Business Stats Optional Exam 1 This is NOT a team effort. A Team effort is called cheating!!!! Ask ME if you have a question. Make sure you put all your answers on the answer sheet of the Excel workbook and upload your Excel file in BlackBoard. You must name your workbook file LastName Optional 1. You may use your notes, textbook and Excel, including MegaStats. Make sure you express your answers to 4 decimals (or 2 decimals if expressing as a percentage), unless the answer is a terminating decimal or expressed in dollar amounts (to the penny). 1) The spreadsheet, Recessions (and below), has data on the number of months of ALL 32 recessions since 1865 as determined by to the National Bureau of Economic Research. 10 23 8 6 17 7 11 16 32 18 18 10 18 18 14 8 65 23 13 10 38 13 43 11 13 24 13 16 8 8 18 2 a) Determine the "ideal" number of classes (bins) for a frequency histogram using Sturges Rule. b) Determine the width of each bin. Show how you arrived at that width. c) Construct a frequency histogram, frequency polygon, and ogive for the data using Sturges Rule for the number of bins. d) Calculate the arithmetic mean and median for months of recession. e) Calculate the standard deviation for months of recession. Is this a sample or population? f) Calculate the coefficient of variation. 2) Which type of data (nominal, ordinal, interval, ratio) is each of the following bold-faced variables? a) The type of car you drive, whether passenger, SUV, or truck. b) On July 10, 1913, 134.1 F was recorded in Death Valley, CA. c) The above was the highest temperature ever recorded on earth. d) The best student at Gateway Community College. e) The fuel economy (MPG) of a Toyota Prius is 54 MPG. 3) Assume the normal, symmetrical distribution applies. You own Gateway Tire & Rubber. Your new "Hi- Flyer Tire" has tested to travel a mean of 72,000 miles, with a standard dev. of 8,000 miles. Determine the following: a) Are these population parameters or sample statistics? Explain your answer. b) What mileage range would you expect 95.44% of the tires to travel (use empirical rule)? c) Calculate the % of tires that will travel between 64,000 and 98,000. d) Calculate the z-statistic for a tire which traveled 70,000. e) Calculate the maximum mileage for a LOW outlier.