Econ1203 Assignment help (1 Viewer)

[JayCakie]

Alright guys, as most of you would know, most of the first year commerce students have finished their mid-term exams. I feel like I've sort of stuffed up my Statistics papers so now, I'm really relying on my assignment.

What I have done so far for my assignment right now:
1. Calculated the mean, median, mode, variance, standard deviation for the expenditure.
2. Calculated the mean, median, mode... etc, for the length of days stayed.

I think the next thing I have to do is either do a histogram or calculate the coefficient of variance. Do we have calculate z-score for the variables? Do we need confidence intervals as well? (?????)

There are 200-ish records as you know. And right now I feel incredibly confused.

I'm aware that there was another thread similar to this, but unfortunately I cannot find it so I decided to create a new thread. Am I on the right track?

I appreciate anyone that can help!
Thanks d00ds.

 

[wantingtoknow]

I don't know if you guys are still getting the same assignment for statistics but I have a collection of reports from previous years. Want me to send them to you? Maybe you can get some ideas from them.

 

[JayCakie]

I don't think we are, but I'm not sure. I think the general idea would be the same but it would be assessed in a different way. I found a 2009 version of the assignment online and that person received 18.5/20 for it. So yeah :/

But I would appreciate it if you could send it to me. I would like to look at them and see how they were done. I'll pm you my email?

 

[wantingtoknow]

well obviously the assignment won't exactly be the same but the general gist of it would. :S

but yeh, send me your email. umm, the hypothesis test in one of the assignments is wrong though so be careful

 

[JayCakie]

Okay then, thanks.

 

[eyeswideshut]

I don't know if you guys are still getting the same assignment for statistics but I have a collection of reports from previous years. Want me to send them to you? Maybe you can get some ideas from them.

could you send me them as well? i would be forever grateful I am so confused..

 

[Trans4M]

Are you given like two things that you need to prove? e.g. has ______ reach their performance requirement?

If so you will need to wait until you leanr hypothesis testing before you can do your report. The majority of your marks will be there. Make sure you go to the lectures that cover that as it can be really hard to catch up on it if you miss the lectures

 

[JayCakie]

Quiet possibly they are.

1. More than 50% of their customers stay for a full week.
2. The average customer spends more than $260 per day in excess of accommodation costs.

And there are 2 main columns of interest, that is length of stay and expenditure (costs).

So far for question 1, I have worked out the mean, median, mode, normal distribution, sample standard deviation and skew. This is for question 1. (I think.) I have no idea how to do question 2, except perhaps look at coefficient correlation which I don't know how to begin with in this sort of question.

I'm going to try and learn off hypothesis testing soon (it's also helpful for lectures so I don't sound so confused) and apply it to this. But at this point, yes you're right. I will have to wait until the later weeks to learn hypothesis testing.

 

[Trans4M]

For question 2, I find the mean spending a day per customer for e.g. Customer 1 spends $750 over 3 days so $250 a day. Customer 2 spends $1000 over 2 days so $500 a day.

I then calculate the mean of that ($250 + $5000)/2 = $375.

That's how I did it and I think that's the correct way to do it.

 

[JayCakie]

For question 2, I find the mean spending a day per customer for e.g. Customer 1 spends $750 over 3 days so $250 a day. Customer 2 spends $1000 over 2 days so $500 a day.

I then calculate the mean of that ($250 + $5000)/2 = $375.

That's how I did it and I think that's the correct way to do it.

I tried that before, however, there are 200 records. As you can imagine, that would take so much time. But thank you for your input.

 

[Trans4M]

I tried that before, however, there are 200 records. As you can imagine, that would take so much time. But thank you for your input.

if you use excel it doesnt take too long. Type in the formula for one cell and then drag it down and it will be all done for you.

 

[JayCakie]

if you use excel it doesnt take too long. Type in the formula for one cell and then drag it down and it will be all done for you.

I will try this out! Thanks

 

[natebrah1]

If any can help me out it would be great...

When the assignment asks is the average customer spending over X amount is it requiring us to merely calculate the mean of the sample? or is it intending us to estimate the mean of the entire population given the sample data (assuming we need to use t-distribution in week 9?)

 

[Trans4M]

It's based on the data given to you so just the mean of the sample. You will need to do hypothesis testing, which you will learn later to prove/disprove this statement.

 

[Tortilla]

1. More than 50% of their customers stay for a full week.
Add up length (days) * # of people in group / Total people?
to get the mean days a person stays

 

[mr391]

Alright guys, as most of you would know, most of the first year commerce students have finished their mid-term exams. I feel like I've sort of stuffed up my Statistics papers so now, I'm really relying on my assignment. What I have done so far for my assignment right now:1. Calculated the mean, median, mode, variance, standard deviation for the expenditure.2. Calculated the mean, median, mode... etc, for the length of days stayed. I think the next thing I have to do is either do a histogram or calculate the coefficient of variance. Do we have calculate z-score for the variables? Do we need confidence intervals as well? (?????)There are 200-ish records as you know. And right now I feel incredibly confused. I'm aware that there was another thread similar to this, but unfortunately I cannot find it so I decided to create a new thread. Am I on the right track?I appreciate anyone that can help!Thanks d00ds.

Hey I was just wondering what kind of hypothesis testing you ended up doing for it? And did you just make up the significance level? Im so confused about it! Thanks

 

[m14x]

For the 2nd question, do we need to use the t-distribution or just normal distribution ?

 

[m14x]

The question is,

The average customer spends more than $260 per day in excess of accomodation cost.

Is it the alternative test is H1: μ>260 or vice versa?

 

[Omnipotence]

For the 2nd question, do we need to use the t-distribution or just normal distribution ?

I would think t-distribution.

 

[Omnipotence]

Show, if more than 50% of customers stay for 7 nights. How would you set this up? It doesn't seem like hypothesis testing.