1 a sample of irish households shows the following size

Assignment Help Econometrics
Reference no: EM13373469

1. A sample of Irish households shows the following size distribution:

Household Size

Frequency

1

33

2

41

3

26

4

24

5

14

6

5

7

1

8

1

(a) Calculate the mean, median and standard deviation of household size.

(b) Draw a histogram of household size variable. On the histogram, mark in the mean and median. Comment on the shape of the distribution.

(c) How is an 'outlier' defined? Is an observation of a household size of 8 an outlier?

 2. A survey of Irish people found that 21.3% of the sample had green eyes. Say that 12 people (all Irish) are in a bar, and one of them tells the others about this fascinating research on eye colour. What is the probability that three of the 12 has green eyes? What is the probability that none has green eyes? Explain the calculations that you make carefully.

3. A survey of 100 households drawn randomly from the population found that households in the sample spent an average of €949 over the Christmas season. The sample standard deviation was €175.

(a)  What estimator would you use to estimate the population mean Christmas spending? What is meant by an unbiased estimator? Is your estimator unbiased? Explain.

(b)  If Christmas spending is normally distributed, what is the probability that a randomly selected household spends between €750 and €1150?

(c)  Say that you are asked to construct the sampling distribution of mean Christmas spending. Give a step-by-step explanation of how you would do this; you can assume a sample size of 100.

(d)  Sketch (roughly) the sampling distribution of mean Christmas spending. Explain why the sampling distribution has this shape. If Christmas spending had a skewed distribution (rather than normal), would this change your sketch of the sampling distribution? Explain.

(e)  What are the mean and standard error of your sampling distribution?

Reference no: EM13373469

Questions Cloud

An individual wishes to deposit an amount of money now and : an individual wishes to deposit an amount of money now and 100 every six months so that at the end of five years they
A social welfare functions embody a normative conception of : a social welfare functions embody a normative conception of the relative importance of equity and efficiency. with the
From telf module teaching english : from telf module teaching english one-to-onenbsp--------------------------------------------------------------look at
1what economic problem is the nation facing2what would be : 1.what economic problem is the nation facing?2.what would be the goals of your fiscal policy?3.what exact fiscal policy
1 a sample of irish households shows the following size : 1. a sample of irish households shows the following size distributionhousehold sizefrequency133241326424514657181a
Analyze the effects of each of the shocks below using the : analyze the effects of each of the shocks below using the three diagrams i have been using in class the is-lm diagram
Using the article on tv violence summarize the : using the article on tv violence summarize the article.nbspelements of the summary1. begin the summary by stating the
3imagine you are going to teach the vocabulary of kitchen : 3.imagine you are going to teach the vocabulary of kitchen items to a pre-intermediate class of young adults. the
It is estimated that the annual heat loss in a small : it is estimated that the annual heat loss in a small factory is 12000. proposal 1 will reduce the heat loss by 68 and

Reviews

Write a Review

Econometrics Questions & Answers

  What pricing scheme would maximize overall weekly profit

As a budding entrepreneur, you have purchased a small bakery. After some market research, you have estimated that your customers' willingness to pay for a donut/coffee combo falls into 9 categories ($2.75, $2.50, $2.25, $2.00, $1.75, $1.50, $1.25,..

  What fraction of the production will be unacceptable

A machine operation produces bearings whose diameters are normally distributed, with a mean of .498and a standard deviation of .002. If specifications require that the bearing diameter be .500 inch +- .004 inch, what fraction of the production wil..

  What is measured in terms of the odds of dying

The article states that between 285 and 1,437 people in the United States could die if everyone were vaccinated against smallpox. The population in the United State is about 300 million people.

  What is total dollar amount saved by all consumers combined

Suppose that elimination of tariffs on agricultural products means that 1,000 farm workers lose jobs that pay an average of $20,000 per year. At the same time, because of the imporation of relatively cheaper foreign vegetables.

  Should john continue operating his business

john an accountant quit his $80,000 a year job and bought an existing laundry facility from its previous owner. the lease had five more years remaining and required a monthly payment of $4000. johns explicit costs are $3000 per month more than his..

  Calculate the value of the price elasticity of supply

An increase in the demand for green tea raises the price of apples from $16 a pound to $20 a pound. As a result, quantity supplied increases by 30 percent. Using the midpoint formula, calculate the value of the price elasticity of supply.

  What interpretation would you give the exponent for r

If you were a supplier to the furniture manufacturer, would you have preferred to see the analysis performed in physical sales units rather than dollars of revenue How would this change alter the interpretation of the price coefficient, presently ..

  What is the optimal consumption of apricots and bananas

Jason's utility from consuming apricots and bananas is given byU(a,b)=2a+3b. Suppose Jason will spend $10 on fruit. If the pricesare pA=1 and pB=2, what is his optimal consumption of apricots and bananas

  What is amount of deadweight weight loss

Suppose per unit tax, T is imposed on buyers. Then what is the equilibrium quantity and equilibrium price? Now, assume T=30, then what will be equilibrium price and quantity. (Hint: use P is the price producer receives, and P+T is price paid by th..

  What is the average inflation rate

Suppose a country has a money demand function ( M/ P)^d = kY, where k is a constant parameter. The money supply grows by 12 per year, and real income grows by 4 percent per year.What is the average inflation rate

  Determine first withdrawal occurs at the end of six months

What quarterly deposit must be made at the end of each quarter until Corey retires so that he can make a withdrawal of $40,000 semiannually over the first 10 years of his retirement. Assume that his first withdrawal occurs at the end of six months..

  What is the cost or benefit to society of the externality

If the company keeps its levels of L and K the same, what is the change in the number of fish caught If the fish catch is worth $0.80/fish to society, what is the cost or benefit to society of the externality in monetary terms

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd