The student will evaluate data collected to determine if they fit either the uniform or exponential distributions.
Collect the data
Go to your local supermarket. Ask 30 people as they leave for the total amount on their grocery receipts. (Or, ask three cashiers for the last ten amounts. Be sure to include the express lane, if it is open.)
Note
You may need to combine two categories so that each cell has an expected value of at least five.
Record the values.
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Construct a histogram of the data. Make five to six intervals. Sketch the graph using a ruler and pencil. Scale the axes.
Calculate the following:
________
s = ________
s2 = ________
Uniform distribution
Test to see if grocery receipts follow the uniform distribution.
Using your lowest and highest values,
X ~
U (_______, _______)
Divide the distribution into fifths.
Calculate the following:
lowest value = _________
20
th percentile = _________
40
th percentile = _________
60
th percentile = _________
80
th percentile = _________
highest value = _________
For each fifth, count the observed number of receipts and record it. Then determine the expected number of receipts and record that.
Fifth
Observed
Expected
1
st
2
nd
3
rd
4
th
5
th
H
0 : ________
H
a : ________
What distribution should you use for a hypothesis test?
Why did you choose this distribution?
Calculate the test statistic.
Find the
p -value.
Sketch a graph of the situation. Label and scale the
x -axis. Shade the area corresponding to the
p -value.
State your decision.
State your conclusion in a complete sentence.
Exponential distribution
Test to see if grocery receipts follow the exponential distribution with decay parameter
.
Using
as the decay parameter,
X ~
Exp (_________).
Calculate the following:
lowest value = ________
first quartile = ________
37
th percentile = ________
median = ________
63
rd percentile = ________
3
rd quartile = ________
highest value = ________
For each cell, count the observed number of receipts and record it. Then determine the expected number of receipts and record that.
Cell
Observed
Expected
1
st
2
nd
3
rd
4
th
5
th
6
th
H
0 : ________
H
a : ________
What distribution should you use for a hypothesis test?
Why did you choose this distribution?
Calculate the test statistic.
Find the
p -value.
Sketch a graph of the situation. Label and scale the
x -axis. Shade the area corresponding to the
p -value.
State your decision.
State your conclusion in a complete sentence.
Discussion questions
Did your data fit either distribution? If so, which?
In general, do you think it’s likely that data could fit more than one distribution? In complete sentences, explain why or why not.
Questions & Answers
differentiate between demand and supply
giving examples
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
