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**ECMB11H3Y Quantitative Methods in Economics I – L01
**

Lecture 02 - In Class Exercise – Summer 2012

Problem 1

The Co-op office at a department keeps track of the number of students placed with jobs each month. Below is a sample

of 6 month’s data. Determine the sample mean, median, mode, range, standard deviation for the number of students placed

in a month. Compute the first quartile. What is the number of hires in a month such that 2/3 of the months will have

placements below this value?

Month

students hired

Jan

3

Feb

2

Mar

4

Apr

2

May

6

June

0

1

B. 72 4 2 . would the student get an interview? Course mark % marketing finance 65 80 stats 70 accounting 92 O.Problem 2 (a) A marketing company requires that a student must have an average above 75% in their courses to get an interview. Would the student get an interview? Course mark % Weight marketing finance 65 80 9 8 stats 70 7 accounting 92 3 O.B. 72 (b) Suppose the company views some courses as being more important than others and so assigns different weights to them as shown below. Below are grades for a student.

What is the mean starting salary? Standard deviation? starting salary (in $1.31 5 32 .Problem 3 You are studying the salary of new business student graduates.36 8 37 .41 4 3 .000) # of students 22 – 26 3 27 . The Alumni office provided you with the following summary for a sample of business students that graduated in 2011.

what conclusions can you draw? 4 .Problem 4 Five observations are taken for 2 variables. x 4 6 11 3 16 y 50 50 40 60 30 (a) Does there appear to be a relationship between x and y? (b) Compute the sample covariance and sample correlation coefficient.

Bruce goes on to say that the way to fix the problem may be very different if we knew how much was in each account. The Director called a meeting with the 14 employees where he said the average amount of money in an account is $3750 and there are 4 employees with over $7500. Do you agree with Bruce? Explain. we don’t really have enough info to determine if there is indeed a problem. He did not want to provide the amounts in each account because of confidential reasons. what additional statistic would you suggest the Director give and why? 5 . The fund is placed in each employee’s account and unused amount can be carried forward. Employee Bruce Lee having taken ECMB11 said unless we know how much money is in each accounts. He said the $3750 implies that employees have not done any professional development in 3 years so there is a problem. Assuming it is not possible to give the amounts in each individual accounts. Provide 2 different methods to fix this problem and explain how your method relates to the amounts in the accounts. The Director is worry that there is too much unused money piling up in the accounts and the Vice President may stop giving money to the department for professional development.Problem 5 – case (Let’s talk about it) Employees in a certain department are given $1250 each year for professional development.

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