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Continuous distribution

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Names:

    Student learning outcomes

  • The student will compare and contrast empirical data from a random number generator with the uniform distribution.

Collect the data

Use a random number generator to generate 50 values between zero and one (inclusive). List them in [link] . Round the numbers to four decimal places or set the calculator MODE to four places.

  1. Complete the table.
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
  2. Calculate the following:
    1. x ¯ = _______
    2. s = _______
    3. first quartile = _______
    4. third quartile = _______
    5. median = _______

    Organize the data

  1. Construct a histogram of the empirical data. Make eight bars.
    Blank graph with relative frequency on the vertical axis and X on the horizontal axis.
  2. Construct a histogram of the empirical data. Make five bars.
    Blank graph with relative frequency on the vertical axis and X on the horizontal axis.

    Describe the data

  1. In two to three complete sentences, describe the shape of each graph. (Keep it simple. Does the graph go straight across, does it have a V shape, does it have a hump in the middle or at either end, and so on. One way to help you determine a shape is to draw a smooth curve roughly through the top of the bars.)
  2. Describe how changing the number of bars might change the shape.

    Theoretical distribution

  1. In words, X = _____________________________________.
  2. The theoretical distribution of X is X ~ U (0,1).
  3. In theory, based upon the distribution X ~ U (0,1), complete the following.
    1. μ = ______
    2. σ = ______
    3. first quartile = ______
    4. third quartile = ______
    5. median = __________
  4. Are the empirical values (the data) in the section titled Collect the Data close to the corresponding theoretical values? Why or why not?

    Plot the data

  1. Construct a box plot of the data. Be sure to use a ruler to scale accurately and draw straight edges.
  2. Do you notice any potential outliers? If so, which values are they? Either way, justify your answer numerically. (Recall that any DATA that are less than Q 1 – 1.5( IQR ) or more than Q 3 + 1.5( IQR ) are potential outliers. IQR means interquartile range.)

    Compare the data

  1. For each of the following parts, use a complete sentence to comment on how the value obtained from the data compares to the theoretical value you expected from the distribution in the section titled Theoretical Distribution .
    1. minimum value: _______
    2. first quartile: _______
    3. median: _______
    4. third quartile: _______
    5. maximum value: _______
    6. width of IQR : _______
    7. overall shape: _______
  2. Based on your comments in the section titled Collect the Data , how does the box plot fit or not fit what you would expect of the distribution in the section titled Theoretical Distribution ?

    Discussion question

  1. Suppose that the number of values generated was 500, not 50. How would that affect what you would expect the empirical data to be and the shape of its graph to look like?

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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