Economics Data Sets Excel Homework

A Dataset on Fortune 500 Companies

Download the following file from Blackboard: Fortune.xlsx

Variables:

  • This is a dataset for a sample of 50 Fortune 500 Companies.
  • There are three Company Types:
    • M=Manufacturing
    • R=Retail
    • S=Services
  • Stockholders’ Equity ($)
  • Market Value ($)
  • Profit ($)
  • Each must have a descriptive title.
  • Axes in graphs and rows/columns in tables must be properly labeled.
  • Answer the question associated with each Graph/ Table to get full credit.

Instructions for Tables and Graphs:

Dataset Questions (40 points)

  • How many variables are in the dataset?
  • How many observations are in the dataset?
  • Which variables are categorical and which are quantitative?
  • Use Excel to find: number of observations, mean, median, 1st and 3rd quartiles, sample standard deviation, minimum and maximum for variables: Stockholders’ Equity, Market Value and Profit.
StatisticsStockholders’ EquityMarket ValueProfit
mean
median
sample std. dev.
1st Quartile
3rd Quartile
minimum
maximum
No. of obs.
  • Company Type
    • Using a PivotTable: Prepare the percentage frequency distribution of Company Type. No need to copy and paste the table to the homework. But you need it for the next step.
    • Prepare a Pie Chart of the Company Type. Copy and Paste it here.
    • Which is the most frequent Company type in the dataset?
  • Company Type and Stockholders’ Equity
    • Using a PivotTable: Prepare a cross tabulation of Company Type (rows) and Stockholders’ Equity (columns). min= 0, max=6000, by=1000 No need to copy and paste the table to the homework. But you need it for the next step.
    • Prepare a 100% Stacked Bar Chart of Company Type (horizontal axis category) and Stockholders’ Equity (stacked categories). Copy and Paste it here.
    • Which Company Type has the highest Stockholders’ Equity?
  • Market Value and Stockholders’ Equity.
    • Do a Scatter Plot of Market Value (vertical axis) and Stockholder’s Equity (horizontal axis). Add a linear trend line. Copy and Paste it here.
    • Calculate the correlation between the Market Value and Stockholder’s Equity?
    • Comment on the relationship. Is it positive or negative? Strong or weak? Do companies with higher Market Value also have higher Stockholder’s equity?
  • Draw a histogram for Profit using a PivotTable. Group Settings: min= 0, max=1200, by=100.
    • Comment on the shape of the histogram. Is it symmetric or skewed left/right?

Probabilities and Basic Relationships (10 points)

Suppose we have a sample space: , with probabilities: , , , , , , and . Consider the following events with their corresponding set of sample points: , , and . Note:

  • if A and B are mutually exclusive
  • if A and B are mutually exclusive
  • if A and B are independent
  • = the probability of X success in n trials
  • = the number of successes (only two possible outcomes: success and failure)
  • = the probability of success of one trial (constant for all trials)
  • = the number of trials (all trials are identical and independent)
  • = combinatorial equation
  • = the probability of x occurrences in an interval
  • = the expected value or mean number of occurrences in an interval
  • = is the mathematical constant 2.71828

Questions:

  • Find the probabilities: , and .
  • Find the set of sample points of events (this is a list of sample points {…}) and find ?
  • Find the set of sample points of and find .
  • Now use the formula to confirm your answer from part (b).
  • Are events A and C mutually exclusive?
  • Find and
  • Calculate and . Are they the same?
  • Are events A and B independent?
  • Which are the parameters of this distribution function? (There are two.)
  • Write the equation for the binomial probability distribution function two times.
  • A university found that 10% of students withdraw from a math course. Assume 25 students are enrolled.
    • Write the prob. distribution function with the specific parameters for this problem.
    • Compute by hand (can use calculator but show some work) the prob. that exactly 2 withdraw.
    • Compute by hand (can use calculator but show some work) the prob. that exactly 5 withdraw.
    • Construct the probability distribution table of class withdrawals in Excel. This is a table of x and f(x). Generate one column for the number of x successes with numbers 0 to 25 in each row. Generate a second column with the probability f(x) of each success using the Excel function =BINOM.DIST(x, n, p, FALSE) in each row. Attach the table to the end of your homework.
    • What is the probability that 5 or less will withdraw?
  • Which are the parameters of this distribution function? (There is only one.)
  • Write the Poisson probability distribution function two times.
  • Customers for a restaurant arrive at an average rate of 36 customers per hour during lunchtime.
    • Write the Poisson probability distribution function with the specific parameters for this problem.
    • Calculate the probability of receiving exactly 25 customers in a 60-minute interval.
    • Calculate the probability of receiving exactly 30 customers in a 60-minute interval.
    • Construct the probability distribution table of new customer arrival. This is a table of x and f(x). Generate one column for the number of x occurrences with numbers 0-50 in each row. Generate a second column for the probability f(x) of each occurrence using the Excel function =POISSON.DIST(x, , FALSE) in each row. Attach the table to the end of your homework.
    • What is the probability that between 15 and 20 guests will arrive in a 60-minute interval?
  • Rewrite the probability distribution function to calculate the probability of having exactly 10 customers in a 30-minute interval. You do not need to calculate the probability, just adjust the parameter for a 30-minute interval instead of a 60-minute interval and write the equation.

Discrete Distributions Part 1: Binomial Probability Distribution (10 Points)

Binomial Probability Function:

Questions:

Discrete Distributions Part 2: Poisson Probability Distribution (10 Points)

Poisson Probability Function:

Questions:

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