A random sample of 81 credit sales in a department store showed an average sale of $67.00. From past data, it is known that the standard deviation of the population is $28. (a) Determine the standard error of the mean (in dollars). (Round your answer to the nearest cent.) (b) With a 0.95 probability, what can be said about the size of the margin of error? There is a 0.95 probability that the distance between the sample mean and the population mean will equal the margin of error.There is a 0.95 probability that the distance between the sample mean and the population mean will be less than or equal to the margin of error. There is a 0.95 probability that the sample mean and the population mean are equal. There is a 0.95 probability that the distance between the sample mean and the population mean will be greater than or equal to the margin of error. There is a 0.95 probability that the margin of error and the population mean are equal. (c) What is the 95% confidence interval of the population mean (in dollars)? (Round your answers to the nearest cent.) $ to $
A random sample of 81 credit sales in a department store showed an average sale of $67.00. From past data, it is known that the standard deviation of the population is $28. (a) Determine the standard error of the mean (in dollars). (Round your answer to the nearest cent.) (b) With a 0.95 probability, what can be said about the size of the margin of error? There is a 0.95 probability that the distance between the sample mean and the population mean will equal the margin of error.There is a 0.95 probability that the distance between the sample mean and the population mean will be less than or equal to the margin of error. There is a 0.95 probability that the sample mean and the population mean are equal. There is a 0.95 probability that the distance between the sample mean and the population mean will be greater than or equal to the margin of error. There is a 0.95 probability that the margin of error and the population mean are equal. (c) What is the 95% confidence interval of the population mean (in dollars)? (Round your answers to the nearest cent.) $ to $
A random sample of 81 credit sales in a department store showed an average sale of $67.00. From past data, it is known that the standard deviation of the population is $28. (a) Determine the standard error of the mean (in dollars). (Round your answer to the nearest cent.) (b) With a 0.95 probability, what can be said about the size of the margin of error? There is a 0.95 probability that the distance between the sample mean and the population mean will equal the margin of error.There is a 0.95 probability that the distance between the sample mean and the population mean will be less than or equal to the margin of error. There is a 0.95 probability that the sample mean and the population mean are equal. There is a 0.95 probability that the distance between the sample mean and the population mean will be greater than or equal to the margin of error. There is a 0.95 probability that the margin of error and the population mean are equal. (c) What is the 95% confidence interval of the population mean (in dollars)? (Round your answers to the nearest cent.) $ to $
A random sample of 81 credit sales in a department store showed an average sale of $67.00. From past data, it is known that the standard deviation of the population is $28.
(a)
Determine the standard error of the mean (in dollars). (Round your answer to the nearest cent.)
(b)
With a 0.95 probability, what can be said about the size of the margin of error?
There is a 0.95 probability that the distance between the sample mean and the population mean will equal the margin of error.There is a 0.95 probability that the distance between the sample mean and the population mean will be less than or equal to the margin of error.
There is a 0.95 probability that the sample mean and the population mean are equal.
There is a 0.95 probability that the distance between the sample mean and the population mean will be greater than or equal to the margin of error.
There is a 0.95 probability that the margin of error and the population mean are equal.
(c)
What is the 95% confidence interval of the population mean (in dollars)? (Round your answers to the nearest cent.)
$ to $
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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