Listed below are the values (in dollars) that a random sample of Americans spent on fast food per month. Construct a 99% confidence interval of the mean value of money spent on fast food by all Americans. Interpret these results with respect to the amount Americans spend on fast food. 100 156 67 41 78 62 112 120 70 42 89 85 96 97 11 56 100 98 80 98 20 64 101 100 15 71 35 72 121 74

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Description: Listed below are the values (in dollars) that a random sample of Americans spent on fast food per month. Construct a 99% confidence interval of the mean value of money spent on fast food by all Americans. Interpret these results with respect to th

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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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Listed below are the values (in dollars) that a random sample of Americans spent on fast food per month.

Construct a 99% confidence interval of the mean value of money spent on fast food by all Americans.
Interpret these results with respect to the amount Americans spend on fast food.

100	156	67	41	78	62
112	120	70	42	89	85
96	97	11	56	100	98
80	98	20	64	101	100
15	71	35	72	121	74

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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