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TEST 4 TAKE HOME TEST PROBLEMS

ECONOMIC STATISTICS

(WORK ALONE – NO COLLABORATION)

Based on the following data for car crash deceleration measurements, do an ANOVA test and answer

question 5 (i.e., the question that will be #5 on the test)

Small cars:

45, 43, 44, 54, 38, 43, 42, 45, 44, 50

Medium cars: 30, 49, 43, 41, 47, 42, 37, 43, 44, 34

Large cars:

30, 37, 38, 45, 37, 33, 38, 45, 43, 42

5. What is the test statistic of F for this data? The Critical Value of F?

Based on the following data for car crash deceleration measurements, do a 2-Way ANOVA test and

determine if car size and /or country of origin make a difference in crash effects on the passenger. Use

results to answer question 6 (i.e., the question that will be #6 on the test)

Car Crash Effects On Passenger (In “g”s)

Small

Medium Large Cars

Foreign

47

39

38

“’

45

44

40

“

43

47

42

Domestic 43

43

37

“’

44

37

38

“’

42

34

33

Use the Economic Report of the President for 2012 to obtain data on the real GDP and real Consumption

(Table B-2), the NYSE Composite Index (Table B-95), and the Prime Interest Rate (Table B-73). Get

data for the period 1970-2000. Be sure and include 1970 and 2000 data in your selection. Here are 1970

and 2000 values, so you can make sure you are pulling the right data from these tables:

1970 GDP: $4,266.3

1970 NYSE Composite Index: 483.39

2000 GDP: $11,216.4

2000 NYSE Composite Index: 6805.89

1970 Consumption: $2,738.9

1970 Prime Interest Rate: 7.91%

2000 Consumption: $7,604.6

2000 Prime Interest Rate: 9.23%

Use these data to regress consumption (dependent variable) on GDP (our income measure), the NYSE

Index (our wealth measure), and the Prime Interest rate. Use the multiple regression results to answer

questions 7-9:

7. What is the % of the total variation in C (i.e., R2) explained by the 3 explanatory variables

8. What is the estimated marginal effect of a $1.00 increase in income on consumer spending? (marginal

effect is given by the regression coefficient)

9. What is the correlation coefficient between Wealth (the NYSE Index) and interest rates?

The following data on the mean temperature of 10 U.S. cities was taken one year apart:

2012 temperature: 67, 53, 64, 74, 67, 70, 55, 74, 62, 57

2011 temperature: 66, 52, 68, 77, 67, 71, 60, 82, 65, 58

Use Statdisk to do a Sign test (NOT Wilcoxon Test) to determine if the differences in temperature among

the cities are large enough (2 tail test) to conclude there was a year to year average change in U.S

temperature, or not large enough to indicate with certainty anything other than random fluctuation was

occurring. (Open Statdisk, select “Analysis’, then select “sign test”, then select “Given pairs of Values”,

then select “evaluate”). Use your results to answer questions 10 and 11. below about the test statistic

“X”:

10. What’s the critical value of X?

11. What is the actual test statistic for X

Below are data on college quality and selectivity. Use them to calculate a rank correlation in question 13

below.

Quality Rank:

8, 2, 1, 7, 5, 4, 3, 6

Selectivity Rank: 2, 4, 8, 1, 6, 3, 7, 5

13. Use the Statdisk correlation program to calculate the rank correlation of the data on college

quality/selectivity above

…

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