Business Statistics Assignment: Data Interpretation and Analysis

This business statistics assignment analyzes data related to rental properties, exploring various statistical concepts. The solution begins with a frequency distribution table of rental property availability based on cost (low, medium, high), followed by a bar graph visualization. Subsequent sections delve into summary statistics, including measures of central tendency and dispersion for variables such as 'near' (rent near campus) and 'other' (rent away from campus). The assignment presents grouped frequency tables and cumulative frequency polygons to illustrate data distributions. The analysis includes comparisons of mean and median to assess skewness and variability, highlighting differences in rental costs based on proximity to the campus. The final part discusses the implications of these findings, suggesting potential solutions like college bus services to address student affordability challenges when renting apartments away from campus.

Running Head: BUSINESS STATISTICS
Business Statistics
Name of the Student
Name of the University
Author Note

1BUSINESS STATISTICS
Table of Contents
Answer 1..........................................................................................................................................2
Answer 2..........................................................................................................................................2
Answer 3..........................................................................................................................................2
Answer 4..........................................................................................................................................3
Answer 5..........................................................................................................................................3
Answer 6..........................................................................................................................................4
Answer 7..........................................................................................................................................4
Answer 8..........................................................................................................................................4
Answer 9..........................................................................................................................................5
Answer 10........................................................................................................................................5

2BUSINESS STATISTICS
Answer 1
Table 1: Frequency Distribution of availability of Rental Properties
Availabili
ty
Frequen
cy
Percenta
ge
Low 32 21.33
Medium 83 55.33
High 35 23.33
Total 150 100
Answer 2
Low Medium High
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Percentage of Rental Properties
Availability
Percentage
Figure 1: Bar Graph showing percentage of Rental Properties
Answer 3
The table 1 obtained above shows that there is a maximum availability of rental property
that involves medium cost. 55% of the available rental properties involve medium cost. There is
23.33% availability of rental property involving high cost and only 21.33% availability of rental
properties involving medium cost.

3BUSINESS STATISTICS
Answer 4
Table 2: Summary statistics of the variables Near and Other
Summary
Statistics Near Other
Count 150 150
Minimum 152 57
Maximum 515 268
Range 363 211
Mean 276 184
Std Dev 101.11 34.72
Coefficient
of variation 36.67 18.87
Median 222 187
Lower
quartile 200.85 160.61
Upper
quartile 388.83 209.05
IQR 187.98 48.44
Answer 5
Table 3: Grouped Frequency Table
Frequency
Percentage
Frequency
Cumulative
Percentage
Frequency
Lower limit Upper Limit Midpoint Near Other Near Other Near Other
10 50 30 0 0 0.00 0.00 0.00 0.00
50 90 70 0 1 0.00 0.67 0.00 0.67
90 130 110 0 5 0.00 3.33 0.00 4.00
130 170 150 2 46 1.33 30.67 1.33 34.67
170 210 190 50 61 33.33 40.67 34.67 75.33
210 250 230 47 33 31.33 22.00 66.00 97.33
250 290 270 3 4 2.00 2.67 68.00 100.00
290 330 310 0 0 0.00 0.00 68.00 100.00
330 370 350 7 0 4.67 0.00 72.67 100.00
370 410 390 17 0 11.33 0.00 84.00 100.00
410 450 430 16 0 10.67 0.00 94.67 100.00
450 490 470 6 0 4.00 0.00 98.67 100.00
490 530 510 2 0 1.33 0.00 100.00 100.00
530 570 550 0 0 0.00 0.00 100.00 100.00
TOTAL 150 150
Answer 6

4BUSINESS STATISTICS
0 100 200 300 400 500 600
0.00
20.00
40.00
60.00
80.00
100.00
120.00
Percentage Frequency Polygons
Near
Other
Weekly Rent
Cumulative Percentage
Figure 2: Cumulative frequency polygon
Answer 7
The mean of the distribution of values of the variable "near" is greater than the median of
the distribution. This can be seen from the table 2. Thus, it can be said that the distribution is
positively skewed. There are more values less than the mean of the distribution.
Again, the mean of the distribution of values of the variable "other" is less than the
median of the distribution. Thus can also be seen from the table 2. In this case, the mean and the
median are close to each other. Thus, the distribution can be said to be symmetric.
Answer 8
For the variable "near", the mean is given by 276. The mean rent of the houses near the
campus is 276 whereas the mean rent of the houses away from the campus is 184. Thus, it can be
seen that the houses near the campus are more costly than the ones away from the campus as
people of the colleges want to rent places close to the campus.

5BUSINESS STATISTICS
Answer 9
The four measures of variability shown in table (d) are range, standard deviation, quartile
deviation and coefficient of variation. The rents of the variable category "near" shows more
variability.
Answer 10
The weekly rent distribution of the variable near has more variability. Thus, it can be
seen that the rent of the places close to the campus has both the low fare places as well as the
high fare places. The high fare are more in number than the low fare places near the campus.
Thus, for the affordability of the students, they take places for rent, which are far from the
campus, but travelling to the university from such a distance is a problem for the students. Thus,
the college union should think of a college bus, which will bring the students from their rented
apartments far from the campus to the campus. This can decrease their problem of availing the
distance.