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Quantitative Methods in Economics: Statistical Analysis and Probability Applications

This assignment applies statistical methods and probability analysis to economic decision-making and research.

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    Quantitative Methods in Economics: Statistical Analysis and Probability Applications Assignment One quantitative methods in Economics (1) “This assignment is to be completed individually. Students are allowed to discuss or share ideas with your fellow student however your answer should be unique and cannot copy others’ work as mentioned in our course outline. (2) “Create a title page for your assignment and include the name(s) of the people with whom you worked. “ (3) Please type the assignment. Please make effort to present your work professionally. (4) Q uestions will be chosen from the assignment to mark for your final grade. (5) Please hand in the printed out assignment before class. No late assignment will be accepted. Question One: Define population and sample. Describe and distinguish between descriptive statistics and inferential statistics, between a population and a sample. population all values of a data set sample is some set of the whole population. descriptive statistics like skewness,kurtosis,shape inferential like mean,median,quartile Question Two: 2. What is a random sample? Give one example of economic question that you would like to investigate. Then answer the question what kind of data would you need to help you to answer your question? How do you achieve a random sample data for your question? a sample without bias is a random sample. how many people are below poverty line in US? people salary would be needed randomly select some states, then some cities, then some clusters and finally some random people from those clusters Question Three 3. Refer the excel file, assignment1Excel. This was the grade that my summer students receive in the end. Could you add the last digit of your student number to the grades and create a new series of grades. (my last digit number is 9). Then, a) Please draw a histogram of your students’ grade. Please refer to the Youtube Video, . Creating a Histogram In Excel 2010, For bin range, please use five end points so that you have 5 group of students ( that is you group the class into A, B, C, D, F) . In our lecturing, we used equal interval, you do not have to use equal intervals for the 5 class, but make sure there is no gap between intervals) Please copy your bin range and the histogram graph and hand in the results.

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