ECO 578 Fall 201 Section A: Answer the following questions (1-10) 1. Name 6 reasons why we use samples instead of an entire population. 1. 2. 3. 4. 5. 6. Economy Timeliness Accuracy and sampling Large population Destructive nature of the observation Partly inaccessible populations 1. 2. 3. 4. 5. 2. Name 3 types of statistical samples. 6. Random sample Convenience sample Judgement sample 7. 8. 9. 10. 11. 12. 13. 3. Name measures of spread or variability. Range Standard Deviation Absolute Deviation Quartiles Variance 14. 15. 4. Name 4 types of random samples. 16. Simple random sample Systematic random sample Stratified sample Cluster sample 17. Page 18. 5. What are the uses of regression analysis? 19. 20.Forecasting and Explanation 21. 22. 6. What is the standard deviation for these data: 5.432, 5.432, and 5.432 23. 24. 25. 26. 27. 28. 29. 7. Explain the concept of error and uncertainty as it relates to decision making 30. 31. 32. 33. 34. 35. 36. 37. 38. 8. What does the constant term capture in the equation? 39. 40. 41. 42. 43. 9. What does the error term capture in the equation? 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 10. Suppose the classes for an organized set of data are as follows: please fill in the A column and answer the B question. (5 points) 55. Cla 56. A. 57. B. 58. C. ss 63. 0.2 35 - 0.8 75 67. 0.8 75 - 1.5 15 71. 1.5 15 - 2.1 55 60. MidPoint 61. What is the value of class width? 62. Into which class is the value 1.515 assigned ? 66. 64. 70. 68. 65. 74. 72. 75. 76. 77. Section B: Must show all your work step by step in order to receive full credit; Excel is not allowed. (1123) 78. 11. From the below cross classification showing the frequencies of hair and eye color of a group of students at North Texas, and answer the following questions (a-d). 79. 81. Hair Color Blond 82. Br ow n 83. B 80. Eye Color 84. G r e e n 89. 1 87. Blond 88. 30 95. 2 93. Brown 99. Red/Au burn 94. 74 90. 7 91. 2 96. 1 0 97. 7 102. 5 103. 3 108. 6 114. 2 109. 1 115. 101. 1 100. 17 107. 1 105. Black 111. Total 106. 43 112. 16 113. 85. Haz 86. T 92. 5 98. 1 104. 4 110. 6 116. 7 2 4 8 13 117. a) The probability that a student will have blue eyes given he/she is blond. 118. 119. 18/57 120. 121. 122. c) The probability that a student will have either red hair or green eyes. 125. 126. b) The probability of black hair. 123. 124. 0.22 d) The probability that a student will have brown hair and brown eyes. 68 277 128. 74 277 127. 129. 130. 12. Use the given information to answer the following questions: 131. 134. X f 132. 135. 137. 138. 139. 141. 142. 143. 144. b. Variance 145. 140. 146. 147. 148. 149. 150. c. Standard 151. Deviation 152. 13. Below are the stock prices for APPLE and MIROSOFT from January to June 2016. a. Range 153. 2 154. A 155. M 156. J 157. 9 158. 52 159. F 160. 9 161. 49 0 9 174. a) 175. Fi 163. 1 164. 51 165. A 166. 1 167. 54 168. M 169. 9 170. 50 171. J 172. 9 173. 52 Use the given information to answer the following question (a-b). Answer the following questions. 176. 179. 180. 181. 182. 183. 184. 185. 186. 189. 190. 191. 192. 193. 194. 195. 196. 197. 178. M 188. M 199. R 203. V 213. 162. M 214. APPLE 177. MICROSOFT 187. 198. 200. 201. 202. 204. 205. 206. 207. 208. 209. 210. 211. 212. 216. S. 215. 217. 218. b) Using part (a), describe to an investor the differences between the distributions of the performance figures for the two types of stock market price performance. If you're an investor by analyzing the stock prices which stock you will invest and why? 219. 220. 221. 222. 14. Prospective salespeople with an insurance company often are screened through a battery of tests, from which a "career profile" score is obtained. The higher the score, the greater the potential for success. A sample of 45 applicants generated the following distribution of career profile scores: (**Using D-method). 226. Cu 227. M mulativ 223. 224. 229. 230. id228. 225.C e Scor Fr d d F Relative poin d e Freque t (X) 231. d ncy 232. 6- 9 241. 9- 1 2 250. 12 - 1 5 259. 15 1 8 268. 18 2 1 277. Total 233. 9 234. 242. 12 243. 251. 16 252. 260. 3 261. 269. 5 270. 278. 279. 235. 236. 237. - 238. 239. 240. 244. 245. 246. - 247. 248. 249. 253. 254. 255. 0 256. 257. 258. 262. 263. 264. 1 265. 266. 267. 271. 272. 273. 2 274. 275. 276. 280. 281. 282. 283. 284. 285. 286. 287. 288. 289. a) Mean b) Median 296. 290. 291. 292. 293. 294. 295. c) Mode 297. 298. d) Range e) Variance 302. 303. 304. 299. 300. 301. f) Standard deviation 308. 309. 310. 305. 306. 307. g) 45th Percentile 311. 312. 313. 314. 315. 316. 317. 318. 319. 322. h) 1st Quartile 320. 321. ECO 578 Fall 201 Section A: Answer the following questions (1-10) 1. Name 6 reasons why we use samples instead of an entire population. 1. 2. 3. 4. 5. 6. Economy Timeliness Accuracy and sampling Large population Destructive nature of the observation Partly inaccessible populations 1. 2. 3. 4. 5. 2. Name 3 types of statistical samples. 6. Random sample Convenience sample Judgement sample 7. 8. 9. 10. 11. 12. 13. 3. Name measures of spread or variability. Range Standard Deviation Absolute Deviation Quartiles Variance 14. 15. 4. Name 4 types of random samples. 16. Simple random sample Systematic random sample Stratified sample Cluster sample 17. Page 18. 5. What are the uses of regression analysis? 19. 20.Forecasting and Explanation 21. 22. 6. What is the standard deviation for these data: 5.432, 5.432, and 5.432 23. 24. Find the mean of the numbers, subtract the mean from the numbers and square the numbers and add up the results 25. The is no deviation since all numbers are equal. Hence standard deviation is 0 26. 7. Explain the concept of error and uncertainty as it relates to decision making 27. 28. 29. 30. 31. 32. 33. 34. 35. 8. What does the constant term capture in the equation? 36. The Constant Term in an expression or equation has a fixed value and does not contain variables. 9. What does the error term capture in the equation? 37. An error term is a variable in a mathematical model, which is created when the model does not fully represent the actual relationship between the independent variables and the dependent variables. 38. 10. Suppose the classes for an organized set of data are as follows: please fill in the A column and answer the B question. (5 points) 40. A. 39. Cla ss 47. 0.2 35 - 0.8 44. MidPoint 48. 0.555 41. B. 45. What is the value of class width? 49. 0.64 42. C. 46. Into which class is the value 1.515 assigned ? 50. 75 51. 0.8 75 - 1.5 15 55. 1.5 15 - 2.1 55 54. 0.875 - 1.515 52. 1.195 58. 56. 1.835 59. 60. 61. Section B: Must show all your work step by step in order to receive full credit; Excel is not allowed. (1123) 62. 11. From the below cross classification showing the frequencies of hair and eye color of a group of students at North Texas, and answer the following questions (a-d). 63. 65. Hair Color Blond 66. Br ow n 67. B 64. Eye Color 68. G r e e n 73. 1 71. Blond 72. 30 79. 2 77. Brown 83. Red/Au burn 78. 74 74. 7 75. 2 80. 1 0 81. 7 86. 5 87. 3 92. 6 93. 1 98. 2 8 99. 13 85. 1 84. 17 91. 1 89. Black 95. Total 90. 43 96. 16 4 97. 7 69. Haz 101. a) The probability that a student will have blue eyes given he/she is blond. 102. 103. 18/57 104. 105. 106. b) The probability of black hair. 107. 108. 0.22 70. T 76. 5 82. 1 88. 4 94. 6 100. 2 c) The probability that a student will have either red hair or green eyes. 109. 110. d) The probability that a student will have brown hair and brown eyes. 68 277 112. 74 277 111. 113. 114. 12. Use the given information to answer the following questions: 115. 118. X f 116. 119. 0 9 121. a. Range 122. 1-0=1 123. 125. 126. 127. 128. Variance = 0.1 b. Variance 129. 124. 130. 131. 132. 133. 134. c. Standard 135. Deviation 136. Standard Deviation = 0.316 13. Below are the stock prices for APPLE and MIROSOFT from January to June 2016. 137. 2 138. A 139. M 140. J 141. 9 142. 52 143. F 144. 9 145. 49 146. M 147. 1 148. 51 149. A 150. 1 151. 54 152. M 153. 9 154. 50 155. J 158. a) 159. Fi 162. M 172. M 156. 9 157. 52 Use the given information to answer the following question (a-b). Answer the following questions. 160. 163. 164. 165. 166. 167. 176. 98.88 97.95 APPLE 161. 171. 168. 169. 170. 173. 174. 175. MICROSOFT 51.69 179. (51.65+52.04)/2 = 51.845 177. 178. 180. R 184. V 187. S. 181. 15.96 185. 26.18 188. 189. 5.12 183. 182. 186. 3.097 190. 1.75 5.14 191. 192. b) Using part (a), describe to an investor the differences between the distributions of the performance figures for the two types of stock market price performance. If you're an investor by analyzing the stock prices which stock you will invest and why? 193. 194. 195. 196. 14. Prospective salespeople with an insurance company often are screened through a battery of tests, from which a "career profile" score is obtained. The higher the score, the greater the potential for success. A sample of 45 applicants generated the following distribution of career profile scores: (**Using D-method). 199.C 197. 198. 200. Cu 201. M 202. 203. 204. F mulativ Scor Fr idd d d e e poin 205. d Relative Freque ncy 206. 6- 9 215. 9- 1 2 224. 12 - 1 5 233. 15 1 8 242. 18 2 1 251. Total 207. 9 208. 9 216. 12 t (X) 210. 209. 0.2 217. 21 218. 0.4 6 219. 225. 16 226. 37 227. 0.8 2 228. 234. 3 235. 40 236. 0.8 9 237. 243. 5 244. 45 252. 253. 245. 1 254. 7 211. - 212. - 1 220. - 221. - 1 229. 0 230. 0 231. 0 232. 0 1 238. 1 239. 3 240. 1 241. 3 1 247. 2 .5 0.5 3.5 6.5 246. 9.5 256. 0 255. 260. 261. 262. 263. 264. 265. c) Mode 267. 268. e) Variance 272. a) Mean 12.367 b) Median 266. d) Range 13.209 273. 269. 270. 271. f) Standard deviation 276. 277. 278. 274. 275. g) 45th Percentile 279. 280. 281. h) 1st Quartile 288. 289. 248. 1 257. 1 213. 4 222. 1 249. 4 258. 1 214. 3 223. 1 250. 2 259. 7 282. 283. 284. 285. 286. 287. 290. Estimated Median = L + (((( n / 2) - cfb) / fm ) * w) Estimated Mode = LM + ( ( (fmg - fmpre ) / (fmg - fmpre) + (fmg - fmnext)) * w)