Business Statistics
DESCRIPTIVE STATISTICS
DESCRIPTIVE STATISTICS
9. The Excel data file “Tax Cost” (which is with the rest of this week’s stuff on Moodle) contains the cost paid by families to have their income taxes prepared in the USA. (Trust me, tax forms there can get very complicated....). Use Excel to calculate, and then explain and interpret, the following statistics:
e. Third Quartile
e. Using the QUARTILE command in Excel (as per the lecture), we find the third quartile (Q3) value to be 183.75. Three-quarters (75%) of the families in our sample paid $183.75 or less to have their taxes prepared.
9. The Excel data file “Tax Cost” (which is with the rest of this week’s stuff on Moodle) contains the cost paid by families to have their income taxes prepared in the USA. (Trust me, tax forms there can get very complicated....). Use Excel to calculate, and then explain and interpret, the following statistics:
f. 90 Percentile
f. Using the PERCENTILE command in Excel (as per the lecture), we find the 90th Percentile (P90) value to be 237. 90% of the families in our sample paid $237 or less to have their taxes prepared.
9. The Excel data file “Tax Cost” (which is with the rest of this week’s stuff on Moodle) contains the cost paid by families to have their income taxes prepared in the USA. (Trust me, tax forms there can get very complicated....). Use Excel to calculate, and then explain and interpret, the following statistics:
g. Five-Number Summary
g. Using the MIN and MAX commands in Excel, we find the lowest value is 100 and the highest value is 360. So the Five Number Summary is: 100, 115, 135, 183.75, 360
10. The following data measure the price of a stock at the end of six consecutive quarters. 182 168 184 190 170 174 Use your calculator (not Excel) to calculate the following statistic values.
a. Mean
b. Variance
c. Standard Deviation
11. The cost of renting a car for one month in Switzerland varies depending on location and the type of car being rented. Suppose this cost has a mean of 3,100 CHF and a standard deviation of 1,200 CHF. Calculate the standardized value for each of the following costs. Then interpret each of these Z-score values. Finally, explain why each value either would or would not be considered an outlier here.
a. 2,300 CHF
b. 4,900 CHF
c. 13,000 CHF
12.
b. Examining the graph in part “a” we see that there appears to be a positive linear relationship. (The variables tend to move in the same direction; e.g., as one goes up, the other also tends to go up.)
c. Using the CORREL command in Excel (as per the lecture), we find the correlation value to be 0.69.
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Flashcards
9. The Excel data file “Tax Cost” (which is with the rest of this week’s stuff on Moodle) contains the cost paid by families to have their income taxes prepared in the USA. (Trust me, tax forms there can get very complicated....). Use Excel to calculate, and then explain and interpret, the following statistics:
e. Third Quartile
e. Using the QUARTILE command in Excel (as per the lecture), we find the third quartile (Q3) value to be 183.75. Three-quarters (75%) of the families in our sample paid $183.75 or less to have their taxes prepared.
9. The Excel data file “Tax Cost” (which is with the rest of this week’s stuff on Moodle) contains the cost paid by families to have their income taxes prepared in the USA. (Trust me, tax forms there can get very complicated....). Use Excel to calculate, and then explain and interpret, the following statistics:
f. 90 Percentile
f. Using the PERCENTILE command in Excel (as per the lecture), we find the 90th Percentile (P90) value to be 237. 90% of the families in our sample paid $237 or less to have their taxes prepared.
9. The Excel data file “Tax Cost” (which is with the rest of this week’s stuff on Moodle) contains the cost paid by families to have their income taxes prepared in the USA. (Trust me, tax forms there can get very complicated....). Use Excel to calculate, and then explain and interpret, the following statistics:
g. Five-Number Summary
g. Using the MIN and MAX commands in Excel, we find the lowest value is 100 and the highest value is 360. So the Five Number Summary is: 100, 115, 135, 183.75, 360
10. The following data measure the price of a stock at the end of six consecutive quarters. 182 168 184 190 170 174 Use your calculator (not Excel) to calculate the following statistic values.
a. Mean
b. Variance
c. Standard Deviation
11. The cost of renting a car for one month in Switzerland varies depending on location and the type of car being rented. Suppose this cost has a mean of 3,100 CHF and a standard deviation of 1,200 CHF. Calculate the standardized value for each of the following costs. Then interpret each of these Z-score values. Finally, explain why each value either would or would not be considered an outlier here.
a. 2,300 CHF
b. 4,900 CHF
c. 13,000 CHF
12.
b. Examining the graph in part “a” we see that there appears to be a positive linear relationship. (The variables tend to move in the same direction; e.g., as one goes up, the other also tends to go up.)
c. Using the CORREL command in Excel (as per the lecture), we find the correlation value to be 0.69.
