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Homework Problem 1. Suppose the following information is collected from the application of a customer for a home mortgage loan at a local bank.
Homework Problem 1. Suppose the following information is collected from the application of a customer for a home mortgage loan at a local bank. a. Monthly payments: $2,227 b. Number of jobs in past 10 years: 1 c. Annual family income: $96,000 d. Marital status: Married Classify each of the responses by type of data (categorical or numerical; discrete or continuous) and measurement scale (nominal, ordinal, interval, ratio). Problem2. The director of market research at a department store chain wanted to conduct a survey throughout a metropolitan area to determine the amount of time working women spend shopping for clothing in a typical month. a. Define the population and specify what type of sample to use. b. Develop a first draft of the questionnaire by writing three categorical questions and three numerical questions that you feel would be appropriate for this survey. Problem 3. Assume that the recorded heights of 10 students are 120, 122, 128, 176, 124, 127, 121, 125, 127, and 129 centimeters. Which number do you think will be the outlier while calculating the average height of students in the class and why? How would you deal with this outlier?
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