Answered: In a study, it was estimated that the…

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

In a study, it was estimated that the average annual expenditure on take-outwas Php 75000 for Filipinos age 25 and above. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php 20,000.
a.At 95% confidence, what is the standard error and margin of error?b.What is the 95% confidence interval for the population mean amount spent ontake-aways?
c.Based on answer in (a) if our set Margin of Error is 5000, do we need a larger sample size?
d.If the amount spent on restaurants is skewed to the right, would you expect the median amount spent to be greater or less than Php 75000?

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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