Answered: You would like to construct a 99%…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

100%

You would like to construct a 99% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a random sample of such incomes and compute the mean of the sample as 40,632.5 dollars with a standard deviation of 7917.6 dollars.

A. What is the best point estimate, based on the sample, to use the population mean? (answer is in dollars.)

B. For each of the following sampling scenarios, determine which distribution should be used to calculate the critical value for the 99% confidence interval for the population mean.(In the table, Z refers to a standard normal distribution, and trefers to a t distribution.)

Sampling scenario
The sample has size 90, and it is from a non-normally distributed
population with a known standard deviation of 7869.
The sample has size 14, and it is from a normally distributed
population with an unknown standard deviation.
The sample has size 12, and it is from a population with a
distribution about which we know very little.
N
O
O
O
O
O
Could use
either Z or t
Unclear
O
O
O
O
O

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.

Expert Solution