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### AK12_230

Course: ECO 230, Spring 2008
School: Rochester
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Word Count: 391

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230 ECO Economic Statistics Answer Key to Homework #12 Marianna Kudlyak Spring 2007 Total points: 10. Graded exercises: Ex. 1 (2pts), Ex. 6(2pts), Ex. 7 (2pts) and Ex. 8 (2pts). 0.7pts for the presence of each of the remaining 3 exercises. Exercise 1. Newbold, Carlson and Thorne, Problem 10.13, p.348. Exercise 2. Newbold, Carlson and Thorne, Problem 10.25, p.352. Exercise 3. Newbold, Carlson and Thorne,...

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230 ECO Economic Statistics Answer Key to Homework #12 Marianna Kudlyak Spring 2007 Total points: 10. Graded exercises: Ex. 1 (2pts), Ex. 6(2pts), Ex. 7 (2pts) and Ex. 8 (2pts). 0.7pts for the presence of each of the remaining 3 exercises. Exercise 1. Newbold, Carlson and Thorne, Problem 10.13, p.348. Exercise 2. Newbold, Carlson and Thorne, Problem 10.25, p.352. Exercise 3. Newbold, Carlson and Thorne, Problem 10.44, p.361. Exercise 4. Newbold, Carlson and Thorne, Problem 10.53, p.361. Exercise 5.(Ex.4). Exercise 6. Parking Meter Theft Explained during recitations. Please see TA or instructor if you have any questions. Exercise 7. One survey conducted by Management Resources determined that the Lexus is the favorite luxury car for 25% of CFOs. Suppose a financial management association conducts its own survey of CFOs in an effort to determine whether the figure is correct. They use the following sample data: Sample size: 384 CFO, Lexus owners:79. Discuss the findings o the financial management association, including the hypotheses, one- or two-tailed tests, test statistics and the conclusion. H0: = 0.25 H1: 0.25 Test statistics: 79 - 0.25 384 = -2.00 Zst = 0.25(1 - 0.25) 384 Critical values for the two-sided test: z0.10/2 = 1.645; z0.05/2 = 1.96; z0.02/2 = 2.325. Decision Rule: Reject H0 in favor of H1 if |Zst|> Zcr. Since Conclusion: Zst < - z0.05/2 but Zst > - z0.02/2, we can reject H0 at 5% significance level but fail to reject at 2% (in fact, the p-value of the test is approximately 4.5%). Hence, we conclude that the data provide the evidence that the hypothesis that 25% of CFOs own Lexus can be rejected at 5% significance level. Exercise 8. Suppose the Gap is considering putting a factory outlet store on Main Street and they hire you to conduct some required research. You implement a survey and ask 225 students how much they believe they would spend at the store each year. The student responses have a mean of \$200 and a standard deviation of \$150. Given this information, answer the following questions: a) What is the 95% confidence interval for (true) mean per student expenditure? Use the following formula: 200 +/- t225-1,0.025(150/15) b) Test the hypothesis that the true mean expenditure exceeds \$220 Set up the hypothesis as follows: H0: = 220 H1: < 220 Decide on significance level and use critical value from the t-distribution with (n-1) degrees of freedom. c) Suppose you somehow new that the true mean per student expenditure was \$225. What (approximately) is the probability that you would see a sample mean of \$200 or lower if this was the case? Find the distribution of sample mean (use CLT) and calculate the probability.
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Rochester - ECO - 230
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Rochester - ACC - 221
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Arizona - AME - 250
Excerpts from this work may be reproduced by instructors for distribution on a not-for-profit basis for testing or instructional purposes only to students enrolled in courses for which the textbook has been adopted. Any other reproduction or translat
Arizona - AME - 250
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Arizona - AME - 250
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Arizona - AME - 250
Excerpts from this work may be reproduced by instructors for distribution on a not-for-profit basis for testing or instructional purposes only to students enrolled in courses for which the textbook has been adopted. Any other reproduction or translat
Arizona - AME - 250
Excerpts from this work may be reproduced by instructors for distribution on a not-for-profit basis for testing or instructional purposes only to students enrolled in courses for which the textbook has been adopted. Any other reproduction or translat