2) In a random sample 765 adults in Jordan, 322 say they could not cover a 300 JD unexpected expense without borrowing money or going into debt. What population is under consideration in the data set? b. What parameter is being estimated? What is the point estimate for the parameter? d. What is the name of the statistic can we use to measure the uncertainty of the point estimate? Compute the value from part (d) for this context. f. A news analyst thinks the value is actually 50%. Should the news analyst be surprised by the data? g. Suppose the true population value was found to be 40%. If we use this proportion to recompute the value in part (e) using p = 0.4 instead of p, does the resulting value change much?
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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