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Statistical Methods in Economics and Business Analysis - Tutorial Highlights

This tutorial covers examples such as a yogurt manufacturer, shift-workers, building society, voters' preferences, light bulb lifetime, rent in Cardiff, and bank manager interactions with customers to illustrate applied statistics in economics and business.

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Statistical Methods in Economics and Business Analysis - Tutorial Highlights

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  1. Applied Statistics and Mathematics in Economics & BusinessBS1501Tutorial 3 Pairach Piboonrungroj (Champ) me@Pairach.com

  2. 1. A Yogurt manufacturer (a)

  3. 1. A Yogurt manufacturer (b)

  4. Z = 1.13 Z = -1.13

  5. 2. Women shift-workers (a) (b)

  6. 3. A Building Society (a) (b)

  7. 4. Voters from the electorate (a) 180 indicated their preference for a particular candidate (x) 400 sample voters (n)

  8. 4. Voters from the electorate (b)

  9. 4. Voters from the electorate (c)

  10. 5. Lifetime of light bulbs (a) Reject H0 if z < -1.96 or if Z>+1.96 Reject H0 if z < -2.58 or if Z>+2.58 < -1.96 BUT > -2.58 Reject H0 at 5% level of significance i.e. There is sufficient evidence at 5% level of significance to reject the hypothesis that the mean lifetime of bulbs has changed, but not at the 1% level.

  11. 5. Lifetime of light bulbs (b) Reject H0 if z < -1.64 (one tailed) Reject H0 if z < -2.33 (one tailed) • Reject H0 5% and 1% levels of significance. The first alternative hypothesis would seem to be a fairly weak one compared to the second one, given that it would be of more interest to know whether the mean lifetime of the population of bulbs has deteriorated, rather than simply change.

  12. 6. Rent for student room in Cardiff (a) Reject H0 if Z<-1.96 or if Z>1.96. Thus we do not reject H0, i.e. the claim of £220 per month cannot be rejected. =1.81 (b) C.I. for Do not reject H0 since £220 is in the above interval.

  13. 7. A bank manager & her customers (a) (b) Therefore, we reject at 95% level of confidence. Reject H0 if Z<-2.57. Thus do not reject H0 at 1% level of significance.

  14. Thank You for Your Attention • To download this slide (PPT & PDF)visitwww.pairach.com/teaching • Any further question?Please email tome@pairach.com

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