Constructing Confidence Intervals In Exercises 35–38, you are given the sample mean and the population standard deviation. Use this information to construct 90% and 95% confidence intervals for the population mean. Interpret the results and compare the widths of the confidence intervals. 36. Stock Prices From a random sample of 36 business days from February 24, 2016, through February 24, 2017, the mean closing price of Apple stock was $116.16. Assume the population standard deviation is $10.27. (Source: Nasdaq)
Constructing Confidence Intervals In Exercises 35–38, you are given the sample mean and the population standard deviation. Use this information to construct 90% and 95% confidence intervals for the population mean. Interpret the results and compare the widths of the confidence intervals. 36. Stock Prices From a random sample of 36 business days from February 24, 2016, through February 24, 2017, the mean closing price of Apple stock was $116.16. Assume the population standard deviation is $10.27. (Source: Nasdaq)
Constructing Confidence Intervals In Exercises 35–38, you are given the sample mean and the population standard deviation. Use this information to construct 90% and 95% confidence intervals for the population mean. Interpret the results and compare the widths of the confidence intervals.
36. Stock Prices From a random sample of 36 business days from February 24, 2016, through February 24, 2017, the mean closing price of Apple stock was $116.16. Assume the population standard deviation is $10.27. (Source: Nasdaq)
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 + ...
An Introduction to Mathematical Statistics and Its Applications (6th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Hypothesis Testing - Solving Problems With Proportions; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=76VruarGn2Q;License: Standard YouTube License, CC-BY
Hypothesis Testing and Confidence Intervals (FRM Part 1 – Book 2 – Chapter 5); Author: Analystprep;https://www.youtube.com/watch?v=vth3yZIUlGQ;License: Standard YouTube License, CC-BY