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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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 5.39LM

A random sample of n = 250 measurements is drawn from a binomial population with probability of success .85.

a. Find E ( p ^ ) and σ p ^ .
b. Describe the shape of the sampling distribution of p ^ .
c. Find P ( p ^ ≺ .9 ) .

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 5.38LM

Chapter 5.4, Problem 5.40LM

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Chapter 5 Solutions

Statistics for Business and Economics (13th Edition)

Ch. 5.1 - The probability distribution shown here describes...Ch. 5.1 - Consider the population described by the...Ch. 5.1 - Refer to Exercise 5.3 and find E (x) = Then use...Ch. 5.1 - Refer to Exercise 5.3. Assume that a random sample...Ch. 5.1 - In Example 5.3 we used a computer to generate 1...Ch. 5.2 - Consider the following probability distribution: x...Ch. 5.2 - Consider the following probability distribution: x...Ch. 5.2 - Consider the following probability distribution: x...Ch. 5.2 - Refer to Exercise 5.31. a. Show that x is an...Ch. 5.2 - Refer to Exercise 5.3. a. Find the sampling...

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A random sample of n = 250 measurements is drawn from a binomial population with probability of success .85. a. Find E ( p ^ ) and σ p ^ . b. Describe the shape of the sampling distribution of p ^ . c. Find P ( p ^ ≺ .9 ) .

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