COLLEGE OF BUSINESS,
HOSPITALITY AND TOURISM
STUDIES
SCHOOL OF ECONOMICS AND
FINANCE DEPARTMENT OF
ECONOMICS AND CUSTOMS
ECN603SEM:
SEMESTER BUSINESS
2 | 2020MAJOR
STATISTICS MARKS:
ASSIGNMENTTOTAL
40MAJOR ASSIGNMENT
Group Members;
Kanchan Lata – S2009003742
Nilufa Faizreena Ali – S2017142091
Shristika Jyoti Singh – S2019001053
Part A: Analytical Questions
1.
[ CITATION Wor20 \l 1033 ]
Line Graph
Bar Chart
Scatter Diagram
With the help of these diagrams we can see the trend of Australia's GDP at constant prices. It
shows that from 2008 to 2009 GDP decreased and after 2009 it increased continuously up to
2012 and decreased again and after 2013 it is increasing and decreasing year by year. But we can
say that after 2013 it is increasing very slowly with fluctuations.
2) For the same set of data you have identified, generate the descriptive statistics in MS Excel.
3) Suppose you are to select five years’ worth of data only to create a sample from the data
available to you in the data set, use either systematic random sampling or simple random
sampling method that you have learnt in Topic 4 to create a sample size of five. (For
example, if your data is for 10 years, randomly select five different years through either
systematic random sampling or simple random sampling method). You are to describe
clearly how you have obtained your sample from the data set.
We select the sample by systematic random sampling-
In systematic random sampling,
- Assign a number to every element in population.
- Measure sample size
- Divide the population size by sample size.
Kth = population size/ sample size [ CITATION Lin111 \l 1033 ]
This ratio of population size and sample size would be our "nth" sampling digit which means
we have to select every kth term.
Now,
We have population size is 10.
Sample size = 5
Kth = 10/5 = 2
Which means first we will randomly select any one observation among first two.
Let suppose we select 2nd observation.
After that we will systematically select every 2 nd observation consecutively.
Such as,
First, we select 2009 then according to sampling ratio we select the 2 nd observation from
2009 which would be 2011 and so on.
Selected data is-
2009, 2011, 2013, 2015, 2017
Part B Calculation Questions
1)
Given,
Sample mean = 0.51
N = 25
Standard deviation = 0.04
Confidence interval = 95%
μ = 0.50
μ =/ (not equal) 0.50
Z statistic = (X̅ - μ) / (σ/√n) [ CITATION Lin111 \l 1033 ]
Z statistic = (0.51 - 0.50) / (0.04/√25)
= 0.01/ (0.04/5)
= 0.01/ 0.008
Z statistic = 1.25
By z table we will find the critical value for 95% two tailed test is +- 1.96
In two tailed test, we reject the null hypothesis when value of our test statistic would be
more than upper critical value or smaller than lower critical value.
So, in this case our z statistic is 1.25 which is not larger than 1.96 which means we accept
the null hypothesis.
Hence, μ = 0.50 grams
2)
Given,
Mean time = 20000 hours
N =14
Standard deviation (σ) = 1750 hrs
P (Not greater than 19800 hrs)
Now,
Let X = life of battery
For sample mean μx = 20000, n =14
Standard deviation of sample mean (σx) = σ/√n [ CITATION Lin111 \l 1033 ]
= 1750/√14
= 1750/3.7416
= 467.71
Now,
Z statistic = X̅ - μx / σx [ CITATION Lin111 \l 1033 ]
Z statistic = (19800-20000) / 467.71
= -0.427
P (Probability that toy car will not last more than 19800 hrs)
P(X̅ <= 19800) = P(Z <= -0.427)
From Z table we can get the probability which is = 0.3345
So, the probability of X < 19800 = 0.3345
3)
Three type of cakes are available.
Total no. of cakes = 11
Cheesecakes = 4
Vanilla sponge cakes = 5
Black forest cake = 2
Probability of different type of cakes -
Combination may be = (c,v) (v,b) (b,c)
P1 = P(v,b) = (4/11)*(2/10) = 8/110
P2 = P(c,v) = (5/11)*(4/10) = 20/110
P3 = P(b,c) = (2/11)*(5/10) = 10/110
Total probability would be = P1 U P2 U P3
P = (8/110) + (20/110) + (10/100)
P = 38/110 = 19/55 = 0.345
P = 0.345
According to the Bay's theorem,
Conditional prob = [(3/10) *(3/5)] / [(3/4) *(2/5) +(3/10) *(3/5)]
= (9/50) / [ (6/20) +(9/50)]
= (9/50) / (48/100)
= 3/8 = 0.37
References
Statistical Techniques in Business & Economics. (2011). In D. A. Lind, Statistical Techniques in Business &
Economics. 1221Avenue of the Americas: McGraw-Hill Irwin.
World Economic Outlook Database. (2020, April). Retrieved from
[Link]
