b) Compute a 95% confidence interval for the population mean μ for the average amount a shopper spends during a visit to this grocery store. (Round answers to 4 decimal points)$to $ A statistician is trying to uncover spending habits of shoppers at a localgrocery store. He samples 7 shoppers at random and determines howmuch they spent on groceries at their last visit (to the nearest dollar).Results are as follows:Amount spent: $158, $126, $121, $164, $171, $141, $112Assume that the amount spent per grocery store visit is normallydistributed.

Given data is158,126,121,164,171,141,112sample size(n)=7

Answered: Compute a 95% confidence interval for…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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b) Compute a 95% confidence interval for the population mean μ for the average amount a shopper spends during a visit to this grocery store. (Round answers to 4 decimal points)

$to $

A statistician is trying to uncover spending habits of shoppers at a local
grocery store. He samples 7 shoppers at random and determines how
much they spent on groceries at their last visit (to the nearest dollar).
Results are as follows:
Amount spent: $158, $126, $121, $164, $171, $141, $112
Assume that the amount spent per grocery store visit is normally
distributed.

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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