Answered: Summary of Sales 50 40 Mean 103 30…

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

Bread Clarksburg Bakery is trying to predict how many
loaves of bread to bake. In the last 100 days, the bakery
has sold between 95 and 140 loaves per day. Here are a
histogram and the summary statistics for the number of
loaves sold for the last 100 days.

a) Can you use these data to estimate the number of
loaves sold on the busiest 10% of all days? Explain.
b) Explain why you can use these data to construct a
95% confidence interval for the mean number of
loaves sold per day.
c) Calculate a 95% confidence interval and carefully
interpret what that confidence interval means.

d) If the bakery would have been satisfied with a con-
fidence interval whose margin of error was twice as

wide, how many days’ data could they have used?
e) When the bakery opened, the owners estimated
that they would sell an average of 100 loaves per
day. Does your confidence interval provide strong
evidence that this estimate was incorrect? Explain.

Summary of Sales
50
40
Mean
103
30
Median
100
SD
9.000
20
Min
95
10
Маx
140
95
120
145
Q1
97
# of Loaves Sold
105.5
* of Days

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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