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SCM 200

Chapter 2 Homework

Exercise 2.1

3. A survey asked chief executives at leading U.S. firms the following question: “Where do you

expect the US economy to be 12 months from now?” A representative sample of their responses

appears below:

Same

Same

Same

Worse

Same

Same

Same

Better

Same

Same

Same

Better

Same

Same

Same

Better

Same

Better

Same

Better

Worse

Worse

Same

Worse

Same

a. Construct frequency and relative frequency distributions that summarize the responses to

the survey. Where did most chief executives expect the U.S. economy to be in 12 months?

b. Use Excel to construct a pie chart and a bar chart to summarize your results.

10. A 2010 poll conducted by NBC asked respondents who would win Super Bowl XLV by 2011.

The responses by 20,825 people are summarized in the following table.

Team

Atlanta Falcons

New Orleans Saints

Houston Texans

Dallas Cowboys

Minnesota Vikings

Indianapolis Colts

Pittsburgh Steelers

New England Patriots

Green Bay Packers

Others

Number of Votes

4,040

1,880

1,791

1,631

1,438

1,149

1,141

1,095

1,076

a. How many responses were for “Others”?

b. The Green Bay Packers won Super Bowl XLV, defeating the Pittsburgh Steelers by the score

of 31-25. What proportion of respondents felt that the Green Bay Packers would win?

c. Construct a bar chart for these data using relative frequencies.

Exercise 2.2

15. Consider the following data set:

4

3

8

10

9

8

8

8

4

7

5

5

6

7

5

10

6

12

11

10

12

14

3

3

13

11

8

14

11

8

a. Construct a frequency distribution using classes of 3 up to 5, 5 up to 7, etc.

b. Construct relative frequency, cumulative frequency, and cumulative relative frequency

distributions.

c. How many of the observations are at least 7 but less than 9? How many of the observations are

less than 9?

d. What percentage of the observations are at least 7 but less than 9? What percentage of the

observations are less than 9?

e. Graph a relative frequency histogram.

f. Graph an ogive.

18. Consider the following frequency distribution:

Class

1000 up to 1100

1100 up to 1200

1200 up to 1300

1300 to 1400

Frequency

2

7

3

4

a. Construct a relative frequency distribution. What percentage of the observations are at least

1100 but less than 1200?

b. Construct a cumulative frequency distribution and a cumulative relative frequency distribution.

How many of the observations are less than 1300?

c. Graph a frequency histogram.

23. The number of text messages sent by 25 13-year olds over the past month are as follows:

630

817

744

516

760

793

892

715

852

643

605

504

627

975

562

510

888

670

937

912

685

909

952

654

701

a. Construct a frequency distribution using classes of 500 up to 600, 600 up to 700, etc.

b. Construct the relative frequency, cumulative frequency, and cumulative relative frequency

distributions.

c. How many of the 13-year olds sent at least 600 but less than 700 text messages? How many

sent less than 800 messages?

d. Construct a polygon. Comment on the shape of the distribution.

26. The following relative frequency distribution summarizes the ages of women who had a child in the

last year.

Ages

15 up to 20

20 up to 25

25 up to 30

30 up to 35

35 up to 40

40 up to 45

Relative Frequency

0.10

0.25

0.28

0.24

0.11

0.02

a. Assume the relative frequency distribution is based on a sample of 2,000 women. Construct the

corresponding frequency, cumulative frequency, and cumulative relative frequency

distributions.

b. What percent of the women were at least 25 but less than 30 years old? What percent of the

women were younger than 35 years old?

c. Construct a relative frequency polygon. Comment on the shape of the distribution.

d. Construct an ogive. Using the graph, approximate the age of the middle 50% of the distribution.

Exercise 2.4

44. Construct a scatterplot with the following data. Does a linear relationship exist between x and y?

X

Y

10

3

4

2

6

6

3

6

7

4

46. In order to diversify risk, investors are often encouraged to invest in assets whose returns have

either a negative relationship or no relationship. The annual return data on two assets is shown in the

accompanying table (on the next page)

Return A

-20%

-5%

18

15

-12

Return B

8%

5

-1

-2

2

Construct a scatterplot. For diversity purposes, would the investor be wise to include both of these

assets in her portfolio? Explain.

SCM 200

Chapter 1 Supplemental Homework

1.

Go to www.finance.yahoo.com/ to get a current stock quote for Google Inc. (ticker symbol=GOOG).

Then, click on historical prices to record the monthly adjusted close price of Google stock in 2010. Create

a table that uses this information. What type of data do these numbers represent? Comment on the

data.

2.

Another good source of data is the U.S. Census Bureau. Go to www.census.gov/ and extract the most

recent median household income for Alabama, Arizona, California, Florida, Georgia, Indiana, Iowa,

Maine, Massachusetts, Minnesota, Mississippi, New Mexico, North Dakota, and Washington. What type

of data do these numbers represent? Comment on the regional differences in income.

3.

Which of the following variables are qualitative and which are quantitative? If the variable is

quantitative, then specify whether the variable is discrete or continuous.

a. Colors of cars in a mall parking lot.

b. Time it takes each student to complete a final exam.

c. The number of patrons who frequent a restaurant.

4.

In each of the following scenarios, define the type of measurement scale.

a. A kindergarten teacher marks whether each student is a boy or a girl.

b. A ski resort records the daily temperature during the month of January

c. A restaurant surveys its customers about the quality of its waiting staff on a scale of 1 to 4, where 1 is

poor and 4 is excellent.

5. A professor records the majors of her 30 students as follows

Accounting

Management

Marketing

Finance

Economics

Accounting

Economics

Finance

Finance

Undecided

Accounting

Economics

Undecided

Marketing

Marketing

Management

Management

Management

a. What is the measurement scale of these data?

b. Summarize the results in tabular form.

c. What information can be extracted from the data?

Finance

Economics

Accounting

Undecided

Undecided

Accounting

Management

Management

Finance

Economics

Economics

Economics

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