We want to estimate mean of a distribution by taking i.i.d. measurements, and computing their sample mean. Suppose we might be able to improve the precision of the measurements by refining the experiments, meaning we might be able to reduce the variance of the measurements (up to a point). Assuming we want to estimate the mean by conducting exactly 100 experiments, with an error of at most 1 unit and 99% certainty, how low should the variance be (approximately)?

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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We want to estimate mean of a distribution by taking i.i.d.
measurements, and computing their sample mean. Suppose we might be able to improve
the precision of the measurements by refining the experiments, meaning we might be able to
reduce the variance of the measurements (up to a point). Assuming we want to estimate
the mean by conducting exactly 100 experiments, with an error of at most 1 unit and 99%
certainty, how low should the variance be (approximately)?
Transcribed Image Text:We want to estimate mean of a distribution by taking i.i.d. measurements, and computing their sample mean. Suppose we might be able to improve the precision of the measurements by refining the experiments, meaning we might be able to reduce the variance of the measurements (up to a point). Assuming we want to estimate the mean by conducting exactly 100 experiments, with an error of at most 1 unit and 99% certainty, how low should the variance be (approximately)?
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