Stat 250 data analysis
Generate all requested graphs and tables using StatCrunch.
Problem 1: How Americans like their Steak
Are risk-averse people more likely to order their steak well-done?A survey was conducted that asked individuals a series of questions about risk and how the individual prefers their steak (if at all).In particular, one question asked respondents, “Consider the following hypothetical situations: In Lottery A, you have a 50 percent chance of success, with a payout of $100. In Lottery B, you have a 90 percent chance of success, with a payout of $20. Assuming you have $10 to bet, would you play Lottery A or Lottery B?” Raw data from 412 American steak eaters are presented in our StatCrunch Group.The data set is called “Steak Preference.”
- Use StatCrunch to create a one-way table for the variable “Steak Preferred” using both counts and percentages.Select Stat à Tables à Frequency and select both ‘Frequency’ and ‘Percent of total’ in the Statistic(s) box by holding down the Ctrl Key (Command Key on Macs) when making these selections. Copy your table into your document and then manually round the values in the ‘Percent of total” column to two decimal places in the StatCrunch table that you have copied into your document.
- Interpret your findings from the table in part (a) by identifying the least and most popular steak preference by percent of total (method of cooking and the corresponding percentage).Use complete sentences with context.
- Use StatCrunch to generate a two-way table for the variables Steak Preferred and Lottery.Go to Stat à Tables à Contingency à With Data (since you have the raw data in the first two columns in StatCrunch).Select “Steak Preferred” as your row variable and “Lottery” as your column variable.In the display box, select only Percent of Total.Lastly, unclick (or deselect) “Chi-Square test for independence” since it is highlighted by default by holding the Ctrl key and clicking on it.Copy your table into your document.
- What values are the same when looking at both your one-way table and your two-way table?
- Now, create two more two-way tables keeping “Steak Preferred” as your row variable and “Lottery” as your column variable.One table needs to include row percentages and the other needs to include column percentages.To do this, change what you select in the display box from percent of total (in part (c)) to row percent for the first table and column percent for the second table.Include both tables in your document.
- Specifically define the meaning of the row percentage found in the “Medium Rare” and “Lottery A” cell of each table.Note that there are 70 individuals in that cell.
- Now, specifically define the meaning of the column percentage found in the “Medium Rare” and “Lottery A” cell of each table.Note that there are 70 individual in that cell.
- Overall, are risk-averse people (those choosing Lottery B) more likely to order their steak well-done?Answer this question and provide a one sentence explanation.
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