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Problem Set #1 Answers

by: Mariell Bruun

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Problem Set #1 Answers 2670

Marketplace > Economcs > 2670 > Problem Set 1 Answers
Mariell Bruun
DU
GPA 3.1

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About this Document

This is the first problem set of this class, referring to the first part of class explaining statistics.
COURSE
Quantitative Methods
PROF.
Mark Evers
TYPE
Test Prep (MCAT, SAT...)
PAGES
11
WORDS
CONCEPTS
Statistics
KARMA
75 ?

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This 11 page Test Prep (MCAT, SAT...) was uploaded by Mariell Bruun on Tuesday January 19, 2016. The Test Prep (MCAT, SAT...) belongs to 2670 at a university taught by Mark Evers in Winter 2016. Since its upload, it has received 82 views.

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Date Created: 01/19/16
Econ 2670 Problem set #1 Mariell Bruun 1. Fans of the Colorado Rockies are often asked to provide their opinion about the Coors Field experience. Suppose you are asked to identify the types of data (nominal, ordinal, interval, etc.) from a sample survey that asks the following questions: a. Interval b. Ordinal c. Nominal d. Ordinal e. Ordinal 2. In a recent address at the G-8 Summit (sans Russia), US President Barack Obama expressed renewed concern about climate change due to global warming. The Excel dataset Xr02-16 posted on Blackboard lists the top 15 annual emitters of CO mea2ured in millions of metric tons. a. Convert excel data set into STATA. b. Climate change du to global warming Construct a Bar chart in both excel and STATA. c. Identify the top three and bottom three emitters as measured in metric tons of CO 2 i. Top 3: United States, China, Russia ii. Bottom 3: Australia, Saudi Arabia, France 3. The Excel dataset Xr02-20 posted on Blackboard contains a list of the top 10 exporters of oil into the US measured in millions of barrels. a. Convert the excel dataset into a STATA dataset b. Identify the OPEC countries in this dataset and construct a frequency distribution and pie chart in both Excel and Stata of just the OPEC countries. c. Combine the OPEC countries into a single group and construct a pie chart in both Excel and Stata of the OPEC group and the remaining oil exporters. d. Combine the OPEC countries into a single group and construct a bar chart in both Excel and Stata of the OPEC group compared to the other oil exporting countries. 4. Following the great recession of 2007, many countries have considered changes to the tax rate on corporation profits as a way to stimulate investment and restore positive economic growth. The Excel dataset Xr02-53 lists effective tax rates for OECD countries in three categories of manufacturing, services and aggregate production. a. Construct a bar chart in both Excel and Stata that compares the effective tax rates by country per category. 5. The length of time (measured in minutes) required to serve 420 customers at a local fast food restaurant are recorded in the Excel dataset Xr03-16 posted on Blackboard. a. How many bins should a histogram of these data contain? i. This histogram should have 20 bins since there are 20 observations b. Construct a histogram in both Excel and Stata using the number of bins specified in part a. c. Is the histogram symmetric or skewed one direction or the other? How do you know? i. I would say that this histogram is more skewed to the right (positively) because it looks like the data distribution is going towards the right. 6. The dataset Xr03-38 provides data on US federal budget receipts and outlays (measured in billions of current dollars`) for the years 1980-2013(estimated). a. Construct a time series plot of both receipts and outlays. b. Calculate the difference between receipts and outlays over this time period and graph your results. c. How many years has the US federal budget been in surplus over this time period? i. The US has been in surplus for 30 years. 7. Do better golfers play faster rounds of golf than poorer golfers? The dataset Xr03-91 contains data on total scores and time to complete 18 holes of play from a random sample of 125 foursomes. a. Construct a scatterplot depicting the relationship between these variables. b. Do these data tell you anything about the relation between player quality and time to complete a round of golf? i. Yes. The better the player is, the faster he/she is playing. The data shows that the people shooting lower scores plays 18-holes in a short amount of time than other people shooting higher scores. 8. Briefly describe the difference between experimental and observational data. a. In an observation, investigators observe subjects and measure variables of interest without assigning treatments to the subjects. b. In an experiment, investigators apply treatments to experimental units and then proceed to observe the effect of the treatments on the experimental units. 9. Briefly explain the difference between sampling error and non- sampling error and describe three types of non-sampling error. a. Sampling error is the error that arises in a data collection process as a result of taking a sample from a population rather than using the whole population b. Non-sampling error is the error that arises in a data collection process as a result of factors other than taking a sample i. Poor sampling method ii. Questionnaire or measurement error iii. Behavioral effects 10. Skodel Ltd is a small brewery that is undergoing a major expansion after a take-over by a large European brewery chain. Skodel Ltd produces a range of beers and lagers and is renowned for the quality of its beers; winning a number of prizes at trade fairs throughout the European Union. The new parent company is reviewing the quality control mechanisms being operated by Skodel Ltd and is concerned at the quantity of lager in its premium lager brand which should contain a mean of 330 ml and a standard deviation of 15 ml. The bottling plant manager provided the parent company with quantity measurements from 100 bottles for analysis contained in the Excel spreadsheet lager1.xlsx posted on Blackboard. a. Form a grouped frequency table with 5 groups with a class width of 9. Bins Frequency 309-5 - 10 318.5 318.5 - 10 327.5 327.5 - 10 336.5 336.5 - 20 345.5 345.5 - 50 354.5 b. Plot the histogram. c. Do the results suggest that there is a great deal of variation in lager quantity in the bottles? i. Yes there is a great deal of variation in the lager quantity since the Skewness is negative. Looking at the graph above, we can see that the bottles contain more beer than the average. d. What conclusions can you draw from these results? i. I can conclude with these results that the beer bottles contain more beer than the average, as we can see on the graph that most bottles contain more than 330ml.

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