Stats

Homework week 1

a. Obtain the mean and median for the variables winning time and payoff on a $2 bet.

2.03333+2.05000+2.05000+2.04000+2.06000+2.02000+2.01667+2.04000+2.03667+2.05333+2.02000+1.99667+2.01667+2.01667+2.06667+2.04583+2.03933+2.03617+2.03033+2.04433=40.7126

40.7126 \ 20 = 2.0356 The mean winning time is 2.0356

1.99667+2.01667+2.01667+2.01667+2.02000+2.02000+2.03033+2.03333+2.03617+2.03667+2.039333+2.04000+2.04000+2.04433+2.04583+2.05000+2.05000+2.05333+2.06000+2.06667

2.03667+2.039333=4.076003 \ 2 = 2.038 The median winning time is 2.0380

Payoff on a $2 Win Bet

Mean

10.8+4.8+16.8+12.9+9.1+24.5+5.9+4+8.4+31.3+2.3+10.5+20.5+12.8+4.1+50.3+6.10+4.9+6.8+103.2+18+43.8= 411.8 / 22 =

Mean $18.71

Median

2.3 4.0 4.1 4.8 4.9 5.9 6.1 6.8 8.4 9.1 10.5 10.8 12.8 12.9 16.8 18.0 20.5 24.5 31.3 43.8 50.3 103.2

10.5 + 10.8 = 21.3 / 2 =

Median $10.65

b. Determine the range and standard deviation of the variables time and payoff.

Winning Time

The range of scores for our winning time is 2.06667 – 1.99667 = 0.07

0.00673 / 21 = 0.00032 square root equals 0

Standard deviation =0

Payoff

The range of scores for our payoff is $103.20 – $2.30 = $100.90

Standard deviation is square root of 495.95= $22.27

c. Refer to the variable winning margin. What is the level of measurement? What measure of location would be most important?

I would say ordinal measure. Median would be most appropriate.

66

a. Around what values do the payrolls tend to cluster? What are the mean and median of payroll? Is one measure of location for payroll more representative than the other?

The mean selling price is 221.10. The median selling price is 209.7 Equal measures

b. What is the range of the team payroll? What is the standard deviation? Based on Chebyshev’s Theorem, at least 75% of the payrolls are between what two values?

The selling prices range is...