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Tutorial 1 Questions

This document contains a tutorial and 14 exercises on introductory statistical concepts including descriptive statistics such as measures of central tendency, dispersion, frequency distributions, and probability. The exercises calculate and analyze various data sets to find values like the mean, median, mode, range, variance, standard deviation, and to determine properties like distributions and skewness.

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马小禾
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© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
23 views

Tutorial 1 Questions

This document contains a tutorial and 14 exercises on introductory statistical concepts including descriptive statistics such as measures of central tendency, dispersion, frequency distributions, and probability. The exercises calculate and analyze various data sets to find values like the mean, median, mode, range, variance, standard deviation, and to determine properties like distributions and skewness.

Uploaded by

马小禾
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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4QQMN507 Statistics for Accounting and Finance

Tutorial 1: Revising basic statistical concepts and Descriptive Statistics.


This tutorial aims to familiarise yourselves with baseline statistical concepts and be able to
calculatethe measures of central location and dispersion, as well as a frequency distribution.

Exercise 1. Explain the difference between:


a. Quantitative and qualitative variables.
Qualitative variables take on values that are non-numerical, but quantitative variables take
on values that are indicated by numbers .
b. Interval scale and ordinal scale.
The difference or interval between values is meaningful for interval scale but not for ordinal
scale.

Exercise 2. Identify each variable as categorical or quantitative:


a. Level of education (high school, bachelor’s, master…) categorical
b. Number of times married.quantitative
c. Hair color. categorical
d. Preferred type of exercise. categorical
e. Type of residence (rented apartment. Owned apartment, rented house,
ownedhouse). categorical
f. Number of household numbers.quantitative
g. Height.quantitative
h. Field of studies (humanities, social sciences, natural sciences). categorical
i. Number of close friends.quantitative

Exercise 3. The table below shows the marks for Statistics for a sample of 60 students.

Frequency Relative Frequency Cumulative


frequency
30 or less 1 1/60 1/60

31 to 40 5 5/60 6/60

41 to 50 11 11/60 17/60

51 to 60 16 16/60 33/60

61 to 70 13 13/60 46/60

71 to 80 10 10/60 56/60

1
81 or more 4 4/60 60/60

Total 60

a. Calculate the relative frequency distribution and the cumulative distribution.


b. What is the percentage of those who got distinction (71 +)? 14/60
c. What is the cumulative frequency of those who got 40 or less? 6/60

2
Exercise 4. Given the frequency distribution of weekly earnings for a sample of 100
employeesselected at random from a company:
Weekly Earnings (£) No. of employees
200-349 13
350-499 22
500-649 33
650-799 18
800-949 14
a) Calculate the cumulative frequencies, cumulative relative frequencies and
cumulative percentages for all classes
200-349 13 0.13
350-499 35 0.35
500-649 68 0.68
650-799 86 0.86
800-949 100 1.00
b) What percentage of workers earned £649 or less per week?
0.68

Exercise 5. In June an investor purchased 300 shares of Oracle at $20 a share. In August she
purchased an additional 400 shares at $25 per share. In November she purchased another
400 shares at $23. What is the mean price paid for shares by this investor?
$22.9

Exercise 6. The five year annualized total returns of six mutual funds are given in the table
below, What is the mean return, what is the median return, what is the geometric mean? Is
the distribution of returns skewed?

Name of funds Return (r)


PBHG 28.5%
Dean Witter 17.2%
AIM 25.4%
Giftrust 28.6%
Robertson Stevens 22.6%
Seligman 21.0%

median return 24%


mean return 23.9%
geometric mean 23.5%
the distribution of returns is not skewed
3
Exercise 7. The annual salaries of quality control managers in selected states are shown
below. What is the mode annual salary, what is the mean?

state Salary state salary state salary


Arizona 35,000 Illinois 58,000 Ohio 50,000
California 49,100 Louisiana 60,000 Tennessee 60,000
Colorado 60,000 Maryland 60,000 Texas 71,400
Florida 60,000 Massachuset 40,000 West 60,000
ts Virginia
Idaho 40,000 New Jersey 65,000 Wyoming 55,000
mode salary: 60000 mean salary 54900

4
Exercise 8. Your salary this year is £30,000, your employer promised you a 5% increase this
year, and a 15% increase the year after – what will be your salary in two years time – what is
the average annual salary increase over the period?
36225 and 3112.5

Exercise 9. The numbers of traffic offences in Egham over the last 5 weeks are 38, 26, 13,
41,and 22. What is the mean number of offences per week – what is the population variance,
standard deviation, range?
Range28 standard deviation11.6 variance133.5

Exercise 10. The hourly wages for a sample of part-time employees at fruit packers are £12,
£20, £16, £18, and £19. What is the sample variance? What is the sample standard deviation?
standard deviation3.16 variance10

Exercise 11. Listed below are the commissions earned last months by a sample of 15
brokers. 2,038 1,758 1,721 1,637 2,097 2,047 2,205 1,787 2,287 1,940 2,311 2,054
2,406
1,471 1,460
Locate the median, first quartile, third quartile and interquartile range for the commissions
earned?

First1721 third2205 median2038 interquartile484

Exercise 12. The following are the earnings per share for a sample of 15 software companies
forthe year 2008. The earnings are ranked from the smallest to the largest.
0.09 0.13 0.41 0.51 1.12 1.20 1.49 3.18 3.50 6.36 7.83 8.92 10.13 12.99 16.40
Compute the mean, median and standard deviation. Is the distribution skewed?
Standard deviation5.22 mean4.95 median3.18
The distribution is not skewed

Exercise 13. The frequency distribution of the vehicle selling prices at Autoplex is the
following?

Selling price in £1,000 Frequency


15-18 8
18-21 23

5
21-24 17
24-27 18
27-30 8
30-33 4
33-36 2
Total 80

What is the population mean price and variance of the vehicle sold?

6
Exercise 14. The table below shows the frequency distribution for the number of orders
received by a company each day based on a random sample of 80 days:

Orders Number M F*M f(M − X)2


of
Days
0 to < 10 5
10 to < 14
20
20 to < 25
40
40 to < 16
60
60 to < 20
100
Totals 80

Calculate the mean, and the standard deviation of the data (you must show your working),
andinterpret your results.

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