Solution Manual for Business Statistics 2nd Edition by Jaggia

Solution Manual for Business Statistics 2nd Edition by Jaggia

Chapter 1. Statistics and Data

Solutions

1. 1. The population is all iPhone 4 users.
   2. Sample statistics

2. The value 35 is the estimated average age of the population. It is both costly and time consuming (likely impossible) to take a census of all video game players and compute the actual average age.

3. 1. The population is all students enrolled in the accounting class.
   2. The value 3.29 represents the population parameter since we are not choosing a sample but drawing results from the actual population.

4. 1. The population is all marketing managers.
   2. No, the average salary is a sample statistic computed from a sample, not the population.

5. 1. The population is all elderly people. The sample consists of 949 elderly people.
   2. 22% and 17% represent the sample statistics.

Source: Monthly Adj Close Price in 2010 from

Retrieved April 19, 2011.

These numbers represent time series data. The adjusted close price of the stock was rather volatile, with a 12-month high in October and 12-month low in June.

7. Note: Individual answers will vary. This is an example of what an answer may look like.

This data is cross-sectional data because it can be assumed to be taken at the same point in time. The monthly lodging expenses ranges from a low of $50 to a high of $625. The average expense is $443.75.