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Practice MidTerm with Solutions

Practice MidTerm with Solutions - ECON 2300 Practice Test 1...

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ECON 2300 – Practice Test 1 1. Define the following terms in words . a. Discrete Variable: b. Variance: c. Median: d. Standard Score f. Mode g. Range 2. Explain the differences between histograms and bar charts. 3. In order to estimate how much water will be needed to supply the community of Falling Rock in the next decade, the town council asked the city manager to find out how much water a sample of families currently uses. The sample of 15 families used the following number of gallons (in thousands) of water in the past year. 11.2, 21.5, 16.4, 19.7, 14.6, 16.9, 32.2, 18.2, 13.1, 23.8, 18.3, 15.5, 18.8, 22.7, & 14.0 a. Calculate the mean amount of water used per family. b. Suppose that 10 years from now, the town council expects that there will be 1200 families living in Falling Rock. How many gallons of water will be needed annually if the consumption per family remains constant? c. What is the median value for this data? d. Calculate the variance for this set of data. e. Calculate the coefficient of variation for this data.
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ECON 2300 – Practice Test 1 pg. 2 4. The following data represents the time required by the telephone company to rectify problems with 10 customer telephone lines. The data is measured as the minutes between receipt of a complaint and clearing of the problem. 7.55, 3.75, 0.10, 1.10, 0.60, 0.52, 3.30, 2.10, 0.58, 4.02 a. Compute the mean time to clear a line. b. Compute the standard deviation for the data. c. What is the median time required to clear a line? d. Compute the coefficient of variation for this data. e. What conclusions can you draw about the variability of this dataset based on the coefficient of variation? 5. Suppose the average or mean daily sales volume for a particular department store is $12,000 with a standard deviation of $2500. Use the empirical rule to answer the following questions. a. Yesterday's sales volume was $14,500. Should the manager consider this to be a banner sales day or a so-so sales day? Explain. b. The sales volume for 3 days ago was $10,000. What is the standard score associated with that sales volume? c. What does the z-score computed in part b tell you? 6. Out-of-state tuition rates (in $000) at 45 North Carolina colleges and universities are provided in the table below. 6.5 4.0 7.1 8.3 5.4 7.6 9.0 15.7 16.7 6.4 5.0 8.5 5.7 7.7 7.2 12.4 7.1 5.5 9.7 4.4 7.0 6.3 8.3 6.9 5.7 7.6 7.9 7.9 6.0 8.2 10.4 9.9 3.9 9.8 8.2 5.6 7.9 6.4 7.4 7.0 13.0 8.7 6.4 6.7 7.4 a. Develop a frequency distribution table for this data. b. Construct a relative frequency histogram for this data. c. Construct a box plot for this data. (Mean = $7,787, Median = $7,400, Q1 = $6,400 and Q3 = $8,300.)
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ECON 2300 – Practice Test 1 pg. 3 7. The local public radio station is in the midst of its annual fundraising campaign. The following data represent the pledge amounts received during the first nine nights of the telemarketing campaign. Note: the data represent $1000s. 16, 18, 11, 17, 13, 10, 22, 15, 16 a. Compute the mean amount pledged during the first nine nights. b. Compute the median amount pledged during the first nine nights.
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