A local power utility claims that the mean annual household electric bill for its subscribers is only $600. A consumer watchdog group wants to dispute this claim. Everyone agrees that the standard deviation σ of annual household electric bills is $150 Find the minimum sample size needed to estimate the true mean to within a $10 margin of error, with 95% confidence.
A local power utility claims that the mean annual household electric bill for its subscribers is only $600. A consumer watchdog group wants to dispute this claim. Everyone agrees that the standard deviation σ of annual household electric bills is $150 Find the minimum sample size needed to estimate the true mean to within a $10 margin of error, with 95% confidence.
A local power utility claims that the mean annual household electric bill for its subscribers is only $600. A consumer watchdog group wants to dispute this claim. Everyone agrees that the standard deviation σ of annual household electric bills is $150 Find the minimum sample size needed to estimate the true mean to within a $10 margin of error, with 95% confidence.
A local power utility claims that the mean annual household electric bill for its subscribers is only $600. A consumer watchdog group wants to dispute this claim. Everyone agrees that the standard deviation σ of annual household electric bills is $150
Find the minimum sample size needed to estimate the true mean to within a $10 margin of error, with 95% confidence.
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 + ...
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