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HI6007 Statistics And Research Methods For Business Decision Making

tag 0 Download 2 Pages / 473 Words tag 03-11-2020
  • Course Code: HI6007
  • University: Holmes Institute
    icon is not sponsored or endorsed by this college or university

  • Country: Australia


Missy Walters owns a mail-order business specializing in clothing, linens, and furniture for children. She is considering offering her customers a discount on shipping charges for furniture based on the dollar-amount of the furniture order. Before Missy decides the discount policy, she needs a better understanding of the dollar-amount distribution of the furniture orders she receives.

Missy had an assistant randomly select 50 recent orders that included furniture. The assistant recorded the value, to the nearest dollar, of the furniture portion of each order. The data collected is listed below (data set also provided in accompanying MS Excel file).

136 281 226 123 178 445 231 389 196 175

211 162 212 241 182 290 434 167 246 338

194 242 368 258 323 196 183 209 198 212

277 348 173 409 264 237 490 222 472 248

231 154 166 214 311 141 159 362 189 260

  1. Prepare a frequency distribution, relative frequency distribution, and percent frequency distribution for the data set using a class width of $50.
  1. Construct a histogram showing the percent frequency distribution of the furniture order values in the sample. Comment on the shape of the distribution.
Given the shape of the distribution in part b, what measure of location would be most appropriate for this data set?

Shown below is a portion of a computer output for a regression analysis relating Y (demand) and X (unit price).

  1. Determine whether or not demand and unit price are related. Use α = 0.05.
  1. Compute the coefficient of determination and fully interpret its meaning.
  1. Compute the coefficient of correlation and explain the relationship between demand and unit price.
The following are the results from a completely randomized design consisting of 3 treatments.
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