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New Generation Innovation, Inc. Student Coaching Slides

New Generation Innovation, Inc. Student Coaching Slides. Question 1A & 1B: Histogram. See Gateway web site for Excel steps Use tools/data analysis/histogram What proportion of Mountainia citizens have disposable incomes > $1000 per month? Approximate answer is ok here.

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New Generation Innovation, Inc. Student Coaching Slides

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  1. New Generation Innovation, Inc.Student Coaching Slides

  2. Question 1A & 1B: Histogram • See Gateway web site for Excel steps • Use tools/data analysis/histogram • What proportion of Mountainia citizens have disposable incomes > $1000 per month? Approximate answer is ok here.

  3. Question 1C: Sample statistics • See web site for Excel steps • Use tools/data analysis/descriptive statistics/summary statistics • Mean: first line • Standard deviation: fifth line

  4. Question 1D:Hypothesis Testing • Step 1: Ho: Null hypothesis = Mountainia’s claim • Step 2: H1 or Ha: Alternative hypothesis = Desertia’s claim (a) If Desertia wins the debate only when the population mean is less than $1000, H1 should be one-tail (b) Otherwise, H1 should be two-tail

  5. Hypothesis Testing (continued) • Step 3: Critical Value (a) Determine which statistical table to use (b) If H1 is one-tail, put .05 in tail; if H1 is 2-tail, put .025 in each tail • Step 4: Test Statistic = Sample Statistic (a) Use sample mean and standard deviation from Question 1c (b) Use standard error of the mean

  6. Hypothesis Testing (continued) • Step 5: Conclusion (a) If sample statistic (absolute value) exceeds critical value, reject Ho (b) Otherwise, do not reject Ho

  7. Question 2A:Income Variation • Standard deviation measures variation • If standard deviation = 0, no variation, so each person has same income • High standard deviation implies high variation

  8. Question 2B:Poverty Level • Use Z table (normal area table) • Use standard deviation, NOT standard error since this is not a sampling distribution problem • Question 2B has 2 calculations, one for Mountainia and the other for Desertia

  9. Question 2B:Skewed Distribution • If mean > median, distribution is skewed • Do you think mean > median for income? • Use normal table only if distribution is bell shaped • Bell shaped only if symmetric • Symmetric only if not skewed

  10. Question 3:Hypothesis Testing • Ho: Population proportion = 1/3 (Amnesty International‘s claim) • Normal approximation to binomial • H1 is one-tail if Minister of Commerce wins debate only when proportion is less than 1/3. Otherwise, it is two-tail • Sample proportion = number of political prisoners/sample size

  11. Questions 4 and 5:Factors Determining GDP/Capita • Physical Capital • Human Capital • Level of Technology • Efficiency

  12. Question 5:Ethical Considerations • Who benefits and who loses from the firm’s decision? • Who does the firm have a responsibility to? • What are those responsibilities?

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