What happens to the range as the number of observations increases? If you have a data table that shows the balance of 100 loans, does the range get smaller, get larger, or stay the same if the number of loans is increased to 250?
Answer to relevant QuestionsWhich has larger standard deviation, the distribution of weekly allowances to 12-year-olds or the distribution of monthly household mortgage payments? Which would have the larger coefficient of variation? Would you expect distributions of these variables to be uniform, unimodal, or bimodal? Symmetric or skewed? Explain why. (a) The number of songs that each student in your class has downloaded online (b) Cost of each order ...The Federal Reserve Survey of Consumer Finances reported that median household net worth was $91,700 and mean household net worth was $421,500 in 2001. Explain how it is possible for the median net worth to rise 5% from 2001 ...Outliers have a dramatic effect on small data sets. For this exercise, the data consist of the sizes (in seconds and MB) of the 27 #1 hits on the Beatles’ album 1. (a) Generate the boxplot and histogram of the sizes of ...When a customer asks to borrow money, many banks check their credit score before giving them a loan. The credit score estimates the risk associated with making a loan to the customer. Credit scores are based on how well an ...
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