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BEStutorial12s1 - THE UNIVERSITY OF NEW SOUTH WALES School...

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1 THE UNIVERSITY OF NEW SOUTH WALES School of Economics ECON1203/ECON2292 Business and Economic Statistics Session 1, 2012 TUTORIAL DOCUMENT INTRODUCTION Please note the following: The object of the tutorials is to work through the assigned exercises to obtain an in- depth understanding of the topics covered in the course. A number of the set tutorial exercises are purposely challenging, in order to promote some tutorial discussion. Students should not feel inadequate if they find several exercises each week somewhat difficult. It is expected that some students will require more practice in solving problems, i.e. additional to the following assigned exercises. A further list of suitable practice exercises from the textbook is therefore given after the assigned exercises in this document; this list is not exhaustive and students may also wish to try other exercises from the appropriate sections of the textbook. Some tutorial problems have an explicit computing component. Such problems may require some analysis using EXCEL and/or interpreting EXCEL output. Several problems are specifically linked to the Computing Document. These problems are denoted as Computing Exercises as they have a computing and a discussion component. Students should consult their Computing Document where these particular problems are described in detail. In all problems involving computing, students should complete the computing component before coming to the tutorial where the problem has been assigned for discussion. Several problems draw on substantive real data sets and are part of the Statistics in Action ( SIA ) component of the course. Statistical tables are provided in this document together with brief notes on how to use the tables. These statistical tables will also be provided in class tests and final examination papers. Useful formulae are also provided. Please note that these formulae as they appear here will be provided on the final examination paper.
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2 WEEK 2 TUTORIAL EXERCISES (To be discussed in week starting March 5) 1. What is meant by a variable in a statistical sense? Distinguish between qualitative and quantitative statistical variables, and between continuous and discrete variables. Give examples. 2. Distinguish between (a) a statistical population and a sample; (b) a parameter and a statistic. Give examples. 3. In order to know the market better, the second-hand car dealership, Anzac Garage, wants to analyze the age of second-hand cars being sold. A sample of 20 advertisements for passenger cars is selected from the second-hand car advertising/listing website www.drive.com.au The ages of the vehicles at time of advertisement are listed below: 5, 5, 6, 14, 6, 2, 6, 4, 5, 9, 4, 10, 11, 2, 3, 7, 6, 6, 24, 11 (a) Calculate frequency, cumulative frequency and relative frequency distributions for the age data using the following bin classes: More than 0 to less than or equal to 8 years More than 8 to less than or equal to 16 years More than 16 to less than or equal to 24 years.
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