361 Caffeine E x Cengage Brain M x D east cengage now.com/ ocator assignment-tak

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361 Caffeine E x Cengage Brain M x D east cengage now.com/ ocator assignment-take eBook rcise 3.45 The Associated Press Team Marketing Report listed the Dallas Cowboys as the team with the highest ticket prices in the National Football League (USA Today, october 20 2009). Data showing the average ticket price for a sample of 14 teams in the National Hootball League are as follows: Click on the webtile logo to reference the data file WEB Team Ticket Price Team Ticket "Ice Atlanta Falcons Green Bay Packers 72 Buffalo Bills Indianapolis Colts 51 Carolina Panthers New Orleans Saints 62 Chicago Bears New York Jets Cleveland Browns Pittsburgh Steelers Dallas Cowboys 160 Seattle Seahawks 77 Tennes Titans Denver Broncos cket pri price was $72.20 at was the en enta e previ s year, the mean tick Compute the dian ticket

Explanation / Answer

In this problem the average ticket price for a sample of 14 teams in the national football league are given.

a) The mean ticket price is given by:

          $(72+51+63+88+55+160+77+63+83+62+87+67+61+61)/14

          = $75

b) If in the previous year the mean ticket price was $72.20 then the percentage increase in the mean ticket price in one-year period is given by:

          [(75-72.20)/75]*100 = 3.7333

c) If average ticket prices for a the sample of 14 teams are arranged in ascending order they would be as follows:

          51,55,61,61,62,63,63,67,72,77,83,87,88,160

Since the number of average ticket price is even, the median is [(14+1)/2]th value = 7.5th value. In other words it is the mean of the 7th and the 8th value in the above sequence.

          Median = (63+67)/2 = 65

d) The first quartile is the (N/4)th Value = (14/4)th value = 3.5th value

          1st Quartile = (61+61)/2 = 61

    The third quartile is the (3N/4)th Value = (3*14/4)th value = 10.5th value

          3rd Quartile = (77+83)/2 = 80

e) The Standard Deviation is given by

          [(1/14)*(sum of squares of the average ticket price) – (mean ticket price)2]

          = 26.055

f) The Z-Score for the Dallas Cowboys ticket price is

          [160- (mean ticket price)]/ Standard Deviation

          = (160-75)/26.055

          =3.262

g) From the value of the Z-Score we conclude that the ticket price for the Dallas Cowboys can be easily considered as outlier.

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