## Econ 3205 – Economic & Business Statistics

Instructions:

- Students should review Appendixes 2.2, 5.2 & 6.2 (Anderson, et al., 9
^{th}edition) and Chap 5&6 Supplemental Note (Excel Lab Solutions) posted in GaView for guidance and examples. - Each student must submit his/her current original work on this assignment. Students may contact/see the instructor for assistance on the assignment.
- Any form of cheating, including copied work or work allowed to be copied or any form of plagiarism, will result in cancellation of Hw assignment, and a zero score will be assigned. Late assignment or assignment not submitted/uploaded in GaView Assignments Submission Folder will not be graded but assigned zero.
- Provide Microsoft Excel solutions to each question as applicable. Excel solutions must contain verifiable Excel formulas/commands; credit will not be given for typing manual solutions into Excel Spreadsheet. Submit/upload your Excel Spreadsheet (one file) with clearly shown answers to the questions below. Data for question #1 are provided on the attached Excel Spreadsheet in GaView and students must manually enter data on the Excel Spreadsheet for questions #2 & #3.

Questions:

- Last summer, Double Gate Country Club in Albany, Ga., collected data on rounds of golf played from its white tees. The data from each golfer’s score on the twelfth hole are provided on an Excel file attachment in the Dropbox.
- Construct an empirical discrete probability distribution for the players’ scores on the twelfth hole in 4 decimal points.
- With your empirical discrete probability distribution in (a), estimate the:
- expected score for the twelfth hole in 4 decimal points.
- probability of scoring at least the expected score in 4 decimal points.

- standard deviation of the scores in 4 decimal points.

- Interpret your estimated standard deviation of the scores.

**State of the Nation Survey.** Suppose a sample of 20 Americans is selected as part of a study of the state of the nation. The Americans in the sample are asked whether or not they are satisfied with the way things are going in the United States. (Note: Assume that a binomial probability distribution is applicable.)

- Compute the probability that exactly 4 of the 20 Americans surveyed are satisfied with the way things are going in the United States.

- Compute the probability that at least 2 of the Americans surveyed are satisfied with the way things are going in the United States.

- For the sample of 20 Americans, compute the expected number of Americans who are satisfied with the way things are going in the United States.

- For the sample of 20 Americans, compute the variance and standard deviation of the number of Americans who are satisfied with the way things are going in the United States.

- Chapter 6,

**Labor Day Travel costs:** The American Automobile Association (AAA) reported that families planning to travel over the Labor Day weekend would spend an average of $749. Assume that the amount spent is normally distributed with a standard deviation of $225.

- What is the probability of family expenses for the weekend being less that $400?
- What is the probability of family expenses for the weekend being $800 or more?
- What is the probability that family expenses for the weekend will be between $500 and $1000?
- What would the Labor Day weekend expenses have to be for the 5% of the families with the most expensive travel plans?