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Quiz 3 Chap 3 Answer

1. The document contains a 10 question multiple choice quiz on statistics concepts such as measures of central tendency, variability, skewness, and correlation. 2. Two short answer questions are included that ask the reader to calculate measures of central tendency, variability, and position for given data sets. 3. The final question has the reader compute and interpret the sample correlation coefficient for a bivariate data set relating daily supply and unit price of a product. A positive correlation is found between the two variables.

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74 views5 pages

Quiz 3 Chap 3 Answer

1. The document contains a 10 question multiple choice quiz on statistics concepts such as measures of central tendency, variability, skewness, and correlation. 2. Two short answer questions are included that ask the reader to calculate measures of central tendency, variability, and position for given data sets. 3. The final question has the reader compute and interpret the sample correlation coefficient for a bivariate data set relating daily supply and unit price of a product. A positive correlation is found between the two variables.

Uploaded by

Phương Nga
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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QUIZ 3 – CHAPTER 3

I. Multiple-choice questions

1. In computing the mean of a sample, the value of ∑xi is divided by


a. n.
b. n - 1.
c. n + 1.
d. n - 2.

2. The hourly wages of a sample of 130 system analysts are given below.

mean = 60 range = 20
mode = 73 variance = 324
median = 74

The coefficient of variation equals

a. 0.30%.
b. 30%.
c. 5.4%.
d. 54%.

3. The median of a sample will always equal the


a. (Q1 + Q3)/2.
b. square root of the variance.
c. 50th percentile.
d. (smallest value + largest value)/2.

4. The difference between the largest and the smallest data values is the
a. variance.
b. interquartile range.
c. range.
d. coefficient of variation.

5. Which of the following is a measure of variability?


a. Percentiles
b. Quartiles
c. Interquartile range
d. Midrange

6. When data are positively skewed, the mean will usually be


a. greater than the median.
b. smaller than the median.
c. equal to the median.
d. positive.

7. The sample variance


a. is always smaller than the true value of the population variance.
b. is always larger than the true value of the population variance.
c. could be smaller, equal to, or larger than the true value of the population variance.
d. can never be zero.

8. Which of the following symbols represents the mean of the sample?


a. σ2
b. σ
c. μ
d. x

9. The correlation coefficient ranges between


a. 0 and 1.
b. -1 and +1.
c. minus infinity and plus infinity.
d. 1 and 100.

10. Since the mode is the most frequently occurring data value, it
a. can never be larger than the mean.
b. is always larger than the median.
c. is always larger than the mean.
d. none of these alternatives is correct.

II. Subjective Short Questions

1. The closing stock price of Ahmadi, Inc. for a sample of 10 trading days is shown below.

Day Stock Price


1 54
2 57
3 54
4 58
5 55
6 60
7 71
8 63
9 62
10 66

For the above sample, compute the following measures.


a. The mean
b. The median
c. The mode
d. The variance
e. The standard deviation
f. The range

ANSWER:

Day Stock price (x) x i−x ( x i−x )2


1 54 -6 36
2 57 -3 9
3 54 -6 36
4 58 -2 4
5 55 -5 25
6 60 0 0
7 71 11 121
8 63 3 9
9 62 2 4
10 66 6 36
∑ ( xi −x ) 2=280
x=60

a. mean = 60
b. median = 59
c. mode = 54
d. s2 = 280 / (10 – 1) = 31.11
e. s = √ 31.11=¿ 5.58
f. range = 71 – 54 = 17

2. A sample of 9 mothers was taken. The mothers were asked the age of their oldest child.
You are given their responses below.

3 12 4 7 14 6 2 9 11

a. Determine the 1st quartile.


b. Determine the 2nd quartile.
c. Determine the 3rd quartile.

Answer:

Re-order dataset into ascending order:

2 3 4 6 7 8 11 12 14
25
a. L25 = × ( 9+ 1 )=2.5 => The 1st quartile = 3 + 0.5(4-3) = 3.5
100

50
b. L50 = × ( 9+ 1 )=5 => The 2nd quartile = 7.0
100

75
c. L75 = × ( 9+ 1 )=7. 5 => The 3rd quartile = 11 + 0.5(12-11) = 11.5
100

3. The following data represent the daily supply (y in thousands of units) and the unit price
(x in dollars) for a product.

Daily Supply (y) Unit Price (x)


5 2
7 4
9 8
12 5
10 7
13 8
16 16
16 6
Compute and interpret the sample correlation coefficient.

Answer

Daily supply Unit price x i−x (x i−x )2 y i− y ( y i− y)2 (x ¿¿ i−x) ¿ ¿)


(y) (x)
5 2 -5 25 -6 36 30
7 4 -3 9 -4 16 12
9 8 1 1 -2 4 -2
12 5 -2 4 1 1 -2
10 7 0 0 -1 1 0
13 8 1 1 2 4 2
16 16 9 81 5 25 45
16 6 -1 1 5 25 -5
∑ ( xi −x ) 2=¿ ∑ ( y i− y )2=¿∑ (x ¿¿ i−x)( y i− y)=¿ ¿
122 112 80

y=11 x=7

sxy = 80 / (8 – 1) = 11.43
sx = √ 122/(8−1)=4.17
sy = √ 112/(8−1)=4
0.6853. There is a fairly strong positive relationship between x and y.

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