ST3.1 Data Description and Analysis. Doug Ross, a staff research assistant with Market Research…
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ST3.1 Data Description and Analysis. Doug Ross, a staff research assistant with Market Research Associates, Ltd., has conducted a survey of households in the affluent Denver suburb of Genesee, Colorado. The focus of Ross’s survey is to gain information on the buying habits of potential customers for a local new car dealership. Among the data collected by Ross is the fol- lowing information on number of cars per household and household disposable income for a sample of n = 15 households: Number of Cars Household Income (in $000)
1
100
3
100
0
30
2
50
0
30
2
30
2
100
0
30
2
100
2
50
3
100
2
50
1
50
1
30
2
50
A. Calculate the mean, median, and mode measures of central tendency for the number of cars per household and household disposable income. Which measure does the best job of describing central tendency for each variable?
B. Based on this n = 15 sample, calculate the range, variance, and standard deviation for each data series and the 95% confidence interval within which you would expect to find each variable’s true population mean.
C. Consulting a broader study, Ross found a $60,000 mean level of disposable income per house- hold for a larger sample of n = 196 Genesee households. Assume Ross knows that disposable income per household in the Denver area has a population mean of $42,500 and C = $3,000. At the 95% confidence level, can you reject the hypothesis that the Genesee area has a typical average income?
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