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HI6007 Statistics For Business Decisions

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Questions:

Question 1
 
a. Prepare a frequency distribution, relative frequency distribution, and percent frequency distribution for the data set using a class width of $50. 

b. Construct a histogram showing the percent frequency distribution of the furnitureorder values in the sample. Comment on the shape of the distribution. (3 marks)

c. Given the shape of the distribution in part b, what measure of location would be most appropriate for this data set?

Question 2

a. Determine whether or not demand and unit price are related. Use α = 0.05. 
b. Compute the coefficient of determination and fully interpret its meaning. Be very specific.
c. Compute the coefficient of correlation and explain the relationship between demand and unit price

Question 3
Using α = .05, test to see if there is a significant difference among the means of the three
populations. The sample sizes for the three treatments are equal.

Question 4
 
In order to determine whether or not the number of mobile phones sold per day (y) is related to price (x1 in $1,000), and the number of advertising spots (x2), data were gathered for 7 days. Part of the Excel output is shown below.
ANOVA
df SS MS F
Regression 40.700
Residual 1.016
Coefficients Standard Error
Intercept 0.8051
x1 0.4977 0.4617
x2 0.4733 0.0387
a.
a. Develop an estimated regression equation relating y to x1 and x2. 
b. At α = 0.05, test to determine if the estimated equation developed in Part a represents a significant relationship between all the independent variables and the dependent variable.
c. At α = 0.05, test to see if β1 and β2 is significantly different from zero. 
d. Interpret slope coefficient for X2.
e. If the company charges $20,000 for each phone and uses 10 advertising spots, how many mobile phones would you expect them to sell in a day?
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