Tennessee State University College of Business, Dept. of Economics & Finance ECON 3050 (Quantitative Methods) Fall 2020: Examination 1 Due Date & Time: September 16, 2020, 11:30 PM, Central Dr....

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Tennessee State University College of Business, Dept. of Economics & Finance ECON 3050 (Quantitative Methods) Fall 2020: Examination 1 Due Date & Time: September 16, 2020, 11:30 PM, Central Dr. Achintya Ray Professor of Economics Department of Economics & Finance College of Business, Tennessee State University, Nashville, TN, USA Date This Examination is Posted: September 8, 2020 Contents 1 How to submit this examination 2 2 What Topics You Need to Cover for This Examination? 2 2.1 How you should proceed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 Suggested Videos That You Should Watch 3 3.1 Disclaimers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3.2 Microsoft Excel Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3.3 Google Sheets Resources: Free and Online . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Numerical Problems 4 5 Data Analysis Questions 5 5.1 Prepare the Dataset in Excel Format . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5.2 Answer the Data Analysis Questions Using the Excel File . . . . . . . . . . . . . . . 5 1 1. How to submit this examination 1. Answers MUST BE NICELY TYPED in a Microsoft Word document. Times New Roman, 12pt font is highly recommended. 2. The document must have 1 inch margin all around on all pages. All pages must be numbered. 3. The cover page of the submission must include your name, T-Number, class and section number. 4. The Word document must be uploaded by no later than 11:30 PM, September 16, 2020 into the Examination 1 folder inside the eLearn Dropbox. This is the ONLY WAY a valid submission can be made. 5. Save this final Word file with the following name convention: firstname-lastname-ECON3050- Exam-1.docx. For example: John-Doe-ECON3050-Exam-1.docx. Then upload the file to the submission folder BEFORE the deadline. 6. Late Submissions WILL NOT be accepted. Early submissions are welcome and strongly encouraged. 7. Photographs of handwritten work, and email submissions WILL NOT BE ACCEPTED. 8. No hard copy submission is allowed. 9. Each submission will be subjected to a strict plagiarism test. Submissions failing the plagiarism test will automatically earn a failing grade in the examination. NO EXCEPTIONS. 10. All supporting data and calculations MUST BE UPLOADED alongside the Word File. The data work must be in a Microsoft Excel format. 2. What Topics You Need to Cover for This Examination? This examination is based on these following concepts: 1. Introduction to Business Statistics 2. Data types and measurement 3. Calculating descriptive statistics 4. Displaying descriptive statistics 5. Sampling and Sampling Distribution 6. One Sample Hypothesis Tests 7. Two sample hypothesis test 8. Hypothesis test concerning variance 9. Analysis of Variance - One way Lecture notes, addtional handouts, and lecture videos covering the topics are posted inside eLearn. 2 2.1. How you should proceed • Read the chapters of the book. • Read the lecture notes posted on eLearn. • Visit the additional materials section and read the Basic Statistics Handout. • Watch the lecture videos posted inside the eLearn 3. Suggested Videos That You Should Watch 3.1. Disclaimers The resources are provided so that you can perform your analysis on two largely comparable plat- forms: Microsoft Excel and Google Sheets. You need to choose between Microsoft Excel or Google Sheets as your preferred ana- lytics platform but it will be entirely fine to learn BOTH. The videos are referred as learning materials. No product, opinion, advertisement, etc. is en- dorsed. YOU ARE STRONGLY ADVISED TO IGNORE ANY COMMERCIAL MA- TERIAL THAT IS NOT RELETED TO FORMULAS AND CONCEPTS COVERED IN THE COURSE. Please bring to my attention if you notice any inappropriate material. 3.2. Microsoft Excel Resources 1. For Microsoft Windows: How to Install the Data Analysis ToolPak in Microsoft Excel https://www.youtube.com/watch?v= yNxLFagKgw 2. For Mac: How to Install the Data Analysis ToolPak in Microsoft Excel https://www.youtube.com/watch?v=mtmrAXwLcuU 3. Creating Pivot Tables in Excel https://www.youtube.com/watch?v=BkmxrvIfDGA 4. Excel - One-Way ANOVA Analysis Toolpack https://www.youtube.com/watch?v=nmHFFFpOVZs 5. F Test in Excel https://www.youtube.com/watch?v=2337cSdINF0 3.3. Google Sheets Resources: Free and Online 1. Installing the XLMiner Analysis ToolPak add-on in Google Sheets https://www.youtube.com/watch?v=JHXsKwcRdRw 2. Google Sheets: Create Pivot Tables and Charts https://www.youtube.com/watch?v=SzrBbBV adM 3. Two Way ANOVA - with Google Sheets XL-miner https://www.youtube.com/watch?v=uCkycwF2HUU 4. Running a t-Test using Google Sheets https://www.youtube.com/watch?v=YeVF2lnhr7o 5. Using Google Sheets to Calculate Differences in Proportions (Z Test) https://www.youtube.com/watch?v=1uGvuaCw6t8 3 https://www.youtube.com/watch?v=_yNxLFagKgw https://www.youtube.com/watch?v=mtmrAXwLcuU https://www.youtube.com/watch?v=BkmxrvIfDGA https://www.youtube.com/watch?v=nmHFFFpOVZs https://www.youtube.com/watch?v=2337cSdINF0 https://www.youtube.com/watch?v=JHXsKwcRdRw https://www.youtube.com/watch?v=SzrBbBV_adM https://www.youtube.com/watch?v=uCkycwF2HUU https://www.youtube.com/watch?v=YeVF2lnhr7o https://www.youtube.com/watch?v=1uGvuaCw6t8 4. Numerical Problems Note: Solve each of these problems in the traditional way, paper and pencil. Then nicely type your answers in the Word document that will be submitted. DO NOT submit the images of the handwritten work docuements. 1. Consider two samples Sample A: {1, 7, 8, 10, 11, 19} and Sample B: {1, 3, 5, 7, 8, 10, 12, 14, 18}. (a) Compute the arithmatic mean, geometric mean, median, variance, standard deviation, skewness, maximum, minimum, inter-quartile range, 90−th percentile, 75−th percentile, 95% confidence interval for population mean, 90% confidence interval for population mean, and 95% confidence interval for population mean for Sample A. (b) Compute the arithmatic mean, geometric mean, median, variance, standard deviation, skewness, maximum, minimum, inter-quartile range, 90−th percentile, 75−th percentile, 95% confidence interval for population mean, 90% confidence interval for population mean, and 95% confidence interval for population mean for Sample B. (c) Test the hypothesis that the populations from which the two samples have been drawn have the same mean. Precisely state the hypothesis in terms of H0 and H1 and the test statistic to be used for this hypothesis test. (d) Test the hypothesis that the populations from which the two samples have been drawn have means whose difference is no more than 3. Precisely state the hypothesis in terms of H0 and H1 and the test statistic to be used for this hypothesis test. (e) Test the hypothesis that the populations from which the two samples have been drawn have means whose difference is no less than 4. Precisely state the hypothesis in terms of H0 and H1 and the test statistic to be used for this hypothesis test. 2. Consider two samples Sample A: {2, 3, 1, 5, 7, 9, 11, 12, 17} and Sample B: {2, 2, 3, 4, 1, 5, 6, 10, 9, 11, 2, 7, 9}. (a) Compute the arithmatic mean, geometric mean, median, variance, standard deviation, skewness, maximum, minimum, inter-quartile range, 90−th percentile, 75−th percentile, 95% confidence interval for population mean, 90% confidence interval for population mean, and 95% confidence interval for population mean for Sample A. (b) Compute the arithmatic mean, geometric mean, median, variance, standard deviation, skewness, maximum, minimum, inter-quartile range, 90−th percentile, 75−th percentile, 95% confidence interval for population mean, 90% confidence interval for population mean, and 95% confidence interval for population mean for Sample B. (c) Test the hypothesis that the populations from which the two samples have been drawn have the same mean. Precisely state the hypothesis in terms of H0 and H1 and the test statistic to be used for this hypothesis test. (d) Test the hypothesis that the populations from which the two samples have been drawn have means whose difference is no more than 3. Precisely state the hypothesis in terms of H0 and H1 and the test statistic to be used for this hypothesis test. (e) Test the hypothesis that the populations from which the two samples have been drawn have means whose difference is no less than 4. Precisely state the hypothesis in terms of H0 and H1 and the test statistic to be used for this hypothesis test. 3. Consider two samples Sample A: {18, 18, 30, 23, 25, 29, 17, 11, 24, 23} and Sample B: {15, 33, 27, 7, 17, 19, 23, 20, 45, 25, 35}. Test the hypothesis that the two populations from which these two samples have been drawn have the same mean and same variance. 4. Consider two samples Sample A: {10, 21, 30, 29, 29, 30, 27, 11, 29, 29} and Sample B: {11, 13, 14, 22, 21, 17, 24, 29, 31, 26, 11}. Test the hypothesis that the two populations from which these two samples have been drawn have the same mean and same variance. 4 5. Consider two samples Sample A: {71, 71, 92, 73, 85, 75, 99, 78, 85, 85} and Sample B: {88, 86, 92, 98, 76, 98, 75, 88
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