As an example of a situation in which several different statistics could reasonably be used to calculate a point estimate, consider a population of N invoices. Associated with each invoice is its "book value," the recorded amount of that invoice. Let T denote the total book value, a known amount. Some of these book values are erroneous. An audit will be carried out by randomly selecting n invoices and determining the audited (correct) value for each one. Suppose that the sample gives the following results (in dollars). Let Book value Audited value Error Invoice 1 2 3 4 5 279 696 515 221 114 279 531 515 221 175 0 165 0 0 -61 Y = sample mean book value X = sample mean audited value D sample mean error

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
100%
Please answer all unanswered parts. It’s all part of one question.
As an example of a situation in which several different statistics could reasonably be used to calculate a point estimate, consider a
population of W invoices. Associated with each invoice is its "book value," the recorded amount of that invoice. Let T denote the
total book value, a known amount. Some of these book values are erroneous. An audit will be carried out by randomly selecting n
invoices and determining the audited (correct) value for each one. Suppose that the sample gives the following results (in dollars).
Let
● NX
X +
N
OX/N
Book value
Audited value
Y = sample mean book value
X = sample mean audited value
D = sample mean error
Error
Propose a statistic for estimating the total audited (i.e., correct) value involving just N and X.
N
X
1-T-X/
Y
OT+X/Y
Propose a statistic for estimating the total audited (i.e., correct) value involving T, N, and D.
OT+ND
OT-ND
OT.N/D
TND
Invoice
1
2
3
4 5
279 696 515 221 114
279 531 515 221 175
0 165 0 0 -61
Propose a statistic for estimating the total audited (i.e., correct) value involving T and X / Y.
OT-X/Y
OT-X/Y
If N = 5000 and T = 1,761,200, calculate the corresponding point estimates. (Round your answers to the nearest whole number.)
based on just N and X $
based on T, N, and D
based on T and X/Y
Need Help?
$
$
Read It
Transcribed Image Text:As an example of a situation in which several different statistics could reasonably be used to calculate a point estimate, consider a population of W invoices. Associated with each invoice is its "book value," the recorded amount of that invoice. Let T denote the total book value, a known amount. Some of these book values are erroneous. An audit will be carried out by randomly selecting n invoices and determining the audited (correct) value for each one. Suppose that the sample gives the following results (in dollars). Let ● NX X + N OX/N Book value Audited value Y = sample mean book value X = sample mean audited value D = sample mean error Error Propose a statistic for estimating the total audited (i.e., correct) value involving just N and X. N X 1-T-X/ Y OT+X/Y Propose a statistic for estimating the total audited (i.e., correct) value involving T, N, and D. OT+ND OT-ND OT.N/D TND Invoice 1 2 3 4 5 279 696 515 221 114 279 531 515 221 175 0 165 0 0 -61 Propose a statistic for estimating the total audited (i.e., correct) value involving T and X / Y. OT-X/Y OT-X/Y If N = 5000 and T = 1,761,200, calculate the corresponding point estimates. (Round your answers to the nearest whole number.) based on just N and X $ based on T, N, and D based on T and X/Y Need Help? $ $ Read It
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman