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STAT 1-1-1 Solution 2 - HBS, Latest 2020/2021

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STAT 1-1-1 Solution 2 - HBS, Latest 2020/2021. 1. The table below displays a week's worth of data on daily sales at the Crank It Louder Music Store. Over that time period, what was the mean... daily level of sales? a) $3,489.79 b) $4,071.42 c) $1,643.23 d) $2,829.92 Correct 2.The table below displays a week's worth of data on daily sales at the Crank It Louder Music Store. Over that time period, what was the median daily level of sales? a) $1,643.23 b) $3,489.79 c) $3,130.46 d) $800.12 Correct 3.The histogram below displays the age distribution of the world's billionaires as reported by Forbes Magazine in 2001. This distribution is best described as: a) Approximately normal. b) Strongly skewed to the right. c) Bimodal. d) Approximately uniform Correct 4.Which of the following correctly ranks from smallest to largest the measures of central tendency of the data displayed in the histogram below? a) Mode < mean < median. b) Median < mode < mean. c) Mode < median < mean. d) The answer cannot be determined from the information provided. Correct 5.The scatter diagram below displays the relationship between age and net worth (in US$ billions) for the world's 20 wealthiest people as reported by Forbes Magazine in 2001. If 45-year old Bill Gates, the world's wealthiest person, is considered an outlier and removed from the data set, what will be the effect on this relationship? a) The value of the correlation coefficient will decrease. b) The value of the correlation coefficient will increase. c) The value of the correlation coefficient will stay about the same. d) The correlation will become perfectly linear. Correct 6. The data in the Excel spreadsheet linked below gives the net worth (in US$ billions) and ages of the world's billionaires as reported by Forbes Magazine in 2001. The correlation coefficient between age and net worth: (Double Click on the Object for complete excel data) a) Is about 0.00. b) Is greater than 0.5. c) Is less than -0.5. d) The answer cannot be determined from the information given. Correct 7.The data in the Excel spreadsheet linked below gives the average monthly price of gold (in dollars per ounce) for the years 1980 to 1983. [Show More]

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