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 4.7, Problem 4.117LM

If a population data set is normally distributed, what is the proportion of measurements you would expect to fall within the following intervals?

a. µ ± σ
b. µ ± 2σ
c. µ ± 3σ

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.

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Chapter 4.6, Problem 4.116ACA

Chapter 4.7, Problem 4.118LM

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Chapter 4 Solutions

Statistics for Business and Economics (13th Edition)

Ch. 4.1 - Types of random variables. Which of the following...Ch. 4.1 - Types of finance random variables. Security...Ch. 4.1 - NHTSA crash tests. Refer to the National Highway...Ch. 4.1 - Customers in line at a Subway shop. The number of...Ch. 4.1 - Executive pay. Refer to Glassdoor Economic...Ch. 4.1 - Banking. Give an example of a discrete random...Ch. 4.1 - Economics. Give an example of a continuous random...Ch. 4.1 - Hotel management. Give an example of a discrete...Ch. 4.1 - Retailing. Give two examples of discrete random...Ch. 4.1 - Stock market. Give an example of a continuous...

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If a population data set is normally distributed , what is the proportion of measurements you would expect to fall within the following intervals? a. µ ± σ b. µ ± 2 σ c. µ ± 3 σ

Solution Summary: The author explains that if a population data set is normally distributed, the proportion of measurement would expect to fall within the interval is 0.68.

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