Statistics for Business and Economics (13th Edition)

13th Edition

ISBN: 9780134506593

Author: James T. McClave, P. George Benson, Terry Sincich

Publisher: PEARSON

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Estimation

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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Textbook Question

Chapter 2.4, Problem 2.5AE

Use the applet Standard Deviation to study the effect that multiplying or dividing each number in a data set by the same number has on the standard deviation. Begin by setting appropriate limits and plotting the given data on the number line provided in the applet.

0 1 1 1 2 2 3 4

a. Record the standard deviation. Then multiply each data item by 2, plot the new data items, and record the standard deviation. Repeat the process, first multiplying each of the original data items by 3 and then by 4. Describe what is happening to the standard deviation as the data items are multiplied by higher numbers. Divide each standard deviation by the standard deviation of the original data set. Do you see a pattern? Explain.
b. Divide each of the original data items by 2, plot the new data, and record the standard deviation. Repeat the process, first dividing each of the original data items by 3 and then by 4. Describe what is happening to the standard deviation as the data items are divided by higher numbers. Divide each standard deviation by the standard deviation of the original data set. Do you see a pattern? Explain.
c. Using your results from parts a and b, describe what happens to the standard deviation of a data set when each of the data items in the set is multiplied or divided by a fixed number n. Experiment by repeating parts a and b for other data sets if you need to.

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Chapter 2.4, Problem 2.4AE

Chapter 2.4, Problem 2.6AE

Chapter 2 Solutions

Statistics for Business and Economics (13th Edition)

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Solution Summary: The author explains how Applet calculates the standard deviation of original data.

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