Answered: The high cost of health care is a…

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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The high cost of health care is a matter of major concern for a large number of families. A random
sample of 25 families found that they spend an average of $143 per month and the standard deviation
of the sample was found to be $28. Find the 98% confidence interval for the true mean cost of health
care per month. Assume the underlying population from which the sample is drawn is known to be
normally distributed.
Will we use z or t? ________ Why? ______________________________________________________
What is the z or t critical value based on 98% confidence? ________
What is the standard deviation of the sampling distribution of the mean? ________
Calculate the margin of error: E = ________________________

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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