Business Statistics

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1. FREQUENCY DISTRUBUTION:
What is the “frequency” in a frequency distribution table? When you organize your classes and show their frequency explain how using a Histogram helps other visualize the data distribution?

2.

According to the Bureau of Labor Statistics the Average (mean) hourly earnings in the US is around $30 per hour or around $60,000 per year. Here is the link: https://www.bls.gov/eag/eag.us.htm

According to the Census Data we obtain from the Population the Median Household income in Miami Dade County is around $48,000 and the Median per capita income is around $26,000. Here is the link: https://www.census.gov/quickfacts/fact/table/miamidadecountyflorida/POP060210

What would you say explains the disparity between the Median and the Mean? Why are they so different? If you were the statistician in charge which of the two numbers better represent the data, which should you release?

 

3. SKEWNESS COEFFICIENT
Say you took data and you found that the Pearson Coefficient of Skewness was +1.5, describe what that means for the distribution of data, what is the relative position of the mean and median?

For more information on Business Statistics read this: https://en.wikipedia.org/wiki/Economic_statistics

 

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