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Probability Topics: Review

Module by: Susan Dean, Dr. Barbara Illowsky

Summary: This module provides a number of homework/review exercises related to Probability.

The first six exercises refer to the following study: In a survey of 100 stocks on NASDAQ, the average percent increase for the past year was 9% for NASDAQ stocks. Answer the following:

Exercise 1

The “average increase” for all NASDAQ stocks is the:

  • A. Population
  • B. Statistic
  • C. Parameter
  • D. Sample
  • E. Variable

Solution 1

  • C. Parameter

Exercise 2

All of the NASDAQ stocks are the:

  • A. Population
  • B. Statistic
  • C. Parameter
  • D. Sample
  • E. Variable

Solution 2

  • A. Population

Exercise 3

9% is the:

  • A. Population
  • B. Statistic
  • C. Parameter
  • D. Sample
  • E. Variable

Solution 3

  • B. Statistic

Exercise 4

The 100 NASDAQ stocks in the survey are the:

  • A. Population
  • B. Statistic
  • C. Parameter
  • D. Sample
  • E. Variable

Solution 4

  • D. Sample

Exercise 5

The percent increase for one stock in the survey is the:

  • A. Population
  • B. Statistic
  • C. Parameter
  • D. Sample
  • E. Variable

Solution 5

  • E. Variable

Exercise 6

Would the data collected be qualitative, quantitative – discrete, or quantitative – continuous?

Solution 6

quantitative - continuous

The next two questions refer to the following study: Thirty people spent two weeks around Mardi Gras in New Orleans. Their two-week weight gain is below. (Note: a loss is shown by a negative weight gain.)

Weight Gain Frequency
-2 3
-1 5
0 2
1 4
4 13
6 2
11 1

Exercise 7

Calculate the following values:

  • a. The average weight gain for the two weeks
  • b. The standard deviation
  • c. The first, second, and third quartiles

Solution 7

  • a. 2.27
  • b. 3.04
  • c. -1, 4, 4

Exercise 8

Construct a histogram and a boxplot of the data.

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