The president of a local consumer advocacy group is concerned
1. The president of a local consumer advocacy group is concerned about reports that similar generic drugs are being sold at widely differing prices at local drugstores. Upon surveying 30 stores, she collected the following set of prices at which one drug was being sold:6.497.156.095.038.659.495.2510.959.898.837.697.198.347.1510.2913.4310.997.97.757.69.27.697.358.098.756.297.996.895.616.25a) Construct a stem and leaf display for these datab) Calculate the mean and standard deviation for these datac) Construct a frequency distribution for these data. Use six class intervals, with $5.00 as the lowest boundary of the first class.d) Construct a relative frequency histogram for these data.e) The consumer advocate discovers that all of the drugstores buy the product from the same wholesaler at $4.50. Given that the advocate considers a markup of more that 100% to be unfair, what percent of the stores sampled would be considered engaging in unfair pricing practices?
| 2. Inco Ltd is a major producer of nickel, which is used in the production of stainless steel. The annual demand for nickel and the amount supplied by Inco are shown in the table below: | |||
| Year | World Demand | Inco Delivereis | |
| (millions of lbs) | (millions of lbs) | ||
| 1980 | 1150 | 345 | |
| 1981 | 1095 | 342 | |
| 1982 | 985 | 251 | |
| 1983 | 1145 | 314 | |
| 1984 | 1290 | 356 | |
| 1985 | 1230 | 358 | |
| 1986 | 1260 | 380 | |
| 1987 | 1410 | 477 | |
| 1988 | 1425 | 495 | |
| 1989 | 1450 | 514 | |
| 1990 | 1502 | 490 | |
| a) Construct your own graphical presentation of the data in this table. | |||
| b) Calculate the mean and standard deviation of both World Demand and Inco Deliveries over the years 1980 – 1990. | |||
| c) Calculate the range in World Demand and Inco Deliveries. | |||
| d) From your graph, please answer the following question: Has the trend in Inco Deliveries kept pace with the trend in World Demand over the time period? | |||
| e) From the data, what percent of world demand is being met by Inco? |
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