Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part A: Analytical Questions Choose a data set that represents time series data of at least 10 years on any variable that interests you. You

Part A: Analytical Questions Choose a data set that represents time series data of at least 10 years on any variable that interests you. You can obtain your data on any variable by using databases from IMF, World Bank, UNData, Fiji Bureau of Statistics or RBF. Use the data selected to answer the following questions:

1) Apply three different appropriate graphical techniques that you have learnt in this course that can be utilized for numerical data that you have chosen and describe the trend that you can observe from the data.

2) For the same set of data you have identified, generate the descriptive statistics in MS Excel.

3) Suppose you are to select five years' worth of data only to create an sample from the data available to you in the data set, use either systematic random sampling or simple random sampling method that you have learnt in Topic 4 to create an sample size of five. (For example, if your data is for 10 years, randomly select five different years through either systematic random sampling or simple random sampling method). You are to describe clearly how you have obtained your sample from the data set.

Part B Calculation Questions

1) The amount of Mangoes that are produced each year by a farmer in Waka Village is normally distributed. The standard deviation of the bags of mangoes is identified as 0.04 grams. Mangoes that too small and unripe are not bagged. Using your knowledge of hypothesis testing and a 95% confidence level, execute a two - tailed to prove the claim that = 0.50 grams. The sample mean is 0.51 grams and the sample size is 25 bags of mangoes.

2) Jacksonville Traders manufactures battery operated toy cars that would last 20,000 hours. Random samples of 14 battery operated toy cars were examined. The standard deviation of the sample was 1750 hours. What is the probability that the toy cards, when examined in a test, will not last more than 19800 hours?

3) Suppose there are three different types of cakes that are sold at Lina's Bakery. There are 4 cheesecakes, 5 vanilla sponge cakes and 2 black forest cakes. Tom takes at random 2 of these cakes without replacement. What is the probability that he takes 2 different types of cakes upon his selection?

4) Suppose the Fiji Rugby Sevens team is in the grand final of HK Sevens championship. Experts have assigned a probability of 60% that Fiji will win the championship. Past records indicate that when teams win the championship, they win the first game of the series 70% of the time. When they lost championship, they win the first game 25% of the time. The first game is over against NZ and Fiji has lost. Present the above information in a tree diagram and calculate the probability of Fiji winning the championship given that they have lost their first game.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Price theory and applications

Authors: Steven E landsburg

8th edition

538746459, 1133008321, 780538746458, 9781133008323, 978-0538746458

More Books

Students also viewed these Economics questions

Question

=+in reserves and the change in the money supply?

Answered: 1 week ago