An economist uses the price of a gallon of milk as a measure ofinflation. She finds that the average price is $3.62 per gallon and the population standard deviation is $0.33. You decide to sample 40 convenience stores, collect their prices for a gallon of milk, and compute the mean price for the sample.a. What is the standard error of the mean in this experiment?b. What is the probability that the sample mean is between $3.28 and $3.86?c. What is the probability that the difference between the sample mean and the population mean is less than $0.01?d. What is the likelihood the sample mean is greater than $3.62? 04. An economist uses the price of a gallon of milk as a measure ofinflation. She finds that the average price is $3.62 per gallon and thepopulation standard deviation is $0.33. You decide to sample 40 conveniencestores, collect their prices for a gallon of milk, and compute the mean pricefor the sample.a. What is the standard error of the mean in this experiment?b. What is the probability that the sample mean is between $3.28and $3.86?c. What is the probability that the difference between the samplemean and the population mean is less than $0.01?d. What is the likelihood the sample mean is greater than $3.62?

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

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An economist uses the price of a gallon of milk as a measure of inflation. She finds that the average price is $3.62 per gallon and the population standard deviation is $0.33. You decide to sample 40 convenience stores, collect their prices for a gallon of milk, and compute the mean price for the sample. a. What is the standard error of the mean in this experiment? b. What is the probability that the sample mean is between $3.28 and $3.86? c. What is the probability that the difference between the sample mean and the population mean is less than $0.01? d. What is the likelihood the sample mean is greater than $3.62?

04. An economist uses the price of a gallon of milk as a measure of
inflation. She finds that the average price is $3.62 per gallon and the
population standard deviation is $0.33. You decide to sample 40 convenience
stores, collect their prices for a gallon of milk, and compute the mean price
for the sample.
a. What is the standard error of the mean in this experiment?
b. What is the probability that the sample mean is between $3.28
and $3.86?
c. What is the probability that the difference between the sample
mean and the population mean is less than $0.01?
d. What is the likelihood the sample mean is greater than $3.62?

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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