# Problem Set I

## Problem Set I

Lind Chapter 3: Exercises 60, 62, 68, 70, and 72
60. Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, 22.
a. Compute the mean number and median number of apples in a bag.
=23 + 19+ 26 + 17 + 21 + 24 + 22= 152/7
=21.71
Descriptive statistics

count 7
mean 21.71

1st quartile 20.00
median 22.00
3rd quartile 23.50
interquartile range 3.50
mode #N/A

low extremes 0
low outliers 0
high outliers 0
high extremes 0

62. The Citizens Banking Company is studying the number of times the ATM located in a Loblaw’s Supermarket at the foot of Market Street is used per day. Following are the numbers of times the machine was used over each of the last 30 days. Determine the mean number of times the machine was used per day.
83 64 84 76 84 54 75 59 70 61
63 80 84 73 68 52 65 90 52 77
95 36 78 61 59 84 95 47 87 60

Descriptive statistics

count 30
mean 70.53

68. The America Automobile Association checks the prices of gasoline before holiday weekends. Listed below are the self-service prices for a sample of 15 retail outlets during the May 2003 Memorial Day weekend in the Detroit, Michigan, area.
1.44 1.42 1.35 1.39 1.49 1.49 1.41 1.46
1.41 1.49 1.45 1.48 1.39 1.46 1.44

a. What is the arithmetic mean selling price?
b. What is the median selling price?
c. What is the modal selling price?

70. A recent article suggested that if you earn \$25,000 a year today and the inflation rate continues at 3 percent per year, you’ll need to make \$33,598 in 10 years to have the same buying power. You would need to make \$44,771 if the inflation rate jumped to 6 percent. Confirm that these statements are accurate by finding the geometric mean rate of increase.
.03, .06

72. The weights (in pounds) of a sample of five boxes being...