Answered: Rock band The Rolling Stones have…

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

Rock band The Rolling Stones have played scores of concerts in the last twenty years. For 30 randomly selected Rolling Stones concerts, the mean gross earnings is 2.18 million dollars.

Part a) Assuming a population standard deviation gross earnings of 0.53 million dollars, obtain a 99% confidence interval for the mean gross earnings of all Rolling Stones concerts (in millions).

Confidence interval: ( , ).

Part b)
Which of the following is the correct interpretation for your answer in part (a)?
A. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean gross earning of all Rolling Stones concerts.
B. We can be 99% confident that the mean gross earnings for this sample of 30 Rolling Stones concerts lies in the interval
C. There is a 99% chance that the mean gross earnings of all Rolling Stones concerts lies in the interval
D. None of the above

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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