Lab 2 - Spring 2010

Lab 2 Spring 2010 - LAB COPY DO NOT REMOVE Lab 2 Population Parameters Sampling Sample Statistics and the Sampling Distribution Objectives 1 More

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Lab 2: Population Parameters, Sampling, Sample Statistics, and the Sampling Distribution. Objectives: 1. More practice with Excel: equations and functions. 2. Review and illustrate the concept of sampling from a population. 3. Review population and sample descriptive measures. 4. Review and illustrate the concept of a sampling distribution. Key Terms: 1. Population vs. Sample; Random Samples. 2. Characterizing Distributions: Center and Variation. 3. Population Mean and Population Standard Deviation. 4. Estimation: Sample Mean and Sample Standard Deviation. 5. Sampling Distributions. 6. Inference: confidence intervals and hypothesis tests Data : The data (Amherst home price data) are in the Excel file: Lab1-AmherstHomeSales2006.xls . The file is the same one we used last week and is available on the course website – the Lab Exercises page. For this week’s lab, you can just open the file you saved last week. Exercises: Saving Your Excel File First, open the Excel file that you worked on last week in lab. Before you do anything else, be sure that you can easily save the file to a secure location such as your “U Drive” or a thumb drive. You should be able to access this file for future use. Review: Descriptive Measures for the Population of Used Accord Prices 1. We worked with the Amherst Sales Price data last week. We defined these data as the population of all Amherst single family homes sold in 2006. You should have calculated the population mean last week, and you should have calculated deviations and squared deviations for each observation. You should have then calculated the population standard deviation . We also completed the 5 Number Summary . 2. We used a couple of the Excel statistical functions last week, average and stdevp , to check answers. My price data were in column E with labels in row 1, so I typed the expressions: “=AVERAGE(E2:E170)” and “=STDEVP(E2:E170)” to determine the values for the mean and standard deviation. Note that there are two functions for the standard deviation ; one is for population data (“=STDEVP(. .)) and the other for sample data (=STDEV(. .)). Be sure you use the correct function for the data you have. Because we had the population data, we calculated the true population parameter values.
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This note was uploaded on 12/08/2011 for the course ECON 312 taught by Professor Daniellass during the Winter '10 term at UMass (Amherst).

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Lab 2 Spring 2010 - LAB COPY DO NOT REMOVE Lab 2 Population Parameters Sampling Sample Statistics and the Sampling Distribution Objectives 1 More

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