TEST BANK .
Statistics for Business and Economics
. . . .
by Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann
. . . . . . . . . . . .
15th Edition .
FULLTESTBANK!!! . .
,Chapter 1 .
Data and Statistics
. .
Learning.Objectives
1. Obtain.an.appreciation.for.the.breadth.of.statistical.applications.in.business.and.economics.
2. Understand.the.meaning.of.the.terms.elements,.variables,.and.observations.as.they.are.used.in.stati
stics.
3. Obtain.an.understanding.of.the.difference.between.categorical,.quantitative,.cross-
sectional,.and.time.series.data.
4. Learn.about.the.sources.of.data.for.statistical.analysis.both.internal.and.external.to.the.firm.
5. Be.aware.of.how.errors.can. arise.in.data.
6. Know.the.meaning.of.descriptive.statistics.and.statistical.inference.
7. Be.able.to.distinguish.between.a.population.and.a.sample.
8. Understand.the.role.a.sample.plays.in.making.statistical.inferences.about.the.population.
9. Know.the.meaning.of.the.terms.analytics,.big.data.and.data.mining.
10. Be.aware.of.ethical.guidelines.for.statistical.practice.
,
, Solutions:
1. Statistics.can.be.referred.to.as.numerical.facts..In.a.broader.sense,.statistics.is.the.field.of.study.deali
ng.with.the.collection,.analysis,.presentation,.and.interpretation.of.data.
2. a. The.ten.elements.are.the.ten.tablet.computers.
b. Five.variables:.Cost.($),.Operating.System,.Display.Size.(inches),.Battery.Life.(hours),.CPU.Ma
nufacturer
c. Categorical.variables:.Operating.System.and.CPU.Manufacturer
Quantitative.variables:.Cost.($),.Display.Size.(inches),.and.Battery.Life.(hours)
d. .
Variable Measurement. Scale
Cost.($) Ratio
Operating. System Nominal
Display.Size.(inches) Ratio
Battery.Life.(hours) Ratio
. CPU.Manufacturer Nominal
3. a. Average.cost.=.5829/10.=.$582.90
b. Average.cost.with.a.Windows.operating.system.=.3616/5.=.$723.20.Av
erage.cost.with.an.Android.operating.system.=.1714/4.=.$428.5.The.av
erage.cost.with.a.Windows.operating.system.is.much.higher.
c. 2.of.10.or.20%.use.a.CPU.manufactured.by.TI.OMAP.
d. 4.of.10.or.40%.use.an.Android.operating.system.
4. a.
There.are.eight.elements.in.this.data.set;.each.element.corresponds.to.one.of.the.eight.models.o
f.cordless.telephones.
b. Categorical.variables:.Voice.Quality.and.Handset.on.Base.Q
uantitative.variables:.Price,.Overall.Score,.and.Talk.Time
c. Price.–.ratio.measurement
Overall.Score.–
.interval.measurement.Voice.Quality.–
.ordinal.measurement.Handset.on.Base.–
.nominal.measurement.Talk.Time.–
.ratio.measurement
5. a. Average.Price.=.545/8.=.$68.13
b. Average.Talk.Time.=.71/8.=.8.875.hours
c. Percentage.rated.Excellent:. 2.of.8 2/8.=..25,.or.25%
4.-.2
Statistics for Business and Economics
. . . .
by Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann
. . . . . . . . . . . .
15th Edition .
FULLTESTBANK!!! . .
,Chapter 1 .
Data and Statistics
. .
Learning.Objectives
1. Obtain.an.appreciation.for.the.breadth.of.statistical.applications.in.business.and.economics.
2. Understand.the.meaning.of.the.terms.elements,.variables,.and.observations.as.they.are.used.in.stati
stics.
3. Obtain.an.understanding.of.the.difference.between.categorical,.quantitative,.cross-
sectional,.and.time.series.data.
4. Learn.about.the.sources.of.data.for.statistical.analysis.both.internal.and.external.to.the.firm.
5. Be.aware.of.how.errors.can. arise.in.data.
6. Know.the.meaning.of.descriptive.statistics.and.statistical.inference.
7. Be.able.to.distinguish.between.a.population.and.a.sample.
8. Understand.the.role.a.sample.plays.in.making.statistical.inferences.about.the.population.
9. Know.the.meaning.of.the.terms.analytics,.big.data.and.data.mining.
10. Be.aware.of.ethical.guidelines.for.statistical.practice.
,
, Solutions:
1. Statistics.can.be.referred.to.as.numerical.facts..In.a.broader.sense,.statistics.is.the.field.of.study.deali
ng.with.the.collection,.analysis,.presentation,.and.interpretation.of.data.
2. a. The.ten.elements.are.the.ten.tablet.computers.
b. Five.variables:.Cost.($),.Operating.System,.Display.Size.(inches),.Battery.Life.(hours),.CPU.Ma
nufacturer
c. Categorical.variables:.Operating.System.and.CPU.Manufacturer
Quantitative.variables:.Cost.($),.Display.Size.(inches),.and.Battery.Life.(hours)
d. .
Variable Measurement. Scale
Cost.($) Ratio
Operating. System Nominal
Display.Size.(inches) Ratio
Battery.Life.(hours) Ratio
. CPU.Manufacturer Nominal
3. a. Average.cost.=.5829/10.=.$582.90
b. Average.cost.with.a.Windows.operating.system.=.3616/5.=.$723.20.Av
erage.cost.with.an.Android.operating.system.=.1714/4.=.$428.5.The.av
erage.cost.with.a.Windows.operating.system.is.much.higher.
c. 2.of.10.or.20%.use.a.CPU.manufactured.by.TI.OMAP.
d. 4.of.10.or.40%.use.an.Android.operating.system.
4. a.
There.are.eight.elements.in.this.data.set;.each.element.corresponds.to.one.of.the.eight.models.o
f.cordless.telephones.
b. Categorical.variables:.Voice.Quality.and.Handset.on.Base.Q
uantitative.variables:.Price,.Overall.Score,.and.Talk.Time
c. Price.–.ratio.measurement
Overall.Score.–
.interval.measurement.Voice.Quality.–
.ordinal.measurement.Handset.on.Base.–
.nominal.measurement.Talk.Time.–
.ratio.measurement
5. a. Average.Price.=.545/8.=.$68.13
b. Average.Talk.Time.=.71/8.=.8.875.hours
c. Percentage.rated.Excellent:. 2.of.8 2/8.=..25,.or.25%
4.-.2
