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ADMS 2320 (20)
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Chapter 3

Stats 1 - Chapter 3.docx

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York University
Administrative Studies
ADMS 2320

Stats I - Chapter 3 Graphical Techniques for Interval Data - There are several graphical methods that are used when the data are interval (i.e. numeric, non- categorical) - The most important of these graphical methods is the histogram. - The histogram is not only a powerful graphical technique used to summarize interval data, but it is also used to help explain probabilities. Example 3.1 Following deregulation of telephone service, several new companies were created to compete in the business of providing long-distance telephone service. In almost all cases these companies competed on price since the service each offered is similar. Pricing a service or product in the face of stiff competition is very difficult. Factors to be considered include supply, demand, price elasticity, and the actions of competitors. Long-distance packages may employ per-minute charges, a flat monthly rate, or some combination of the two. Determining the appropriate rate structure is facilitated by acquiring information about the behaviors of customers and in particular the size of monthly long-distance bills. Classes - Distinguish the amounts th
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