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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:
Lab1AmherstHomeSales2006.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).
 Winter '10
 DanielLass

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