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…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.1: Measures Of Center

Problem 9PPS

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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 Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.

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