Answered: Jimmy sells custom wood signs on Etsy.…

Name: 5) a) Jimmy sells custom wood signs on Etsy. Over the past year the me
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Description: 5) a) Jimmy sells custom wood signs on Etsy. Over the past year the mean monthly income from the business was $1254 with a standard deviation of $215. He expects next year’s sales to be similar. Construct a 98% confidence interval for next year’s mea

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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5) a) Jimmy sells custom wood signs on Etsy. Over the past year the mean monthly income from the business was $1254 with a standard deviation of $215. He expects next year’s sales to be similar. Construct a 98% confidence interval for next year’s mean monthly income. Interpret your result.

b) If in the above scenario, a claim is made that the population mean monthly income is $1450. Would this claim be valid or invalid, based on the results in part (a)?

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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