Question 1

A sample of the paramedical fees charged by clinics revealed these amounts: $55, $49, $50, $45, $52 and $55. What is the median charge?

Accepted Answer

To find the median, first arrange the data in ascending order: $45, $49, $50, $52, $55, $55. Since there is an even number of observations, the median is the average of the two middle numbers: ($50 + $52) / 2 = $51.00.

Question 2

A stockbroker placed the following order for a customer: -50 shares of Kaiser Aluminum preferred at $104 a share
-100 shares of GTE preferred at $25 1/4 a share
-20 shares of Boston Edison preferred at $9 1/8 a share
What is the weighted arithmetic mean price per share?

Accepted Answer

E

Question 3

During the past six months, the purchasing agent bought:  What is the weighted arithmetic mean price per ton?

Accepted Answer

B

Question 4

The lengths of time (in minutes) several underwriters took to review applications for similar insurance coverage are: 50, 230, 52 and 57. What is the median length of time required to review an application?

Accepted Answer

The median is the middle value when the numbers are arranged in order. Arranging the times: 50, 52, 57, 230. The median is (52 + 57) / 2 = 54.5.

Question 5

Using the information gathered for real estate prices in Regina and surrounding areas in the early 2000's, determine the mean of the selling prices at that time.

Accepted Answer

The answer of Using the information gathered for real estate...

Question 6

The U.S. Department of Education reported that for the past six years 23, 19, 15, 30, 27 and 25 women received doctorate degrees in computer and information sciences. What is the mean arithmetic annual number of women receiving this degree?

Accepted Answer

The mean is calculated by summing all the numbers and dividing by the count of numbers: (23 + 19 + 15 + 30 + 27 + 25) / 6 = 139 / 6 = 23.2.

Question 7

A bottling company offers three kinds of delivery service - instant, same day and within five days. The profit per delivery varies according to the kind of delivery. The profit for an instant delivery is less than the other kinds because the driver has to go directly to a grocery store with a small load and return to the bottling plant. To find out what effect each type of delivery has on the profit picture, the company has made the following tabulation based on deliveries for the previous quarter.  What is the weighted mean profit per delivery?

Accepted Answer

The answer of A bottling company offers three kinds of...

Question 8

The U.S. Department of Education reported that for the past seven years 4,033, 5,652, 6,407, 7,201, 8,719, 11,154, and 15,121 people received bachelor's degrees in computer and information sciences. What is the arithmetic mean annual number receiving this degree?

Accepted Answer

The arithmetic mean is calculated by summing all the values and dividing by the number of values. The sum of the degrees is 58,287, and dividing by 7 gives approximately 8,327.

Question 9

A sample of light trucks using diesel fuel revealed the following distribution based on fuel efficiency, i.e., litres per 100 km.  What is the arithmetic mean in litres per 100 km?

Accepted Answer

The answer of A sample of light trucks using diesel...

Question 10

The Investment Company Institute reported in its Mutual Fund Fact Book that the number of mutual funds increased from 410 in 1990 to 857 in 2000. What is the geometric mean annual percent increase in the number of funds?

Accepted Answer

The geometric mean annual percent increase can be calculated using the formula: [(Ending Value/Beginning Value)^(1/Number of Years)] - 1. Here, [(857/410)^(1/10)] - 1 = 0.0765 or 7.65%.

Question 11

Using the information gathered for real estate prices in Regina and surrounding areas in the early 2000's, determine the median of the selling prices at that time.

Accepted Answer

The answer of Using the information gathered for real estate...

Question 12

The ages of newly hired, unskilled employees were grouped into the following distribution:  What is the median age?

Accepted Answer

The answer of The ages of newly hired, unskilled employees...

Question 13

Using the information gathered for real estate prices in Regina and surrounding areas in the early 2000's, determine the standard deviation of the selling prices at that time.

Accepted Answer

The answer of Using the information gathered for real estate...

Question 14

A sample of the daily production of transceivers was organized into the following distribution.  What is the mean daily production?

Accepted Answer

The answer of A sample of the daily production of...

Question 15

i. A value that is typical or representative of the data is referred to as a measure of central tendency. 
ii. The arithmetic mean is the sum of the observations divided by the total number of observations iii. The value of the observation in the center after they have been arranged in numerical order is called the weighted mean

Accepted Answer

Statement (iii) is incorrect because the value of the observation in the center after they have been arranged in numerical order is called the median, not the weighted mean.

Question 16

A sample of single persons receiving social security payments revealed these monthly benefits: $826, $699, $1,087, $880, $839 and $965. How many observations are below the median?

Accepted Answer

The median is the middle value when the data is ordered. The ordered data is $699, $826, $839, $880, $965, $1,087. The median is the average of $839 and $880, which is $859.5. There are 3 observations below $859.5: $699, $826, and $839.

Question 17

Production of passenger cars in Japan increased from 3.94 million in 1990 to 6.74 million in 2000. What is the geometric mean annual percent increase?

Accepted Answer

The geometric mean annual percent increase is calculated using the formula for geometric mean growth rate: $$ \text{Growth Rate} = \left( \frac{\text{Final Value}}{\text{Initial Value}} \right)^{\frac{1}{\text{Number of Periods}}} - 1 $$ Here, the final value is 6.74 million, the initial value is 3.94 million, and the number of periods (years) is 10 (from 1990 to 2000). Plugging these values into the formula gives: $$ \text{Growth Rate} = \left( \frac{6.74}{3.94} \right)^{\frac{1}{10}} - 1 \approx 0.055 \text{ or } 5.5\% $$

Question 18

The Federal Aviation Administration reported that passenger revenues on international flights increased from $528 million in 1977 to $5,100 million in 2000. What is the geometric mean annual percent increase in international passenger revenues?

Accepted Answer

The answer of The Federal Aviation Administration reported that passenger...

Question 19

The net sales of a sample of small stamping plants were organized into the following percent frequency distribution.  What is the mean net sales (in $millions)?

Accepted Answer

The answer of The net sales of a sample of...

Question 20

The number of work stoppages in a highly industrialized region for selected months are: 6, 0, 10, 14, 8 and 0. What is the median number of stoppages?

Accepted Answer

The answer of The number of work stoppages in a...

Quiz 3: Describing Data: Numerical Measures

A sample of the paramedical fees charged by clinics revealed these amounts: $55, $49, $50, $45, $52 and $55. What is the median charge?

A stockbroker placed the following order for a customer: -50 shares of Kaiser Aluminum preferred at $104 a share -100 shares of GTE preferred at $25 1/4 a share -20 shares of Boston Edison preferred at $9 1/8 a share What is the weighted arithmetic mean price per share?

During the past six months, the purchasing agent bought: What is the weighted arithmetic mean price per ton?

The lengths of time (in minutes) several underwriters took to review applications for similar insurance coverage are: 50, 230, 52 and 57. What is the median length of time required to review an application?

Using the information gathered for real estate prices in Regina and surrounding areas in the early 2000's, determine the mean of the selling prices at that time.

The U.S. Department of Education reported that for the past six years 23, 19, 15, 30, 27 and 25 women received doctorate degrees in computer and information sciences. What is the mean arithmetic annual number of women receiving this degree?

The U.S. Department of Education reported that for the past seven years 4,033, 5,652, 6,407, 7,201, 8,719, 11,154, and 15,121 people received bachelor's degrees in computer and information sciences. What is the arithmetic mean annual number receiving this degree?

A sample of light trucks using diesel fuel revealed the following distribution based on fuel efficiency, i.e., litres per 100 km. What is the arithmetic mean in litres per 100 km?

The Investment Company Institute reported in its Mutual Fund Fact Book that the number of mutual funds increased from 410 in 1990 to 857 in 2000. What is the geometric mean annual percent increase in the number of funds?

Using the information gathered for real estate prices in Regina and surrounding areas in the early 2000's, determine the median of the selling prices at that time.

The ages of newly hired, unskilled employees were grouped into the following distribution: What is the median age?

Using the information gathered for real estate prices in Regina and surrounding areas in the early 2000's, determine the standard deviation of the selling prices at that time.

A sample of the daily production of transceivers was organized into the following distribution. What is the mean daily production?

A sample of single persons receiving social security payments revealed these monthly benefits: $826, $699, $1,087, $880, $839 and $965. How many observations are below the median?

Production of passenger cars in Japan increased from 3.94 million in 1990 to 6.74 million in 2000. What is the geometric mean annual percent increase?

The Federal Aviation Administration reported that passenger revenues on international flights increased from $528 million in 1977 to $5,100 million in 2000. What is the geometric mean annual percent increase in international passenger revenues?

The net sales of a sample of small stamping plants were organized into the following percent frequency distribution. What is the mean net sales (in $millions) ?

The number of work stoppages in a highly industrialized region for selected months are: 6, 0, 10, 14, 8 and 0. What is the median number of stoppages?