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    Descriptive Statistics & Regression Analysis

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    Three quantitative reasoning statistics questions.

    Problem 1: The following frequency table reports the number of employees in company using frequent flier miles (in thousands) during the first half of 2008.
    Table 1. Frequent Flyer Data
    Frequent Flier Miles (000) Number of Employees
    0 up to 5 10
    5 up to 10 22
    10 up to 15 55
    15 up to 20 821
    20 up to 25 8

    - How many employees were evaluated?
    - What is the midpoint of the 4th class?
    - Construct a histogram
    - Interpret the outcome

    Problem 2: Suppose you are in search for a minimum-wage job to help through school. After searching for a while, you found several jobs in your area that pay the hourly wages shown in Table 2.

    (a) Perform numerical descriptive statistics and construct histogram, relative frequency diagram, cumulative frequency diagram, dot plot, steam and leaf plot, and a box plot for the hourly wage data.
    (b) Interpret the results

    Table 2. Hourly Wage Data ($)
    Company Hourly Wages ($) Company Hourly Wages ($)
    1 9.3 16 7
    2 8.6 17 9.7
    3 7.5 18 7.4
    4 8.8 19 8.4
    5 8.9 20 10.8
    6 7.4 21 8.1
    7 7.8 22 10.9
    8 8.2 23 9.2
    9 10.3 24 10.8
    10 10 25 11.5
    11 11.2 26 8.2
    12 10.1 27 6.3
    13 8.9 28 9.3
    14 7.1 29 10.7
    15 8 30 5.4

    Problem 3: An auto rental company wanted to reach its maximum rental capacity of 10,000 cars during the weekends. One option was to reduce the weekend rate to encourage more people to rent. In order to determine what rate the company should use, data of a sample of historical weekend daily rental rates and the corresponding demand was collected. This data is shown in Table 3.
    - Describe the relationship between the weekend daily rate and the rental demand
    - What is the weekend daily rental rate that you think the company should use to reach its maximum rental capacity?

    Table 3. Car Rental Rate and Corresponding Demand
    Weekend Daily Rates ($) Number of Cars Rented
    40 5000
    30 5800
    25 7100
    16 9300
    42 4800
    18 7100
    32 5700
    26 6100
    44 3600
    16 7800
    29 7000
    16 9700
    18 9990
    38 5060
    24 7300
    31 5500
    44 6900
    17 6200
    20 6000
    40 5800
    21 7800
    16 8900
    42 5320
    20 8400
    28 5900
    18 8500
    35 4298

    Please see the attachment.

    © BrainMass Inc. brainmass.com October 10, 2019, 12:47 am ad1c9bdddf
    https://brainmass.com/statistics/descriptive-statistics/descriptive-statistics-regression-analysis-306992

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    Solution Summary

    The solution provides step by step method for the calculation of descriptive Statistics and regression analysis. Formula for the calculation and Interpretations of the results are also included.

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