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Dr. Sanders ECST 6100 HW 3
What is the covariance and correlation between price and quantity demanded given the following data? Does this data support the law of demand?
P Q
10 20
11 18
12 14
13 14
14 13
According to Tchebyshevs Theorem, at least what proportion of data points are within four standard deviations of mean (for any distribution of data points)?
7/8
9/10
15/16
14/18
None of the above
Why does the empirical rule give different results than Tchebyshevs Theorem?
Given an example of a legitimate outlier (i.e., one that is not the result of recording error). For instance, Bill Gates has an outlying income level. Kenny George (78, 360 pounds) has an outlying size. Please dont use one of the examples listed above.
The mean height in your class is 68 inches. The standard deviation of height is 3 inches. You are 72 inches. What is the standardized value (z) associated with your height? What does this mean? Are you a height outlier?
A five number summary of data appears as follows:
1,2,3,4,10
This data appears to be:
symmetric
right skewed or positively skewed
left skewed or negatively skewed
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