Econ 107 HW #1 : Stats Review
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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?
2022-06-27