Practice SAQs Midterm Exam 2

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Economics

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Jan 9, 2024

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Practice SAQs Midterm Exam 2 Cheat Sheet Sample Size Computation

Difference Hypotheses Relational Hypotheses Difference Relational Paired Independent Nominal Chi-Square Test Z-test for Proportion(s) Chi-Square Test Ordinal Wilson Signed Rank Test Mann Whitney U Test Spearman Correlation Test Ratio Paired Sample t-test Independent t-test Pearson Correlation Test

Q1. You are hired by a company to check people’s attitudes towards the diet drinks. Based on the following question: What is your opinion about the taste of diet drinks: It sucks 1 2 3 4 5 6 7 It is Great You have been told that your estimate should have a precision of ±0.1 with a 95% confidence of being correct. What is the ideal sample size? Q2. You second task is to determine the proportion of Canadian households who consume diet drink regularly. Using the following question: Do you consume diet drink every week? a. Yes b. No. It wants its estimate to have a 95% confidence interval of ± 5.5%. 1.1 How many randomly selected Canadian households would you have to interview? 1.2 What will be your final suggested sample size based on Q1 and Q2.1? 1.3 If the research population is 6000, will the final sample size be the same as the computed sample size? If not, what would be the final sample size? Q3 3.1 The company want to you to find out if Gender and Landline ownership are related. Based on the following questions: What’s your g ender? (1) Male (2) Female Do you own a landline? (1) Yes (2) No

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• State the hypotheses (null and alternative). What kind of hypothesis is it, Directional/non-directional, difference/relational? • What is the appropriate statistical test? • If you choose a 95% confidence level, and the test statistical value = 6.35 is higher than the critical value at 0.05 significance level. What is the result of the hypothesis test? State your conclusion. 3.2 You want to know if customers prefer the taste of coffee over the taste of tea. Based on the following questions: Q1: Rate the taste of coffee from 1 to 5 Q2: Rate the taste of tea from 1 to 5 1. very bad 2. bad 3. acceptable 4. good 5. very good You run this survey on a sample which contains both female and male customers. • State the hypotheses (null and alternative). What kind of hypothesis is it, Directional/non-directional, difference/relational? • What is the appropriate statistical test? (Ordinal data) • If you choose a 99% confidence level, and the p value =0.03. What is the result of the hypothesis test? State your conclusion.

Q4 The table below contains regression results that show the effect of price and advertising on sales. Interpret the results following the 5 steps. The confidence level for all the hypotheses testing is 95% Step 1: Write the equation of results Step 2: Is the model significant as a whole? In other words, what is the testing result for the following hypothesis? H0: b1= b2= 0 H1: At least one b is not zero Step 3: How about b1, b2 separately? In other words, what is the testing result for each of the following hypotheses? 1) H0: b1 = 0 2) H0: b2 = 0 Step 4: Interpret the meaning of adjusted r-squared Step 5: Interpret the meaning and comment on the face validity of a, b1, and b2 in words

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