Busn 278

In: Business and Management

Submitted By noled123
Words 2713
Pages 11
Final Exam
Review Questions
Solutions Guide
You will probably want to PRINT THIS so you can carefully check your answers. Be sure to ask your instructor if you have questions about any of the solutions given below.
1. Explain the difference between a population and a sample. In which of these is it important to distinguish between the two in order to use the correct formula? mean; median; mode; range; quartiles; variance; standard deviation.
Solution: A sample is a subset of a population. A population consists of every member of a particular group of interest. The variance and the standard deviation require that we know whether we have a sample or a population.
2. The following numbers represent the weights in pounds of six 7year old children in Mrs. Jones' 2nd grade class.
{25, 60, 51, 47, 49, 45}
Find the mean; median; mode; range; quartiles; variance; standard deviation. Solution: mean = 46.166.... median = 48 mode does not exist range = 35
Q1 = 45
Q2 = median = 48
Q3 = 51 variance = 112.1396 standard deviation =10.59
3. If the variance is 846, what is the standard deviation?
Solution: standard deviation = square root of variance = sqrt(846) =
29.086
4. If we have the following data

34, 38, 22, 21, 29, 37, 40, 41, 22, 20, 49, 47, 20, 31, 34, 66
Draw a stem and leaf. Discuss the shape of the distribution.
Solution:
2
3
4
5
6

|
|
|
|
|

219200
48714
0197
6

This distribution is right skewed (positively skewed) because the “tail” extends to the right.
5. What type of relationship is shown by this scatter plot?
45
40
35
30
25
20
15
10
5
0
0

5

10

15

20

Solution: Weak positive linear correlation
6. What values can r take in linear regression? Select 4 values in this interval and describe how they would be interpreted.
Solution: the values are between –1 and +1 inclusive.
-1 means…...

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