Topic1_DescriptiveStats_TestReview.pdf - ECO220Y5Y Quantitative Methods in Economics Topic One \u2013 Descriptive Stats Test Review Questions Tutorials \u2013

# Topic1_DescriptiveStats_TestReview.pdf - ECO220Y5Y...

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ECO220Y5Y: Quantitative Methods in Economics Topic One – Descriptive Stats Test Review Questions Tutorials – Fall/Winter 2017/18 An Economics professor surveyed students to see how they felt about the course. Students could choose from the ordered responses Very Poor, Poor, Average, Great, Excellent. The following data show the responses: –Average –Great –Excellent –Average –Excellent –Excellent –Excellent –Excellent –Excellent –Excellent –Excellent –Great –Great –Excellent –Excellent –Average –Great –Great –Average –Great 1. Prepare a frequency table for these data. 2. Prepare a relative frequency table for these data. 3. Based on frequencies, construct a bar chart. 4. Based on relative frequencies, construct a pie chart. Tutorials – Fall/Winter 2017/18 Consider the data above on monthly average gas prices in Mississauga: 1. Compute the mean 2. Compute the median 3. What is the mode? 4. What is the lower quartile ( Q 1 ) 5. What is the upper quartile ( Q 3 ) page 1 of 15
ECO220Y September 23, 2019 Tutorials – Summer 2018 A clothing company in Toronto receives daily orders both online and over the phone. Data on the number of daily internet orders shows a mean of 1175 and a standard deviation of 250. Data on the number of daily telephone sales shows a mean of 52 and standard deviation of 15. 1. On one of the days observed by the company there were 1500 internet orders received. The company wants to know how unusual this day was. Calculate the standardized value for the 1500 internet orders. 2. On the same day the company observed there were 97 telephone orders received. Calculate the standardized value for the 97 telephone orders. 3. Which value was more extreme, 97 telephone orders received or 1500 internet orders received? Tutorials – Fall/Winter 2017/18 1. Draw two histograms to represent two populations with a common mean, but with a standard deviation of the second population larger than that of the first. 2. Draw two histograms to represent two populations with the mean of the first population larger than that of the second, but with a common standard deviation. 3. If the standard deviation of a population is zero, what can you say about the observations of that population? Tutorials – Fall/Winter 2017/18 You have 100 observations ( n = 100) over two series X and Y. You know: n i =1 X i n = 20 n i =1 Y i n = 122 n i =1 ( X i - ¯ X ) 2 n - 1 = 49 n i =1 ( Y i - ¯ Y ) 2 n - 1 = 1024 n X i =1 X i Y i = 260038 . 1. What is the covariance of X and Y? 2. What is the correlation of X and Y? Tutorials – Fall/Winter 2017/18 Consider the correlation matrix below showing correlation coefficients between stock price, earnings per share (EPS), and the price/earnings (P/E) ratio for a sample of 19 publicly traded companies: page 2 of 15
ECO220Y September 23, 2019 1. What is the correlation between stock price and EPS? Interpret. 2. What is the correlation between stock price and P/E? Interpret.

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