Economic Forecasting
ECO 309
Fall 2005
QUIZ 1
September 15, 2005
NAME_____________________________________________
SSN_______________________________________________
QUESTIONS:
1.We want to forecast if the mean number if absent
days per year has increased from last year or not. A
year ago, the mean was 12.1. A recent sample of 100
employees has a sample mean of 13.5 with a sample
standard error of 1.7 days. Determine if the
population mean has increased at 5% significance
level.
2. Based on past experience California Power
Company forecasts that the mean electricity usage
per household is 700kwh next January. In January,
the company samples 50 households and computes
a mean and standard error of 715 and 50,
