An economist wants to estimate the mean per capita income (in thousands of dollars) for a major city in California. Suppose that the mean income is found to be $22.7 for a random sample of 183 people. Assume the population standard deviation is known to be $6.3. Construct the 85% confidence interval for the mean per capita income in thousands of dollars. Round your answers to one decimal place.
An economist wants to estimate the mean per capita income (in thousands of dollars) for a major city in California. Suppose that the mean income is found to be $22.7 for a random sample of 183 people. Assume the population standard deviation is known to be $6.3. Construct the 85% confidence interval for the mean per capita income in thousands of dollars. Round your answers to one decimal place.
An economist wants to estimate the mean per capita income (in thousands of dollars) for a major city in California. Suppose that the mean income is found to be $22.7 for a random sample of 183 people. Assume the population standard deviation is known to be $6.3. Construct the 85% confidence interval for the mean per capita income in thousands of dollars. Round your answers to one decimal place.
An economist wants to estimate the mean per capita income (in thousands of dollars) for a major city in California. Suppose that the mean income is found to be $22.7 for a random sample of 183 people. Assume the population standard deviation is known to be $6.3. Construct the 85% confidence interval for the mean per capita income in thousands of dollars. Round your answers to one decimal place.
Transcribed Image Text:An economist wants to estimate the mean per capita income (in thousands of dollars) for a major city in California. Suppose that the mean income is found to be $22.7
for a random sample of 183 people. Assume the population standard deviation is known to be $6.3. Construct the 85% confidence interval for the mean per capita
income in thousands of dollars. Round your answers to one decimal place.
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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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