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    Seminar2 REI Econometrics 2023

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    cristina
    The document provides information about seminar topics including estimating confidence intervals for population means and proportions and hypothesis testing for population means. It includes examples of estimating confidence intervals for population means and proportions and testing hypotheses about population means. It also directs readers to solve related problems and provides a sample data set to estimate a confidence interval for a population mean credit card balance.

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    Seminar2 REI Econometrics 2023

    Uploaded by

    cristina
    3 views2 pages
    The document provides information about seminar topics including estimating confidence intervals for population means and proportions and hypothesis testing for population means. It includes examples of estimating confidence intervals for population means and proportions and testing hypotheses about population means. It also directs readers to solve related problems and provides a sample data set to estimate a confidence interval for a population mean credit card balance.

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    Seminar2_REI_Econometrics_2023

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    The document provides information about seminar topics including estimating confidence intervals for population means and proportions and hypothesis testing for population means. It includes examples of estimating confidence intervals for population means and proportions and testing hypotheses about population means. It also directs readers to solve related problems and provides a sample data set to estimate a confidence interval for a population mean credit card balance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    3 views2 pages

    Seminar2 REI Econometrics 2023

    Uploaded by

    cristina
    The document provides information about seminar topics including estimating confidence intervals for population means and proportions and hypothesis testing for population means. It includes examples of estimating confidence intervals for population means and proportions and testing hypotheses about population means. It also directs readers to solve related problems and provides a sample data set to estimate a confidence interval for a population mean credit card balance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Faculty of International Business and Economics / Econometrics 3rd Year / 2023

    Seminar 2:
    - Estimating confidence intervals for the population mean
    - Estimating confidence intervals for the population proportion
    - Hypothesis testing for the population mean (large sample case)

    Values of 𝑧𝛼/2 for the most commonly used confidence levels

    Confidence level Α 𝛼/2 𝑧𝛼/2


    90% 0.10 0.05 1.645
    95% 0.05 0.025 1.96
    99% 0.01 0.005 2.575

    Problems
    Estimating confidence intervals for the population mean
    1. In order to estimate mean amount spent per costumer for dinner at a restaurant, data
    were collected for a sample of 50 customers. Assume a population standard deviation
    of 40 lei. If the mean amount spent per customer at dinner for the clients included in
    the sample is 110 lei, what is the 95% confidence interval for the population mean?

    Solve the problem above considering that the overall number of customers for the
    restaurant is of 500. How will the interval change?

    2. The sales manager of a real-estate company wants to estimate the average sale price of
    the three-room apartments in Brasov. For this, he registers the price for 70 three-room
    apartments and finds an average selling price of 65.000 Euro. From previous researches
    it is known that the standard deviation of the selling price is 10.000 Euro. Estimate a
    99% confidence interval for the average selling price of the three-room apartments in
    Brasov.

    Estimating confidence intervals for the population proportion


    3. An opinion survey asked 800 adults to respond to a series of questions about their
    feelings towards the state of economy in their home country. A total of 560 adults
    responded Yes to the question: Do you feel things are going well in your country these
    days?
    a. What is the sample proportion of the adult population who feel things are going
    well in their country?
    b. What is a 90% confidence interval for the proportion of adult population who feel
    things are going well in their country?

    Assoc. Prof. Smaranda Cimpoeru


    4. A retail survey found that 63% of Romanian consumers used the Internet to buy gifts
    during the 2020 holiday season. If 1225 people participated in the survey, what is the
    margin of error and what is the interval estimate of the population proportion of
    customers using the Internet to buy gifts? (95% confidence level)

    Hypothesis testing for the population mean (large sample case)


    5. A survey conducted several years ago estimated that the mean number of hours that
    individuals spend on social networks is 3 hours per day. A new study intends to see if
    the mean number of hours spent on social networks each day has increased. A sample
    of 75 individuals is surveyed being asked how much time they spend daily on social
    networks. The sample mean is 3.4 hours and the sample standard deviation is 1.2 hours.
    Test the hypothesis stated in the new study using a significance level, α = 0.05.

    Practice!

    6. Audience profile data collected for a sports website showed that 31% of users were
    women, assuming the sample was of 400 users. What is the 95% confidence interval
    for the population proportion of the sports website users who are women?

    7. In developing patient appointment schedules, a medical centre wants an estimate of the


    mean time that a staff member spends with each patient. How large a sample should be
    taken if the margin of error is to be 2 minutes at a 95% level of confidence? Use a value
    of 8 minutes for the population standard deviation.

    Solve in Excel
    A sample of 85 individuals provided the credit card balances given in the Excel file
    “Balance.xlsx”.
    Develop a 95% confidence interval estimate of the population mean credit card balance per
    individual.

    Assoc. Prof. Smaranda Cimpoeru

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