ECON

• Notes
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ECON 41 Fall 2006 Midterm Answer Keys Problem 1 a: A discrete variable is a variable whose values are countable (examples: the number of cars in a parking lot, the number of people visiting a bank on any day). A continuous variable is a variable that can assume any numerical value over a certain interval or intervals (examples: height, length, weight, and time). b: 1: numerical facts, 2: Field or discipline of study. It consists of a group of methods used to collect, analyze, present and interpret data and to make decisions. 3: numerical descriptive measures (example: mean, standard deviation, and percentile) that refer to a sample Problem 2 version A (Problem 3 version B): (a) mean=6; mode=6; median=6; (b) range=11; variance=7.09; standard deviation=2.66 (c) They are sample statistics because there are much more than 12 households shopping in this supermarket. These 12 households are just a sample. If you think we are only interested in these 12 households and regard them as the population, then you have to use the population formula in part b. Problem 3 version A, (Problem 2 version B) a. P ( they have children ) = 380 + 140 1000 = 520 1000 b.

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• Spring '07
• Guggenberger
• Poisson Distribution, Probability theory, Binomial distribution, Discrete probability distribution, Negative binomial distribution, car sales

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