7th Edition

ISBN: 9780135901021

Author: Larson

Publisher: PEARSON EDUCATION (COLLEGE)

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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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Textbook Question

Chapter 5.4, Problem 30E

Finding Probabilities for Sampling Distributions In Exercises 29–32, find the indicated probability and interpret the results.

30. Standard & Poor’s 500 From 1871 through 2016, the mean return of the Standard & Poor’s 500 was 10.72%. A random sample of 38 years is selected from this population. What is the probability that the mean return for the sample was between 9.1% and 10.3%? Assume σ = 18.60%.

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 5.4, Problem 29E

Chapter 5.4, Problem 31E

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In a town with 5000 adults, a sample of 50 is selected using SRSWOR and asked their opinion of a proposed municipal project; 30 are found to favor it and 20 oppose it. If, in fact, the adults of the town were equally divided on the proposal, what would be the probability of observing what has been observed? Approximate using the Binomial distribution. Compare this with the exact probability which is 0.0418.

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Chapter 5 Solutions

MYLAB STATISTICS: ELEMENTARY STATISTICS

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Solution Summary: The author explains that the probability of the mean return for the sample was between 9.1% and 10.3% is 0.1497.

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