Contemporary Mathematics for Business & Consumers
8th Edition
ISBN: 9781305585447
Author: Robert Brechner, Geroge Bergeman
Publisher: Cengage Learning
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Textbook Question
Chapter 21, Problem 1CR
The systematic process of collecting, interpreting, and presenting numerical data about business situations is known as business ______. (21-1)
Expert Solution & Answer
To determine
To fill: The statement, “The systematic process of collecting, interpreting, and presenting numerical data about business situations is known as business____” with the appropriate word.
Answer to Problem 1CR
Solution:
The complete statement is “The systematic process of collecting, interpreting, and presenting numerical data about business situations is known as business statistics”.
Explanation of Solution
Business statistics is the study of numerical data, figures, measurements, and facts.
It is used to convert raw numerical data into useful information.
The process of business statistics for a particular business situation follows the below steps,
1. The first step is to collect the raw data for a specific situation.
2. After collecting the relevant data, it is important to interpret that data so that a particular job can be done.
3. The final step is to present that outcome so that a non-statistical person can also easily understand that report.
Hence, the complete statement is “The systematic process of collecting, interpreting, and presenting numerical data about business situations is known as business statistics”.
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(a) Explain the following with application by giving the examples in your own words.
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C (gross cost of UPS Inc. in billions of $) and R (gross revenue of UPS Inc. in billions of $)
O E (years since 2010) and P (gross profit of UPS Inc. in billions of $)
(b) Find an equation for a model of these data. (Use the first and last values in the table to calculate your equation. Round the slope and the vertical intercept to one decimal place. Note th
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() Give a reasonable domain and range for this model.
domain
O (-10, 10]
O [11, 15]
O -0, 0)
O [0, 20]
O [-2, 8]
range
[41.9, 47.8]
O [-50, 50]
[37.3, 52.3]
[0, 100]
O (-o, co)
(d) What is the slope of your model? Explain its meaning in this situation. (Round your slope to one decimal place. Do not include units in your answer.)
The slope is
This means that the gross profit for UPS Inc.
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by about that value in billions of dollars each year.
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Chapter 21 Solutions
Contemporary Mathematics for Business & Consumers
Ch. 21.I - Use Table 21-1 to answer the following questions...Ch. 21.I - Use Exhibits 21-1 and 21-2 to answer the following...Ch. 21.I - Prob. 3TIECh. 21.I - Prob. 4TIECh. 21.I - Prob. 5TIECh. 21.I - Prob. 6TIECh. 21.I - Prob. 7TIECh. 21.I - Prob. 8TIECh. 21.I - Prob. 9TIECh. 21.I - Prob. 10TIE
Ch. 21.I - Prob. 1RECh. 21.I - TABLE 21-1 Magnum Enterprises Six-Month Sales...Ch. 21.I - Prob. 3RECh. 21.I - Prob. 4RECh. 21.I - TABLE 21-1 Magnum Enterprises Six-Month Sales...Ch. 21.I - Prob. 6RECh. 21.I - Prob. 7RECh. 21.I - BUSINESS DECISION: CHOOSING A CHART
8. You have...Ch. 21.II - Prob. 11TIECh. 21.II - Prob. 12TIECh. 21.II - Prob. 13TIECh. 21.II - Prob. 14TIECh. 21.II - Prob. 15TIECh. 21.II - Prob. 1RECh. 21.II - Prob. 2RECh. 21.II - Prob. 3RECh. 21.II - Prob. 4RECh. 21.II - Prob. 5RECh. 21.II - Prob. 6RECh. 21.II - Prob. 7RECh. 21.II - Prob. 8RECh. 21.II - Prob. 9RECh. 21.II - Prob. 10RECh. 21.II - Determine the mode of the following sets of...Ch. 21.II - Prob. 12RECh. 21.II - Prob. 13RECh. 21.II - Prob. 14RECh. 21.II - Prob. 15RECh. 21.II - Prob. 16RECh. 21.II - Prob. 17RECh. 21.II - The following numbers represent the gallons of...Ch. 21.II - You are the owner of The Dependable Delivery...Ch. 21.II - Prob. 20RECh. 21.III - Prob. 17TIECh. 21.III - Prob. 18TIECh. 21.III - Prob. 1RECh. 21.III - You are the sales manager of the Esquire...Ch. 21.III - Prob. 3RECh. 21.III - BUSINESS DECISION: RELATIVE FREQUENCY...Ch. 21 - 1. The systematic process of collecting,...Ch. 21 - 2. Statistical procedures that deal with the...Ch. 21 - A collection of related data arranged for ease of...Ch. 21 - Prob. 4CRCh. 21 - 5. The horizontal axis of a line chart is known as...Ch. 21 - Prob. 6CRCh. 21 - To construct a pie chart, we multiply each...Ch. 21 - Prob. 8CRCh. 21 - 9. The _______ is the midpoint value of a set of...Ch. 21 - Prob. 10CRCh. 21 - Prob. 11CRCh. 21 - Prob. 12CRCh. 21 - Prob. 13CRCh. 21 - Prob. 14CRCh. 21 - 1. The following data represent the monthly sales...Ch. 21 - Prob. 2ATCh. 21 - Prob. 3ATCh. 21 - You have just been hired as the quality control...Ch. 21 - 5. You are the human resource director for Apollo...
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