MKTG 2340 O'Connor Exam Questions With Correct Answers
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Course
O\'Connor
Institution
O\'Connor
MKTG 2340 O'Connor Exam Questions
With Correct Answers
The arithmetic mean is... - answerThe arithmetic mean is the primary measure of central
location. Generally, we refer to the arithmetic mean as simply the mean or the average. In order
to calculate the mean of a data set, we simply add up t...
MKTG 2340 O'Connor Exam Questions
With Correct Answers
The arithmetic mean is... - answer✔The arithmetic mean is the primary measure of central
location. Generally, we refer to the arithmetic mean as simply the mean or the average. In order
to calculate the mean of a data set, we simply add up the values of all the data points and divide
by the number of data points in the population or sample.
Since the mean can be affected by outliers, we often also calculate the ___________ as a
measure of central location. - answer✔Median
Since the mean can be affected by outliers, we often also calculate the median as a measure of
central location.
The median is... - answer✔The median is the middle value of a data set. It divides the data in
half; an equal number of observations lie above and below the median.
the median is calculated as... - answer✔The median is the middle value of a data set. The data
are arranged in ascending order (smallest to largest) and the median is calculated as
The middle value if the number of observations is odd, or
The average of the two middle values if the number of observations is even.
The ________ of a data set is the value that occurs most frequently - answer✔Mode
The mode of a data set is the value that occurs most frequently
The ________ is the most frequently occurring value in a data set. A data set may have no
______ or more than one _______ - answer✔The mode is the most frequently occurring value
in a data set. A data set may have no mode or more than one mode.
The weighted mean is relevant when some observations contribute more than others
A student scores 60 on Exam 1, 70 on Exam 2, and 80 on Exam 3. What is the student's average
score for the course if Exams 1, 2, and 3 are worth 25%, 25%, and 50% of the grade,
respectively? - answer✔A student scores 60 on Exam 1, 70 on Exam 2, and 80 on Exam 3.
What is the student's average score for the course if Exams 1, 2, and 3 are worth 25%, 25%, and
50% of the grade, respectively?
SOLUTION: We define the weights as w1=0.25,
w2=0.25, and w3=0.50. We compute the average score as =0.25(60)+0.25(70)+0.50(80)=72.50.
Note that the unweighted mean is only 70 because it does not incorporate the higher weight
given to the score on Exam 3.
When we calculate the 25th, the 50th, and the 75th percentiles for a data set, we have effectively
divided the data into four equal parts, or quarters. Thus, the 25th percentile is also referred to
as... - answer✔25th percentile = first quartile (Q1)
50th percentile = Second Quartile (Q2)
75th percentile = Third Quartile (Q3)
The minimum value (Min), the quartiles (Q1, Q2, and Q3), and the maximum value (Max) are
often referred to as... - answer✔the five-number summary of a data set.
A __________ is a convenient way to graphically display the five-number summary of a data set.
- answer✔Boxplot
A boxplot is a convenient way to graphically display the five-number summary of a data set.
The ______________ _______________ is a multiplicative average, as opposed to an additive
average (the arithmetic mean). It is the relevant measure when evaluating investment returns
over several years, as well as when calculating average growth rates. - answer✔Geometric
Mean
The geometric mean is a multiplicative average, as opposed to an additive average (the
arithmetic mean). It is the relevant measure when evaluating investment returns over several
years, as well as when calculating average growth rates.
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