QUESTIONSamuel is a butchery vendor at a local open market. His daily income and the number of hours worked for the first ten days after the lockdown period is shown below:Day Income (N$) Number of hours 180062900836004412005514009620009714008890069130071014008 REQUIRED TO;determine whether it is the data time series or cross sectional? Motivate the reason.Calculate and interpret the following descriptive measures for the random variable Income: MeanMedianMode33rd percentileInterquartile range 3. Calculate and interpret the covariance between the random variables Income and Number of hours worked. 4. Calculate and interpret the correlation coefficient between the random variables Incomeand Number of hours worked.

Answered: Samuel is a butchery vendor at a local…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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QUESTION

Samuel is a butchery vendor at a local open market. His daily income and the number of hours worked for the first ten days after the lockdown period is shown below:

*Day*	*Income (N$)*	*Number of hours*
1	800	6
2	900	8
3	600	4
4	1200	5
5	1400	9
6	2000	9
7	1400	8
8	900	6
9	1300	7
10	1400	8

REQUIRED TO;

determine whether it is the data time series or cross sectional? Motivate the reason.
Calculate and interpret the following descriptive measures for the random variable Income:

Mean
Median
Mode
33^rd percentile
Interquartile range

3. Calculate and interpret the covariance between the random variables Income and Number

of hours worked.

4. Calculate and interpret the correlation coefficient between the random variables Income

and Number of hours worked.

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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