Competitive Bargaining Buyers - Statistics Project Example

Name: University: Course: Date: Question 1 Standard error is the standard deviation of the error in the sample mean as compared to the actual mean. It uses the population’s sample estimate and the sample size data. Summary Statistics for Competitive Bargaining ($00’s) Mean 20.05 Standard Error 2.981941 Median 17 Mode 17 Standard Deviation 13.33565 Sample Variance 177.8395 Kurtosis 12.0581 Skewness 3.161631 Range 64 Minimum 7 Maximum 71 Sum 401 Count 20 Using formula to find the mean and standard deviation Coordinative Bargaining x x - x (x - x)2 12 -14.5 210.25 15 -11.5 132.25 16 -10.5 110.25 17 -9.5 90.25 18 -8.5 72.25 19 -7.5 56.25 21 -5.5 30.25 21 -5.5 30.25 21 -5.5 30.25 21 -5.5 30.25 22 -4.5 20.25 22 -4.5 20.25 22 -4.5 20.25 23 -3.5 12.25 23 -3.5 12.25 26 -0.5 0.25 32 5.5 30.25 34 7.5 56.25 41 14.5 210.25 95 68.5 4692.25 521   5867 Mean (x) = 521/20 = 26.05 Median Midpoint (21+22)/2 43/2 21.5 =MEDIAN(C4:C23) Standard deviation √{∑(x - x)2­/[n-1]} 5867/19 308.789 17.5724 =STDEV(C4:C23) Question 2 Histogram for ‘Competitive Bargaining’ with a class width of 5 The histogram is skewed to the left, because most of the data is distributed on the left half of the data and the distribution has a high kurtosis. The kurtosis is 12.0581 and the skewness is 3.1616 Class mid-point low-boundary Frequency Cumulative frequency 1-5 3 0.5 0 0 6-10 8 5.5 3 0 11-15 13 10.5 2 3 16-20 18 15.5 9 5 21-25 23 20.5 3 14 26-30 28 25.5 1 17 31-35 33 30.5 1 18 36-40 38 35.5 0 19 41-45 43 40.5 0 19 46-50 48 45.5 0 19 51-55 53 50.5 0 19 56-60 58 55.5 0 19 61-65 63 60.5 0 19 66-70 68 65.5 0 19 71-75 73 70.5 1 19     75.5   20 An Ogive for ‘competitive bargaining’ From the ogive, the proportion of buyers that saved more than $2,000 is 20 Question 3 To randomly select eight out of the twenty buyers from ‘Coordinative bargaining’, we use the Sampling tool of the Excel functions. The original random sample data of eight buyers and ‘sorted data’ is as follows Original random sample data Sorted sample data 21 16 23 16 16 21 22 22 22 22 16 23 34 23 23 34 Sorted data allows for the user to calculate such measures as the mode and the median, which is not easy when the data is not sorted. Sorted data also allows for easy reading and understanding of trends within the data. Question 4 The buyers from 6 different countries can be represented using a pie chart or a doughnut, respectively. Question 5 a) From a survey of adults on whether priority should be given to protecting the environment or developing energy supplies P (Environment) = 0.52 P (Energy) = 0.36 P (environment and Energy) = 0.06 Therefore P (Environment>0.48) = Formula =PROB(B13:B16,E13:E16,0>0.48) = 0.52 b) The demand for a daily newspaper at a busy intersection Mean = 150, std dev = 25, P(x Read More