a ) Use the data analysis tools to plot a line graph of all the finishing times .
b ) Calculate the mean , median , mode , sample variance , sample standard deviation , and coefficient of variation to statistically describe the data .
c ) Use Excel to find the covariance between the two variables . What does the covariance indicate about the relationship between finishing time and age ?
Froeb et al .’ s Chapter 3 : a . Individual problems : 3-1 and 3-3 .
Individual problem 3-1 : You won a free ticket to see a Bruce Springsteen concert ( assume the ticket has no resale value ). U2 has a concert the same night , and this represents your next-best alternative activity . The tickets to the U2 concert costs $ 80 , and on any particular day , you would be willing to pay up to $ 100 to see this band . Assume that they are no additional costs of seeing either show . Based on the information presented here , what is the opportunity cost of seeing Bruce Springsteen ?
Individual problem 3-3 : Due to the housing bubble , many houses are now selling for much less than their selling price just two or three years ago . There is evidence that homeowners with virtually identical houses tend to ask more if they paid more for the house . What fallacy are they making ?
Salvatore ’ s Chapter 3 : a . Discussion Questions : 9 . b . Problems : 1 ( a ), 7 , and 9 .