To estimate a population mean μ, the sample mean x¯ is often used as an estimator. However, a different estimator is called the sample midrange, given by the formula sample minimum + sample maximum/2.(c) The following table shows the values, in thousands of dollars, of 40 randomly selected houses in the city.(i) Calculate the sample midrange for the data.(ii) Explain why the sample midrange might be preferred to the sample mean as an estimator of the population mean. 3438951371401551551692071102092173143143233433473493632743693883893974164484504834873734885165715957387628631,084600769

Answered: Image /qna-images/answer/6387e780-e982-4439-89d7-31fba74f2424.jpg

Answered: 34 38 95 137 140 155 155 169 207 110…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Concept explainers

Question

To estimate a population mean μ, the sample mean x¯ is often used as an estimator. However, a different estimator is called the sample midrange, given by the formula sample minimum + sample maximum/2.

(i) Calculate the sample midrange for the data.

(ii) Explain why the sample midrange might be preferred to the sample mean as an estimator of the population mean.

34
38
95
137
140
155
155
169
207
110
209
217
314
314
323
343
347
349
363
274
369
388
389
397
416
448
450
483
487
373
488
516
571
595
738
762
863
1,084
600
769

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Point Estimation, Limit Theorems, Approximations, and Bounds$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions