1. Sampling & Data - Chapter 1 Sampling Data Econ 3400...

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Chapter 1: Sampling & Data Econ 3400 INTRODUCTION TO ECONOMIC AND BUSINESS STATISTICS
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Statistics in Everyday Life Almost 85% of lung cancers in men and 45% in women are tobacco-related. Women make 75 cents to every dollar a man makes when they work the same job. There is an 80% chance that in a room full of 30 people that at least two people will share the same birthday. On average I sleep 8 hours a day.
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Levels of Measurement Nominal scale level Data that are based on names, categories, qualitative. Ordinal scale level The ordinal scale data can be ranked or ordered based on degrees/intensity. Interval scale level A continuous interval Ratio scale level Ratio scales have a fixed “zero” point
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Which Type of Scale is Being Used? 1. Soccer players classified by their athletic ability: Superior, Average, Above average. (ordinal) 2. Baking temperatures for various main dishes: 350, 400, 325, 250, 300 (ordinal) 3. The colors of crayons in a 24-crayon box. (nominal) 4. Social security numbers. (nominal) 5. Incomes measured in dollars (interval) 6. A satisfaction survey 1 = very satisfied, 2 = somewhat satisfied, 3 = not satisfied. (ordinal)
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7. Political outlook: liberal, moderate, conservative. (nominal) 8. Time of day on an analog watch. (interval) 9. The distance in miles to the closest grocery store. (Ratio) 10. The dates 1066, 1492, 1644, 1947, 1944. (ordinal) 11. The heights of 21 – 65 year-old women. (Ordinal) 12. Common letter grades A, B, C, D, F (Ordinal)
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The Mayor Election We would like to track voter preferences among the NYC Mayoral candidates. Whom do we ask? It is not practical to poll every voter. Typically we interview a relatively small number of people (a sample ). Based on their responses, we draw inferences concerning all voters (the underlying population ).
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Population vs Sample We are interested in the outcome of the Democratic Mayoral Primary on 9/10/2013. The population is the actual voters on election day. The sample is a small subset of the population, selected to represent the preferences of the underlying population. The sample should accurately reflect the underlying population.
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Population or Sample? The subject of interest is the population, “ an entire collection of persons, things, or objects under study. It is usually impractical to study the entire population. We select a sample , and study it to draw inferences about the population. All eligible (or likely) voters is a population; The 500 to 1500 voters surveyed is a sample.
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Parameter or Statistic?
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