brand Value($ billions).b. Prepare a frequency distribution for the data on Industry.arrow_forward
- Bicycling, the world's leading cycling magazine, reviews hundreds of bicycles throughout the year. Their "Road-Race" category contains reviews of bikes used by riders primarily interested in racing. One of the most important factors in selecting a bike for racing is the weight of the bike. The following data show the weight (pounds) and price ($) for 10 racing bikes reviewed by the magazine (Bicycling website). DATA file Brand FELT F5 PINARELLO Paris ORBEA Orca GDR EDDY MERCKX EMX-7 BH RC1 Ultegra BH Ultralight 386 CERVELO S5 Team GIANT TCR Advanced 2 WILIER TRIESTINA Gran Turismo (to 3 decimals) Weight Price ($) 17.8 16.1 14.9 15.9 Did the estimated regression equation provide a good fit? The estimated regression equation provided a - Select your answer - fit. c. Predict the price for a bike that weighs 15 pounds. (to whole number) 2100 6250 8370 6200 17.2 13.1 16.2 17.1 17.6 SPECIALIZED S-Works Amira SL4 14.1 8000 a. Use the data to develop an estimated regression equation that could…arrow_forwardDetermine whether the following variables are qualitative or quantative, and explain why. The breed of all cats at an animal rescue shelter.arrow_forwardThe data were collected from a statistics class. The column head gives the variable, and each of the rows represents a student in the class. Find the frequency, proportion, and percentage of right-handed people. Click the icon to view the data table. Stats class data Height (inches) Weight (pounds) 150 Collge Units This Term Number of Male Age Eye Color Shoe Size Handedness The frequency of right-handed people in the class is siblings (Type a whole number.) 29 Hazel 7 61 3 10 Left 30 12.5 72 185 Right Right Left 1 Blue 4 The proportion of right-handed people in the class is 1 19 Blue 9.5 60 180 14 (Type an integer or a fraction.) 30 Hazel 6 60 180 13 125 Right Left 1 19 Hazel 12 70 7 The percentage of right-handed people in the class is %. 1 21 Hazel 9 62 135 4 9. Right Right Right (Type an integer or decimal rounded to one decimal place as needed.) 1 32 Blue 11 72 150 2 15 1 21 Blue 12.5 63 185 7 12 20 Hazel 8 68 120 1 11 1 24 Blue 12.5 60 190 8 Left 1 21 Hazel 9 61 145 2 13 Left…arrow_forward
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