Econ 261 Problem Set 1 Qs

# Econ 261 Problem Set 1 Qs - ECO 261 Sections IV V-Fall 2007...

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Problem Set 1 Due Thursday, September 13, 2007 1) Consider the following data: 17 62 15 65 28 51 24 65 39 41 35 15 39 32 36 37 40 21 44 37 59 13 44 56 12 54 64 59 a) Construct a frequency distribution. b) Draw a histogram. 2) Ten economists were asked to predict the percentage growth in the Consumer Price Index over the next year. Their forecasts were 3.6 3.1 3.9 3.7 3.5 3.7 3.4 3.0 3.7 3.4 a) Compute the sample mean, median and the mode. 3) The demand for bottled water increases during the hurricane season in Florida. A random sample of 7 hours showed that the following numbers of 1-gallon bootles were sold in one store: 1

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40 55 62 43 50 60 65 a) Describe the central tendency measures of the data. b) Comment on symmetry or skewness. 4) The time (in seconds) that a random sample of employees took to complete a task is 23 35 14 37 28 45 12 40 27 13 26 25 37 20 29 49 40 13 27 16 40 20 13 66 a) Find the mean time. b) Find the variance and the standard deviation.
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Econ 261 Problem Set 1 Qs - ECO 261 Sections IV V-Fall 2007...

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