Quiz1 Sp 07 Key

# Quiz1 Sp 07 Key - bonuses: \$4,500 , \$2,718 , \$8,000 ,...

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Name KEY ID ECON 2843 Spring 2007 Quiz 1 Students must show all work on problems that involve calculation, even if the question is multiple choice. Questions 1 through 4 refer to the following: Average points scored per game were found for a sample size of 12 for 2006 NBA basketball players and classified as follows: Average points scored cumulative per game frequency 0 – 6 18 6 – 12 63 12 – 18 81 18 – 24 90 1. What is the mean points per game for this sample? a. 10.2 * b. 12 c. 15.2956 d. 23 e. 229.5 2. What is the standard deviation of the points per game for this sample? a. 5.23 b. 5.26 * c. 27.36 d. 27.67 e. 272.92 1

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3. If one of the sample observations is selected randomly, what is the probability that the player will score the more points per game than the median class? .30 4. What is the relative frequency of the class 18 – 24 ? a. .05 b. .09 c. .10 * d. .50 e. 90 5. Calculate the coefficient of variation. a. 2.71% b. .50 c. 51.28% d. 51.57% * e. 271% Questions 6 – 9 refer to the following. A sample of workers from a large law firm showed the following amounts for their end-of-year
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Unformatted text preview: bonuses: \$4,500 , \$2,718 , \$8,000 , \$22,189 , \$10,000 , \$16,180 , \$5,800 6. What is the interquartile range? a. \$4.00 b. \$4.50 c. \$5.00 d. \$9,000.00 e. \$11,680.00 * 7. What is the range? 2 \$19,471.00 (= 1,000*t) 8. What is the variance? a. \$6,102.93 b. \$6,971.7 c. 37,245,714.3 d. 48,604,661 * e. 1,138,000,000 9. In one or two sentences, given an interpretation/definition of the variance. The variance is the average of the squared deviations from the mean. It is one of the primary measures of dispersion and risk. 10. A family has spent \$20,000 to purchase some shares of stock to save for a daughter’s college education. They expect the stock’s annual rate of return to be about 8.5%. If this holds true, how many years will it take for the value of this investment grow to \$80,000? 17 years 3...
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## This note was uploaded on 04/07/2008 for the course ECON 2843 taught by Professor Hudgins during the Spring '08 term at The University of Oklahoma.

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Quiz1 Sp 07 Key - bonuses: \$4,500 , \$2,718 , \$8,000 ,...

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