Answer to Question #296802 in Microeconomics for Shakil

Question

PROBLEM SET 1

This problem set is worth 1% of your overall ETT module mark. To obtain the 1%, the problem set must be solved correctly, or a serious attempt at solving the questions must be seen.

You need to show all your working outs.

 

Problem 1:

Jefferson Chang recorded the average wages of 45 people as follows:

221 254 83 320 367 450 292 161 216 410 380 355 502 144 362 112 387 324 576 156 295 77 391 324 126 154 94 350 239 263 276 232 467 413 472 361 132 429 310 272 408 480 253 338 217

1. Draw a frequency table, histogram, relative frequency (percentage) and cumulative frequency table of this data. For the frequency table, please divide the data in 9 intervals choose as follows: first interval: less than 100, second interval: 100 to 149, third interval: 150-199 and so on and so forth until the last interval: 400 or greater.
2. What is the name given to the line diagram generated by the mid points of a histogram?

Answer 1

2.a frequency polygon