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problem_set_2 - each sample the result will be 1000 sample...

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M. Ryan Haley Spring 2008 Economic and Business Statistics Economics 210 Problem Set #2 1 Directions Use a computer ( i.e. , Excel or Minitab) to solve the following four problems. It is, of course, important that you solve the problems correctly, but it is equally important that you correctly interpret the output. So, when the question asks for an interpre- tation of the results, be sure to do so. Recall, as per the syllabus, that each problem is worth 1 point. The first problem requires samples.xls (posted on D2L). The last three prob- lems require the data file realestate.xls , which I have also posted on D2L in the “Content” folder. 1 This data set contains n = 105 observations over eight variables concerning the price of houses. Additional details about the data set appear in your textbook on pages 503–505. 2 Problems 1. Using samples.xls compute the sample mean for
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Unformatted text preview: each sample; the result will be 1000 sample means (one for each row). Next, produce a histogram of the 1000 sample means. What shape does the histogram appear to be approximating and why? 2. Suppose the sample, from realestate.xls , concerning homes had come the fox valley. Compute a 95% confidence interval for the population average selling price. Interpret your findings. 3. Using the 0.02 level of significance, can we conclude that there is a difference between the proportion of houses with pools and the proportion of houses with garages? 4. Testing the hypothesis that the the average distance from downtown is 12 miles; use the 1% level of significance. 1 If you choose to use Minitab, simply copy and paste the Excel data into the Minitab data editor (worksheet), and then commence with your analysis. 1...
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