Grantham University Week 1 Business Statistics Problems Paper

Week 1 Assignment

Question 1

The following information was reported after a baking competition in Missouri.

Name

Ranking

Residence

Age

Current

Marital Status

Number of Children

Chloe Fort

1

Independence

22

single

0

Manny Hill

2

Belton

31

single

1

Carlos Sanchez

3

Kansas City

62

married

3

Lana Tyler

4

Jefferson City

55

married

6

Amos Orchard

5

St. Louis

47

single

2

Zoe Lane

6

Kearney

25

single

2

Cade Jenkins

7

Liberty

66

married

8

Stone Walker

8

Concordia

34

married

0

  1. How does the textbook define “element?” Name the elements in the above data set.
  2. How does the textbook define “variable?” Name the variables in this data set.
  3. How does the textbook define “observation?” Provide an observation in this data set.
  4. Explain why rank, even though it is a number, is NOT a quantitative variable.
  5. Which variables are categorical?

Question 2

A sample of the ages of 12 employees of a company is shown below. Find the example of a dot plot in your book before moving forward.

20 30 30 30 50 60
30 30 20 20 40 60

1. If this set of data were going to be used to make a dot plot, what variable would be on the x axis? Why? What variable would be on the y axis? Why?

2. Using a method of your choosing, construct a dot plot for the above data which includes a proper title (shows BOTH variables) and axis labels.

Question 3

The following data shows the price of PAO, Inc. stock over the last eight months.

Month

Price ($)

1

2.44

2

2.44

3

2.45

4

2.43

5

2.86

6

2.79

7

2.88

8

3.12

  1. Develop a scatter diagram and draw a trend line for the points. Trendlines (linear) can be made by creating a scatter diagram in Excel and then clicking the green plus sign that appears outside the upper righthand corner of the graph. Remember strong titles, axes labels etc.
  2. What kind of relationship exists between stock price and time (negative, positive, or no relation)?
  3. How does the slope of the line relate to your answer above?
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