6th Edition

ISBN: 9780134685779

Author: Mario F. Triola

Publisher: PEARSON

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A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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Chapter 10, Problem 4CRE

Stocks and Sunspots. Listed below are annual high values of the Dow Jones Industrial Average (DJIA) and annual mean sunspot numbers for eight recent years. Use the data for Exercises 1-5. A sunspot number is a measure of sunspots or groups of sunspots on the surface of the sun. The DJIA is a commonly used index that is a weighted mean calculated from different stock values.

Chapter 10, Problem 4CRE, Stocks and Sunspots. Listed below are annual high values of the Dow Jones Industrial Average (DJIA)

4. Hypothesis Test The mean sunspot number for the past three centuries is 49.7. Use a 0.05 significance level to test the claim that the eight listed sunspot numbers are from a population with a mean equal to 49.7.

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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Chapter 10, Problem 3CRE

Chapter 10, Problem 5CRE

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Solution Summary: The author explains that there is no sufficient evidence to reject the claim that the eight listed sunspot number is from a population.

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