A Loblaws Supermarket At The Foot Of Market Street Case 8
Problem Set I
Complete and submit the following problem set:
Lind Chapter 3: Exercises 60, 62, 68, 70, 72b.
Exercise 60: Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, 22. a. Compute the mean number and median number of apples in a bag. 17 26 19 24 21 23 22 22 [pic]median 22 23 21 24 19 26 17 b. Verify that _(X _ ) _ 0 = 26 17 Verify that ∑(X-¯X) = 0 (26-22) + (24-22) + (23-22) + (22-22) + (21-22) + (22-19) + (17-22) = 4 + 2 + 1 + 0 ' 1 ' 3 ' 5 = -0.2
Exercise 62: The Citizens Banking Company is studying the number of times the ATM located in a Loblaws Supermarket at the foot of Market Street is …show more content…
a. What is the arithmetic mean selling price? μ= ΣX/N μ = 1.44 b. What is the median selling price? Higher to lower Lower to higher 1.49 1.35 1.49 1.39 1.49 1.39 1.48 1.41 1.46 1.41 1.45 1.42 1.45 1.44 1.44 1.44 [pic]Median 1.44 1.44 1.45 1.42 1.45 1.41 1.46 1.41 1.48 1.39 1.49 1.39 1.49 1.35 1.49 c. What is the modal selling price? The modal selling price = 1.49 1.49 1.49 1.49 1.48 1.46 1.45 1.45 1.44 1.44 1.42 1.41 1.41 1.39 1.39 1.35
Exercise 70: A recent article suggested that if you earn $25,000 a year today and the inflation rate continues at 3 percent per year, you’ll need to make $33,598 in 10 years to have the same buying power. You would need to make $44,771 if the inflation rate jumped to 6 percent.
Confirm that these statements are accurate by finding the geometric mean rate of increase.
a) Compute the Range. Where: X= 38
¯X = 7.6 n = 5
MD |┤| =?
S^2 = ? Solution …show more content…
smallest value
R= 12-3
R = 9
b) Compute the mean deviation. Solution 2.75
MD= Σ |(X-¯X)/n|
¯X=ΣX/n
= (12+6+7+3+10)/5
=38/5
¯X=7.6
Weigh of boxes send by UPS (X- ¯X) absolute deviation
12 (12-7.6) = 4.4 4.4
6 (6-7.6) = -1.6 1.6
7 (7-7.6) = -.76 .76
3 (3-7.6) = -4.6 4.6
10 (10-7.6) = 2.4 2.4
Total = 13.76
MD= Σ |(X-¯X)/n|
= 13.76/5
MD=2.75
c) Compute the standard deviation.
S^2= √(Σ ((X- [pic]X) [pic]^2)/(n-1))
Weight of boxes (X- ¯X) (X- [pic]¯X) [pic]2
12 (12-7.6) = 4.4 19.36
6 (6-7.6) = -1.6 2.56
7 (7-7.6) = -.76 .36
3 (3-7.6) = -4.6 21.16
10 (10-7.6) = 2.4 5.76
Total = 38 Total = 0 Total = 49.2
¯X=ΣX/n
= (12+6+7+3+10)/5
=38/5
Complete and submit the following problem set:
Lind Chapter 3: Exercises 60, 62, 68, 70, 72b.
Exercise 60: Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, 22. a. Compute the mean number and median number of apples in a bag. 17 26 19 24 21 23 22 22 [pic]median 22 23 21 24 19 26 17 b. Verify that _(X _ ) _ 0 = 26 17 Verify that ∑(X-¯X) = 0 (26-22) + (24-22) + (23-22) + (22-22) + (21-22) + (22-19) + (17-22) = 4 + 2 + 1 + 0 ' 1 ' 3 ' 5 = -0.2
Exercise 62: The Citizens Banking Company is studying the number of times the ATM located in a Loblaws Supermarket at the foot of Market Street is …show more content…
a. What is the arithmetic mean selling price? μ= ΣX/N μ = 1.44 b. What is the median selling price? Higher to lower Lower to higher 1.49 1.35 1.49 1.39 1.49 1.39 1.48 1.41 1.46 1.41 1.45 1.42 1.45 1.44 1.44 1.44 [pic]Median 1.44 1.44 1.45 1.42 1.45 1.41 1.46 1.41 1.48 1.39 1.49 1.39 1.49 1.35 1.49 c. What is the modal selling price? The modal selling price = 1.49 1.49 1.49 1.49 1.48 1.46 1.45 1.45 1.44 1.44 1.42 1.41 1.41 1.39 1.39 1.35
Exercise 70: A recent article suggested that if you earn $25,000 a year today and the inflation rate continues at 3 percent per year, you’ll need to make $33,598 in 10 years to have the same buying power. You would need to make $44,771 if the inflation rate jumped to 6 percent.
Confirm that these statements are accurate by finding the geometric mean rate of increase.
a) Compute the Range. Where: X= 38
¯X = 7.6 n = 5
MD |┤| =?
S^2 = ? Solution …show more content…
smallest value
R= 12-3
R = 9
b) Compute the mean deviation. Solution 2.75
MD= Σ |(X-¯X)/n|
¯X=ΣX/n
= (12+6+7+3+10)/5
=38/5
¯X=7.6
Weigh of boxes send by UPS (X- ¯X) absolute deviation
12 (12-7.6) = 4.4 4.4
6 (6-7.6) = -1.6 1.6
7 (7-7.6) = -.76 .76
3 (3-7.6) = -4.6 4.6
10 (10-7.6) = 2.4 2.4
Total = 13.76
MD= Σ |(X-¯X)/n|
= 13.76/5
MD=2.75
c) Compute the standard deviation.
S^2= √(Σ ((X- [pic]X) [pic]^2)/(n-1))
Weight of boxes (X- ¯X) (X- [pic]¯X) [pic]2
12 (12-7.6) = 4.4 19.36
6 (6-7.6) = -1.6 2.56
7 (7-7.6) = -.76 .36
3 (3-7.6) = -4.6 21.16
10 (10-7.6) = 2.4 5.76
Total = 38 Total = 0 Total = 49.2
¯X=ΣX/n
= (12+6+7+3+10)/5
=38/5