Answered: Suppose a random sample of 14 people…

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

Suppose a random sample of 14 people 30–39 years of age produced the household incomes shown here. Use these data to determine a point estimate for the population variance of household incomes for people 30–39 years of age and construct a 95% confidence interval. Assume household income is normally distributed.

$36,900	44,800
33,500	36,100
42,300	32,400
27,200	41,200
46,600	38,500
40,200	31,500
35,500	36,800

Appendix A Statistical Tables

The point estimate is enter the point estimate .

enter the lower value of the interval ≤ σ² ≤ enter the upper value of the interval

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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