Assignments - Week 1

WEEK 1 ASSESSMENT
Chapter 1 - Problem 16 – Page 18
AVX Stereo Equipment, Inc. recently began a “no-hassles” return policy. A sample of 500 customers who had recently returned items showed 400 thought the policy was fair, 32 thought it took too long to complete the transaction, and the rest had no opinion. On the basis of this information, make an inference about customer reaction to the new policy.

The data suggests the majority of the customers perceived the policy to be fair.

Continued
Chapter 2 – Problem 36 – Page 49
The following chart summarizes the selling price of homes sold last month in the Sarasota, Florida, area.
a. What is the chart called?
b. How many homes were sold during the last month?
c. What is the class interval?
d. About 75 percent of the houses sold for less than what amount?
e. One hundred seventy-five of the homes sold for less than what amount?

a. The chart is called Cumulative Frequency Polygon
b. The amount of houses sold during the last month is 250
c. The class interval is 50 (which it represents 50,000)
d. About 75% of the houses where sold for less than $240,000 (estimate from red line in graph)
e. One hundred seventy-five of the homes were sold for less than $230,000 (estimate from black line in graph)