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Laura Naples, Manager of Heritage Inn, periodically collects and tabulates information about a sample of the hotel's overnight guests. This information aids her in planning and scheduling decisions she must make. The table below lists data on ten randomly selected hotel registrants, collected as the registrants checked out. The data listed for each registrant are: number of people in the group; birth date of person registering; shuttle service used, yes or no; total telephone charges incurred; and reason for stay, business or personal.
a. How many elements are there in the data set?
b. How many variables are there in the data set?
c. How many observations are there in the data set?
d. What are the observations for the second element listed?
e. What is the total number of measurements in the data set?
f. Which variables are quantitative?
g. Which variables are qualitative?
h. What is the scale of measurement for each of the variables?
i. Does the data set represent cross-sectional or times series data?
j. Does the data set represent an experimental or an observational study?
Gross Profit
The financial measure calculated by subtracting the cost of goods sold from revenue, representing the profit a company makes after deducting the costs associated with making and selling its products.
Net Sales
The amount of sales revenue left after deducting sales returns, allowances, and discounts from gross sales.
Gross Profit
The profit from sales revenue remaining after the cost of goods sold is subtracted, but before accounting for overheads, payroll, taxes, and interest expenses.
Sales Returns
Goods returned to the seller by the buyer after the sale, leading to a reduction in sales revenue.
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