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SG2sportsF11 - Sports Economics Study Guide Two Basic...

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Sports Economics Study Guide Two Basic Statistical Analysis and Consumer Demand in Sports September 1, 2011 BASIC STATISTICS AND REGRESSION ANALYSIS 1. a. Explain the difference between the ‘mean’ and the ‘median’. b. Explain the difference between a symmetrical and skewed distribution. c. The mean salary of NBA players equaled $4.6 million in 2009-10. The median salary was $2.8 million. What does this information tell us about the distribution of salaries in the NBA? Briefly explain. 2. Explain how one calculates the following measures of dispersion. a. Range b. Sample Variance c. Standard Deviation 3. Explain the difference between a 'deterministic' and a 'statistical' relation. Provide an example from the world of sports of each relation. 4. List, define, and provide a sports example of the three types of data utilized in regression analysis. 5. What is ‘Ordinary Least Squares’? 6. Explain why an error term is a part of any regression. Be sure to list the three sources of the error. 7. Given Wins = a 0 + a 1 *Offensive Rebounds + e i In the above regression equation, what is a. Wins b. a 0 c. a 1 d. Offensive Rebounds e. e i f. Explain the difference between univariate and multivariate analysis. Be sure to explain the problem(s) with univariate analysis. Your answer should explain and reference the term ‘ceteris paribus’. g. Discuss how the following models can lead to mistaken inferences: Wins = f(PTS) Winning Percentage = f(Relative Payroll) 8. We have a rule of thumb that a t-statistic should be, in absolute value, greater than two. Explain the reasoning behind this rule.
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