Mba 510 Problem Set One
Chapter Three
Exercise 60: Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, 22.
Answer:
a) Mean number (average among the numbers) = (23 + 19 + 26 + 17 + 21 + 24 + 22),
Where n= 7
Sum/ n= 152/7 = 21.71
Median number of apples in the bag (select the middle value after rearranging all the= 22
b) ∑(x-X) = 0
(23 – 21.71) + (19-21.71) + (26-21.71) + (17-21.71) + (21-21.71) + (24-21.71) + (22-21.71) = 8.16 – 8.13 = 0.03 which means that if we take the entire value of mean this fraction would be equal to zero. Since 0.03 when rounded off to one decimal point is 0.0.
Exercise 62: The Citizens Banking Company is studying the number of times the ATM located in a Loblaws Supermarket at the foot of Market Street is used per day. Following are the numbers of times the machine was used over each of the last 30 days. Determine the mean number of times the machine was used per day.
83 64 84 76 84 54 75 59 70 61
63 80 84 73 68 52 65 90 52 77
95 36 78 61 59 84 95 47 87 60
Answer: Mean number of times the machine was used per day= Sum/n
Where “n” is the number of population which is 30,
Sum is the total sum of all values in the above box which is 2116
Therefore, 2116/30= 70.53
Which when rounded off would be 71.
Exercise 68: The American Automobile Association checks the prices of gasoline before many holiday weekends. Listed below are the self-service prices for a sample of 15 retail outlets during the May 2003 Memorial Day weekend in the Detroit, Michigan, area.
1.44 1.42 1.35 1.39 1.49 1.49 1.41 1.46
1.41 1.49 1.45 1.48 1.39 1.46 1.44
a. What is the arithmetic mean selling price?
Answer: Sum/ n
Where, n= 15 and sum= 21.57 ...
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