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
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
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
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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