In a particular population, it was of interest whether donut shops are, on average, more profitable than ice cream shops. A random sample of firms was taken with their average annual sales (£k) given in the table below. Year1234567Donut shop240290210174210150230Ice cream shop210230187240230220174 1.1. Calculate the average mean difference between two shop sales. 1.2. Calculate the Standard deviation of difference between two shop sale giving detailed explanation

(1.1) The value of the average mean difference between two shop sales is obtained below as follows:…

Answered: In a particular population, it was of…

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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In a particular population, it was of interest whether donut shops are, on average, more profitable than ice cream shops. A random sample of firms was taken with their average annual sales (£k) given in the table below.

Year	1	2	3	4	5	6	7
Donut shop	240	290	210	174	210	150	230
Ice cream shop	210	230	187	240	230	220	174

1.1. Calculate the average mean difference between two shop sales.

1.2. Calculate the Standard deviation of difference between two shop sale giving detailed explanation

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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