01 & 02 STAT HWB a - Dr V.R Bencivenga Economics...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Dr. V.R. Bencivenga Economics 329 PRACTICE HOMEWORK #1B: ANSWERS 1.a. Approximately continuous. Technically discrete, because the units of measurement are “dollars,” but the number of values of the variable in the data set is going to be large (probably each value will be unique), and the typical value of the variable is large compared to the unit of measurement. b. Continuous. A proportion can take on any value from zero to one (or zero to one hundred if in percentage points). c. Discrete. Any given state probably has one, two, or three state university systems (I’m pretty sure every state has at least one, and I’m not aware of any state that has more than three, although if there is a state with four, the variable would still be considered to be discrete). d. Discrete. Dummy variable, since any state university is either a land grant institution or not. e. Approximately continuous. Technically discrete, because the units of measurement are “students,” but the criteria for modeling the variable as continuous (given above) are satisfied. 2.a. Median. This variable will have an asymmetric distribution, with a long right “tail,” similar to that of the distribution of income. The relatively small number of large cities would pull the mean up compared to the median, distorting the impression given by the mean. b. Either the median or mean could be justified. Probably the distribution of this variable is somewhat asymmetric with a right “tail,” suggesting that the median is most appropr iate. But probably it is not very asymmetric to some extent people who get married late will be offset by people who get married young, and most marriages probably occur between people in their twenties and thirties, suggesting that the mean is a reasonable measure. c. Mode. This information is qualitative. The concepts of the mean and median do not make sense in this context. d. Again, either the median or mean could be justified. Probably the distribution is somewhat asymmetric with a right “tail,” but probably the degree of asymmetry is not great. In practice, it would be reasonable to report both the median and the mean, with the difference between them indicating the degree of skewness.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern