ECN 102 Lecture Notes - Lecture 4: 1880 United States Census, Simple Random Sample, Random Variable

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25 Jun 2018

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Analysis of Economics Data

Lecture 4

Diana Moreira, UC Davis

April 11, 2018

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Description of data using graphs.

1.Box plot

2. Histogram:

particular case: smoothed histogram.

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0 10 20 30 40 50

Frequency

0 50000 100000 150000 200000

Annual earnings (in dollars)

Earnings: Histogram

0 5.000e-06 .00001 .000015

Density

0 50000 100000 150000 200000

Annual earnings (in dollars)

kernel = epanechnikov, bandwidth = 1.5e+04

Earnings: Smoothed Histogram

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Document Summary

1. box plot: histogram: particular case: smoothed histogram. 3 / 47: smoothed histogram density is pulled up if occurrence in side bins are more frequent, positive density even when no observation is within the interval right below the relevant density. Data is often not ready for a meaningful description. For any economic data are often important transformations you have to do in the data to be able to analyze: z-score, natural logarithm. Present the transformation, talk about the properties, and then show when and why it is used. Usages of z-score: symmetry and kurtosis formula can be written in z-scores, interpretation of the magnitude of z-score is easy. 1 unit increase in z equals 1 standard deviation increase in the original score x. If the distribution looks like a normal, it is equivalent from going from the median (50th percentile) up to the 84th percentile. 10 / 47: used to interpret categorical variables.

Related Questions

1. For April 2015, the Bureau of Labor Statistics (BLS) estimates that the number of employed workers in the US was 148,523,000. The total number of workers who were not employed but were actively seeking work or waiting to be recalled from the layoff was 8,549,000. The total number of workers who were not employed and were neither looking for work nor waiting to be recalled from the layoff was 93,194,000.

a. Calculate the number of workers in the labor force and the adult working population.

b. Calculate the labor force participation rate and the unemployment rate.

c. Figure 2.1 in the lecture slides gives the same data, but for April 2013. Calculate the percentage change in the number of unemployed workers, the percentage change in the number of workers in the labor force, and the percentage change in the adult working population between April 2013 and April 2015.

d. Has the labor market improved between April 2013 and April 2015? Has it clearly improved, or is there a chance that it has not actually improved? Justify your answer. (Hint: Compare the labor force participation rate and the unemployment rate for April 2013 and April 2015).

byzantiumbutterfly960

How the Dismal Science Got Its Name
Click here to watch the video.LINK:

https://www.youtube.com/watch?v=KBC2Lza7Yck

"My continual aim has been to show the eternal superiority of some men to others..." This quotation can be attributed to someone who:

	1.believed in inequality and supported slavery.
	2.opposed both laissez-faire economics and slavery.
	3.supported free-market economics.
	4.preferred the "dismal" science to the "gay" science.

The essayist who called economics the 'dismal science' did so because he did not like:

	1.the constant focus in economics on opportunity costs.
	2.the prediction of economic theory that populations would eventually starve.
	3.the difficult mathematical analysis used in economics.
	4.the anti-slavery conclusions of economic theory.

The title of the work in which the phrase "dismal science" is first used is:

	1.An Essay on the Principle of Population
	2.Six Essays on The Elements Of Political Economy
	3.Occasional Discourse on the Negro Question
	4.An Inquiry into the Nature and Causes of the Wealth of Nations

Influential economist John Stuart Mill responded to Carlyle's pro-slavery writings by calling them:

	1.the work of the devil.
	2.more dismal than economics.
	3.a watershed moment in the history of free-market economics.
	4.sound economics but bad public policy.

greenyellowjacket177

You have just been hired by SecuriDoor Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and do what you can to help us get better control of our manufacturing overhead costs. You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for April:

Cost formula:

Actual cost in April, utilities $16,500 plus $.18 per machine-hour $21,360, maintenance $38,400 plus $1.40 per machine-hour $56,000, supplies $.80 per machine-hour $13,400, indirect labor $94,900 plus $2.00 per machine-hour $129,800, depreciation $67,700 $69,400. During April, the company worked 15,000 machine-hours and produced 9,000 units. The company had originally planned to work 17,000 machine-hours during April.

Required:

1. Complete a report showing the activity variances for April. Complete a report showing the spending variances for April.

ivorysheep508

ECN 102 Lecture Notes - Lecture 4: 1880 United States Census, Simple Random Sample, Random Variable

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