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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.

Dylan Price
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Quantitative Methods in Economics: Statistical Analysis and Probability ApplicationsAssignment Onequantitative methods in Economics(1)“This assignment is to be completed individually.Students are allowed to discuss or share ideaswith your fellow student however your answer should be unique and cannot copy others’ work asmentioned in our course outline.(2) “Create a title page for your assignment and include the name(s) of the people with whom youworked. “(3) Please type the assignment. Please make effort to present your work professionally.(4) Questions will be chosen from the assignment to mark for your final grade.(5) Please hand in theprinted outassignment before class. No late assignment will be accepted.Question One:Define population and sample.Describe and distinguish between descriptive statistics and inferentialstatistics, between a population and a sample.population all values of a data setsample is some set of the whole population.descriptive statistics like skewness,kurtosis,shapeinferential like mean,median,quartileQuestion Two:2.What is a random sample? Give one example of economic question that you would like toinvestigate. Then answer the question what kind of data would you need to help you to answer yourquestion?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 neededrandomly select some states, then some cities, then some clusters and finally some random people fromthose clustersQuestion Three3. Refer the excel file, assignment1Excel. This was the grade that my summer students receive in theend. 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 aHistogram In Excel 2010,For bin range, please use five end points so that you have 5 group ofstudents ( that is you group the class into A, B, C, D, F) .In our lecturing, we used equal interval, youdo 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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