Econ 261 Problem Set 1 Answers

# Econ 261 Problem Set 1 Answers - ECO 261-Sections IV&V Fall...

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Intervals # of Observations 12-21 6 22-31 2 32-41 9 42-51 3 52-61 4 62-71 4 and the corresponding histogram is Intervals # of Observations 12-22 6 23-33 3 34-44 10 45-55 3 56-66 6 and the corresponding histogram is 0 2 4 6 8 Frequency 20 30 40 50 60 interval 1

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2) & X = n P i =1 X i n = Sample Mean = 35 10 = 3 : 5 ; Median = 3 : 5+3 : 6 2 = 3 : 55 ; Mode = 3 : 7 3) a) & X = n P i =1 X i n = Sample Mean = 375 7 = 53 : 57 ; Median = 55 : No unique mode exists in the distribution. b) Since the mean is slightly less than the median, the distribution is slightly skewed to the left or very close to sym- metric distribution. 4) a) & X = n P i =1 X i n = Sample Mean = 695 : 04 24 = 28 : 96 b) s 2 = n P i =1 ( X i & X ) 2 n & 1 = V ariance = (23 & 28 : 96) 2 +(35 & 28 : 96) 2 +(14 & 28 : 96) 2 + :::::::::::::::::::::::::: (66 & 28 : 96) 2 23 = 184 : 13 StandardDeviation = p V ariance = p 184 : 13 = 13 : 57 c) Interquartile Range = Third Quartile & First Quartile Third Quartile = Q 3 = 0 : 75( n + 1) = 0 : 75(24 + 1) = 18 : 75 is the location for the third quartile, not the value. Third Quartile = Q 3 = 37 + 40 2 = 38 : 5 First Quartile = Q 1 = 0 : 25( n +1) = 0 : 25(24+1) = 6 : 25 is the location for the &rst quartile, not the value.
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## This note was uploaded on 10/06/2008 for the course ECON 261 taught by Professor Eren during the Fall '07 term at University of Nevada, Las Vegas.

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Econ 261 Problem Set 1 Answers - ECO 261-Sections IV&V Fall...

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