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Business Statistics - For Contemporary Decision Making

Ken Black

Chapter 3

Descriptive Statistics - all with Video Answers

Educators

Section 1

1 Measures of Central Tendency

01:26

Problem 1

Determine the median and the mode for the following numbers.
$$
\begin{array}{lllllllllllllll}
2 & 4 & 8 & 4 & 6 & 2 & 7 & 8 & 4 & 3 & 8 & 9 & 4 & 3 & 5
\end{array}
$$

Sheryl Ezze
Sheryl Ezze
Numerade Educator
02:06

Problem 2

Determine the median for the following numbers.
$$
\begin{array}{l|l|l|l|l|l|l|l|l|l}
213 & 345 & 609 & 073 & 167 & 243 & 444 & 524 & 199 & 682
\end{array}
$$

Willis James
Willis James
Numerade Educator
00:50

Problem 3

Compute the mean for the following numbers.
$$
\begin{array}{|l|l|l|l|l|l|l|l|}
\hline 17.3 & 44 \cdot 5 & 31.6 & 40.0 & 52.8 & 38.8 & 30.1 & 78.5 \\
\hline
\end{array}
$$

Heather Zimmers
Heather Zimmers
Numerade Educator
01:56

Problem 4

Compute the mean for the following numbers.
$$
\begin{array}{|l|l|l|l|l|l|l|l|l|l|}
7 & -2 & 5 & 9 & 0 & -3 & -6 & -7 & -4 & -5 & 2 & -8
\end{array}
$$

MD
Maria Donnelly
Numerade Educator
02:26

Problem 5

Compute the 35th percentile, the 55th percentile, $Q_{1}, Q_{2},$ and $Q_{3}$ for the following data.
$$
\begin{array}{llllllllllllllll}
16 & 28 & 29 & 13 & 17 & 20 & 11 & 34 & 32 & 27 & 25 & 30 & 19 & 18 & 33
\end{array}
$$

James Kiss
James Kiss
Numerade Educator
01:08

Problem 6

Compute $P_{20}, P_{47}, P_{83}, Q_{1}, Q_{2},$ and $Q_{3}$ for the following data.
$$
\begin{array}{|l|l|l|l|l|l|}
\hline 120 & 138 & 97 & 118 & 172 & 144 \\
\hline 138 & 107 & 94 & 119 & 139 & 145 \\
\hline 162 & 127 & 112 & 150 & 143 & 80 \\
\hline 105 & 116 & 142 & 128 & 116 & 171 \\
\hline
\end{array}
$$

Adam Dehollander
Adam Dehollander
Numerade Educator
02:38

Problem 7

On a certain day, the average closing price of a group of stocks on the New York Stock Exchange (to the nearest dollar) is shown.
$$
\begin{array}{lllllllllllll}
21 & 21 & 21 & 22 & 23 & 25 & 28 & 29 & 33 & 35 & 38 & 56 & 61
\end{array}
$$
What are the mean, the median, and the mode for these data?

Ethan Somes
Ethan Somes
Numerade Educator
View

Problem 8

The following list shows the 15 largest banks in the world by assets according to Standard and Poor's. Compute the median and the mean assets from this group. Which of these two measures do you think is most appropriate for summarizing these data and why? What is the value of $Q_{2}$ and of $Q_{3}$ ? Determine the 63 rd percentile for the data. Determine the 29th percentile for the data. How could such information on percentiles potentially help banking decision makers?
$$
\begin{array}{|l|c|}
\hline \text { Bank } & \text { Assets (\$ billions) } \\
\hline \text { Industrial \& Commercial Bank of China (ICBC) } & 4009 \\
\hline \text { China Construction Bank Corp. } & 3400 \\
\hline \text { Agricultural Bank of China } & 3236 \\
\hline \text { Bank of China } & 2992 \\
\hline \text { Mitsubishi UFJ Financial Group } & 2785 \\
\hline \text { JPMorgan Chase \& Co. } & 2534 \\
\hline \text { HSBC Holdings } & 2522 \\
\hline \text { BNP Paribas } & 2357 \\
\hline \text { Bank of America } & 2281 \\
\hline \text { Credit Agricole } & 2117 \\
\hline \text { Wells Fargo \& Co. } & 195^{2} \\
\hline \text { Japan Post Bank } & 1874 \\
\hline \text { Citigroup Inc. } & 1842 \\
\hline \text { Sumitomo Mitsui Financial Group } & 1775 \\
\hline \text { Deutsche Bank } & 1766 \\
\hline
\end{array}
$$

Victor Salazar
Victor Salazar
Numerade Educator
02:36

Problem 9

A list of the top 10 manufacturing companies in the United States according to Industry Week along with their total revenue in \$ billions follows. Compute the median, $Q_{3}, P_{20}, P_{60},$ $P_{80},$ and $P_{93}$ on these data.
$$
\begin{array}{|l|c|}
\hline \text { Company } & \text { Revenue (\$ billion) } \\
\hline \text { Exxon Mobil } & 244.4 \\
\hline \text { Apple } & 229.2 \\
\hline \text { General Motors } & 157.3 \\
\hline \text { Ford Motor } & 156.8 \\
\hline \text { Chevron } & 134.5 \\
\hline \text { General Electric } & 122.3 \\
\hline \text { Boeing } & 93.4 \\
\hline \text { Phillips 66 } & 91.6 \\
\hline \text { Valero Energy } & 88.4 \\
\hline \text { IBM } & 79.1 \\
\hline
\end{array}
$$

Susan Cooper
Susan Cooper
Numerade Educator
01:09

Problem 10

The following lists the number of fatal accidents by scheduled commercial airlines over a 17-year period according to the Air Transport Association of America. Using these data, compute the mean, median, and mode. What is the value of the third quartile? Determine $P_{11}, P_{35}, P_{58},$ and $P_{67}$.
$$
\begin{array}{|l|l|l|l|l|l|l|l|l|l|}
\hline 4 & 4 & 4 & 1 & 4 & 2 & 4 & 3 & 8 & 6 & 4 & 4 \\
\hline 1 & 4 & 2 & 3 & 3 & & & & & & & \\
\hline
\end{array}
$$

Sneha Ravi
Sneha Ravi
Numerade Educator