3. What will happen to the S&P500;? At beginning of the Fall 2013 semester we as

Question

3. What will happen to the S&P500;? At beginning of the Fall 2013 semester we asked Stat 226 students to predict the behavior of the S&&P; 500 value at the end of the semester. Students were asked the following question: What do you think, will the S&P; 500 index be higher at the end of the semester in comparison to its value on 23 August 2013? Note that the closing value for 23 August 2013 was 1,663.50. Because the question was posted in Canvas we were able to collect all responses. For a random sample of students the responses are saved in a .JMP file called Responses-S8P500. JMP. Use these data and JMP to answer the following questions (a) How large is the random sample, i.e. how many observations does the data set consist of? (b) What type of variable is the variable of interest? i. Quantitative Variable ii. Nominal Categorical Variable iii. Ordinal Categorical Variable (c) If you answered "Categorical" in the previous question, how many categories does the variable of interest consist of? If you answered "Quantitative", what is the range of values the variable can take? (d) Free response submission. Construct a pie chart of the data.1 Export the pie chart and save it as an image file, such as a png or .jpeg file and upload it to Canvas on a Mac: You can do this in JMP by first clicking on the pie chart window itself. Then choose File = > Export. From the prompted list of options choose image and save the image locally to your computer on a PC: You can do this in JMP by first clicking Alt F followed by S to save the file. Make sure to save the file as a .png or .jpeg, for example, but not as a .jrp file!2 (e) If we recorded the S&P500; index every day for the entire semester (except for weekends and holidays), what graphical display is most appropriate to display the data? (Hint: The answer is in the lecture notes, Module 1, Chapters 1-3.) (f) Free response submission. As a reference date for the semester we chose December 9th, 2013 to see what would happen to the S&P; 500 index. Look up its closing value, record it and comment on the students' prediction from the beginning of the semester.

Explanation / Answer

a)The random sample is of size 226, since the answers of 226 stat students will be recorded to further analyse the data.

b)The variable RESPONSE is a CATEGORICAL VARIABLE which has its own ordering , thus the variable of interest is an ORDINAL CATEGORICAL VARIABLE.

c) The variable of interest has 3 categories : YES (higher), ABOUT THE SAME (no change), NO (lower).

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