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Calculate the standard deviation of the population

Assignment Help Econometrics
Reference no: EM131031960

Download dataset: Dataset I: Noodles & Company Database from Blackboard

1. Descriptive Statistics: Calculate mean, median, variance and standard deviation for average salad sales for each month by using Excel functions.

2. Histogram: Draw the histogram of "Average Daily Rice Krispy Sales" for June.

a. State the number of bins, lower and upper limits of each bin, and calculate the relative frequency for each bin. Explain how you determine the appropriate number of bins.

b. Create a table stating each bin, upper and lower bin limits, and relative frequencies clearly.

c. Use the table you have created in part (b) to draw a histogram. Do not forget to label the axes, the table, and the histogram. Include the table and the histogram in both documents.

3. Covariance and Correlation Coefficient: Calculate the covariance and the correlation coefficient between "Sales Growth over Previous Year (%)" and "Change in Average Service Time (Min)" by using Excel functions. State the unit of measurement for each statistic and explain what these numbers mean (the direction and the magnitude of the correlation if there is any).

4. Confidence Interval:

a. Choose a random sample of 20 restaurants for "Sales per Person."

b. Calculate the mean and standard deviation for this random sample.

c. Assume that population standard deviation is unknown. Calculate the confidence interval for population mean by using the sample mean and sample standard deviation for 90%, 95% and 99% confidence levels.

d. Assume that the dataset you have represents the whole population. Calculate the standard deviation of the population and use it to calculate the confidence interval for the population mean for the same random sample for 90%, 95% and 99% confidence levels.

Attachment:- dataset-i-noodles-company-database.rar

Reference no: EM131031960

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