Statistics Problems and Sampling

Question
Statistics Problems and Sampling

Part 1

a. Select the first three letters of your last name. Each letter has a numerical place value in the alphabet; for example D is 4, L is 12 and Z is 26. Add the three place values together; for example Wallace would yield WAL which is 23+1+12 = 36. Show your work.

My last name is LOWE

b. Multiply your sum by 1200. This is your yearly income. Most everyone should have a different yearly income, unless the same last name is shared by two people.

c. Each student has these monthly expenses: Car payment = $236.95, Power bill = $56.77, Water bill = $32 and cell phone bill = $63.42.

d. Each student also has a yearly educational bill of $7800 which includes textbooks and classes.

e. Calculate your monthly income. Round to the nearest cent. Show your work.

f. What percent of your monthly income is the car payment?

g. Subtract your monthly expenses listed in part c. Use this value and calculate what percent of your income is now available to spend for food, clothing and your rent or mortgage.

h. Use the plan at the bottom of Page 454, “Mathematics in Our World,” and calculate the monthly mortgage payment established by your monthly income. You can afford to pay %28 of you gross monthly income of a home mortgage.

i. Assume you can afford a down payment equal to 25% of your yearly income. What purchase price can you afford for a home?

Part 2

a. In your own words explain the difference between “descriptive statistics” and “inferential statistics.” Do not just give definitions.

b. In your own words, define the four different sampling techniques.

c. Develop your own hypothesis about a situation of interest, for example: “How much do middle income families spend on clothing per year?”

d. Select one of the four sampling techniques and give a detailed design of how you would gather sampling data to answer your hypothesis.

e. Select a second sampling technique for the same hypothesis and give a second detailed design of how you would gather sampling data.

f. Comment on two of your classmates’ postings. Explain to the author which of their two sampling designs seems better or more appropriate for gathering unbiased random data for their given hypothesis.

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