Lehigh University
Eco. 45
Problem Set #1
Professor Thornton
Spring 2016
Instructions: Please answer/do the following questions and problems
carefully and neatly on 8 x 11 paper. (See the Tips sheet for
guidelines in doing all homework sets.) You may want
Eco 45 HW 1 - Due Tuesday. January 2 before class
Adam Biener - Fall 2014
1. Question 7, ASW, pp. 23-24.
2. Consider the data in Table 1.6 of ASW, p. 22.
a. How many elements are in the data set?
b. How many variables are in the data set?
c. Which of the
Eco 45 HW 6 - Due Thursday, Mar 17th before class
Adam Biener - Spring 2015
1. Use the tables of the standard normal random variable to compute the following probabilities:
a. P (z < 1.23) = .8907
b. P (z > 1.38) = .9162
c. P (z > 1.84) = 1 .0329 = .9671
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Eco 45 HW 4 - Due Thursday, February 19 before class
Adam Biener - Fall 2014
1. Of the 400 total employees of a certain company, 180 have college degrees. There are 50
managers working for the company and 40 have college degrees. What is the probability t
Eco 45 HW 4 - Due Thursday, February 19 before class
Adam Biener - Fall 2014
Answer Key
1. Of the 400 total employees of a certain company, 180 have college degrees. There are 50
managers working for the company and 40 have college degrees. What is the pr
Eco 45 HW 1 - Due Tuesday. January 27 before class
Adam Biener - Fall 2014
Answer Key
1. Question 7, ASW, pp. 23-24.
a. Each question has a yes or no categorical response.
b. Yes and no are the labels for the customer responses. A nominal scale is being u
Lehigh University
College of Business and Economics
Eco 45 Lecture #5a
Probability distribution concept
Random Variable, X
PDF = probability distribution (density) function
Binomial Distribution & a Bernoulli Experiment
Note: Bring text to class for table
Lehigh University
College of Business and Economics
Eco 145w Lecture #11e
Regression Analysis
Hypothesis tests
Evaluating the regression results
Regression Example
Problem:
Year i
Determine the relationship between United Widgets, Inc., advertising
expend
Lehigh University
College of Business and Economics
Eco 45 Lecture #4a
Basic probability concepts
Basic probability topics you need to know from ASW Ch 4
Concepts/definition of probability:
classical, relative frequency, subjective
Sample space
elementary
Lehigh University
College of Business and Economics
Eco 45 Lecture #3a:
Characteristics of freq distributions
Central tendency, dispersion, skewness, kurtosis
Descriptive summary statistics
Central tendency (ungrouped, grouped data)
Arithmetic mean (simpl
Lehigh University
College of Business and Economics
Eco 45 Lecture #3a:
Characteristics of freq distributions
Central tendency, dispersion, skewness, kurtosis
Descriptive summary statistics
Central tendency (ungrouped, grouped data)
Arithmetic mean (simpl
Lehigh University
College of Business and Economics
Eco 45 Lecture #4a
Basic probability concepts
Basic probability topics you need to know from ASW Ch 4
Concepts/definition of probability:
classical, relative frequency, subjective
Sample space
elementary
Lehigh University
College of Business and Economics
Eco 45 Lecture #8a
>Now into Inferential Statistics <
(known 2)
Estimation procedures
Confidence interval estimate for
Lehigh University
College of Business and Economics
Eco 45 Lecture #8b
1. What to d
Lehigh University
College of Business and Economics
Eco 45 (Ch 1-2):
Definition of statistics
&
A straightforward and effective method to
discover useful information for
actual decision making
OutlineforLecture#1
Definitions/usesforstatistics
Measuremen
Lehigh University
College of Business and Economics
Eco 45 Lecture #6a
The most famous
continuous probability distribution:
Normal distribution and applications
Variations on the Normal pdf table
Normal Distribution:
Continuous Distribution
1. Describes m
Lehigh University
College of Business and Economics
Eco 45 Lecture #7a
Sampling distribution of sample mean X
1. Pop: infinite & normal
2. Pop: non-normal => Central Limit Theorem
Finite Population Correction (FPC) factor
Sampling distribution of sample
Lehigh University
College of Business and Economics
Eco 145 Lecture #11a (ASW 14.1)
(Bivariate, Simple) Regression Analysis:
Objectives
Basic concepts
Best line
1. Bivariate (Simple) Regression Concepts: (connection to previous topics)
Stochastic or stati
Lehigh University
College of Business and Economics
Eco 45 Lecture #9a
Inferential Statistics
Hypothesis testing
Basic concepts
Establishing hypotheses
Significance level,
Classical approach: Critical values
Decision making
ESTIMATION
Sample statistic, e
Lehigh University
College of Business and Economics
Eco 45 Lecture #5a
Probability distribution concept
Random Variable, X
PDF = probability distribution (density) function
Binomial Distribution & a Bernoulli Experiment
Probability Distribution = Probabil
Lehigh University
College of Business and Economics
Eco 45 (Ch 1-2):
Definition of statistics
&
A straightforward and effective method to
discover useful information for
actual decision making
OutlineforLecture#1
Definitions/usesforstatistics
Measuremen
Eco 45 HW 3 - Due Tuesday. Sept 18 before class
Adam Biener - Fall 2014
1. Problem 19, ASW, p. 184
2. Suppose a single trial experiment results in one of three mutually exclusive events, A, B,
or C. It is known that P (A) = .40, P (B) = .50, and P (C) = .
Eco 45 HW 3 - Due Thursday. February 12th before class
Adam Biener - Spring 2015
Answer Key
1. Problem 19, ASW, p. 184
a. Prob =
334
777
b. Prob =
411+213
821
= .76
c. Prob =
334+411
1598
= .4662
= .4299
d. Not much dierence.
2. Suppose a single trial exp
Eco 45 HW 6 - Due Thursday, Mar 17th before class
Adam Biener - Spring 2015
1. Use the tables of the standard normal random variable to compute the following probabilities:
a. P (z < 1.23)
b. P (z > 1.38)
c. P (z > 1.84)
d. P (z > 1.51)
e. P (1.20 < z < 1
Eco 45 HW 11 - Due December 4th before class
Adam Biener - Spring 2015
NOTE: For some (all?) of the problems below you will want to use EXCEL. If
you do, be sure to turn in a copy of your computer-generated results.
1. Problem 5, ASW, pp. 608-609
a. Scatt
Eco 45 HW 11 - Due December 4th before class
Adam Biener - Spring 2015
NOTE: For some (all?) of the problems below you will want to use EXCEL. If
you do, be sure to turn in a copy of your computer-generated results.
1. Problem 5, ASW, pp. 608-609
2. An ai
Eco 45 HW 9 - Due April 14th before class
Adam Biener - Spring 2015
Instructions: In the problems below, show clearly all major steps required to test the
appropriate hypotheses. Unless a particular approach is asked for, you may use any of the
methods wh
Eco 45 HW 9 - Due April 14th before class
Adam Biener - Spring 2015
Instructions: In the problems below, show clearly all major steps required to test the
appropriate hypotheses. Unless a particular approach is asked for, you may use any of the
methods wh
Lehigh University
College of Business and Economics
Eco 45 Lecture #10
Inferential Statistics
Tests for two populations parameters
Compare 2 populations parameters
=> Two sample hypothesis tests for a relevant characteristic (mean)
(Two-tailed test: Is th
Chapter 9 Hypothesis Tests
Developing Null and Alternative Hypotheses
Type I and Type II Errors
Population Mean: Known
Population Mean: Unknown
Population Proportion
Slide1
9.1 Developing Null and Alternative
Hypotheses
Hypothesis testing can be used t