Answered: Determine the value of ‘***’? b.…

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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Question

Determine the value of ‘***’?

b. Explain what is meant by Sampling Distribution of
the Mean in the context of MBA graduates’ starting
salaries?

c. What type of distribution will the Sampling
Distribution of the Mean for MBA graduates’ starting
salaries follow? Give reasons for your answer.

d. What are the available point estimator and
estimate of the population mean starting salary?

e. Which of these estimators in ‘Part (c)’ above is
unbiased? Give reasons for your answer?

f. Identify an available point estimate for the
population variance?

g. Construct and interpret an 82% confidence interval of the population mean starting salary?

Transcribed Image Text:A top graduate business school is interested in the starting salaries of their MBA graduates. A survey consisting of all the graduates from previous year was done and the results displayed in the table below: Mean Median Std. Dev. Std. Error MBA's 175 11,500 8,700 *** 144

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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