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 6.5, Problem 6.65LM

Suppose you wish to estimate the mean of a normal population using a 95% confidence interval, and you know from prior information that σ² ≈ 1.

a. To see the effect of the sample size on the width of the confidence interval, calculate the width of the confidence interval for n = 16, 25, 49, 100, and 400.
b. Plot the width as a function of sample size n on graph paper. Connect the points by a smooth curve and note how the width decreases as n increases.

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 6.5, Problem 6.64LM

Chapter 6.5, Problem 6.66LM

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Chapter 6 Solutions

Statistics for Business and Economics (13th Edition)

Ch. 6.2 - Find z/2 for each of the following: a. a . = .10...Ch. 6.2 - What is the confidence level of each of the...Ch. 6.2 - A random sample of n measurements was selected...Ch. 6.2 - A random sample of 90 observations produced a mean...Ch. 6.2 - A random sample of 70 observations from a normally...Ch. 6.2 - Use the applet Confidence Intervals for a Mean...Ch. 6.2 - Use the applet Confidence Intervals for a Mean...Ch. 6.2 - Prob. 6.6LM Ch. 6.2 - Explain the difference between an interval...Ch. 6.2 - Prob. 6.8LM

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Solution Summary: The author calculates the width of the confidence interval for the sample of size n=16,25,49,100, and 400, based on the standard normal distribution.

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