Answered: You work for a consumer advocate agency…

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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You work for a consumer advocate agency and want to estimate the population mean cost of replacing a car’s transmission. As part of your study, you randomly select 50 replacement costs and find the mean to be $2650.00. From the census bureau, you found out that the population standard deviation is $425.00.

1. Find the best point estimate of the population mean $ (Round answer to two decimal places)

2. Find the margin of error for the 90% confidence level. $ (Round answer to two decimal places)

3. Find the 90% confidence interval for the population mean. ((Round answer to two decimal places)

$ < µ < $

4. What sample size is needed, at the 90% confidence level, to ensure an error of no more than $50?

n = (must be a whole number, as discussed in lessons)

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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