BUS 102

Week 3 Exercises
Q1. The mean weight of a group of persons is 75 kg with standard deviation of 6 kg.

1. Find the standardized z value of a person; whose weight is 80 kg.

2. Find the coefficient of variation for the above group.

Q2. The average price of a Stock A for last year was $ 300 and its standard deviation was $ 2.

Also last year, another Stock B had an average price of $100 and with standard deviation $ 2.
Which Stock was more variable relative to its price?

Q3. Small mortgage loans made by a private loan company are described in the following
frequency table:

Thousands of dollars 0-9 10-19 20-29 30-39 40-49

Number of loans 6 8 5 6 5

Calculate:
1. the mean.
2. the sample variance and deduce the value of the standard deviation of
this distribution.

Q4. A small company has 7 employees. The numbers of years these employees have worked for this
company are shown as follows:
4 14 3 16 9 8 16

1. Based upon this information, what is the mean number of years that employees have
been with this company?
2. Based upon this information, what is the median number of years that employees
have been with this company?
3. Based upon this information, what is the mode number of years that employees
have been with this company?
4. Deduce whether or not the data distribution is normally distributed.
Q5. The following data reflect the number of customers who return merchandise for a
refund on Monday. Note these data reflect the population of all 11 Mondays for which
data are available.

40 12 17 25 9 46 13 22 16 7 12

1. Determine the range

2. Determine the three quartiles, the inter-quartile range and the mid-quartile
range.