BUS482 Assignment 1

Q1. All-in-one sound system, called minisystems, typically include an AM/FM tuner, a dualcassette tape deck, and a CD changer in a book-sized box with two separate speakers. The data in the below Table shows the retail price, sound quality, CD capacity, FM tuning sensitivity and selectivity, and the number of tape decks for a sample of 10 minisystems (Consumer Reports Buying Guide 2002)
a. How many elements does this data set contain? b. What is the population? c. Compute the average price for the sample. d. Using the results in part (c), estimate the average price for the population. e. Specify if the elements are quantitative/qualitative. f. What measurement scale is used.
Brand and Model Price ($) Sound Quality CD Capacity FM Tuning Tape Decks Aiwa NSX-AJ800 250 Good 3 Fair 2 JVC FS-SD1000 500 Good 1 Very Good 0 JVC MX-G50 200 Very Good 3 Excellent 2 Panasonic SC-PM11 170 Fair 5 Very Good 1 RCA RS 1283 170 Good 3 Poor 0 Sharp CD-BA2600 150 Good 3 Good 2 Sony CHC-CL1 300 Very Good 3 Very Good 1 Sony MHC-NX1 500 Good 5 Excellent 2 Yamaha GX-505 400 Very Good 3 Excellent 1 Yamaha MCR-E100 500 Very Good 1 Excellent 0
Q2. The Food and Drug Administration (FDA) reported the number of new drugs approved over an eight-year period (The Wall Street Journal, January 12, 2004) Figure 1.9 provides a bar graph summarizing the number of new drugs approved each year.
a. Are the data qualitative or quantitative? b. Are the data time series or cross-sectional? c. How many new drugs were approved in 2003? d. In what year were the fewest new drugs approved? How many? e. Comment on the trend in the number of new drugs approved by the FDA over the eightyear period.
Q3. A survey of 430 business travelers found 155 business travellers used a travel agent to make the travel arrangements (USA Today, November 20, 2003).
a. Develop a descriptive statistic that can be used to estimate the percentage of all business travelers who use a travel agent to make travel arrangements. b. The survey reported that the most frequent way business travelers make travel arrangements is by using an online travel site. If 44% of business travelers surveyed made their arrangements this way, how many of the 430 business travelers used an online travel site? c. Are the data on how arrangements are made qualitative or quantitative?

BUS482
Assignment 1
Due Date: Tuesday 12th September at 6:30pm
Q1. All-in-one sound system, called minisystems, typically include an AM/FM tuner, a dualcassette
tape deck, and a CD changer in a book-sized box with two separate speakers. The data
in the below Table shows the retail price, sound quality, CD capacity, FM tuning sensitivity and
selectivity, and the number of tape decks for a sample of 10 minisystems (Consumer Reports
Buying Guide 2002)
a. How many elements does this data set contain?
b. What is the population?
c. Compute the average price for the sample.
d. Using the results in part (c), estimate the average price for the population.
e. Specify if the elements are quantitative/qualitative.
f. What measurement scale is used.
Brand and Model Price ($) Sound Quality CD Capacity FM Tuning Tape Decks
Aiwa NSX-AJ800 250 Good 3 Fair 2
JVC FS-SD1000 500 Good 1 Very Good 0
JVC MX-G50 200 Very Good 3 Excellent 2
Panasonic SC-PM11 170 Fair 5 Very Good 1
RCA RS 1283 170 Good 3 Poor 0
Sharp CD-BA2600 150 Good 3 Good 2
Sony CHC-CL1 300 Very Good 3 Very Good 1
Sony MHC-NX1 500 Good 5 Excellent 2
Yamaha GX-505 400 Very Good 3 Excellent 1
Yamaha MCR-E100 500 Very Good 1 Excellent 0
Q2. The Food and Drug Administration (FDA) reported the number of new drugs approved over
an eight-year period (The Wall Street Journal, January 12, 2004) Figure 1.9 provides a bar graph
summarizing the number of new drugs approved each year.
a. Are the data qualitative or quantitative?
b. Are the data time series or cross-sectional?
c. How many new drugs were approved in 2003?
d. In what year were the fewest new drugs approved? How many?
e. Comment on the trend in the number of new drugs approved by the FDA over the eightyear
period.
Q3. A survey of 430 business travelers found 155 business travellers used a travel agent to
make the travel arrangements (USA Today, November 20, 2003).
a. Develop a descriptive statistic that can be used to estimate the percentage of all
business travelers who use a travel agent to make travel arrangements.
b. The survey reported that the most frequent way business travelers make travel
arrangements is by using an online travel site. If 44% of business travelers surveyed
made their arrangements this way, how many of the 430 business travelers used an
online travel site?
c. Are the data on how arrangements are made qualitative or quantitative?