Solution Manual Essential Of Business Statistics 5th Edition By Bowerman

ISBN-10: 0078020530, ISBN-13: 978-0078020537

CHAPTER 1—An Introduction to Business Statistics

§1.1, 1.2 Concepts

1.1    Any characteristic of a population element is called a variable.
Quantitative: we record numeric measurements that represent quantities.
Qualitative: we record which of several categories the element falls into.

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1.2   a.     Quantitative; dollar amounts correspond to values on the real number line.

1. Quantitative; net profit is a dollar amount.
2. Qualitative; which stock exchange is a category.
3. Quantitative; national debt is a dollar amount.
4. Qualitative; which type of media is a category.

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1.3    Cross sectional data are collected at approximately the same point in time whereas time series data are collected over different time periods.

            The total number of cars sold in 2012 by 10 different sales people are cross sectional data.

The total number of cars sold by a particular sales person for the years 2008-2012is characterized as time series data.

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1.4    The response variable is whether or not the person has lungcancer.  The factors are age, sex, occupation, and number of cigarettes smoked per day.  This is an observational study.

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§1.1, 1.2 Methods and Applications

1.5    $398,000 for a Ruby model on a Treed Lot

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1.6    $494,000 for a Diamond model on a Lake Lot

$447,000 for a Ruby model on a Lake Lot

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1.7   

         This chart shows that sales are increasing over time.

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§1.3, 1.4 Concepts

1.8    A population is the set of all elementsabout which we wish to draw conclusions.
For example: Consumers who buy a particular product.

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1.9    A census istheexamination all of the population measurements.
A sample isa subset of the elements in a population.

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1.10  Descriptive statistics is the science of describing the important aspects of a set of measurements.

         Statistical inference is the science of using a sample of measurements to make generalizations about the important aspects of a population of measurements.

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