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***THIS IS NOT THE ACTUAL TEXTBOOK. YOU ARE PURCHASING the Test Bank in e-version of the following textbook*** Name: Essentials of Statistics for Business and Economics Author: Anderson Sweeney Williams Edition: 7th ISBN-10: 1133629652 Type: Test Bank - The test bank is what most professors use an a reference when making exams for their students, which means there’s a very high chance that you will see a very similar, if not exact the exact, question in the test! - The file is either in .doc, .pdf, excel, or zipped in the package and can easily be read on PCs and Macs. - Delivery is INSTANT. You can download the files IMMEDIATELY once payment is done. If you have any questions, please feel free to contact us. Our response is the fastest. All questions will always be answered in 6 hours. This is the quality of service we are providing and we hope to be your helper. Delivery is in the next moment. Test Bank is accurate. Buy now below and the DOWNLOAD LINK WILL APPEAR IMMEDIATELY once payment is done! Prepare to receive your Essentials of Statistics for Business and Economics Test Bank in the next moment. -------------------------------------Essentials of Statistics for Business and Economics Test Bank Essentials of Statistics for Business and Economics 7th Test Bank

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Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank Multiple Choice 1. The measure of location which is the most likely to be influenced by extreme values in the data set is the a. range b. median c. mode d. mean ANSWER: d 2. The most important statistical descriptive measure of the location of a data set is the a. mean b. median c. mode d. variance ANSWER: a 3. If two groups of numbers have the same mean, then a. their standard deviations must also be equal b. their medians must also be equal c. their modes must also be equal d. None of these alternatives is correct. ANSWER: d 4. The mean of the sample a. is always smaller than the mean of the population from which the sample was taken b. can never be zero c. can never be negative d. None of these alternatives is correct. ANSWER: d 5. When the smallest and largest percentage of items are removed from a data set and the mean is computed, the mean of the remaining data is a. the median b. the mode c. the trimmed mean d. any of the above ANSWER: c

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 6. Since the population is always larger than the sample, the value of the sample mean a. is always smaller than the true value of the population mean b. is always larger than the true value of the population mean c. is always equal to the true value of the population mean d. could be larger, equal to, or smaller than the true value of the population mean ANSWER: d 7. Which of the following provides a measure of central location for the data? a. standard deviation b. mean c. variance d. range ANSWER: b 8. When computing the mean of a set of values xi, the value of ∑xi a. can never be zero b. can never be negative c. must always be positive d. can be any value ANSWER: d 9. 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 ANSWER: a 10. A numerical value used as a summary measure for a sample, such as sample mean, is known as a a. population parameter b. sample parameter c. sample statistic d. population mean ANSWER: c 11. Since the population size is always larger than the sample size, then the sample statistic a. can never be larger than the population parameter b. can never be equal to the population parameter c. can be smaller, larger, or equal to the population parameter d. can never be smaller than the population parameter ANSWER: c

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 12. μ is an example of a a. population parameter b. sample statistic c. population variance d. mode ANSWER: a 13. The mean of a sample a. is always equal to the mean of the population b. is always smaller than the mean of the population c. is computed by summing the data values and dividing the sum by (n - 1) d. is computed by summing all the data values and dividing the sum by the number of items ANSWER: d 14. The hourly wages of a sample of 130 system analysts are given below. mean = 60 mode = 73 median = 74

range = 20 variance = 324

The coefficient of variation equals a. 0.30% b. 30% c. 5.4% d. 54% ANSWER: b 15. The variance of a sample of 169 observations equals 576. The standard deviation of the sample equals a. 13 b. 24 c. 576 d. 28,461 ANSWER: b 16. The median of a sample will always equal the a. mode b. mean c. 50th percentile d. all of the above answers are correct ANSWER: c

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 17. The median is a measure of a. relative dispersion b. absolute dispersion c. central location d. relative location ANSWER: c 18. The 50th percentile is the a. mode b. median c. mean d. third quartile ANSWER: b 19. The 75th percentile is referred to as the a. first quartile b. second quartile c. third quartile d. fourth quartile ANSWER: c 20. The pth percentile is a value such that at least p percent of the observations are a. less than or equal to this value b. less than this value c. more than or equal to this value d. more than this value ANSWER: a 21. The difference between the largest and the smallest data values is the a. variance b. interquartile range c. range d. coefficient of variation ANSWER: c 22. The first quartile a. contains at least one third of the data elements b. is the same as the 25th percentile c. is the same as the 50th percentile d. is the same as the 75th percentile ANSWER: b

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 23. When computing the mean, the smallest value a. can never be negative b. can never be zero c. can never be less than the mean d. can be any value ANSWER: d 24. Which of the following is not a measure of central location? a. mean b. median c. variance d. mode ANSWER: c 25. If a data set has an even number of observations, the median a. cannot be determined b. is the average value of the two middle items c. must be equal to the mean d. is the average value of the two middle items when all items are arranged in ascending order ANSWER: d 26. Which of the following is a measure of dispersion? a. percentiles b. quartiles c. interquartile range d. all of the above are measures of dispersion ANSWER: c 27. The value which has half of the observations above it and half the observations below it is called the a. range b. median c. mean d. mode ANSWER: b 28. The most frequently occurring value of a data set is called the a. range b. mode c. mean d. median ANSWER: b

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 29. The interquartile range is a. the 50th percentile b. another name for the variance c. the difference between the largest and smallest values d. the difference between the third quartile and the first quartile ANSWER: d 30. The weights (in pounds) of a sample of 36 individuals were recorded and the following statistics were calculated. mean = 160 mode = 165 median = 170

range = 60 variance = 324

The coefficient of variation equals a. 0.1125% b. 11.25% c. 203.12% d. 0.20312% ANSWER: b 31. The heights (in inches) of 25 individuals were recorded and the following statistics were calculated mean = 70 mode = 73 median = 74

range = 20 variance = 784

The coefficient of variation equals a. 11.2% b. 1120% c. 0.4% d. 40% ANSWER: d 32. The standard deviation of a sample of 100 observations equals 64. The variance of the sample equals a. 8 b. 10 c. 6400 d. 4,096 ANSWER: d

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 33. The variance of a sample of 81 observations equals 64. The standard deviation of the sample equals a. 9 b. 4096 c. 8 d. 6561 ANSWER: c 34. If index i (which is used to determine the location of the pth percentile) is not an integer, its value should be a. squared b. divided by (n - 1) c. rounded down d. rounded up ANSWER: d 35. When the data are skewed to the right, the measure of Skewness will be a. negative b. zero c. positive d. one ANSWER: c 36. 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 ANSWER: a 37. Which of the following is not a measure of dispersion? a. the range b. the 50th percentile c. the standard deviation d. the interquartile range ANSWER: b 38. The interquartile range is used as a measure of variability to overcome what difficulty of the range? a. the sum of the range variances is zero b. the range is difficult to compute c. the range is influenced too much by extreme values d. the range is negative ANSWER: c

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 39. If the variance of a data set is correctly computed with the formula using n - 1 in the denominator, which of the following is true? a. the data set is a sample b. the data set is a population c. the data set could be either a sample or a population d. the data set is from a census ANSWER: a 40. In computing descriptive statistics from grouped data, a. data values are treated as if they occur at the midpoint of a class b. the grouped data result is more accurate than the ungrouped result c. the grouped data computations are used only when a population is being analyzed d. None of these alternatives is correct. ANSWER: a 41. The measure of dispersion that is influenced most by extreme values is a. the variance b. the standard deviation c. the range d. the interquartile range ANSWER: c 42. When should measures of location and dispersion be computed from grouped data rather than from individual data values? a. as much as possible since computations are easier b. only when individual data values are unavailable c. whenever computer packages for descriptive statistics are unavailable d. only when the data are from a population ANSWER: b 43. The descriptive measure of dispersion that is based on the concept of a deviation about the mean is a. the range b. the interquartile range c. the absolute value of the range d. the standard deviation ANSWER: d

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 44. The numerical value of the standard deviation can never be a. larger than the variance b. zero c. negative d. smaller than the variance ANSWER: c 45. 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 ANSWER: c 46. The coefficient of variation is a. the same as the variance b. the standard deviation divided by the mean times 100 c. the square of the standard deviation d. the mean divided by the standard deviation ANSWER: b 47. The variance can never be a. zero b. larger than the standard deviation c. negative d. smaller than the standard deviation ANSWER: c 48. The sum of deviations of the individual data elements from their mean is a. always greater than zero b. always less than zero c. sometimes greater than and sometimes less than zero, depending on the data elements d. always equal to zero ANSWER: d 49. Which of the following symbols represents the standard deviation of the population? a. σ2 b. σ c. μ d. 𝑥̅ ANSWER: b

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 50. Which of the following symbols represents the mean of the population? a. σ2 b. σ c. μ d. 𝑥̅

ANSWER: c 51. Which of the following symbols represents the variance of the population? a. σ2 b. σ c. μ d. 𝑥̅

ANSWER: a 52. Which of the following symbols represents the size of the population? a. σ2 b. σ c. μ d. N ANSWER: d 53. Which of the following symbols represents the mean of the sample? a. σ2 b. σ c. μ d. 𝑥̅

ANSWER: d 54. Which of the following symbols represents the size of the sample a. σ2 b. σ c. N d. n ANSWER: d

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 55. The symbol σ is used to represent a. the variance of the population b. the standard deviation of the sample c. the standard deviation of the population d. the variance of the sample ANSWER: c 56. The symbol σ2 is used to represent a. the variance of the population b. the standard deviation of the sample c. the standard deviation of the population d. the variance of the sample ANSWER: a 57. The variance of the sample a. can never be negative b. can be negative c. cannot be zero d. cannot be less than one ANSWER: a 58. The measure of dispersion which is not measured in the same units as the original data is the a. median b. standard deviation c. coefficient of determination d. variance ANSWER: d 59. A numerical measure of linear association between two variables is the a. variance b. covariance c. standard deviation d. coefficient of variation ANSWER: b 60. Positive values of covariance indicate a. a positive variance of the x values b. a positive variance of the y values c. the standard deviation is positive d. positive relation between the independent and the dependent variables ANSWER: d

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 61. A numerical measure of linear association between two variables is the a. variance b. coefficient of variation c. correlation coefficient d. standard deviation ANSWER: c 62. The coefficient of correlation ranges between a. 0 and 1 b. -1 and +1 c. minus infinity and plus infinity d. 1 and 100 ANSWER: b 63. The coefficient of correlation a. is the same as the coefficient of determination b. can be larger than 1 c. cannot be larger than 1 d. cannot be negative ANSWER: c 64. The value of the sum of the deviations from the mean, i.e., ∑(𝑥 − 𝑥̅ ) must always be a. less than the zero b. negative c. either positive or negative depending on whether the mean is negative or positive d. zero ANSWER: d 65. The numerical value of the variance a. is always larger than the numerical value of the standard deviation b. is always smaller than the numerical value of the standard deviation c. is negative if the mean is negative d. can be larger or smaller than the numerical value of the standard deviation ANSWER: d 66. Since the median is the middle value of a data set it a. must always be smaller than the mode b. must always be larger than the mode c. must always be smaller than the mean d. None of these alternatives is correct. ANSWER: d

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 67. In a five number summary, which of the following is not used for data summarization? a. the smallest value b. the largest value c. the mean d. the 25th percentile ANSWER: c 68. The relative frequency of a class is computed by a. dividing the midpoint of the class by the sample size b. dividing the frequency of the class by the midpoint c. dividing the sample size by the frequency of the class d. dividing the frequency of the class by the sample size ANSWER: d 69. During a cold winter, the temperature stayed below zero for ten days (ranging from -20 to -5). The variance of the temperatures of the ten-day period a. is negative since all the numbers are negative b. must be at least zero c. cannot be computed since all the numbers are negative d. can be either negative or positive ANSWER: b 70. Which of the following is not a measure of dispersion? a. mode b. standard deviation c. range d. interquartile range ANSWER: a 71. If the coefficient of variation is 40% and the mean is 70, then the variance is a. 28 b. 2800 c. 1.75 d. 784 ANSWER: d

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 72. Given the following information: Standard deviation = 8 Coefficient of variation = 64% The mean would then be a. 12.5 b. 8 c. 0.64 d. 1.25 ANSWER: a 73. 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. ANSWER: d 74. A group of students had dinner at a local restaurant. The total bill for the dinner was $414.70. Each student paid his/her equal share of the bill, which was $18.85. How many students were at the dinner? a. 4 b. 415 c. 19 d. 22 ANSWER: d 75. The standard deviation of a sample was reported to be 20. The report indicated that ∑(𝑥 − 𝑥̅ )2 = 7200. What has been the sample size? a. 16 b. 17 c. 18 d. 19 ANSWER: d

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 76. The variance of a sample was reported to be 144. The report indicated that ∑(𝑥 − 𝑥̅ )2 = 7200. What has been the sample size? a. 49 b. 50 c. 51 d. 52 ANSWER: c 77. From a population of size 1,000, a random sample of 100 items is selected. The mean of the sample a. must be 10 times smaller than the mean of the population b. must be equal to the mean of the population, if the sample is truly random c. must be 10 times larger than the mean of the population d. can be larger, smaller or equal to the mean of the population ANSWER: d 78. From a population of size 500, a random sample of 50 items is selected. The mode of the sample a. must be 500 b. must be equal to the mode of population, if the sample is truly random c. must be equal to the mean of the population, if the sample is truly random d. can be larger, smaller or equal to the mode of the population ANSWER: d 79. From a population of size 400, a random sample of 40 items is selected. The median of the sample a. must be 200, since 400 divided by 2 is 200 b. must be 10, since 400 divided by 400 is 10 c. must be equal to the median of population, if the sample is truly random d. None of these alternatives is correct. ANSWER: d 80. A box plot is a graphical technique which is used for a. only one group of data b. making comparisons between only two groups c. making comparisons between two or more groups d. summing the deviations from the mean and placing the sum in a box ANSWER: c 81. Since the size of the population is always larger than the size of the sample, the population mean must a. always be smaller than the sample mean b. be larger than the sample mean c. be equal to the sample mean d. None of these alternatives is correct.

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank ANSWER: d 82. If the mean of a data set is zero, then the standard deviation a. must also be zero b. must be 1 c. can be any value d. can be any positive value ANSWER: d 83. For 27 days, the temperature in Fairbanks, Alaska has been below zero. Thus, the mean temperature has been negative. In this situation, the standard deviation must be a. negative b. less than zero c. any value d. zero and above ANSWER: d 84. The mean of a sample having the values of -2, 1, and 1 is a. zero b. 1 c. 2 d. 3 ANSWER: a 85. The following chart is an example of a

a. Price chart b. stacked bar chart c. side by side chart d. good to excellent chart ANSWER: b

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 86. A measure of location that is calculated by finding the nth root of the product of the n values is known as a. square root mean b. mean square root c. mean square error d. the Geometric mean ANSWER: d 87. The median of a sample containing the values of -4, -2, +2, +4 is a. zero b. 1.000 c. 2.000 d. 4.000 ANSWER: a 88. A bar chart in which each bar is broken into rectangular segments of a different color showing the relative frequency of each class in a manner similar to a pie chart.is referred to as a a. side by side chart b. frequency bar chart c. broken bar chart d. stacked bar chart ANSWER: d Exhibit 3-1 The following data show the number of hours worked by 200 statistics students. Number of Hours Frequency 0-9 40 10 - 19 50 20 - 29 70 30 - 39 40 89. Refer to Exhibit 3-1. The class width for this distribution a. is 9 b. is 10 c. is 11 d. varies from class to class ANSWER: b 90. Refer to Exhibit 3-1. The number of students working 19 hours or less a. is 40 b. is 50 c. is 90 d. cannot be determined without the original data

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank ANSWER: c 91. Refer to Exhibit 3-1. The relative frequency of students working 9 hours or less a. is .2 b. is .45 c. is 40 d. cannot be determined from the information given ANSWER: a 92. Refer to Exhibit 3-1. The cumulative relative frequency for the class of 10 - 19 a. is 90 b. is .25 c. is .45 d. cannot be determined from the information given ANSWER: c Exhibit 3-2 A researcher has collected the following sample data 5 12 6 8 5 6 7 5 12 4 93. Refer to Exhibit 3-2. The median is a. 5 b. 6 c. 7 d. 8 ANSWER: b 94. Refer to Exhibit 3-2. The mode is a. 5 b. 6 c. 7 d. 8 ANSWER: a 95. Refer to Exhibit 3-2. The mean is a. 5 b. 6 c. 7 d. 8 ANSWER: c

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 96. Refer to Exhibit 3-2. The 75th percentile is a. 5 b. 6 c. 7 d. 8 ANSWER: d Exhibit 3-3 A researcher has collected the following sample data. The mean of the sample is 5. 3 5 12 3 2 97. Refer to Exhibit 3-3. The variance is a. 80 b. 4.062 c. 13.2 d. 16.5 ANSWER: d 98. Refer to Exhibit 3-3. The standard deviation is a. 8.944 b. 4.062 c. 13.2 d. 16.5 ANSWER: b 99. Refer to Exhibit 3-3. The coefficient of variation is a. 72.66% b. 81.24% c. 264% d. 330% ANSWER: b 100. Refer to Exhibit 3-3. The range is a. 1 b. 2 c. 10 d. 12 ANSWER: c

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 101. Refer to Exhibit 3-3. The interquartile range is a. 1 b. 2 c. 10 d. 12 ANSWER: b Exhibit 3-4 The following is the frequency distribution for the speeds of a sample of automobiles traveling on an interstate highway.

Speed Miles per Hour 50 - 54 55 - 59 60 - 64 65 - 69 70 - 74 75 - 79

Frequency 2 4 5 10 9 5 35 102. Refer to Exhibit 3-4. The mean is a. 35 b. 670 c. 10 d. 67 ANSWER: d 103. Refer to Exhibit 3-4. The variance is a. 6.969 b. 7.071 c. 48.570 d. 50.000 ANSWER: d 104. Refer to Exhibit 3-4. The standard deviation is a. 6.969 b. 7.071 c. 48.570 d. 50.000 ANSWER: b

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank Exhibit 3-5 You are given the following frequency distribution.

Class Frequency 10-14 1 15-19 2 20-24 5 25-29 8 30-34 4 105. Refer to Exhibit 3-5. The mean is a. 500 b. 26.315 c. 30 d. 25 ANSWER: d 106. Refer to Exhibit 3-5. The variance is a. 570 b. 5.477 c. 500 d. 30 ANSWER: d 107. Refer to Exhibit 3-5. The standard deviation is a. 570 b. 5.477 c. 25 d. 30 ANSWER: b 108. Refer to Exhibit 3-5. The coefficient of variation is a. 25% b. 21.91% c. 5.477% d. 30% ANSWER: b

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank Exhibit 3-6 The closing stock price of MNM Corporation for the last 7 trading days is shown below.

Day Stock Price 1 84 2 87 3 84 4 88 5 85 6 90 7 91 109. Refer to Exhibit 3-6. The mean is a. 84 b. 85 c. 86 d. 87 ANSWER: d 110. Refer to Exhibit 3-6. The mode is a. 84 b. 85 c. 86 d. 87 ANSWER: a 111. Refer to Exhibit 3-6. The median is a. 84 b. 85 c. 86 d. 87 ANSWER: d 112. Refer to Exhibit 3-6. The range is a. 7 b. 8 c. 9 d. 91 ANSWER: a

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 113. Refer to Exhibit 3-6. The variance is a. 2.828 b. 8 c. 9 d. 81 ANSWER: b 114. The variance of a sample containing the values of -2, 1, and 1 is a. zero b. 1.732 c. 2.000 d. 3.000 ANSWER: d Subjective Short Answer 115. The closing stock price of Ahmadi, Inc. for a sample of 10 trading days is shown below.

Day 1 2 3 4 5 6 7 8 9 10

Stock Price 84 87 84 88 85 90 91 83 82 86

For the above sample, compute the following measures. a. b. c. d. e. f.

The mean The median The mode The variance The standard deviation The range

ANSWER: a. b. c. d. e. f.

86 85.5 84 8.8888 2.9814 9

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 116. The hourly wages of a sample of eight individuals is given below.

Individual

Hourly Wage (dollars)

A B C D E F G H

27 25 20 10 12 14 17 19

For the above sample, determine the following measures: a. b. c.

The mean. The standard deviation. The 25th percentile.

ANSWER: a. b. c.

18 6 13

117. In 2013, the average age of students at UTC was 22 with a standard deviation of 3.96. In 2014, the average age was 24 with a standard deviation of 4.08. In which year do the ages show a more dispersed distribution? Show your complete work and support your answer. ANSWER: C.V. for 2013 = 18%, C.V. for 2014 = 17% Therefore 2013 shows a more dispersed distribution. 118. Consider the data in the following frequency distribution. Assume the data represent a population.

Class 2-6 7 - 11 12 - 16 17 - 21

Frequency 2 3 4 1

For the above data, compute the following. a. b. c.

The mean The variance The standard deviation

ANSWER: a.

11

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank b. c.

21 4.58

119. A private research organization studying families in various countries reported the following data for the amount of time 4-year-old children spent alone with their fathers each day.

Time with Dad (minutes)

Country Belgium Canada China Finland Germany Nigeria Sweden United States

30 44 54 50 36 42 46 42

For the above sample, determine the following measures: a. b. c. d.

The mean The standard deviation The mode The 75th percentile

ANSWER: a. b. c. d.

43 7.56 42 48

120. In 2013, the average donation to the Help Way was $225 with a standard deviation of $45. In 2014, the average donation was $400 with a standard deviation of $60. In which year did the donations show a more dispersed distribution? ANSWER: The coefficient of variation in 2013 was 20% (more dispersed). The coefficient of variation in 2014 was 15%. 121. The following frequency distribution shows the ACT scores of a sample of students:

Score 14 - 18 19 - 23 24 - 28 29 - 33

Frequency 2 5 12 1

For the above data, compute the following. a.

The mean

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank b.

The standard deviation

ANSWER: a. 24 b. 3.77 122. The following data show the yearly salaries of football coaches at some state supported universities.

University A B C D E F G H

Salary (in $1,000) 53 44 68 47 62 59 53 94

For the above sample, determine the following measures. a. b. c. d. e.

The mean yearly salary The standard deviation The mode The median The 70th percentile

ANSWER: a. b. c. d. e.

60 15.8 53 56 62

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 123. The ages of a sample of 8 faculty members selected from the School of Business Administration are shown below.

Faculty 1 2 3 4 5 6 7 8

a. b. c. d.

Age 42 30 73 50 51 37 42 59

Compute the average age. Determine the mode. Compute the median age. Compute the standard deviation.

ANSWER: a. b. c. d.

48 42 46 13.5

124. The grade point average of the students at UTC is 2.80 with a standard deviation of 0.84. The grade point average of students at UTK is 2.4 with a standard deviation of 0.84. Which university shows a more dispersed grade distribution? ANSWER: UTK's coefficient of variation = 35%. UTC's coefficient of variation = 30%. Therefore, UTK has a more dispersed grade distribution. 125. The following is a frequency distribution for the ages of a sample of employees at a local company. Age 30 - 39 40 - 49 50 - 59 60 - 69 70 - 79

a. b. c. d.

Frequency 2 3 7 5 1

Determine the average age for the sample. Compute the variance. Compute the standard deviation. Compute the coefficient of variation.

ANSWER: a. b. c. d.

54.5 117.65 10.85 19.91%

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Chapter 3: Descriptive Statistics: Numerical Measures 126. A local university administers a comprehensive examination to the recipients of a B.S. degree in Business Administration. A sample of examinations are selected at random and scored. The results are shown below.

Grade 93 65 80 97 85 87 97 60 For the above data, determine a. b. c. d. e.

The mean The median The mode The standard deviation The coefficient of variation

ANSWER: a. b. c. d. e.

83 86 97 14.01 16.88%

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 127. The number of hours worked per week for a sample of ten students is shown below.

Student 1 2 3 4 5 6 7 8 9 10

a. b. c.

Hours 20 0 18 16 22 40 8 6 30 40

Determine the median and explain its meaning. Compute the 70th percentile and explain its meaning. What is the mode of the above data? What does it signify?

ANSWER: a. b. c.

19; approximately 50% of the students work at least 19 hours 26; at least 70% of the students work less than or equal to 26 hours per week 40; the most frequent data element

128. The frequency distribution below shows the monthly expenditure on gasoline for a sample of 14 individuals.

Expenditure 55 - 59 60 - 64 65 - 69 70 - 74 75 - 79

a. b.

Frequency 2 3 4 3 2

Compute the mean. Compute the standard deviation.

ANSWER: a. b.

67 6.5

129. The average wage of Tennessee cashiers is $14 per hour with a standard deviation of $4.20. In Georgia, the average wage of cashiers is $16 with a standard deviation of $4.40. In which state do the wages of cashiers appear to be more dispersed? ANSWER: The coefficient of variation in Tennessee = 30%. The coefficient of variation in Georgia = 27.5%. Therefore, Tennessee shows a more dispersed distribution.

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 130. A researcher has obtained the number of hours worked per week during the summer for a sample of fifteen students. 40

25

35

30

20

40

30

20

40

10

30

20

10

5

20

Using this data set, compute the a. median b. mean c. mode d. 40th percentile e. range f. sample variance g. standard deviation ANSWER: a. b. c. d. e. f. g.

25 25 20 20 35 128.571 11.339

131. A sample of twelve families was taken. Each family was asked how many times per week they dine in restaurants. Their responses are given below. 2

1

0

2

0

2

1

2

0

2

1

2

Using this data set, compute the a. mode b. median c. mean d. range e. interquartile range f. variance g. standard deviation h. coefficient of variation ANSWER: a. b. c. d. e. f. g. h.

2 1.5 1.25 2 1.5 0.75 0.866 69.28%

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 132. The following is a frequency distribution of grades of a sample of statistics examinations.

Grade 50 - 59 60 - 69 70 - 79 80 - 89 90 - 99

Frequency 7 10 22 15 6

Compute the following measures: a. b. c. d.

The mean The variance The standard deviation The coefficient of variation

ANSWER: a. b. c. d.

75 130.25 11.41 15.22%

133. The following shows the number of job losses and gains (in thousands) between 2013 and 2014 for a sample of seven cities.

Job Change (in thousands)

City Memphis Nashville Atlanta Chattanooga Birmingham Huntsville Knoxville

a. b. c. d.

-11 -7 -6 -5 -5 0 6

Compute the mean. Determine the mode. Determine the median. Determine the standard deviation.

ANSWER: a. b. c. d.

-4000 -5000 -5000 5,477 (rounded)

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 134. For the following frequency distribution,

Class 45 - 47 48 - 50 51 - 53 54 - 56 57 - 59

a. b.

Frequency 3 6 8 2 1

Compute the mean. Compute the standard deviation. (Assume the data represent a population.)

ANSWER: a. b.

50.8 3.06

135. Below you are given the ages of a sample of 10 college students who are enrolled in statistics. 20 a. b. c. d. e. f. g. h.

18

20

22

18

20

22

17

19

24

Compute the mean. Compute the variance. Compute the standard deviation. Compute the coefficient of variation. Determine the 25th percentile. Determine the median Determine the 75th percentile. Determine the range.

ANSWER: a. b. c. d. e. f. g. h.

20 4.667 2.16 10.8% 18 20 22 7

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 136. A sample of 9 mothers was taken. The mothers were asked the age of their oldest child. You are given their responses below. 3 a. b. c. d. e. f. g. h.

12

4

7

14

6

2

9

11

Compute the mean. Compute the variance. Compute the standard deviation. Compute the coefficient of variation. Determine the 25th percentile. Determine the median Determine the 75th percentile. Determine the range.

ANSWER: a. b. c. d. e. f. g. h.

7.56 17.78 4.22 55.8 4.0 7.0 11 12

137. For the following frequency distribution (assume the data represent a population),

Class 70 - 79 80 - 89 90 - 99 100 - 109 110 - 119

a. b.

Frequency 5 9 11 9 6

Compute the mean. Compute the standard deviation.

ANSWER: a. b.

95 12.44 (rounded)

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 138. The starting salaries of a sample of college students are given below.

Starting Salary (In $1,000) 20-24 25-29 30-34 35-39 40-44 45-49

a. b. c. d.

Frequency 1 3 7 6 2 1

Compute the mean. Compute the variance. Compute the standard deviation. Compute the coefficient of variation.

ANSWER: a. b. c. d.

34 35.26 5.94 17.46%

139. The following frequency distribution shows the time (in minutes) that a sample of students uses the computer terminals per day.

Time 20 - 39 40 - 59 60 - 79 80 - 99 100 - 119

a. b. c. d.

Frequency 2 4 6 4 2

Compute the mean. Compute the variance. Compute the standard deviation. Compute the coefficient of variation.

ANSWER: a. b. c. d.

69.5 564.54 23.76 34.19%

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 140. A sample of charge accounts at a local drug store revealed the following frequency distribution of unpaid balances.

Unpaid Balance 10 - 29 30 - 49 50 - 69 70 - 89 90 - 109

a. b. c. d.

Frequency 1 6 9 11 13

Determine the mean unpaid balance. Determine the variance. Determine the standard deviation. Compute the coefficient of variation.

ANSWER: a. b. c. d.

74 533.08 (rounded) 23.09 31.20%

141. The amount of time that a sample of students spends watching television per day is given below.

a. b. c. d.

Student

Time (In Minutes)

1 2 3 4 5 6 7 8

40 28 71 48 49 35 40 57

Compute the mean. Compute the median. Compute the standard deviation. Compute the 75th percentile.

ANSWER: a. b. c. d.

46 44 13.5 53

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 142. In Chattanooga, the average donation to the Community Kitchen was $900 with a standard deviation of $180. In Nashville, the average donation was $1,600 with a standard deviation of $240. In which city do the donations show a more dispersed distribution? ANSWER: The coefficient of variation in Chattanooga was 20% (more dispersed). The coefficient of variation in Nashville was 15%. 143. The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product. Daily Demand (y) 47 39 35 44 34 20 15 30

a. b.

Unit Price (x) 1 3 5 3 6 8 16 6

Compute and interpret the sample covariance for the above data. Compute and interpret the sample correlation coefficient.

ANSWER: a. b.

-47. Since the covariance is negative, it indicates a negative relationship between x and y. -0.922. There is a strong negative relationship between x and y.

144. The following observations are given for two variables. y 5 8 18 20 22 30 10 7

a. b. c. d.

x 2 12 3 6 11 19 18 9

Compute and interpret the sample covariance for the above data. Compute the standard deviation for x. Compute the standard deviation for y. Compute and interpret the sample correlation coefficient.

ANSWER: a. b. c.

19.286 (rounded). Since the covariance is positive, it indicates a positive relationship between x and y. 6.32 8.83

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank d.

0.345. There is a positive relationship between x and y. The relationship is not very strong.

145. Compute the weighted mean for the following data.

xi 9 8 5 3 2

Weight (wi) 10 12 4 5 3

ANSWER: 6.676 146. Compute the weighted mean for the following data.

xi 19 17 14 13 18

Weight (wi) 12 30 28 10 10

ANSWER: 16 147. Jason, a freshman at a local college, just completed 15 credit hours. His grade report is presented below.

Course

Credit Hours

Grades

Calculus Biology English Music P.E.

5 4 3 2 1

C A D B A

The local university uses a 4 point grading system, i.e., A = 4, B = 3, C = 2, D = 1, F = 0. Compute Jason's semester grade point average. ANSWER: 2.6

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 148. The following data show the yearly salaries of a random sample of Chattanooga residents.

Resident

Salary (In $1,000)

A B C D E F G H

97 48 69 85 92 48 79 74

For the above sample, determine the following measures (Give your answer in dollars):

a. b. c. d. e.

The mean yearly salary. The standard deviation. The mode. The median. The 70th percentile

ANSWER: a. b. c. d. e.

$74,000 $18,423.59 $48,000 $76,500 $85,000

149. The following frequency distribution shows the yearly tuition (in $1,000s) of a sample of private colleges.

Yearly Tuition 12 - 16 17 - 21 22 - 26 27 - 31

Frequency 5 4 3 2

For the above data, compute the mean yearly tuition. (Give your answer in dollars.) ANSWER: $19,714.29

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 150. 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) 5 7 9 12 10 13 16 16

a. b. c. d.

Unit Price (x) 2 4 8 5 7 8 16 6

Compute and interpret the sample covariance for the above data. Compute the standard deviation for the daily supply. Compute the standard deviation for the unit price. Compute and interpret the sample correlation coefficient.

ANSWER: a. b. c. d.

11.43 (rounded). The covariance is positive. Therefore, there is a positive relationship between x and y. 4 4.175 0.6844. There is a fairly strong positive relationship between x and y.

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 151. The yearly incomes of the top highest paying professions in the United States are shown below. Yearly Income (in $1,000)

Profession Surgeons Obstetricians Anesthesiologists Internists Pediatricians Psychiatrists Dentists General Practitioners Chief Executives Airline Pilots

136 132 130 126 116 114 110 110 107 99

For the above sample, determine the following measures (Give your answer in dollars). a. b. c. d.

The mean yearly salary The standard deviation The median The mode

ANSWER: a. b. c. d.

$118,000 $12,283.68 $115,000 $110,000

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 152. The population change between 2000 and 2010 for several small cities are shown below. Population Change (number of residents)

City Chattanooga Collegedale East Ridge Lakeside Ridgeside Signal Mountain Soddy-Daisy Walden

3083 1466 -461 1113 -11 395 3290 437

For the above sample, determine the following measures. a. b. c.

The mean The standard deviation The median

ANSWER: a. b. c.

1,164 1,385.51 775

153. The Michael Painting Company has purchased paint from several suppliers. The purchase price per gallon and the number of gallons purchased are shown below.

Supplier A B C D

Price Per Gallon ($) 23 25 29 27

Number of Gallons 700 200 100 200

Compute the weighted average price per gallon. ANSWER: $24.50 154. In the fall semester of 2013, the average Graduate Management Admission Test (GMAT) of the students at a local college was 500 with a standard deviation of 80. In the fall of 2014, the average GMAT was 560 with a standard deviation of 84. Which year's GMAT scores show a more dispersed distribution? ANSWER: The coefficient of variation in 2013 = 16%. The coefficient of variation in 2014= 15%. Therefore, 2013 had a more dispersed distribution.

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 155. The following frequency distribution shows the starting salaries (in $1,000s) of a sample of business students:

Starting Salary 22 - 26 27 - 31 32 - 36 37 - 41

Frequency 3 5 8 4

For the above data, compute the mean starting salary: (Give your answer in dollars.) ANSWER: $32,250 156. Marissa, a freshman at a local college, just completed 18 credit hours. Her grade report is presented below.

Course Chemistry Calculus English Music P.E.

Credit Hours 5 5 4 3 1

Grades C A C F A

The local university uses a 4 point grading system, i.e., A = 4, B = 3, C = 2, D = 1, F = 0. Compute Marissa's semester grade point average. ANSWER: 2.33 157. The price of a selected stock over a five day period is shown below. 17, 11, 13, 17, 16 Using the above data, compute the mean, the median, and the mode. ANSWER: Mean = 14.8 Median = 16 Mode = 17

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 158. Global Engineers hired the following number of Class 1 engineers during the first six months of the past year. (Assume the data represent a sample.)

No. of Class 1 Engineers Hired 3 2 4 2 6 0

Month January February March April May June

a. b. c. d.

Determine the mean, the median, the mode, and the range for the above data. Compute the variance and the standard deviation. Compute the first and the third quartiles. Compute the z-scores for the months of May and June.

ANSWER: a. b. c. d.

Mean = 2.833 Median = 2.5 Mode = 2.0 Range = 6 S2 = 4.166 S = 2.041 First quartile = 2 Third quartile = 4 Z-score for May = 1.55 (rounded) Z-score for June = -1.39 (rounded)

159. In a statistics class, the average grade on the final examination was 75 with a standard deviation of 5. Use Chebyshev’s theorem to answer the following questions. a. b.

At least what percentage of the students received grades between 50 and 100? Determine an interval for the grades that will be true for at least 70% of the students. (Hint: First, compute the Z-score.)

ANSWER: a. b.

96% 75 ± (1.826)(5) = 65.87 to 84.13

160. The flashlight batteries produced by one of the northern manufacturers are known to have an average life of 60 hours with a standard deviation of 4 hours. Use Chebyshev’s theorem to answer the following questions. a. b.

At least what percentage of flashlights will have a life of 54 to 66 hours? At least what percentage of the batteries will have a life of 52 to 68 hours?

c.

Determine an interval for the batteries lives that will be true for at least 80% of the batteries. (Hint: First compute the Z-score.)

ANSWER: a. b. c.

56% 75% 60 ± (2.236)(4). This indicates that at least 80% of the batteries will have lives of 51.056 to 68.944 hours.

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 161. Consider a sample with the following data values. 462 490 350 294 574

Compute the Z scores for the above five observations. ANSWER: Mean = 434 Standard Deviation = 112 X 462 490 350 294 574

Z-Score 0.25 0.5 -0.75 -1.25 1.25

162. The standard deviation of a sample was reported to be 7. The report indicated that ∑(𝑥 − 𝑥̅ )2 = 980. What has been the sample size? ANSWER: 21 163. The variance of a sample was reported to be 81. The report indicated that ∑(𝑥 − 𝑥̅ )2 = 972. What has been the sample size? ANSWER: 13

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 164. The following data show the yearly salaries of a sample of EMBA graduates. EMBA Student A B C D E F G H

a. b. c.

Salary (in $1,000) 88 97 90 110 114 98 92 95

Compute the mean yearly salary and give your answer in dollars. Compute the standard deviation and give your answer in dollars. Compute the 75th percentile and give your answer in dollars. Fully explain what the value that you have determined indicates.

ANSWER: a. b. c.

$98,000 $9,355.03 $104,000 Seventy percent of the observations are less than or equal to this value.

165. Descriptive statistics for the closing stock prices of two companies for several trading periods are shown below. Baba, Inc. Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count

a. b.

Maman, Inc. 4.04 0.11 4.07 3.59 1.13 1.28 -1.10 0.04 3.98 2.00 5.98 416.05 103

Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count

16.41 0.22 16.83 16.59 2.34 5.48 9.10 -2.85 12.57 6.29 18.86 1919.63 117

Which company’s stock price has a more dispersed distribution? Explain. Show your complete work and support your answer. Compare the Skewness of the two and explain what is indicated.

ANSWER: a. Coefficient of variation for Baba, Inc = 27.97% Coefficient of variation for Maman, Inc = 14.25% Therefore, Baba, Inc. shows a more dispersed stock price distribution b. Baba, Inc.’s price is skewed to the right (+0.04) and Maman, Inc.’s price is skewed to the left (-2.85).

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 166. The following frequency distribution shows the GMAT scores of a sample of MBA students. GMAT Score 300 up to 400 400 up to 500 500 up to 600 600 up to 700 700 up to 800

Frequency 1 5 9 3 2

For the above data, compute the mean GMAT score. ANSWER: 550 167. The last semester grades of Nancy, a freshman at a local college are shown below. Course Physics Calculus Biology Music P.E.

Credit Hours 4 6 3 2 1

Grades C A B F A

The local university uses a 4 point grading system, i.e., A = 4, B = 3, C = 2, D = 1, F = 0. Compute Nancy’s semester grade point average. ANSWER: 2.8125 168. The following data show the yearly salaries of a sample of MBA graduates. MBA Student A B C D E F G H

Salary (in $1,000) 78 87 80 100 104 88 82 85

a. b.

Compute the mean yearly salary and give your answer in dollars. Compute the standard deviation and give your answer in dollars.

c.

Compute the 75th percentile and give your answer in dollars. Fully explain what the value that you have determined indicates.

ANSWER: a. $88,000 b. $9,355.03 c. $94,000 Seventy percent of the observations are less than or equal his value.

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Chapter 3: Descriptive Statistics: Numerical Measures 169. Descriptive statistics for the closing stock prices of two companies for several trading periods are shown below. Baba, Inc Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count

a. b.

4.00 0.11 3.92 4.19 1.12 1.25 -1.15 0.08 3.95 2.03 5.98 436.32 109

Maman, Inc. Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count

15.91 0.29 16.59 15.58 3.21 10.31 3.52 -2.09 13.45 5.55 18.99 1972.61 124

Which company’s stock price has a more dispersed distribution? Explain. Show your complete work and support your answer. Compare the Skewness' of the two and explain what is indicated.

ANSWER: a. Coefficient of variation for Baba, Inc = 28% Coefficient of variation for Maman, Inc = 20.18% Therefore, Baba, Inc. shows a more dispersed stock price distribution b. Baba, Inc.’s price is skewed to the right (+0.08) and Maman, Inc.’s price is skewed to the left (-2.09). 170. The following frequency distribution shows the GMAT scores of a sample of MBA students:

GMAT Score 300 up to 400 400 up to 500 500 up to 600 600 up to 700 700 up to 800

Frequency 2 6 10 5 2

For the above data, compute the mean GMAT score. ANSWER: 546

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank 171. Last semester grades of Michael, a freshman at a local college are shown below.

Course Chemistry Calculus English Music P.E.

Credit Hours 5 5 4 3 1

Grades C A C F A

The local university uses a 4 point grading system, i.e., A = 4, B = 3, C = 2, D = 1, F = 0. Compute Michael’s semester grade point average. ANSWER: 2.33

172. Population of a city for the years 2010 through 2014 are shown below. Year 2010 2011 2012 2013 2014 a. b. c.

Population 165,927 168,293 169,847 170,819 171,350

Compute the growth rate for the years 2011 through 2014. Compute the geometric mean. What has been the percentage of growth in the population of the city between 2011 to 2014?

ANSWER: a. Growth 2010 -------2011 1.014259 2012 1.009234 2013 1.005723 2014 1.003109 b. Geometric Mean = 1.0081 c. 0.807%

Essentials of Statistics for Business and Economics Anderson 7th Edition Test Bank