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econ310_f09_ps5_ans

# econ310_f09_ps5_ans - Econ 310 Problem Set#5 Solutions...

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Econ 310: Problem Set #5 Solutions Andres Aradillas-Lopez 1. Exercise 3.82. (a) The sampling distribution describes the variation of the character- istic of a sample. A characteristic of a population does not vary; it is a flxed number. (b) Bias and variability are independent; any combi- nation of high/low bias and high/low variability is possible (as Figure 3.14 illustrates). (c) For a given population, variability decreases with increasing sample size, so the variability for the large sample will be smaller. 2. Exercise 3.84. (a) High bias, high variability (many are low, wide scatter). (b) Low bias, low variability (close to parameter, little scatter). (c) Low bias, high variability (neither too low nor too high, wide scatter). (d) High bias, low variability (too high, little scatter). 3. Exercise 3.88. (a) The population is Ontario residents; the sample is the 61,239 people interviewed. (b) The sample size is very large, so if there were large numbers of both sexes in the sample-this is a safe assumption because

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