Solution manual for Statistical Techniques in Business and Economics

Solution manual for Statistical Techniques in Business and Economics, 15th edition by Douglas A. Lind
Solution manual for Statistical Techniques in Business and Economics, 15th edition by Douglas A. Lind
Solution manual for Statistical Techniques in Business and Economics, 15th edition by Douglas A. Lind

Solution manual for Statistical Techniques in Business and Economics

Lind/Marchal/Wathen is a perennial market best seller due to its comprehensive coverage of statistical concepts and methods delivered in a student friendly, step-by-step format. The text presents concepts clearly and succinctly with a conversational writing style and illustrates concepts through the liberal use of business-focused examples that are relevant to the current world of a college student. Known as a “student’s text,” Lind’s supporting pedagogy includes self reviews, cumulative exercises, and coverage of software applications including Excel, Minitab, and MegaStat for Excel. The new 15th edition puts more emphasis on the interpretation of data and results and supports Lind’s student-centric, step-by-step approach with McGraw-Hill’s industry leading online assessment resource Connect Business Statistics.

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  1. The following frequency distribution was developed.

Balance                       f

0 up to 500                  4

500 up to 1000            7

1000 up to 1500        15

1500 up to 2000        22

2000 up to 2500        11

2500 up to 3000          1

Total                          60

A typical customer maintains a balance of about $1500.  About twenty percent of the customers keep a balance of $2000 or more.  The range of the balances is larger in cities 3 and 4, than 1 and 2.

The following MINITAB output is used to answer the remaining questions.

CITY  N     MEAN    MEDIAN     TRMEAN     STDEV      SEMEAN

1   16     1281      1397       1303        474        119

2   17   1879.6    1958.0     1894.7      350.9       85.1

3   14     1359      1505       1394        683        183

4   13     1423      1487       1435        709        197

 

CITY    MIN     MAX      Q1      Q3

1     343    1913     919    1679

2  1125.0  2409.0  1645.5  2140.5

3      32    2276     975    1833

4     167    2557     777    2094

  1. The mean balance is $1499.90 and the median balance is $1604.50. Half the balances are larger than $1604.50 and half are less than $1604.50.  The mean is smaller than the median, so the distribution is somewhat negatively skewed.  The coefficient of skewness is –0.527, a small amount of negative skewness.  The mean and median are much larger for city number 2.  The mean balance in City 2 is $456.60 more than that of the next closest city.  For reference, Cincinnati is City 1, Atlanta is City 2, Louisville is City 3, and Erie, Pennsylvania is City 4.

 

  1. The data range from the smallest balance of $32 up to the largest, which is $2557. Fifty percent of the accounts balance range from $1121 up to $1947.  The standard deviation is $596.90.  There is more variation in the balance for cities 3 and 4, than for 1 and 2.

SOLUTION TO CASE II

Wildcat Plumbing Supply, Inc.

 

To begin, determine the cumulative and relative frequency distribution for the two distributions.

                                       Women                                  Men

Salary ($000)     f        CF       Relative            f           CF       Relative

less than $30      2          2          0.04               0             0               0

30 up to 40         3          5          0.06               1             1          0.02

40 up to 50       17        22          0.34               4             5          0.07

50 up to 60       17        39          0.34             24           29          0.40

60 up to 70         8        47          0.16             21           50          0.35

70 up to 80         3        50          0.06               7           57          0.12

80 or more         0        50          0.00               3           60          0.05

Total                 50                      1.00             60                         1.00

Summary of descriptive statistics

Median      Q1           Q3

Women       51.76      44.41      59.12

Men             60.48      54.17      67.62

The salaries for the men are larger than for the women.  The median salary for the men is $60.48(000) where as it is $51.76(000) for the women.  The difference is $8.72.  There are similar differences for the first and third quartile.

Comparing the relative frequency distributions, forty percent of the women earn less than $50.0(000), where as only nine percent of the men earn less than $50.00(000).  It is reasonable to conclude that the men earn more than the women.

 

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