Class_Exercise__2 - classes labeled on the X-axis 4 You...

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Class Exercise #2 – Due Tuesday October 13 Grouped Data Calculations for U.S. Income, 2007 1. Go to the U.S. Statistical Abstract, 2010. Go to the section on Income, Expenditures, Poverty and Wealth. Go to Household Income, then Table 676. You should see income classes across the top as column headings, and in each cell you have the thousands of households for each category. We are going to use only three row classes: row 10 – all households, row 54 – high school graduate, and row 58 – bachelor’s degree. 2. On an Excel worksheet, put in column A the income classes, in B the # of households in each class for “all households”, in C for “high school”, and in D for “bachelor’s degree”. This is your raw (grouped) data set. 3. Construct a histogram with all three income distributions on one graph, with the income
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Unformatted text preview: classes labeled on the X-axis. 4. You will need to have medians for each income class. Assume the median for the highest class is $165,000. 5. Find the mean and standard deviation for each of the three categories. To do this, follow the procedure in section 3.6 of the text: Construct three separate tables showing your worksheet calculations for each of the variables (columns for the classes, M, f, f*M, and f*(M-avg)^2, as well as the column sums needed to calculate the means and standard deviations). 6. Calculate the coefficient of variation for each variable. 7. Go back to #3 and insert a vertical arrow line at the mean income for each of the three variables (Use ‘Insert’ and ‘Shapes’)....
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