Answered: Dr. Diet launched a new diet. He argues…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Dr. Diet launched a new diet. He argues that it will make paents lose more than 10 lbs. over 5 months. A random sample of 25 students follow the diet for 5 months yielding an average weight loss of 4 pounds and a sample variance of 9 lbs. Assume that the distribuon of each individual’s weight loss is normally distributed with unknown mean and variance. Construct a 95% confidence interval for the mean of the distribuon of each individual’s weight loss.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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