There are four sheets in your excel workbook. The first sheet contain data for the population of 4-year universities in the United States in 2011 and 2018. There are 919 4-year universities in this population. Variable definitions are provided on the last page of this document. Follow the instructions on the next page to create a random sample of 101 universities that you will use to answer questions 1-8. Make sure to paste your random sample onto the correct sheet of your excel file. Show all your work. That means you need to use excel to compute your answers. When I click on the cell with your answer I should be able to see the equation you wrote to find that answer. If I cannot see the equation you wrote then you will not receive credit. Place these answers in the yellow cells on the “Answers” sheet of the excel file. The Extra Work sheet is there for you to use at your own disposal as you see fit.

You can use basic excel functions such as AVERAGE, VAR.S, STDEV.S, and SUM. Do not use the t-test or z-test functions built into excel to answer question. The purpose of this assignment is to test your understanding of statistics… not the software engineers at Microsoft! This assignment is worth a total of 40 points that will be added to your 3rd exam. Save your completed excel workbook as “YOUR NAME” Extra assignment.xlsx and turn it in via the assignment page on D2L. In addition to the excel file, you also need to submit another file with your answers and explanations written out. This may be a word file or a scan/picture of a handwritten sheet.

Compute and interpret a correlation coefficient between in-state tuition and average federal loan amounts using your sample from 2018. (5 points)

Compute and interpret the 95% confidence interval for the 75th percentile of math SAT scores in 2011. (5 points)

Compute and interpret the 99% confidence interval of in-state tuition in 2018. (5 points)

With 99% confidence, test whether more than half of students in 4-year universities have a Federal student loan in 2011? (5 points)

The 75th percentile math SAT score for all test taker in 2018 was 590 (this included students that did not attend a 4-year university). For the same year, test whether the 75th percentile of math SAT scores at 4-year universities was different than it was for all test takers. Use α = 0.01. (5 points)

Did undergraduate enrollment increase from 2011 and 2018? Use a confidence level of 95%. (5 points)

Refer to your answer for question 4. Since you were originally given population data you can compute the population mean and compare to your hypothesis test result. Did you get the correct result from your hypothesis test when you compare to the population mean? If not, did you make type I or type II error? Explain your answers. (5 points)

Refer to your answer for question 5. Since you were originally given population data you can compute the population mean and compare to your hypothesis test result. Did you get the correct result from your hypothesis test when you compare to the population mean? If not, did you make type I or type II error? Explain your answers. (5 points)

ECON 2300 READ AND FOLLOW ALL INSTRUCTIONS Extra Assignment

Random sample instructions

You will need to select a sample of 101 universities. Follow these instructions exactly to randomly select your sample. Your sample will be completely different than the sample created by everyone else. If you turn in an assignment with the same sample selected as another student, neither student will receive credit for this assignment. (1) Type “RAND()” in the the cell for the first observation of the R Number variable (2) Apply this function to the rest of the observations in the data set. (3) Highlight the entire column for the random variable you just created. (4) Right click the highlighted column and select “copy” (4) Right click the column again and select “values” from the list of paste options. This will keep your random numbers from updating if you’ve done it correctly. (5) Now highlight the “R Number” column. Select the “Data” menu from the top of the excel window and sort from lowest to highest (A warning box may pop up. Make Sure to select “Expand the Selection” before sorting). (6) Copy the first 101 observations (remember the first row is just the variable name) from the population data provided and paste them to the sample data sheet in the excel workbook. This is the sample you will use to answer questions 1-8 on the previous page

Table 1: Variable Descriptions

Variable Name Description

instnmcitystabbrsectorem allfaculty tot 2011 satvr75 2011

satmt75 2011tuition2 2011tuition3 2011floan p 2011floan a 2011 undergrad tot 2011 em allfaculty tot 2018 satvr75 2018

satmt75 2018 tuition2 2018 tuition3 2018floan p 2018floan a 2018 undergrad tot 2018 R Number

Institution nameCity of institutionState abbreviationSector of institution2011 Total employed faculty2011 75th percentile of SAT verbal scores2011 75th percentile of SAT math scores2011 In-state undergraduate tuition ($)2011 Out-of-state undergraduate tuition ($)2011 Percentage of undergrads with a Federal student loan 2011 Average per student Federal loan amount ($)

2011 Total undergraduate enrollment2018 Total employed faculty2018 75th percentile of SAT verbal scores2018 75th percentile of SAT math scores2018 In-state undergraduate tuition ($)2018 Out-of-state undergraduate tuition ($)2018 Percentage of undergrads with a Federal student loan 2018 Average per student Federal loan amount ($)

2018 Total undergraduate enrollment Random value that you create

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