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Basic Statistics for Business & Economics

Douglas A. Lind, William G.Marchal, Samuel A. Wathen

Chapter 2

Describing Data: Frequency Tables, Frequency - all with Video Answers

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Chapter Questions

00:58

Problem 1

A pie chart shows the relative market share of cola products. The "slice" for Pepsi Cola has a central angle of 90 degrees. What is its market share?

Jon Southam
Jon Southam
Numerade Educator
01:00

Problem 2

In a marketing study, 100 consumers were asked to select the best digital music player from the iPod Touch, Sony Walkman, and Zune HD. To summarize the consumer responses with a frequency table, how many classes would the frequency table have?

Nick Johnson
Nick Johnson
Numerade Educator
02:02

Problem 3

A total of 1,000 residents in Minnesota were asked which season they preferred. One hundred liked winter best, 300 liked spring, 400 liked summer, and 200 liked fall. Develop a frequency table and a relative frequency table to summarize this information.

Jon Southam
Jon Southam
Numerade Educator
01:53

Problem 4

Two thousand frequent business travelers were asked which Midwestern city they prefer: Indianapolis, Saint Louis, Chicago, or Milwaukee. One hundred liked Indianapolis best, 450 liked Saint Louis, 1,300 liked Chicago, and the remainder preferred Milwaukee. Develop a frequency table and a relative frequency table to summarize this information.

Jon Southam
Jon Southam
Numerade Educator
03:59

Problem 5

Wellstone Inc. produces and markets replacement covers for cell phones in five different colors: bright white, metallic black, magnetic lime, tangerine orange, and fusion red. To estimate the demand for each color, the company set up a kiosk in the Mall of America for several hours and asked randomly selected people which cover color was their favorite. The results follow:
$$\begin{array}{|lc|}\hline \text { Bright white } & 130 \\\text { Metallic black } & 104 \\\text { Magnetic lime } & 325 \\\text { Tangerine orange } & 455 \\\text { Fusion red } & 286 \\\hline\end{array}$$
a. What is the table called?
b. Draw a bar chart for the table.
c. Draw a pie chart.
d. If Wellstone Inc. plans to produce 1 million cell phone covers, how many of each color should it produce?

Jon Southam
Jon Southam
Numerade Educator
02:23

Problem 6

A small-business consultant is investigating the performance of several companies. The fourth-quarter sales for last year (in thousands of dollars) for the selected companies were: $$\begin{array}{|lr|}\hline & \begin{array}{r}\text { Fourth-Quarter Sales } \\\text { (\$ thousands) }\end{array} \\\text { Company } & \$ 1,645.2 \\\hline \text { Hoden Building Products } & 4,757.0 \\\text { J \& R Printing Inc. } & 8,913.0 \\\text { Long Bay Concrete Construction } & 627.1 \\\text { Mancell Electric and Plumbing } & 24,612.0 \\\text { Maxwell Heating and Air Conditioning } & 191.9 \\\text { Mizelle Roofing \& Sheet Metals } & \\\hline\end{array}$$
The consultant wants to include a chart in his report comparing the sales of the six companies. Use a bar chart to compare the fourth-quarter sales of these corporations and write a brief report summarizing the bar chart.

Jon Southam
Jon Southam
Numerade Educator
01:00

Problem 7

A set of data consists of 38 observations. How many classes would you recommend for the frequency distribution?

Nick Johnson
Nick Johnson
Numerade Educator
01:37

Problem 8

A set of data consists of 45 observations between $\$ 0$ and $\$ 29 .$ What size would you recommend for the class interval?

Jon Southam
Jon Southam
Numerade Educator
01:45

Problem 9

A set of data consists of 230 observations between $\$ 235$ and $\$ 567 .$ What class interval would you recommend?

Jon Southam
Jon Southam
Numerade Educator
03:27

Problem 10

A set of data contains 53 observations. The minimum value is 42 and the maximum value is $129 .$ The data are to be organized into a frequency distribution.
a. How many classes would you suggest?
b. What would you suggest as the lower limit of the first class?

Jon Southam
Jon Southam
Numerade Educator
04:28

Problem 11

Wachesaw Manufacturing Inc. produced the following number of units in the last 16 days. $$\begin{array}{llllllll}\hline 27 & 27 & 27 & 28 & 27 & 25 & 25 & 28 \\26 & 28 & 26 & 28 & 31 & 30 & 26 & 26 \\\hline\end{array}$$ The information is to be organized into a frequency distribution.
a. How many classes would you recommend?
b. What class interval would you suggest?
c. What lower limit would you recommend for the first class?
d. Organize the information into a frequency distribution and determine the relative frequency distribution.
e. Comment on the shape of the distribution.

Jerelyn Nevil
Jerelyn Nevil
Numerade Educator
06:39

Problem 12

The Quick Change Oil Company has a number of outlets in the metropolitan Seattle area. The daily number of oil changes at the Oak Street outlet in the past 20 days are: $$\begin{array}{llllllllll}\hline 65 & 98 & 55 & 62 & 79 & 59 & 51 & 90 & 72 & 56 \\70 & 62 & 66 & 80 & 94 & 79 & 63 & 73 & 71 & 85 \\\hline\end{array}$$ The data are to be organized into a frequency distribution.
a. How many classes would you recommend?
b. What class interval would you suggest?
c. What lower limit would you recommend for the first class?
d. Organize the number of oil changes into a frequency distribution.
e. Comment on the shape of the frequency distribution. Also, determine the relative frequency distribution.

Jon Southam
Jon Southam
Numerade Educator
View

Problem 13

The manager of the BiLo Supermarket in Mt. Pleasant, Rhode Island, gathered the following information on the number of times a customer visits the store during a month. The responses of 51 customers were: $$\begin{array}{rrrrrrrrrrrrrrr}\hline 5 & 3 & 3 & 1 & 4 & 4 & 5 & 6 & 4 & 2 & 6 & 6 & 6 & 7 & 1 \\1 & 14 & 1 & 2 & 4 & 4 & 4 & 5 & 6 & 3 & 5 & 3 & 4 & 5 & 6 \\8 & 4 & 7 & 6 & 5 & 9 & 11 & 3 & 12 & 4 & 7 & 6 & 5 & 15 & 1 \\1 & 10 & 8 & 9 & 2 & 12 & & & & & & & & & \\\hline\end{array}$$
a. Starting with 0 as the lower limit of the first class and using a class interval of 3 , organize the data into a frequency distribution.
b. Describe the distribution. Where do the data tend to cluster?
c. Convert the distribution to a relative frequency distribution.

Roee Shalom
Roee Shalom
Numerade Educator
07:17

Problem 14

The food services division of Cedar River Amusement Park Inc. is studying the amount of money spent per day on food and drink by families who visit the amusement park. A sample of 40 families who visited the park yesterday revealed they spent the following amounts: $$\begin{array}{rrrrrrrrrrrrr}\hline \$ 77 & \$ 18 & \$ 63 & \$ 84 & \$ 38 & \$ 54 & \$ 50 & \$ 59 & \$ 54 & \$ 56 & \$ 36 & \$ 26 & \$ 50 & \$ 34 & \$ 44 \\41 & 58 & 58 & 53 & 51 & 62 & 43 & 52 & 53 & 63 & 62 & 62 & 65 & 61 & 52 \\60 & 60 & 45 & 66 & 83 & 71 & 63 & 58 & 61 & 71 & & & & & \\\hline\end{array}$$
a. Organize the data into a frequency distribution, using seven classes and 15 as the lower limit of the first class. What class interval did you select?
b. Where do the data tend to cluster?
c. Describe the distribution.
d. Determine the relative frequency distribution.

Jon Southam
Jon Southam
Numerade Educator
02:01

Problem 15

Molly's Candle Shop has several retail stores in the coastal areas of North and South Carolina. Many of Molly's customers ask her to ship their purchases. The following chart shows the number of packages shipped per day for the last 100 days. For example, the first class shows that there were 5 days when the number of packages shipped was 0 up to 5 .
a. What is this chart called?
b. What is the total number of packages shipped?
c. What is the class interval?
d. What is the number of packages shipped in the 10 up to 15 class?
e. What is the relative frequency of packages shipped in the 10 up to 15 class?
f. What is the midpoint of the 10 up to 15 class?
g. On how many days were there 25 or more packages shipped?

Nick Johnson
Nick Johnson
Numerade Educator
01:09

Problem 16

The following chart shows the number of patients admitted daily to Memorial Hospital through the emergency room.
a. What is the midpoint of the 2 up to 4 class?
b. On how many days were 2 up to 4 patients admitted?
c. What is the class interval?
d. What is this chart called?

Jon Southam
Jon Southam
Numerade Educator
02:54

Problem 17

The following frequency distribution reports the number of frequent flier miles, reported in thousands, for employees of Brumley Statistical Consulting Inc. during the most recent quarter. $$\begin{array}{|cc|}\hline \begin{array}{c}\text { Frequent Flier Miles } \\\text { (000) }\end{array} & \begin{array}{c}\text { Number of } \\\text { Employees }\end{array} \\\hline 0 \text { up to } 3 & 5 \\3 \text { up to } 6 & 12 \\6 \text { up to } 9 & 23 \\9 \text { up to } 12 & 8 \\12 \text { up to } 15 & 2 \\\text { Total } & \frac{}{50} \\\hline\end{array}$$
a. How many employees were studied?
b. What is the midpoint of the first class?
c. Construct a histogram.
d. A frequency polygon is to be drawn. What are the coordinates of the plot for the first class?
e. Construct a frequency polygon.
f. Interpret the frequent flier miles accumulated using the two charts.

Jon Southam
Jon Southam
Numerade Educator
02:45

Problem 18

A large Internet retailer is studying the lead time (elapsed time between when an order is placed and when it is filled) for a sample of recent orders. The lead times are reported in days. $$\begin{array}{|cc|}\hline \text { Lead Time (days) } & \text { Frequency } \\\hline 0 \text { up to } 5 & 6 \\5 \text { up to } 10 & 7 \\10 \text { up to } 15 & 12 \\15 \text { up to } 20 & 8 \\20 \text { up to } 25 & 7 \\\text { Total } & \frac{}{40} \\\hline\end{array}$$
a. How many orders were studied?
b. What is the midpoint of the first class?
c. What are the coordinates of the first class for a frequency polygon?
d. Draw a histogram.
e. Draw a frequency polygon.
f. Interpret the lead times using the two charts.

Jon Southam
Jon Southam
Numerade Educator
01:53

Problem 19

The following cumulative frequency and the cumulative relative frequency polygon for the distribution of hourly wages of a sample of certified welders in the Atlanta, Georgia, area is shown in the graph.
a. How many welders were studied?
b. What is the class interval?
c. About how many welders earn less than $\$ 10.00$ per hour?
d. About $75 \%$ of the welders make less than what amount?
e. Ten of the welders studied made less than what amount?
f. What percent of the welders make less than $\$ 20.00$ per hour?

Jon Southam
Jon Southam
Numerade Educator
02:44

Problem 20

The cumulative frequency and the cumulative relative frequency polygon for a distribution of selling prices $$($000)$$ of houses sold in the Billings, Montana, area is shown in the graph.
a. How many homes were studied?
b. What is the class interval?
c. One hundred homes sold for less than what amount?
d. About $75 \%$ of the homes sold for less than what amount?
e. Estimate the number of homes in the $\$ 150,000$ up to $\$ 200,000$ class.
f. About how many homes sold for less than $\$ 225,000 ?$

Jon Southam
Jon Southam
Numerade Educator
03:11

Problem 21

The frequency distribution representing the number of frequent flier miles accumulated by employees at Brumley Statistical Consulting Inc. is repeated from Exercise $17 .$ $$\begin{array}{|cc|}\hline \begin{array}{c}\text { Frequent Flier Miles } \\\text { (000) }\end{array} & \text { Frequency } \\\hline 0 \text { up to } 3 & 5 \\3 \text { up to } 6 & 12 \\6 \text { up to } 9 & 23 \\9 \text { up to } 12 & 8 \\12 \text { up to } 15 & 2 \\\text { Total } & \frac{}{50} \\\hline\end{array}$$
a. How many orders were filled in less than 10 days? In less than 15 days?
b. Convert the frequency distribution to cumulative frequency and cumulative relative frequency distributions.
c. Develop a cumulative frequency polygon.
d. About $60 \%$ of the orders were filled in less than how many days?

Jon Southam
Jon Southam
Numerade Educator
04:12

Problem 22

The frequency distribution of order lead time of the retailer from Exercise 18 is repeated below. $$\begin{array}{|rr|}\hline \text { Lead Time (days) } & \text { Frequency } \\\hline 0 \text { up to } 5 & 6 \\5 \text { up to } 10 & 7 \\10 \text { up to } 15 & 12 \\15 \text { up to } 20 & 8 \\20 \text { up to } 25 & {7}{} \\\text { Total } & 40 \\\hline\end{array}$$
a. How many orders were filled in less than 10 days? In less than 15 days?
b. Convert the frequency distribution to cumulative frequency and cumulative relative frequency distributions.
c. Develop a cumulative frequency polygon.
d. About $60 \%$ of the orders were filled in less than how many days?

Rylie Howey
Rylie Howey
Numerade Educator
02:42

Problem 23

Describe the similarities and differences of qualitative and quantitative variables. Be sure to include the following:
a. What level of measurement is required for each variable type?
b. Can both types be used to describe both samples and populations?

Jon Southam
Jon Southam
Numerade Educator
00:55

Problem 24

Describe the similarities and differences between a frequency table and a frequency distribution. Be sure to include which requires qualitative data and which requires quantitative data.

Sheryl Ezze
Sheryl Ezze
Numerade Educator
03:13

Problem 25

Alexandra Damonte will be building a new resort in Myrtle Beach, South Carolina. She must decide how to design the resort based on the type of activities that the resort will offer to its customers. A recent poll of 300 potential customers showed the following results about customers' preferences for planned resort activities: $$\begin{array}{|lr|}\hline \text { Like planned activities } & 63 \\\text { Do not like planned activities } & 135 \\\text { Not sure } & 78 \\\text { No answer } & 24 \\\hline\end{array}$$
a. What is the table called?
b. Draw a bar chart to portray the survey results.
c. Draw a pie chart for the survey results.
d. If you are preparing to present the results to Ms. Damonte as part of a report, which graph would you prefer to show? Why?

Jon Southam
Jon Southam
Numerade Educator
02:14

Problem 26

Speedy Swift is a package delivery service that serves the greater Atlanta, Georgia, metropolitan area. To maintain customer loyalty, one of Speedy Swift's performance objectives is on-time delivery. To monitor its performance, each delivery is measured on the following scale: early (package delivered before the promised time), on-time (package delivered within 15 minutes of the promised time), late (package delivered more than 15 minutes past the promised time), or lost (package never delivered). Speedy Swift's objective is to deliver $99 \%$ of all packages either early or on-time. Speedy collected the following data for last month's performance:
a. What kind of variable is delivery performance? What scale is used to measure delivery performance?
b. Construct a frequency table for delivery performance for last month.
c. Construct a relative frequency table for delivery performance last month.
d. Construct a bar chart of the frequency table for delivery performance for last month.
e. Construct a pie chart of on-time delivery performance for last month.
f. Write a memo reporting the results of the analyses. Include your tables and graphs with written descriptions of what they show. Conclude with a general statement of last month's delivery performance as it relates to Speedy Swift's performance objectives.

Stanley Enemuo
Stanley Enemuo
Numerade Educator
00:59

Problem 27

A data set consists of 83 observations. How many classes would you recommend for a frequency distribution?

Jon Southam
Jon Southam
Numerade Educator
02:34

Problem 28

A data set consists of 145 observations that range from 56 to $490 .$ What size class interval would you recommend?

Jon Southam
Jon Southam
Numerade Educator
06:20

Problem 29

The following is the number of minutes to commute from home to work for a group of 25 automobile executives. $$\begin{array}{|lllllllllllll|}\hline 28 & 25 & 48 & 37 & 41 & 19 & 32 & 26 & 16 & 23 & 23 & 29 & 36 \\31 & 26 & 21 & 32 & 25 & 31 & 43 & 35 & 42 & 38 & 33 & 28 & \\\hline\end{array}$$
a. How many classes would you recommend?
b. What class interval would you suggest?
c. What would you recommend as the lower limit of the first class?
d. Organize the data into a frequency distribution.
e. Comment on the shape of the frequency distribution.

Jon Southam
Jon Southam
Numerade Educator
06:11

Problem 30

The following data give the weekly amounts spent on groceries for a sample of 45 households. $$\begin{array}{|rrrrrrrrr|}\hline \$ 271 & \$ 363 & \$ 159 & \$ 76 & \$ 227 & \$ 337 & \$ 295 & \$ 319 & \$ 250 \\279 & 205 & 279 & 266 & 199 & 177 & 162 & 232 & 303 \\192 & 181 & 321 & 309 & 246 & 278 & 50 & 41 & 335 \\116 & 100 & 151 & 240 & 474 & 297 & 170 & 188 & 320 \\429 & 294 & 570 & 342 & 279 & 235 & 434 & 123 & 325 \\\hline\end{array}$$
a. How many classes would you recommend?
b. What class interval would you suggest?
c. What would you recommend as the lower limit of the first class?
d. Organize the data into a frequency distribution.

Jon Southam
Jon Southam
Numerade Educator
05:17

Problem 31

A social scientist is studying the use of iPods by college students. A sample of 45 students revealed they played the following number of songs yesterday. $$\begin{array}{|lllrllllllllllll|}\hline 4 & 6 & 8 & 7 & 9 & 6 & 3 & 7 & 7 & 6 & 7 & 1 & 4 & 7 & 7 \\4 & 6 & 4 & 10 & 2 & 4 & 6 & 3 & 4 & 6 & 8 & 4 & 3 & 3 & 6 \\8 & 8 & 4 & 6 & 4 & 6 & 5 & 5 & 9 & 6 & 8 & 8 & 6 & 5 & 10 \\\hline\end{array}$$
Organize the information into a frequency distribution.
a. How many classes would you suggest?
b. What is the most suitable class interval?
c. What is the lower limit of the initial class?
d. Create the frequency distribution.
e. Describe the shape of the distribution.

Jon Southam
Jon Southam
Numerade Educator
07:27

Problem 32

David Wise handles his own investment portfolio and has done so for many years. Listed below is the holding time (recorded to the nearest whole year) between purchase and sale for his collection of 36 stocks. $$\begin{array}{rrrrrrrrrrrrrrrrrrrr}8 & 8 & 6 & 11 & 11 & 9 & 8 & 5 & 11 & 4 & 8 & 5 & 14 & 7 & 12 & 8 & 6 & 11 & 9 & 7 \\9 & 15 & 8 & 8 & 12 & 5 & 9 & 8 & 5 & 9 & 10 & 11 & 3 & 9 & 8 & 6 & & & &\end{array}$$
a. How many classes would you propose?
b. What class interval would you suggest?
c. What quantity would you use for the lower limit of the initial class?
d. Using your responses to parts (a), (b), and (c), create a frequency distribution.
e. Describe the shape of the frequency distribution.

Jon Southam
Jon Southam
Numerade Educator
06:45

Problem 33

You are exploring the music in your iTunes library. The total play counts over the past year for the 27 songs on your "smart playlist" are shown below. Make a frequency distribution of the counts and describe its shape. It is often claimed that a small fraction of a person's songs will account for most of their total plays. Does this seem to be the case here? $$\begin{array}{|rrrrrrrrrr|}\hline 128 & 56 & 54 & 91 & 190 & 23 & 160 & 298 & 445 & 50 \\578 & 494 & 37 & 677 & 18 & 74 & 70 & 868 & 108 & 71 \\466 & 23 & 84 & 38 & 26 & 814 & 17 & & & \\\hline\end{array}$$

Jon Southam
Jon Southam
Numerade Educator
04:06

Problem 34

The monthly issues of the Journal of Finance are available on the Internet. The table below shows the number of times an issue was downloaded over the last 33 months. Suppose that you wish to summarize the number of downloads with a frequency distribution.
$$\begin{array}{rrrrrrrrrrr}312 & 2,753 & 2,595 & 6,057 & 7,624 & 6,624 & 6,362 & 6,575 & 7,760 & 7,085 & 7,272 \\5,967 & 5,256 & 6,160 & 6,238 & 6,709 & 7,193 & 5,631 & 6,490 & 6,682 & 7,829 & 7,091 \\6,871 & 6,230 & 7,253 & 5,507 & 5,676 & 6,974 & 6,915 & 4,999 & 5,689 & 6,143 & 7,086 \\\hline\end{array}$$
a. How many classes would you propose?
b. What class interval would you suggest?
c. What quantity would you use for the lower limit of the initial class?
d. Using your responses to parts (a), (b), and (c), create a frequency distribution.
e. Describe the shape of the frequency distribution.

Jon Southam
Jon Southam
Numerade Educator
01:24

Problem 35

The following histogram shows the scores on the first exam for a statistics class.
a. How many students took the exam?
b. What is the class interval?
c. What is the class midpoint for the first class?
d. How many students earned a score of less than $70 ?$

Jon Southam
Jon Southam
Numerade Educator
View

Problem 36

The following chart summarizes the selling price of homes sold last month in the Sarasota, Florida, area.
a. What is the chart called?
b. How many homes were sold during the last month?
c. What is the class interval?
d. About $75 \%$ of the houses sold for less than what amount?
e. One hundred seventy-five of the homes sold for less than what amount?

Rashmi Sinha
Rashmi Sinha
Numerade Educator
06:14

Problem 37

A chain of sport shops catering to beginning skiers, headquartered in Aspen, Colorado, plans to conduct a study of how much a beginning skier spends on his or her initial purchase of equipment and supplies. Based on these figures, it wants to explore the possibility of offering combinations, such as a pair of boots and a pair of skis, to induce customers to buy more. A sample of 44 cash register receipts revealed these initial purchases:
$$\begin{array}{rrrrrrrrr}\$ 140 & \$ 82 & \$ 265 & \$ 168 & \$ 90 & \$ 114 & \$ 172 & \$ 230 & \$ 142 \\86 & 125 & 235 & 212 & 171 & 149 & 156 & 162 & 118 \\139 & 149 & 132 & 105 & 162 & 126 & 216 & 195 & 127 \\161 & 135 & 172 & 220 & 229 & 129 & 87 & 128 & 126 \\175 & 127 & 149 & 126 & 121 & 118 & 172 & 126 & \\\hline\end{array}$$
a. Arrive at a suggested class interval.
b. Organize the data into a frequency distribution using a lower limit of $\$ 70$.
c. Interpret vour findings.

Jon Southam
Jon Southam
Numerade Educator
06:14

Problem 38

The numbers of outstanding shares for 24 publicly traded companies are listed in the following table.
a. Using the number of outstanding shares, summarize the companies with a frequency distribution.
b. Display the frequency distribution with a frequency polygon.
c. Create a cumulative frequency distribution of the outstanding shares.
d. Display the cumulative frequency distribution with a cumulative frequency polygon.
e. Based on the cumulative relative frequency distribution, $75 \%$ of the companies have less than what number of outstanding shares?
f. Write a brief analysis of this group of companies based on your statistical summaries of number of outstanding shares.

Jon Southam
Jon Southam
Numerade Educator
01:43

Problem 39

A recent survey showed that the typical American car owner spends $\$ 2,950$ per year on operating expenses. Below is a breakdown of the various expenditure items. Draw an appropriate chart to portray the data and summarize your findings in a brief report.

Jon Southam
Jon Southam
Numerade Educator
05:04

Problem 40

Midland National Bank selected a sample of 40 student checking accounts. Below are their end-of-the-month balances.
a. Tally the data into a frequency distribution using $\$ 100$ as a class interval and $\$ 0$ as the starting point.
b. Draw a cumulative frequency polygon.
c. The bank considers any student with an ending balance of $\$ 400$ or more a "preferred customer." Estimate the percentage of preferred customers.
d. The bank is also considering a service charge to the lowest $10 \%$ of the ending balances. What would you recommend as the cutoff point between those who have to pay a service charge and those who do not?

Jon Southam
Jon Southam
Numerade Educator
02:12

Problem 41

Residents of the state of South Carolina earned a total of $\$ 69.5$ billion in adjusted gross income. Seventy-three percent of the total was in wages and salaries; $11 \%$ in dividends, interest, and capital gains; $8 \%$ in IRAs and taxable pensions; $3 \%$ in business income pensions; $2 \%$ in Social Security; and the remaining $3 \%$ from other sources. Develop a pie chart depicting the breakdown of adjusted gross income. Write a paragraph summarizing the information.

Jon Southam
Jon Southam
Numerade Educator
05:46

Problem 42

A recent study of home technologies reported the number of hours of personal computer usage per week for a sample of 60 persons. Excluded from the study were people who worked out of their home and used the computer as a part of their work.
a. Organize the data into a frequency distribution. How many classes would you suggest? What value would you suggest for a class interval?
b. Draw a histogram. Describe your results.

Jon Southam
Jon Southam
Numerade Educator
05:08

Problem 43

Merrill Lynch recently completed a study regarding the size of online investment portfolios (stocks, bonds, mutual funds, and certificates of deposit) for a sample of clients in the 40 up to 50 years old age group. Listed following is the value of all the investments in thousands of dollars for the 70 participants in the study.
a. Organize the data into a frequency distribution. How many classes would you suggest? What value would you suggest for a class interval?
b. Draw a histogram. Financial experts suggest that this age group of people have at least five times their salary saved. As a benchmark, assume an investment portfolio of $\$ 500,000$ would support retirement in $10-15$ years. In writing, summarize your results.

Jon Southam
Jon Southam
Numerade Educator
01:20

Problem 44

A total of $5.9 \%$ of the prime-time viewing audience watched shows on $A B C, 7.6 \%$ watched shows on CBS, $5.5 \%$ on Fox, $6.0 \%$ on $\mathrm{NBC}, 2.0 \%$ on Warner Brothers, and $2.2 \%$ on UPN. A total of $70.8 \%$ of the audience watched shows on other cable networks, such as CNN and ESPN. You can find the latest information on TV viewing from the following website: http://www.nielsen.com/us/en/top10s.html/. Develop a pie chart or a bar chart to depict this information. Write a paragraph summarizing your findings.

Jon Southam
Jon Southam
Numerade Educator
01:31

Problem 45

Refer to the following chart:
a. What is the name given to this type of chart?
b. Suppose that 1,000 graduates will start a new job shortly after graduation. Estimate the number of graduates whose first contact for employment occurred through networking and other connections.
c. Would it be reasonable to conclude that about $90 \%$ of job placements were made through networking, connections, and job posting websites? Cite evidence.

Jon Southam
Jon Southam
Numerade Educator
View

Problem 46

The following chart depicts the annual revenues, by type of tax, for the state of Georgia.
a. What percentage of the state revenue is accounted for by sales tax and individual income tax?
b. Which category will generate more revenue: corporate taxes or license fees?
c. The total annual revenue for the state of Georgia is $\$ 6.3$ billion. Estimate the amount of revenue in billions of dollars for sales taxes and for individual taxes.

Rashmi Sinha
Rashmi Sinha
Numerade Educator
01:25

Problem 47

In $2016,$ the United States exported a total of $266 billion worth of products to Canada. The five largest categories were:
a. Use a software package to develop a bar chart.
b. What percentage of the United States' total exports to Canada is represented by the two categories Machinery and Electrical Machinery?
c. What percentage of the top five exported products do Machinery and Electrical Machinery represent?

Jon Southam
Jon Southam
Numerade Educator
02:32

Problem 48

In the United States, the industrial revolution of the early 20 th century changed farming by making it more efficient. For example, in $1910,$ U.S. farms used 24.2 million horses and mules and only about 1,000 tractors. By 1960,4.6 million tractors were used and only 3.2 million horses and mules. An outcome of making farming more efficient is the reduction of the number of farms from over 6 million in 1920 to about 2.2 million farms today. Listed below is the number of farms, in thousands, for each of the 50 states. Summarize the data and write a paragraph that describes your findings.
$$\begin{array}{rrrrrrrrrr}50 & 12 & 5 & 28 & 59 & 19 & 35 & 22 & 80 & 5 \\8 & 48 & 3 & 75 & 25 & 77 & 46 & 68 & 10 & 69 \\77 & 25 & 13 & 20 & 35 & 6 & 52 & 61 & 36 & 38 \\88 & 1 & 75 & 246 & 59 & 50 & 44 & 98 & 74 & 2 \\32 & 42 & 7 & 31 & 28 & 9 & 8 & 44 & 25 & 37 \\\hline\end{array}$$

Jon Southam
Jon Southam
Numerade Educator
01:23

Problem 49

One of the most popular candies in the United States is M\&M's, produced by the Mars Company. In the beginning M\&M's were all brown. Now they are produced in red, green, blue, orange, brown, and yellow. Recently, the purchase of a 14 -ounce bag of M\&M's Plain had 444 candies with the following breakdown by color: 130 brown, 98 yellow, 96 red, 35 orange, 52 blue, and 33 green. Develop a chart depicting this information and write a paragraph summarizing the results.

Jon Southam
Jon Southam
Numerade Educator
03:36

Problem 50

The number of families who used the Minneapolis YWCA day care service was recorded during a 30 -day period. The results are as follows:
$$\begin{array}{|llllllllll|}\hline 31 & 49 & 19 & 62 & 24 & 45 & 23 & 51 & 55 & 60 \\40 & 35 & 54 & 26 & 57 & 37 & 43 & 65 & 18 & 41 \\50 & 56 & 4 & 54 & 39 & 52 & 35 & 51 & 63 & 42 \\\hline\end{array}$$
a. Construct a cumulative frequency distribution.
b. Sketch a graph of the cumulative frequency polygon.
c. How many days saw fewer than 30 families utilize the day care center?
d. Based on cumulative relative frequencies, how busy were the highest $80 \%$ of the days?

Jon Southam
Jon Southam
Numerade Educator