Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
6th Edition
ISBN: 9781337115186
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 3.2, Problem 32E

Advertising Spend by Companies. Advertising Age annually compiles a list of the 100 companies that spend the most on advertising. Consumer-goods company Procter & Gamble has often topped the list, spending billions of dollars annually. Consider the data found in the file Advertising. It contains annual advertising expenditures for a sample of 20 companies in the automotive sector and 20 companies in the department store sector.

  1. a. What is the mean advertising spent for each sector?
  2. b. What is the standard deviation for each sector?
  3. c. What is the range of advertising spent for each sector?
  4. d. What is the interquartile range for each sector?
  5. e. Based on this sample and your answers to parts (a) to (d), comment on any differences in the advertising spending in the automotive companies versus the department store companies.

a.

Expert Solution
Check Mark
To determine

Find the mean advertising spent for each sector.

Answer to Problem 32E

The mean annual advertising expenditure in the automotive sector is 1,960.1.

The mean annual advertising expenditure in the Department Store sector is 692.85.

Explanation of Solution

Calculation:

The data represent the annual advertising expenditures for a sample of 20 companies in the automotive sector and another sample of 20 companies in the department store sector.

Automotive sector:

Software procedure:

Step by step procedure to obtain the descriptive statistics using EXCEL is as follows:

  • In an EXCEL sheet enter the values of first sample and label it as Automotive.
  • Go to Data > Data Analysis (in case it is not default, take the Analysis ToolPak from Excel Add Ins) > Descriptive statistics.
  • Enter Input Range as $A$2:$A$21, select Columns in Grouped By, tick on Summary statistics.
  • Click on OK.

Output using EXCEL is given as follows:

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List), Chapter 3.2, Problem 32E , additional homework tip  1

From the EXCEL output, mean is 1,960.1.

Thus, the mean annual advertising expenditure in the automotive sector is 1,960.1.

Department store sector:

Software procedure:

Step by step procedure to obtain the descriptive statistics using EXCEL is as follows:

  • In an EXCEL sheet enter the values of second sample and label it as Department store.
  • Go to Data > Data Analysis (in case it is not default, take the Analysis ToolPak from Excel Add Ins) > Descriptive statistics.
  • Enter Input Range as $B$2:$B$21, select Columns in Grouped By, tick on Summary statistics.
  • Click on OK.

Output using EXCEL is given as follows:

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List), Chapter 3.2, Problem 32E , additional homework tip  2

From the EXCEL output, mean is 692.85.

Thus, the mean annual advertising expenditure in the automotive sector is 692.85.

b.

Expert Solution
Check Mark
To determine

Find the standard deviation for each sector.

Answer to Problem 32E

The standard deviation for annual advertising expenditure in the automotive sector is 481.65.

The standard deviation for annual advertising expenditure in the Department Store is 155.06.

Explanation of Solution

Calculation:

From the EXCEL output obtained in Part (a), the standard deviation for annual advertising expenditure in the automotive sector is 481.65 and the standard deviation for annual advertising expenditure in the Department Store is 155.06.

Thus, the standard deviations for annual advertising expenditure in the automotive sector, and Department store are 481.65, and 155.06, respectively.

c.

Expert Solution
Check Mark
To determine

Find the range of advertising spent for each sector.

Answer to Problem 32E

The range of annual advertising expenditure in the automotive sector is 2,303.

The range of annual advertising expenditure in the Department Store is 563.

Explanation of Solution

Calculation:

From the EXCEL output obtained in Part (a), the range of annual advertising expenditure in the automotive sector is 2,303 and the range of annual advertising expenditure in the Department Store is 563.

Thus, the range of annual advertising expenditure in the automotive sector, and Department store are 2,303, and 563, respectively.

d.

Expert Solution
Check Mark
To determine

Find the interquartile range for each sector.

Answer to Problem 32E

The inter quartile range for automotive sector is 525.5.

The inter quartile range for Department Store is 222.5.

Explanation of Solution

Automobile:

The first and third quartiles are obtained for the annual advertising expenditures in the automotive sector.

First quartile:

The EXCEL function to compute first quartile is Q1=QUARTILE.EXC(input range,1).

Software Procedure:

Step by step procedure to obtain the first quartile using EXCEL is as follows:

  • In an EXCEL sheet enter the values of first sample and label it as Automotive.
  • In a cell enter the formula QUARTILE.EXC ($A$2:$A$21,1).
  • Click on OK.

Output using EXCEL is given as follows:

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List), Chapter 3.2, Problem 32E , additional homework tip  3

From the EXCEL output, the first quartile of the sample data is 1,715.5.

Third quartile:

The EXCEL function to compute third quartile is Q3=QUARTILE.EXC(input range,3).

Software Procedure:

Step by step procedure to obtain the third quartile using EXCEL is as follows:

  • In an EXCEL sheet enter the values of first sample and label it as Automotive.
  • In a cell enter the formula QUARTILE.EXC ($A$2:$A$21,3).
  • Click on OK.

Output using EXCEL is given as follows:

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List), Chapter 3.2, Problem 32E , additional homework tip  4

From the EXCEL output, the third quartile of the sample data is 2,241.

The first quartile, and third quartile of the sample data are 1,715.5, and 2,241, respectively.

Inter quartile range:

The first quartile is Q1=2,241 and the third quartile is Q3=1,715.5.

The inter quartile range is obtained as given below:

Interquartilerange=Q3Q1=2,2411,715.5=525.5

Thus, the inter quartile range for automobile is 525.5.

Department store:

The first and third quartiles are obtained for the annual advertising expenditures in the department store sector.

First quartile:

The EXCEL function to compute first quartile is Q1=QUARTILE.EXC(input range,1).

Software Procedure:

Step by step procedure to obtain the first quartile using EXCEL is as follows:

  • In an EXCEL sheet enter the values of second sample and label it as Department store.
  • In a cell enter the formula QUARTILE.EXC ($B$2:$B$21,1).
  • Click on OK.

Output using EXCEL is given as follows:

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List), Chapter 3.2, Problem 32E , additional homework tip  5

From the EXCEL output, the first quartile of the sample data is 591.

Third quartile:

The EXCEL function to compute third quartile is Q3=QUARTILE.EXC(input range,3).

Software Procedure:

Step by step procedure to obtain the third quartile using EXCEL is as follows:

  • In an EXCEL sheet enter the values of second sample and label it as Department store.
  • In a cell enter the formula QUARTILE.EXC ($A$2:$A$21,3).
  • Click on OK.

Output using EXCEL is given as follows:

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List), Chapter 3.2, Problem 32E , additional homework tip  6

From the EXCEL output, the third quartile of the sample data is 813.5.

The first quartile, and third quartile of the sample data are 591, and 813.5, respectively.

Inter quartile range:

The first quartile is Q1=813.5 and the third quartile is Q3=591.

The inter quartile range is obtained as given below:

Interquartilerange=Q3Q1=813.5591=222.5

Thus, the inter quartile range for automobile is 222.5.

Thus, the interquartile range for automotive and department store are 525.5, and 222.5, respectively.

e.

Expert Solution
Check Mark
To determine

Comment on any differences in the advertising spending in the automotive companies versus the department store companies.

Explanation of Solution

The mean, standard deviation, range, and inter quartile range for annual advertising expenditure in the automotive sector are 1,960, 482, 2,303, and 525.5, respectively.

The mean, standard deviation, range, and inter quartile range for annual advertising expenditure in the department store sector are 692.85, 155.06, 563, and 222.5, respectively.

All the values of mean, standard deviation, range, and inter quartile range are higher for the annual advertising expenditure in the automotive sector than the annual advertising expenditure in the department store sector.

From this it is known that, automotive spends more money on advertising.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
An Arts group holds a raffle.  Each raffle ticket costs $2 and the raffle consists of 2500 tickets.  The prize is a vacation worth $3,000.    a. Determine your expected value if you buy one ticket.     b. Determine your expected value if you buy five tickets.     How much will the Arts group gain or lose if they sell all the tickets?
Please show as much work as possible to clearly show the steps you used to find each solution. If you plan to use a calculator, please be sure to clearly indicate your strategy.        Consider the following game.  It costs $3 each time you roll a six-sided number cube.  If you roll a 6 you win $15.  If you roll any other number, you receive nothing.   a) Find the expected value of the game.         b) If you play this game many times, will you expect to gain or lose money?
= 12:02 WeBWorK / 2024 Fall Rafeek MTH23 D02 / 9.2 Testing the Mean mu / 3 38 WEBWORK Previous Problem Problem List Next Problem 9.2 Testing the Mean mu: Problem 3 (1 point) Test the claim that the population of sophomore college students has a mean grade point average greater than 2.2. Sample statistics include n = 71, x = 2.44, and s = 0.9. Use a significance level of a = 0.01. The test statistic is The P-Value is between : The final conclusion is < P-value < A. There is sufficient evidence to support the claim that the mean grade point average is greater than 2.2. ○ B. There is not sufficient evidence to support the claim that the mean grade point average is greater than 2.2. Note: You can earn partial credit on this problem. Note: You are in the Reduced Scoring Period. All work counts for 50% of the original. Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. . Oli wwm01.bcc.cuny.edu

Chapter 3 Solutions

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

Ch. 3.1 - Prob. 11ECh. 3.1 - The Big Bang Theory, a situation comedy...Ch. 3.1 - Automobile Fuel Efficiencies. In automobile...Ch. 3.1 - The data contained in the DATAfile named...Ch. 3.1 - 15. Martinez Auto Supplies has retail stores...Ch. 3.1 - 16. The grade point average for college students...Ch. 3.1 - 17. The following table shows the total return and...Ch. 3.1 - 18. Based on a survey of master’s programs in...Ch. 3.1 - Annual revenue for Corning Supplies grew by 5.5%...Ch. 3.1 - Suppose that at the beginning of Year 1 you...Ch. 3.1 - Prob. 21ECh. 3.1 - Prob. 22ECh. 3.2 - 23. Consider a sample with data values of 10, 20,...Ch. 3.2 - Prob. 24ECh. 3.2 - Consider a sample with data values of 27, 25, 20,...Ch. 3.2 - Price of Unleaded Gasoline. Data collected by the...Ch. 3.2 - Round-Trip Flight Prices. The following table...Ch. 3.2 - The Australian Open is the first of the four...Ch. 3.2 - Air Quality Index. The Los Angeles Times regularly...Ch. 3.2 - Prob. 30ECh. 3.2 - The results of Accounting Principals’ latest...Ch. 3.2 - Advertising Spend by Companies. Advertising Age...Ch. 3.2 - Scores turned in by an amateur golfer at the...Ch. 3.2 - Consistency of Running Times. The following times...Ch. 3.3 - 35. Consider a sample with data values of 10, 20,...Ch. 3.3 - 36. Consider a sample with a mean of 500 and a...Ch. 3.3 - 37. Consider a sample with a mean of 30 and a...Ch. 3.3 - 38. Suppose the data have a bell-shaped...Ch. 3.3 - 39. The results of a national survey showed that...Ch. 3.3 - 40. The energy information Administration reported...Ch. 3.3 - 41. The Graduate Management Admission Test (GMAT)...Ch. 3.3 - 42. Many families in California are using backyard...Ch. 3.3 - According to a Los Angeles Times study of more...Ch. 3.3 - NCAA Basketball Game Scores. A sample of 10 NCAA...Ch. 3.3 - The Wall Street Journal reported that Walmart...Ch. 3.4 - Consider a sample with data values of 27, 25, 20,...Ch. 3.4 - Prob. 47ECh. 3.4 - Prob. 48ECh. 3.4 - Prob. 49ECh. 3.4 - Naples Half-Marathon Times. Naples, Florida, hosts...Ch. 3.4 - Pharmaceutical Company Sales. Annual sales, in...Ch. 3.4 - Cell Phone Companies Customer Satisfaction....Ch. 3.4 - Most Admired Companies. Fortune magazine’s list of...Ch. 3.4 - Prob. 54ECh. 3.5 - Five observations taken for two variables...Ch. 3.5 - Prob. 56ECh. 3.5 - The DATAfile TwoStocks contains adjusted monthly...Ch. 3.5 - Driving Speed and Fuel Efficiency. A department of...Ch. 3.5 - Smoke Detector Use and Death Rates. Over the past...Ch. 3.5 - Stock Market Indexes Comparison. The Russell 1000...Ch. 3.5 - Best Private Colleges. A random sample of 30...Ch. 3 - Americans Dining Out. Americans tend to dine out...Ch. 3 - NCAA Football Coaches Salaries. A 2017 USA Today...Ch. 3 - Physician Office Waiting Times. The average...Ch. 3 - Worker Productivity and Insomnia. U.S. companies...Ch. 3 - A study of smartphone users shows that 68% of...Ch. 3 - Work Commuting Methods. Public transportation and...Ch. 3 - Household Incomes. The following data represent a...Ch. 3 - Restaurant Chains’ Sales per Store. The data...Ch. 3 - Prob. 70SECh. 3 - NFL Teams Worth. In 2014, the 32 teams in the...Ch. 3 - MLB Team Winning Percentages. Does a major league...Ch. 3 - 73. The days to maturity for a sample of five...Ch. 3 - 74. Automobiles traveling on a road with a posted...Ch. 3 - Annual Returns for Panama Railroad Company Stock....Ch. 3 - Pelican Stores, a division of National Clothing,...Ch. 3 - The motion picture industry is a competitive...Ch. 3 - The pursuit of a higher education degree in...Ch. 3 - Although millions of elephants once roamed across...
Knowledge Booster
Background pattern image
Statistics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Text book image
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Text book image
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
The Shape of Data: Distributions: Crash Course Statistics #7; Author: CrashCourse;https://www.youtube.com/watch?v=bPFNxD3Yg6U;License: Standard YouTube License, CC-BY
Shape, Center, and Spread - Module 20.2 (Part 1); Author: Mrmathblog;https://www.youtube.com/watch?v=COaid7O_Gag;License: Standard YouTube License, CC-BY
Shape, Center and Spread; Author: Emily Murdock;https://www.youtube.com/watch?v=_YyW0DSCzpM;License: Standard Youtube License