251hwk 01/09/03 (Open this document in 'Outline' view!)
ECONOMICS 251 2002 COURSE OUTLINE WITH HOMEWORK ASSIGNMENTS
Note! This is last year’s material. 2003 assignments are awaiting material from
publisher!
Most problems are exercises in the text. ‘text’ means McClave, Benson and Sincich.
Downing and Clark (D&C) is the Barrons paperback. Problems that begin with letters are in the Syllabus
Supplement. (Assignments may be changed - check the website regularly )
A. Introduction
1. Definitions
Exercises 1.3, 1.4. .
2. Uses of Statistics
B. Sources and Types of Data
1. Data
Exercises 1.5, 1.6, 1.16. 1.19, 1.20 (Is data nominal, ordinal, interval or ratio?).
2. Sources
3. Cross Section and Time Series Data
C. Presentation of Data
1. Classification
2. Tables
3. Charts and Graphs
D. Frequency Distributions and Populations.
1. Definitions
. Exercises 2.1, 2.13.
2. Graphs of the Frequency Distribution.
Exercises 2.2, 2.19(Do Histogram, Frequency Polygon and Ogive).
E. Sampling and Descriptive Statistics.
1. Sampling to Learn About a Population.
2. The Meaning of Random Sampling.
3. Descriptive Statistics.
F. Measures of Central Tendency.
1. The Arithmetic Mean of Ungrouped Data.
2. The Arithmetic Mean of Grouped Data.
3. The Weighted Arithmetic Mean.
Problem F1 (In Syllabus Supplement)
4. The Median of Ungrouped Data.
Exercise 2.31.
5. The Median of Grouped Data.
6. The Mode
Exercises 2.13(Use these data to find mean, median and mode), 2.30, 2.35.
7. Other Means.
Problem F2.
8. Measures of Position.
Exercise 2.13(Use data to find 1st decile, 99th percentile, 1st quintile, and 1st and 3rd quartile), Problems F3,
F4.
G. Measures of Dispersion and Asymmetry.
1. Range
Exercises 2.90, 2.13(Use data to find IQR).
2. The Variance and Standard Deviation of Ungrouped Data.
Exercise 2.50( In addition to range, variance and std. deviation, find IQR and Coefficient of Variation).
3. The Variance and Standard Deviation of Grouped Data.
Exercises 2.61, 2.60, 2.58, 2.71, 2.79, Problems G1, G2.
Graded Assignment 1
4. Skewness and Kurtosis.
Find the standard deviation, coefficient of variation and measures of skewness in problem 2.13. Problems
G3, G4 (See 251wrksht). Substitute Problem G3A below for problem G3.
5. Review
a. Grouped Data.
b. Ungrouped Data.
H. Introduction to Probability
1. Experiments and Probability
3.59, 3.2, 3.3, 3.17.
2. The Venn Diagram and the Addition Rule.
Downing and Clark, pg. 85 Basics 1, Application 2, 13. Text 3.18 (Get dice diagram in class), 3.19, 3.21,
3.22, 3.24. H1, H2.
2
3. Conditional and Joint Probability, Bayes’ Rule.
3.33a-c, 3.61. D&C p103 14 (Note error in text - 5/6 of the people in the city support Jones, 5/9 of the
people in the country support Jones), 15, 16. H3.
4. Statistical Independence.
3.60, 3.32, 3.34, 3.35, 3.36, 3.64. D&C p85 Applications 4, 5, 8, 9, 10, 11. H4.
5. Review.
I. Permutations and Combinations.
1. Counting Rule for Outcomes.
2. Permutations.
3.4. D&C pg. 85 19.
3. Combinations.
3.9, 3.53a,b. D&C pg. 85 20-21, 30-34. I1-I4.
J. Random Variables.
1. Definitions.
4.3.
2. Probability Distribution of a Discrete Random Variable.
4.11-4.14, 4.16.
3. Expected Value (Expectation) of a Discrete Random Variable.
4.22a, 4.25a, 4.27. J1.
4. Variance of a Discrete Random Variable.
4.22, 4.25, 4.26. J2-J4.
5. Summary
J6, J7
6. Continuous Random Variables.
a. Normal Distribution (Overview).
b. The Continuous Uniform Distribution.
J8. 5.10
c. Cumulative Distributions, Means and Variances for Continuous Distributions.
d. Chebyschev's Inequality Again.
4.30, J9.
7. Skewness and Kurtosis (Short Summary).
K. Two Random Variables.
1. Regression (Summary).
3
2. Covariance (  xy and s xy )
3. The Correlation Coefficient (  xy and rxy )
4. Functions of Two Random Variables.
5. Sums of Random Variables, Independence.
In the following problems (i) check for independence, (ii) Compute Covx, y  and Corr x, y  , (iii)
Compute Ex  y  and Var x  y  : D&C pg. 196 3,4,7,14, pg. 348 1. In problem 3, find the following


Px  y  4 , P x  y  4 x  0
K1-K4 . Graded Assignment 2.
L. Discrete Distributions.
1. Binomial Distribution.
L1. 4.37(a-c), 4.39(a-c). 4.42, 4.49.
2. Geometric Distribution.
L2-L5.
3. Poisson Distribution.
L6-L8. 4.53-54, 4.57, 4.64-5.
4. Hypergeometric Distribution.
L9, L10. Graded Assignment 3.
distribution.
Note that problem L11 is a review of the continuous uniform
M. Continuous Distributions.
1. Introduction.
(5.63-64, 5.65c, 5.66b, 5.72, 5.68 Optional!)
2. Properties of the Normal Distribution.
5.14, 5.16, 5.19a-d, 5.74, 5.23-24, 5.27, 5.32, 5.35. M1 a-g, M2, M3.
3. Percentiles and Intervals about the Mean.
M4, M1 h-j. Graded assignment 4.
4. Normal Approximation to the Binomial Distribution.
M6, M7, 5.46, 5.47, 5.49, 5.53.
5. Normal Approximation to the Poisson Distribution.
M5.
6. Review of Conditions for Approximation of One Distribution by Another.
N. Statistical Sampling.
1. Definitions.
2. Distribution of x and p
3. The Central Limit Theorem
4
6.16, 6.19, 6.20. N1, N2. 6.28, 6.47.
O. Estimation of Parameters.
1. Point and Interval Estimation. Properties of Estimators.
2. A Confidence Interval for  When  is Known.
7.4, 7.17.
3. A Confidence Interval for  When  is not known.
7.22, 7.23. O1.
Addenda
PROBLEM G3A. Do Problem G3 substituting the following data for the data in G3.
Class
0 - 9.999
10 - 19.999
20 - 29.999
30 - 39.999
40 - 49.999
x
f
F
xf
x2 f
x3 f
50
50
100
150
50
Note that your histogram will only contain 5 class intervals.
5