Ec 315 Week 1 Hw
Week 1 Homework
Chapter 3
64. The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet. a. Determine the mean and median for the variables winning time and pay off on a $2 bet.
Winning Time Mean= 2.03697
Winning Time Median= 2.03642
Pay off Mean= $18.72
Pay off Median= $10.65
b. Determine the range and standard deviation of the variables winning time and payoff.
Range Winning Time= 2.07417- 1.9995= 0.07467
Range Payoff= $103.20- 2.30= 100.9
SD Winning Time= 0.0181
SD Payoff= $22.7941
c. Refer to the variable winning margin. What is the level of measurement? What measure of location would be most appropriate?
The median is the most appropriate since there are large variations in the data set.
66. Refer to the Real Estate data, which reports information on homes sold in the Goodyear, Arizona, area during the last year. Prepare a report on the selling prices of the homes. a. What is the mean selling price? 221.10
What is the median selling price? 213.6
Is one measure more representative of the typical selling prices than the others? Both are representative since there are no large variations in the mean and median.
b. What is the range of selling prices? 220.3
What is the standard deviation? 47.1054
About 95% of the selling prices are between what two values? $212.09 and $230.11
67. Refer to the baseball 2010 data, which reports information on the 30 Major League Baseball teams for the 2010 season. Prepare a report on the variable team payroll that specifically addresses each of the following questions. a. Around what values do the payrolls tend to cluster? 92.76 and 62.35
What are the mean and median of payroll?
Mean= 77.56
Median= 72.25
Is one measure of location for payroll more representative than the other?
Chapter 3
64. The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet. a. Determine the mean and median for the variables winning time and pay off on a $2 bet.
Winning Time Mean= 2.03697
Winning Time Median= 2.03642
Pay off Mean= $18.72
Pay off Median= $10.65
b. Determine the range and standard deviation of the variables winning time and payoff.
Range Winning Time= 2.07417- 1.9995= 0.07467
Range Payoff= $103.20- 2.30= 100.9
SD Winning Time= 0.0181
SD Payoff= $22.7941
c. Refer to the variable winning margin. What is the level of measurement? What measure of location would be most appropriate?
The median is the most appropriate since there are large variations in the data set.
66. Refer to the Real Estate data, which reports information on homes sold in the Goodyear, Arizona, area during the last year. Prepare a report on the selling prices of the homes. a. What is the mean selling price? 221.10
What is the median selling price? 213.6
Is one measure more representative of the typical selling prices than the others? Both are representative since there are no large variations in the mean and median.
b. What is the range of selling prices? 220.3
What is the standard deviation? 47.1054
About 95% of the selling prices are between what two values? $212.09 and $230.11
67. Refer to the baseball 2010 data, which reports information on the 30 Major League Baseball teams for the 2010 season. Prepare a report on the variable team payroll that specifically addresses each of the following questions. a. Around what values do the payrolls tend to cluster? 92.76 and 62.35
What are the mean and median of payroll?
Mean= 77.56
Median= 72.25
Is one measure of location for payroll more representative than the other?