ECO 1105 ECONOMIC STATISTICS I Click to view

ECO 1105: Economic Statistics I Page 1
MAASAI MARA UNIVERSITY
REGULAR UNIVERSITY EXAMINATIONS
2018/2019 ACADEMIC YEAR
FIRST YEAR FIRST SEMESTER
SCHOOL OF BUSINESS AND ECONOMICS
BACHELOR OF SCIENCE (ECONOMICS)

BACHELOR OF SCIENCE (FINANCIAL
ECONOMICS)
BACHELOR OF SCIENCE (ECONOMICS
AND STATISTICS)
COURSE CODE: ECO 1105
COURSE TITLE: ECONOMIC STATISTICS I
DATE: 5TH DECEMBER 2018 TIME: 11.00 -1.00PM
INSTRUCTIONS TO CANDIDATES
Answer Question ONE and any other THREE questions
This paper consists of 3 printed pages. Please turn over.
ECO 1105: Economic Statistics I Page 2
1. QUESTION ONE (25 MARKS)
a) Explain the meaning of each of the following;
i) Statistics (2 marks)
ii) Kurtosis (2 marks)
iii) Box and Whisker plot (2marks)
b) Differentiate between each of the following as applied to statistics:
i. Population and sample (2 marks)
ii. Parameter and statistic (2 marks)
iii. Descriptive statistics and inferential statistics (2 marks)
c) Given the data below
28 35 61 29 48 57 67 69 55 71
48 49 47 42 37 51 72 63 33 62
71 32 35 43 37 66 51 54 56 31
37 76 42 38 59 58 44 39 57 46
38 44 45 45 38 44 47 47 48 22
i) Develop a frequency distribution table of six classes (2 marks)
ii) Construct an ogive (2 marks)
d) Give three main reasons why the use of sample is more widely applied than that of population in
the study of statistics (3 marks)
e) Give the four levels of measurement as applied to statistics (2marks)
f) Differentiate between the Chebyshevs rule and the Emperical rule as applied to the understanding
of The Standard deviation (4 marks)
QUESTION TWO (15 MARKS)
a) Give three main properties of the arithmetic mean (3 marks)
a) A sample of 50 antique dealers in Narok town revealed the following sales figures during the
year 2017

Required:
Determine :
i) The mean sales (3 marks)
ECO 1105: Economic Statistics I Page 3
ii) The median sales (3 marks)
iii) The modal sales amount (3 marks)
b) A hospital in Narok employees a total of 200 nurses. Of these, 25 are nurse’s aides, 75 are
practical nurses and 100 are registered nurses. Nurse’s aides receive Ksh. 80 per hour, practical
nurses receive Ksh. 100 per hour and registered nurses receive Ksh.140 per hour. Determine the
weighted mean hourly wage (3 marks)
QUESTION THREE (15 MARKS)
a) Clearly explain three main approaches of data collection (6 marks)
b) Explain each of the following sampling techniques
i) Simple random (3 marks)
ii) Stratified (3 marks)
iii) Systematic (3 marks)
QUESTION FOUR (15 MARKS)
a. Below is sample data from a company’s figures for a given operations x
41 13 20 13 26 13 45 82 67 37
38 62 36 35 56 35 54 34 34 34
31 41 27 47 50 47 47 51 53 41
You are required to determine
i) The inter quartile range (5 marks)
ii) The 67th percentile (2 marks)
iii) The 6thdecile (2 marks)
b) Given the data below;

Required:
Determine the
i) the variance (3 marks)
ii) the standard deviation (1 marks)
iii) the coefficient of variation (2 marks)
ECO 1105: Economic Statistics I Page 4
QUESTION FIVE (15 MARKS)
Below are the prices and quantities of five products during the years 2015 and 2016

Required:
a) Use the data above to develop unweighted aggregate price index for 2016 using 2015 as
the base year. (3 marks)
b) Using 2015 as the base year, compute price index number for 2016 using each of the
following methods:-
i. Lespeyres (3 marks)
ii. Paasche (3 marks)
iii. Fisher’s Ideal (3 marks)
c)Differentiate between Chain Based and Fixed Base index (3 marks)

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