hw1 - EC305 Economic Statistics Boston University Fall 2010...

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EC305 – Economic Statistics Boston University, Fall 2010 by Arhan Ertan HW1 Due: September 21, in class 1. A recent study examined the intended travel destinations for a sample of residents from Grand Rapids, Michigan. The respondents indicated the likely destination of their next vacation. The results of this survey are as follows: 8% were contemplating an international trip, 16% were considering Florida, 30% said they would go to California, 36% thought they would go somewhere within Michigan, and the remaining 10% were looking at some other destination. a) Construct a bar chart to show this information b) Construct a pie chart to show this information. 2. Describe briefly what is meant by simple random sampling. 3. Discuss briefly the difference between descriptive and inferential statistics. 4. What is the difference between a frequency distribution and a relative frequency distribution? 5. Why is a cumulative relative frequency distribution so much more informative than just the relative frequency distribution? 6. A recent Wall Street Journal poll asked a group of American voters to rate economic conditions in the United States. 92% of the respondents rated economic conditions as “unfavorable.” Identify the population, sample, sample statistic, and population parameter in this survey. 7. An investment councilor recently reviewed the account activity of a sample of 10 of his clients and calculated the average number of stock trades per month over the past year for each client. He obtained the following data values: 10.2, 2.5, 11.4, 3.2, 1.1, 3.4, 8.4, 9.7, 11.2, and 2.4.
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This note was uploaded on 11/09/2010 for the course EC EC305 taught by Professor Arahan during the Spring '10 term at BU.

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hw1 - EC305 Economic Statistics Boston University Fall 2010...

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