Individual Practice Problems (chapter 1)

Chapter 1

Name

QNT 561

Week 4

Ch. 1 of Statistics for Business and Economics

1.6

When the data are recorded/observed in a meaningful numerical scale we call them Quantitative data. When the data are non numeric or belong to categories then they are Qualitative data.

1.7

A population consists ALL the observations/objects/event that belong to a particular domain of interest. A variable describes a property or a certain characteristic that we are interested in analyzing on data set (set of observations). As an example if we are interested in calculating the average GPA of all high school students in a City, the population is all the high school students in the city and the variable is the GPA for a student.

1.8

A population consists ALL the observations/objects/event that belong to a particular domain of interest and a sample is a subset of a population.

1.14

a)

Two variables that are described in the situation are "Type of the Credit card" and the "Amount of Purchase". Here the "Type of the credit card" is  Qualitative since it does not reflect a numerical measure but a certain category. The variable "Amount of Purchase" is Quantitative since it describes a numerical measure.

b)

Since all the purchase were tracked, it represents a population.

1.16

a. High school GPA is a number. Therefore it is Quantitative.

b. Honors/Awards describe categories. Therefore it is Qualitative.

c. Applicant's score on the SAT or ACT reflects a numerical measure. Therefore it is Quantitative.

d. Gender of applicant is Qualitative since it is either Male or Female.

e. Parent's income reflects an Amount. Therefore it is Quantitative.

f. Age of applicant is a numerical measure. Hence it is Quantitative.

1.19

a. Since the interest is on the CEO's of the 500 largest U.S. Companies the data comes from a population.