Homework 2 ECN 221 Business Statistics 2020 Spring PDF

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Lecture 2...

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1/24/2020

Homework #2: ECN 221: Business Statistics (2020 Spring)

Homework #2

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Due Jan 25 at 11:59pm Points 20 Questions 20 Available until Jan 25 at 11:59pm Time Limit None

Allowed Attempts 3

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Attempt History LATEST

Attempt

Time

Score

Attempt 1

21 minutes

18 out of 20

 Correct answers are hidden. Score for this attempt:

18 out of 20

Submitted Jan 24 at 4:17pm This attempt took 21 minutes.

Question 1

1 / 1 pts

The minimum is the smalles value among the observations. True or false: the minimum is a statistic.

True

One definition for a statistic is that a statistic is a function of the data.

Question 2

1 / 1 pts

Number of children is an example of a quantitative variable.

True

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The answer is true. The number of children shows how many children there are.

Question 3

1 / 1 pts

Statistics, the discipline, involves interpreting data.

True

It's true.

Question 4

1 / 1 pts

A data set consists of the number of accounts opened each month from January 2000 to December 2012. True or False: The data in this data set are time series data.

True

Consult the definition of time series data.

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A data set consists of all businesses in Peoria that have a website link from google maps. The variables in the data set are the number of years in business, whether or not the business has

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a facebook page, the number of facebook "likes" and the number of customers they have in week where all data were collected the first week of October. True or False: The data in this data set constitute a cross section, i.e., they are cross sectional data.

True

Consult the definition of cross sectional data.

Question 6

1 / 1 pts

A sample is a subset of the population.

True

A sample is a subset of the population.

Question 7

1 / 1 pts

After an exam a teacher records the scores of every student. Which of the following best describes the data set with students scores from the exam?

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These data are always cross sectional data.

Because we have scores from different students and the scores are all taken at the same time this is always a cross section.

Question 8

1 / 1 pts

Suppose you want to compare the performance of your business at different locations throughout the state. The type of data that will be most suitable for this comparison are

cross sectional data.

Cross sectional data help us to compare different units at the same point in time.

Question 9

1 / 1 pts

Use the Pelican Stores data set. How many observations are in this data set? Note: The data set contains the records of a sample of transactions made at a Pelican Stores outlet. The variables are as described by their names where type of customer being regular means they did not get a coupon and promotional means they did get a coupon. Items is the number of items purchased and net sales it the $ total of the transaction.

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100

This is the number of rows not counting the headers or labels.

Question 10

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Use the Pelican Stores data. True or False: the items variable is categorical.

False

The statement is false. Items shows how many so it is quantitative.

Question 11

1 / 1 pts

Use the Pelican Stores data set. Construct a frequency table for the method of payment. How many customers pay using MaterCard?

14

You can use the pivot table feature in excel to make a frequency table. The table will show you that there are 14 customers that used MaterCard.

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Use the Pelican Stores data set. Construct a crosstabulation (aka contingency table) of marital status and gender. Choose the best statment.

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Pelican Stores customers are predominantly married women.

You can use the pivot table feature in excel to create the crosstabulation or contingency table and it will show that 80 customers were married women and this is a substantial majority.

Question 13

1 / 1 pts

Use the Pelican Stores data set. Construct a scatter plot of items versus net sales. Choose the best statement. Hint: creating a scatter plot may be easier if you first copy the data to a new sheet and delete the columns you aren't using for the plot. The example in your textbook only involves two variables and this makes it easier for excel to guess what you want to do.

There appears to be a positive relationship between items and net sales.

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 The scatter plot shows a positive relationship between items and net sales. You can include a trendline and see that it is upward sloping.

Question 14

1 / 1 pts

Use the Pelican Stores data set. Construct a histogram of age using 8 groups with age ranges from 18 to 80. Choose the best statement.

It appears to that the store caters to customers that are under 50.

If you used excel to make your histogram and had 8 groups then it should be clear that the majority of customers are under age 50.

Incorrect

Question 15

0 / 1 pts

Critical Thinking Question Use the Pelican Stores data set. Customers listed as "Promotional" are customers that used a discount coupon which was mailed to them. Use your critical thinking skills to determine the best way to analyze the data and choose the best statement.

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There are fewer single women that used the promotion (coupon) than there are married women that used the promotion (coupon). This indicates that the promotion does not work as well for single women and they should not be targeted with promotional offers.

We do not know the distribution of coupon recipients. It is possible that all coupons mailed to single people were mailed to women or that they were all mailed to men. This makes it difficult to draw conclusion concerning what we are seeing.

Question 16

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Histograms are a useful way to display

Quantitative data.

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 One way to display quantitative data is with a histogram.

1 / 1 pts

Question 17

Complete the frequency table below and enter the relative frequency of "Mazda." Do not round anything and enter your answer to at least 4 decimal places; the standard for the class will be four decimal places. Hint: your answer should be less than 1.

percent relative Make Frequency relative Freq. freq. Nissan48

0.15384615.3846%

Honda 111 Toyota 97 Mazda 56

0.1795

You take the frequency for Mazda and divide it by the total number so that you have 56/312=.179487179.

Question 18

1 / 1 pts

You are working with data showing how much time people spend on your company's website each day. You are making a presentation to some upper level managers and want to show more than just the average because you want to give them a sense of the distribution of time spent. You might (appropriately) decide to create a

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 histogram.

A histogram would be most appropriate here. If that is unclear please check the book and class notes for definitions and examples.

Question 19

1 / 1 pts

Consult the graph below. We can determine that

Nevada (NV) has the fewest retail locations.

The bar for Nevada is the shortest which indicates it has the fewest retail stores.

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0 / 1 pts

Question 20

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Consult the table below. What percentage of WP Carey students are resident students? Do not include a % sign in your answer but make sure your answer is greater than 1. Answer to at least 4 decimal places and do not round at any intermediate steps.

college

resident non-resident

CLAS

34

55

WP Carey 16

12

13.6752

You find this by taking 16/28=.571428571 and then converting that to a percentage.

Quiz Score: 18 out of 20

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