BUS 226 Discussion 3 Group c | Colorado Community College Online
- Colorado Community College Online / BUS 226
- 20 Oct 2021
- Price: $5
- Management Assignment Help / Business Management Assignment Help
BUS 226 Discussion 3 Group c | Colorado Community College Online
Data was collected on the
price ($) per ounce of ten (10) samples of dark chocolate. The data points and
descriptive statistics from an Excel statistical application are shown below.
(The far left column contains the data points; the far-right column reports the
corresponding Z scores. The middle columns show common descriptive statistics.)
1.
After
Kevin viewed this data, he said "Wow, look how skewed this data is, what
with the median amount spent of $0.835/ounce being so much larger than the
standard deviation of $0.348/ounce." Clearly state why you
do or why you don't agree with Kevin's statement..
2.
Kevin
continues... "I'm a little confused though. If this data set is not
symmetrical, why does the mean of $0.907/ounce nearly equal the range of $0.96/ounce?"
Clearly state a thorough answer to Kevin's question.
|
Table: Cost per Ounce of Dark Chocolate |
||||
|
Cost per ounce of Dark Chocolates $ (n =
10) |
Statistics |
Descriptive Statistics |
Cost per ounce of Dark Chocolates ($) |
Z Score |
|
0.72 |
Mean |
$0.907 |
0.72 |
-0.5374 |
|
0.92 |
Standard
Error |
$0.1100 |
0.92 |
0.0374 |
|
1.14 |
Median |
$0.8350 |
1.14 |
0.6696 |
|
1.42 |
Mode |
$0.5700 |
1.42 |
1.4744 |
|
0.77 |
Standard
Deviation |
$0.3479 |
0.77 |
-0.3937 |
|
0.57 |
Sample
Variance |
$^2 0.1211 |
0.57 |
-0.9685 |
|
1.51 |
Kurtosis |
-0.6460 |
1.51 |
1.7330 |
|
0.57 |
Skewness |
0.7773 |
0.57 |
-0.9685 |
|
0.55 |
Range |
$0.96 |
0.55 |
-1.0260 |
|
0.90 |
Minimum |
$0.55 |
0.90 |
-0.0201 |
|
Maximum |
$1.51 |
|||
|
Sum |
$9.07 |
|||
|
Count |
10 |
|||
|
Coefficient of Variation = 38.36% |
||||
USA 
India