Topic 8
Estimation and
hypothesis testing of
single population means
Statistical Inference
Estimation
A structured analytical method that incorporates the
potential for sampling error, and allows for the control or
measurement of the probability of decisi
TEST 3 REVIEW
TOPICS 7 AND 8
Topic 7
Sampling Error and Sampling
Distributions
Sampling Error
Sampling Error
Sample Statistics are used to ESTIMATE Population Parameters
For Example
sample mean X is a POINT ESTIMATE of the population mean,
sample proport
Topic 4
Probability
1
Concepts and Definitions
2
Probability
The chance that an uncertain event will occur
(always between 0 and 1)
3
Important Definitions
Experiment
A process that results in a single unpredictable outcome.
Elementary event
The simplest
Topic 7
Sampling Error and Sampling
Distributions
Sampling Error
Sample Statistics are used to ESTIMATE Population Parameters
For Example
sample mean X is a POINT ESTIMATE of the population mean,
sample proportion p is a POINT ESTIMATE of the population
Topic 3
Numerical data measures
1
Used in Describing a Distribution
CVDO(T)
Centre describes observed centre
Variation describes extent of observed
variation around centre
Distribution describes observed shape of
distribution
Outliers describes prese
Topic 6
Continuous Probability Functions
1
Continuous Probability Functions
The probability density function for the continuous
random variable must satisfy certain conditions:
The function is nowhere negative, f(x)0 for all possible
x.
The probability,
Topic 2
Describing the data using
tables and charts
1
Frequency Distributions
A summary of a set of data that displays the
number of observations corresponding to each
of the distributions distinct data values or
intervals.
2
Discrete Data
Discrete data a
Topic 5
Discrete Probability Distributions
1
Introduction to Probability Distributions
2
Random Variables
Random Variable
A random variable represents a possible numerical value from a random event
and it takes all values based on possible outcomes of a c
Course Outline
I: Descriptive statistics
Topics1-3
II: Probability
Topic 4
Theoretical Probability Distributions
Topics 5-6
III: Statistical Inference
Sampling Distributions
Topic 7
Estimation and Hypothesis tests of single population means
Topic 8
Hypoth
ECON 2201 Statistical Methods in Economics and Business I
SOLUTIONS FOR PRACTICE ASSIGNMENT TOPIC 8
SHORT-ANSWER QUESTIONS
1.
2.
3.
4.
5.
6.
What is the z value associated with a two-sided 90% confidence interval? 1.645
What is the z value associated with
Extra Practice Hypotheses State the Null and alternate hypotheses
1.
2.
TheAdamsShoeCompanybelievesthatthemeansizeformen'sshoesisnowmorethan10inches.Totest
this,ithasselectedarandomsampleofn=100men.Thetestistobeconductedusinga.05levelof
significance.Ifthi
Extra Practice Hypotheses State the Null and alternate hypotheses
1.
2.
TheAdamsShoeCompanybelievesthatthemeansizeformen'sshoesisnowmorethan10inches.Totest
this,ithasselectedarandomsampleofn=100men.Thetestistobeconductedusinga.05levelof
significance.Ifthi
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 2
SHORT-ANSWER QUESTIONS
1. What is an alternative to the stem and leaf diagram for displaying a data distribution?
Histogram
2. A line chart is most appropriate for displ
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 6
SHORT-ANSWER QUESTIONS
1. What is the area under the curve of a normal distribution equal to? 1
2. In working with the normal distribution using the raw values of x, the
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 4
SHORT-ANSWER QUESTIONS
1.
List the three ways or approaches to assess/assign/determine probabilities. Classical,
subjective, and relative frequency.
2.
What is the range
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 7
1. According to the central limit theorem, if n is large enough, what distribution will the
sample means have regardless of the shape of the population? normal
2. Accord
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 3
SHORT-ANSWER QUESTIONS
1. What characterizes a symmetric distribution?
Mean=median=mode
2.
Suppose a study of houses that have sold recently in your community showed the
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 5
SHORT-ANSWER QUESTIONS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
What is the long-run average of a discrete distribution called? mean or expected
value
On a
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 1
SHORT-ANSWER QUESTIONS
1. Name five sampling techniques.
Systematic
Stratified
Cluster
Random
Convenience
2. Define sampling error and non-sampling error.
Sampling error
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 8
SHORT-ANSWER QUESTIONS
1.
2.
3.
4.
5.
6.
What is the z value associated with a two-sided 90% confidence interval?
What is the z value associated with a two-sided 95% con
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 2
SHORT-ANSWER QUESTIONS
1.
What is an alternative to the stem and leaf diagram for displaying a data distribution?
2.
A line chart is most appropriate for displaying what
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 7
Short answer
1. According to the central limit theorem, if n is large enough, what distribution will the
sample means have regardless of the shape of the population?
2.
Formula Sheet - ECON 2201
Class width
Largest value - Smallest value
Number of classes
P( E ) 1 P(E)
P(E1 or E 2 ) P(E1 ) P(E 2 ) - P(E1 and E 2 )
P(E1orE 2 ) P(E1 ) P(E 2 )
N
x
i
i1
N
x 1 x 2 x N
N
P(E1 E 2 )
P(E1 and E 2 )
P(E 2 )
n
x
i
x i1
n
P(E1an
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 3
SHORT-ANSWER QUESTIONS
1.
What characterizes a symmetric distribution?
2.
Suppose a study of houses that have sold recently in your community showed the following
freque
ECON 2201 Statistical Methods in Economics and Business I
PRACTICE ASSIGNMENT TOPIC 1
SHORT-ANSWER QUESTIONS
1.
Name five sampling techniques.
2.
Define sampling error and non-sampling error.
3.
Define the sampling method used in each instance.
a) A news
ECON 2201 WINTER 2013
Statistical Methods in Economics and Business I
FINAL HAND IN ASSIGNMENT
Due: by 4:00 pm MONDAY, April 8, 2013
To be submitted in class or at the Economics Dept. Drop Box Loeb C876.
NO LATE ASSIGNMENTS ARE ACCEPTED.
READ ALL INSTRUCT