Planning to start an advertising agency Table 5 5 1 reports the
Planning to start an advertising agency? Table 5.5.1 reports the size of account budgets for selected firms in the top 100 for spending on advertising.
a. Find the average budget size.
b. Find the standard deviation of budget sizes, viewing these firms as a sample of companies with large advertising accounts. What are the units of measurement?
c. Briefly summarize the interpretation of the standard deviation (from part b) in terms of the differences among these firms.
d. Find the range. What are the units of measurement?
e. Briefly summarize the interpretation of the range (from part d) in terms of the differences among these firms.
f. Find the coefficient of variation. What are the units of measurement?
g. Briefly summarize the interpretation of the coefficient of variation (from part f) in terms of the differences among these firms.
h. Find the variance. What are the units of measurement?
i. Briefly summarize the interpretation of the variance (from part h) or indicate why there is no simple interpretation.
j. Draw a histogram of this data set. Indicate the average, standard deviation, and range on your graph.
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