Please use the info provided to answer the question: You notice that these three estimates of mean textbook costs are different from each other. Is that concerning to you? Why or why not? Table 1: Numerical summaries for 3 different samples of UM undergraduate students.StandardOrganizationМeanSample SizeDeviationSample A$346$39Sample B$286$47200Stats 25018$102The results from the three samples show very different estimates for the average cost oftextbooks for one semester for undergraduate students at UM. The Office of Financial Aidadministrators are having a hard time making sense of the information provided and have hiredyou as a consultant.25%24 Description:The Office of Financial Aid at the University of Michigan currently quotes the cost of textbooksfor undergraduate students per semester to be $524 2. Administrators are interested in verifyingif their estimate is accurate or if this figure needs to be updated before the start of the nextschool year. They know that in order to obtain a more realistic estimate they need to rely onstudent data, so they have turned to various organizations on campus for help.The data: three different samples.Two organizations on campus took different random samples of undergraduate students at UMand for each student recording the cost of textbooks during the Winter 21 semester.Furthermore, financial aid administrators are aware that Stats 250 gathered data on the cost oftextbooks for all students currently enrolled in the course. Here's a brief summary of the threedifferent random samples:

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Description: Please use the info provided to answer the question: You notice that these three estimates of mean textbook costs are different from each other. Is that concerning to you? Why or why not? Table 1: Numerical summaries for 3 different samples of UM u

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You notice that these three estimates of mean textbook costs are different from each other. Is that concerning to you? Why or why not?

Table 1: Numerical summaries for 3 different samples of UM undergraduate students.
Standard
Organization
Мean
Sample Size
Deviation
Sample A
$346
$39
Sample B
$286
$47
200
Stats 250
18
$10
2
The results from the three samples show very different estimates for the average cost of
textbooks for one semester for undergraduate students at UM. The Office of Financial Aid
administrators are having a hard time making sense of the information provided and have hired
you as a consultant.
25
%24

Description:
The Office of Financial Aid at the University of Michigan currently quotes the cost of textbooks
for undergraduate students per semester to be $524 2. Administrators are interested in verifying
if their estimate is accurate or if this figure needs to be updated before the start of the next
school year. They know that in order to obtain a more realistic estimate they need to rely on
student data, so they have turned to various organizations on campus for help.
The data: three different samples.
Two organizations on campus took different random samples of undergraduate students at UM
and for each student recording the cost of textbooks during the Winter 21 semester.
Furthermore, financial aid administrators are aware that Stats 250 gathered data on the cost of
textbooks for all students currently enrolled in the course. Here's a brief summary of the three
different random samples:

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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The Office of Financial Aid is trying to estimate the price of the textbooks for the undergraduate students at the UM unierisity. The three samples are collected to estimate the price of the textbooks but the estimates obtained in the three samples are different. This is due to the arying sample sizes in the three sample and also due to the fact that the Stats 250 data is collected from students who are currently enrolled in the course.

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