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Econ 107 HW #1 : Stats Review

2022

Question 1

The following set of data is from a sample of n=5

7 4 9 8 2

a. Compute the mean, median and mode.

b. Compute the range, variance, standard deviation and coefficient of variation.

c. Compute the Z scores. Are there any outliers?

 

Question 2

The following is a set of data for a population with N=10

7 5 11 8 3 6 2 1 9 8

a. Compute the population mean.

b. Compute the population standard deviation.


Question 3

The following table contains the probability distribution for the number of traffic accidents daily in a small town:

Number of Accidents Daily

(X)

P(X=xi)

0

0.10

1

0.20

2

0.45

3

0.15

4

0.05

5

0.05

 

a.   Compute the mean number of accidents per day.

b.   Compute the standard deviation.


Question 4

Given a standardized normal distribution (with a mean of 0 and a standard deviation of 1) what is the probability that

c.   Z<1.57

d.   Z>1.84

e.   1.57

f.   Z<1.57 or Z>1.84

g.   Z=1.57

 

Question 5

Given a normal distribution with m=50 and s=4, what is the probability that

a.   X>43

b.   X<42

c.   Five percent of the values are less than what X value?

d.   Between what two X values (symmetrically distributed around the mean) are sixty percent of the values?

 

Question 6

A set of final exam grades in an intro stats course is normally distributed with a mean of 73 and a standard deviation of 8.

a.   What is the probability that a student scored below 91 on this exam?

b.   What is the probability that a student scored between 65 and 89?

c.   The probability is five percent that a student taking the test scores higher than what grade?


Question 7

Given a normal distribution with   =100 and   =10, if you select a sample of n=25, what is the probability that ̅ is:

a.   Less than 95

b.   Between 95 and 97.5

c.   Above 102.2

d.   There is a 65% chance that ̅ is above what value?


Question 8

If ̅

mean,   .


construct a 95% confidence interval estimate for the population


Question 9

Summarize full steps for hypothesis testing in detail. Along with the detailed steps, explain type1 error, type2 error, p-value and decision rules.


Question 10

The quality-control manager at a light bulb factory needs to determine whether the mean life of a  large shipment of bulbs is equal to 7,500 hours. The population standard deviation is 1,000 hours. A random sample of 64 bulbs indicates a sample mean life of 7,250 hours.

a.   At the 0.05 level of significance, is there evidence that the mean life is different from 7,500 hours?

b.   Compute the p-value and interpret its meaning.

c.   Construct a 95% confidence interval of the population mean life of the bulbs.

 

Question 11

If, in a sample of n=16 selected from a normal population, ̅ = 56 and S = 12, what is the value    of tstat if you are testing the null hypothesis H0  : µ = 50? How many degrees of freedom does the t test have? What are the critical values of t if the level of significance is α = 0.05 and the               alternative hypothesis, H1, is µ ≠ 50? What is the outcome of your t-test?