Business Statistics: 1292061

Question 1

  1. The frequency distribution with class interval of 5 for the faulty bulbs among those 50 lots of production is shown below.
  • The bar chart drawn from the frequency distribution table produced is shown below.


Question 2

Solution

  1. Population refers to all members in uniquely identifiable and definable group of subjects in a research study. It can comprise all the animals, objects, set of measurements, or people in particular area under study. In this case, the population is total number of prawns which was 2 million.
  2. Parameter refers to a quantity that is used to characterize the population and which can be estimated through calculations performed on sample data. In this case, the parameter is average initial weight which is 4 grams.
  3. Sample refers to a subset or a section of the population that is selected from the population for particular research study. In this case, the sample size is 500 prawns.
  4. Statistic refers to refers to numerical measurements that are used to explain certain characteristics of a sample. In this case, the statistic is the average weight of the sample which was 16grams.
  5. This is an example of an inferential statistic because its has been designed to establish the chances or probabilities of causal relationship between empirical observations (Jackson, 2016). That’s, to predict the weight of the population from the sample weight.

Question 3

  1. Similarities Between Regression and Correlation
  2. Both regression and correlation involve the relationship between pairs of numeric variables.
  3. Both correlation and regression involve straight line relationships.
  4. Both regression and correlation can be used to quantify the direction of a relationship in variables using the sign of the Pearson correlation coefficient (Hinton, 2014).
  5. Both of them can be used to quantify the strength of the relationship between variables using the magnitude of the Pearson’s correlation coefficient.
  6. Questions concerning regression’
  7. The independent variable is the variable on the x-axis which in this case is the student effort (Holmes, Illowsky and Dean, 2019). On the other hand, the dependent variable is the variable on the Y-axis which in this case is the exam result.
  8. The regression equation can be written as:
  • The coefficient or regression is 3.801075 and indicates the value with which the independent variable affects the dependent variable (Rumsey, 2015). In this case, it would mean that students effort impact exam results by a factor of positive 3.801075.


References

Hinton, P. R. 2014. Statistics explained. 3rd ed. London: Routledge, Taylor & Francis Group.

Holmes, A., Illowsky, B., and Dean, S. 2019. Introductory business statistics. OpenStax.

Jackson, S. L. 2016. Research methods and statistics: A critical thinking approach. 5th ed. Boston, MA: Cengage Learning.

Rumsey, D. 2015. Intermediate statistics for dummies. 1st ed. Hoboken, N.J.: Wiley.