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crowdfunding backer is a person who pledges money to the project.) The data, saved in the BACKERS file, were analyzed using Minitab and the resulting printout is shown below. Define as the true mean number of crowdfunding backers for all entrepreneurial projects pitched via the internet. a. Locate a 90% confidence interval for μ on the printout. b. Give a practical interpretation of the confidence interval. c. Explain the meaning of the phrase "90% confident" when interpreting the interval. Do not use the word "confident" in your answer.

crowdfunding backer is a person who pledges money to the project.) The data, saved in the BACKERS file, were analyzed using Minitab and the resulting printout is shown below. Define as the true mean number of crowdfunding backers for all entrepreneurial projects pitched via the internet. a. Locate a 90% confidence interval for μ on the printout. b. Give a practical interpretation of the confidence interval. c. Explain the meaning of the phrase "90% confident" when interpreting the interval. Do not use the word "confident" in your answer.

MATLAB: An Introduction with Applications
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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Please only do part b and c

# 6.10 Support for an Entrepreneur's Backers ## Project Overview The project investigates whether displaying positive emotions (e.g., joy) during a funding pitch aids an entrepreneur in acquiring more financial support. This question was central to a study published in the **Academy of Management Journal** (December 2019). The researchers collected data on the number of crowdfunding backers for each project from a sample of 1,460 entrepreneurial projects pitched online via video. A crowdfunding backer is defined as an individual who pledges money to a project. The data, contained in the BACKERS file, were analyzed using Minitab, and the resulting printout is shown below. The variable \( \mu \) is defined as the true mean number of crowdfunding backers for all entrepreneurial projects pitched via the internet. **Tasks:** a. Locate a 90% confidence interval for \( \mu \) on the printout. b. Provide a practical interpretation of the confidence interval. c. Explain the meaning of "90% confident" when interpreting the interval. Do not use the word "confident" in your answer. ## Descriptive Statistics A descriptive statistics table is provided: - **N**: 1460 (Number of projects) - **Mean**: 181.0 (Average number of backers) - **StDev**: 585.7 (Standard deviation) - **SE Mean**: 15.3 (Standard error of the mean) - **90% CI for \( \mu \)**: (155.8, 206.2) ### Analysis of the Graph and Data The table presents descriptive statistics related to the crowdfunding data: - **Sample Size (N)**: 1,460 projects were analyzed. - **Mean**: The average number of backers per project was 181.0. - **Standard Deviation (StDev)**: The data's variability is represented by a standard deviation of 585.7 backers. - **Standard Error (SE Mean)**: The standard error of the mean is 15.3, indicating the precision of the sample mean. - **90% Confidence Interval (90% CI for \( \mu \))**: The interval from 155.8 to 206.2 backers is where the true mean is expected to lie with 90% certainty, based on the sample data.
Transcribed Image Text:# 6.10 Support for an Entrepreneur's Backers ## Project Overview The project investigates whether displaying positive emotions (e.g., joy) during a funding pitch aids an entrepreneur in acquiring more financial support. This question was central to a study published in the **Academy of Management Journal** (December 2019). The researchers collected data on the number of crowdfunding backers for each project from a sample of 1,460 entrepreneurial projects pitched online via video. A crowdfunding backer is defined as an individual who pledges money to a project. The data, contained in the BACKERS file, were analyzed using Minitab, and the resulting printout is shown below. The variable \( \mu \) is defined as the true mean number of crowdfunding backers for all entrepreneurial projects pitched via the internet. **Tasks:** a. Locate a 90% confidence interval for \( \mu \) on the printout. b. Provide a practical interpretation of the confidence interval. c. Explain the meaning of "90% confident" when interpreting the interval. Do not use the word "confident" in your answer. ## Descriptive Statistics A descriptive statistics table is provided: - **N**: 1460 (Number of projects) - **Mean**: 181.0 (Average number of backers) - **StDev**: 585.7 (Standard deviation) - **SE Mean**: 15.3 (Standard error of the mean) - **90% CI for \( \mu \)**: (155.8, 206.2) ### Analysis of the Graph and Data The table presents descriptive statistics related to the crowdfunding data: - **Sample Size (N)**: 1,460 projects were analyzed. - **Mean**: The average number of backers per project was 181.0. - **Standard Deviation (StDev)**: The data's variability is represented by a standard deviation of 585.7 backers. - **Standard Error (SE Mean)**: The standard error of the mean is 15.3, indicating the precision of the sample mean. - **90% Confidence Interval (90% CI for \( \mu \))**: The interval from 155.8 to 206.2 backers is where the true mean is expected to lie with 90% certainty, based on the sample data.
## Descriptive Statistics: Backers ### Statistics - **Variable**: Backers - **N**: 1460 - **N***: 0 - **Mean**: 181.0 - **SE Mean**: 15.3 - **StDev**: 585.7 - **Minimum**: 1.0 - **Q1 (First Quartile)**: 8.0 - **Median**: 30.0 - **Q3 (Third Quartile)**: 108.0 - **Maximum**: 9852.0 ### Explanation This data provides a summary of the descriptive statistics for the variable "Backers." - **N** is the total number of observations, which is 1460. - **N*** denotes the number of missing observations (0 in this case). - **Mean** refers to the average number of backers, calculated as 181.0. - **SE Mean** is the standard error of the mean, listed as 15.3. - **StDev** stands for standard deviation, indicating variability, with a value of 585.7. - **Minimum** is the lowest number of backers recorded, which is 1. - **Q1** is the first quartile, or the 25th percentile, set at 8. - **Median** is the middle value in the data set, given as 30. - **Q3** denotes the third quartile, or the 75th percentile, marked at 108. - **Maximum** refers to the highest value of backers, which is 9852. These statistics provide an overview of the distribution and variation of the number of backers.
Transcribed Image Text:## Descriptive Statistics: Backers ### Statistics - **Variable**: Backers - **N**: 1460 - **N***: 0 - **Mean**: 181.0 - **SE Mean**: 15.3 - **StDev**: 585.7 - **Minimum**: 1.0 - **Q1 (First Quartile)**: 8.0 - **Median**: 30.0 - **Q3 (Third Quartile)**: 108.0 - **Maximum**: 9852.0 ### Explanation This data provides a summary of the descriptive statistics for the variable "Backers." - **N** is the total number of observations, which is 1460. - **N*** denotes the number of missing observations (0 in this case). - **Mean** refers to the average number of backers, calculated as 181.0. - **SE Mean** is the standard error of the mean, listed as 15.3. - **StDev** stands for standard deviation, indicating variability, with a value of 585.7. - **Minimum** is the lowest number of backers recorded, which is 1. - **Q1** is the first quartile, or the 25th percentile, set at 8. - **Median** is the middle value in the data set, given as 30. - **Q3** denotes the third quartile, or the 75th percentile, marked at 108. - **Maximum** refers to the highest value of backers, which is 9852. These statistics provide an overview of the distribution and variation of the number of backers.
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