State the number of variables and observations available in the data set.

 1.      (5pts) State the number of variables and observations available in the data set.

 2.      (5pts) Classify all variables with respect to measurement levels (Hint: First determine whether a variable is quantitative or qualitative. Then, determine whether it is nominal or ordinal if the variable is qualitative and interval or rational if it is quantitative.) Provide your answer in a table format.

 Example of a table format:

 3.      (15pts) Calculate measures of location and variability provided in the table for all quantitative variables EXCEPT “hours”, “meduc” and “feduc”. Provide your answer in a table format and round all measures to two decimals places.

 Example of a table format:

4.      (9pts) Draw a table showing frequency, relative frequency and percentage relative frequency of education. Set classes as primary school (if 8≤educ<12), high school (if 12≤educ<16), university/college (if 16≤educ<18) and graduate school (if educ≥18).

 5.      (7pts) Answer following questions by using cross-tabulations.

a.      Provide percentage shares of married-workers living in urban and non-urban area and compare it with single-workers counterparts.

b.      Provide education level shares of workers living in urban and non-urban area. Are education level distributions of workers living in urban area and non-urban area similar? Discuss your results.

a.      using the skewness number,

b.      using the shape of the histogram,

c.       comparing the mean and the median.

 7.      (10pts) Draw a horizontal box plot for wage, showing five-number summary on the x-axis.

a.      Is the shape of distribution provided by the box-plot consistent with the one provided by its histogram?

b.      According to box-plot, is there any outlier?

c.       Check whether there is an outlier by using z-score.

 8.      (12pts) Discuss the strength and direction of the relationship between variables provided below by using a single measure and draw their scatter plot.

a.      wage and educ

b.      educ and meduc

c.       meduc and feduc

 9.      (6pts) If wage is measured as hourly wage how do the strength and the direction of the relation between wage and educ change? Assume that there are 4 weeks in each month. Calculate the covariance and correlation in this new case. Discuss the difference between these two measures using your results.

 PART 2: Probability and Discrete Distribution (25 pts)

10.  (6pts) Bahçeşehir University wishes to evaluate the effectiveness of the university promotion days in university choice of Istanbul based students. 75% of all potential students in Istanbul were reached along the university promotion days. 28% of those contacted chose to study at Bahçeşehir University while 8% of students who chose to study at Bahçeşehir University are not contacted during promotion days.

a.      Draw a tree diagram (with probabilities on each branch and all outcome probabilities) to represent the two-step experiment.

b.      What is the probability that a student who chooses to study at Bahçeşehir University has not been contacted during the university promotion days?

 11.  (3 pts) An investor is considering three strategies for a $1,000 investment. The probable returns are estimated as follows:

Strategy 1: A profit of $10,000 with probability 0.15 and a loss of $1,000 with probability 0.85