1.Create another new variable called “logIncome” by taking the log of income.

In order to facilitate what’s next, sort your data by Income. Arbitrarily define some classes, say 8 for your Income variable and for your logIncome variable. Now, sketch histograms for your Income variable and for your logIncome variable.

2. Using your spreadsheet, find the sum of the 100 Incomes, sum of the 100 logIncomes, calculate the mean Income and the mean logIncome and find the corresponding medians.

Add some new columns to your spreadsheet, squared incomes, squared logIncomes, Income less mean Income, logIncome less mean logIncome and the squares of these last two columns. Sum all of the columns. Demonstrate that you understand the definition and the computational formula for variance by finding variances of Income and logIncome using the sums on the bottom of your spreadsheet.

Calculate standard deviations, and then using Chebyshev’s rule and the Empirical Rule predict the number of Incomes and logIncomes that will fall within two standard deviations of their respective means. Compare these predictions to your actual counts

Assuming that your 100 individuals is a random sample from some population, construct 95% confidence intervals for the average Income and average logIncome for the population.

Subject | Mathematics |

Due By (Pacific Time) | 01/30/2014 12:00 am |

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