Statistics for Business and Financial Economics

Cheng-Few Lee, John C. Lee, Alice C. Lee

Chapter 3 Frequency Distributions and Data Analyses - all with Video Answers

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Chapter Questions

00:21

Problem 1

Explain the difference between grouped and nongrouped data.

Trent Speier

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01:32

Problem 2

Explain the difference between frequency and relative frequency.

Pratyush Raitan

Numerade Educator

04:42

Problem 3

Explain the difference between frequency and cumulative frequency.

Arulmozhi T

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04:25

Problem 4

Carefully explain how the concept of cumulative frequency can be used to form the Lorenz curve.

Tommy Nguyen

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00:58

Problem 5

Suppose you are interested in constructing a frequency distribution for the heights of 80 students in a class. Describe how you would do this.

Prashant Bana

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Problem 6

What is a frequency polygon? Why is a frequency polygon useful in data presentation?

Emily Himsel

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00:45

Problem 7

Use the prime rate data given in Table 3.6 in the text to construct cumulative frequency and cumulative relative frequency tables.

Amrita Bhasin

Numerade Educator

06:44

Problem 8

Use the percentage of total revenue spent on advertising listed in Table 3.12 of the text to draw a frequency polygon and a cumulative frequency polygon.

Jerelyn Nevil

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04:36

On November 17, 1991, the Home News of central New Jersey used the bar chart given here to show that foreign investors are taxed at a lower rate than the US citizens.
(a) Construct a table to show frequency, relative frequency, and cumulative frequency.
(b) Draw a frequency polygon and a cumulative frequency polygon.
figure can't copy

Jeremiah Mbaria

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Problem 10

Use the EPS and DPS data given in Table 2.3 in Chap. 2 to construct frequency distributions.

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Problem 11

Use the data from question 10 to construct a relative frequency graph and a cumulative relative frequency graph for both EPS and DPS.

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00:37

Problem 12

On November 17, 1991, the Home News of central New Jersey used the bar chart in the accompanying figure to show the 1980-1991 passenger traffic trends for Newark International Airport.
(a) Use these data to draw a line chart and interpret your results.
(b) Use these data to draw a stem-and-leaf diagram and interpret your results.
figure can't copy

Susan Cooper

Numerade Educator

01:25

Problem 13

An advertising executive is interested in the age distribution of the subscribers to Person magazine. The age distribution is as follows:
$$
\begin{array}{lc}
\hline \text { Age } & \text { Number of subscribers } \\
\hline 18-25 & 10,000 \\
26-35 & 25,000 \\
36-45 & 28,000 \\
46-55 & 19,000 \\
56-65 & 10,000 \\
\text { Over } 65 & 7,000 \\
\hline
\end{array}
$$
(a) Use a frequency distribution graph to present these data.
(b) Use a relative frequency distribution to present these data.

Lucas Finney

Numerade Educator

00:45

Problem 14

Use the data from question 13 to produce a cumulative frequency graph and a cumulative relative frequency graph.

Amrita Bhasin

Numerade Educator

06:37

Problem 15

15. Construct stem-and-leaf displays for the 3-month T-bill rate and the prime rate, using the data listed in Table 3.15.
Use the goaltenders' salaries for the $1991 \mathrm{NHL}$ season given in the following table to answer questions $16-20$.
$$
\begin{array}{lll}
\hline \text { Name } & \text { Team } & \text { Gross salary } \\
\hline \text { Patrick Roy } & \text { Montreal Canadiens } & \$ 1.056 \mathrm{M}^{\mathrm{a}} \\
\text { Ed Belfour } & \text { Chicago Blackhawks } & \$ 925,000 \\
\text { Ron Hextall } & \text { Philadelphia Flyers } & \$ 735,000 \\
\text { Mike Richter } & \text { New York Rangers } & \$ 700,000 \\
\text { Kelly Hrudey } & \text { Los Angeles Kings } & \$ 550,000 \\
\text { Mike Liut } & \text { Washington Capitals } & \$ 525,000 \\
\text { Mike Vernon } & \text { Calgary Flames } & \$ 500,000 \\
\text { Grant Fuhr } & \text { Toronto Maple Leafs } & \$ 424,000 \\
\text { John Vanbiesbrouck } & \text { New York Rangers } & \$ 375,000 \\
\text { Ken Wregget } & \text { Philadelphia Flyers } & \$ 375,000 \\
\text { Tom Barrasso } & \text { Pittsburgh Penguins } & \$ 375,000 \\
\hline
\end{array}
$$

Charles Carter

Numerade Educator

00:18

Problem 16

Group the data given in the table into the following groups: $$\$ 351,000-400,000$$; $401,000-450,000 ; 451,000-500,000 ; 501,000-550,000$; 551,000-600,000; $601,000-650,000 ; 651,000-700,000$; over 701,000.

Hossam Mohamed

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