Basic Business Statistics, Student Value Edition

14th Edition

ISBN: 9780134685113

Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat

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 7, Problem 9PS

According to a report by App Annie, a business intelligence company that produces tools and reports for the apps and digital goods industry, smartphone owners are using an average of 30 apps per month.

Assume that number of apps used per month by smartphone owners is normally distributed and that the standard deviation is 5. If you select a random sample of 25 smartphone owners,

a. what is the probability that the sample mean is between 29 and 31?

b. what is the probability that the sample mean is between 28 and 32?

c. If you select a random sample of 100 smartphone owners, what is the probability that the sample mean is between 29 and 31?

d. Explain the difference in the result of (a) and (c).

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 7, Problem 8PS

Chapter 7, Problem 10PS

Chapter 7 Solutions

Basic Business Statistics, Student Value Edition

Ch. 7 - Given a normal distribution with =100and=10, if...Ch. 7 - Given a normal distribution with =50and=5, if you...Ch. 7 - For each of the following three populations,...Ch. 7 - The following data represent the number of days...Ch. 7 - The amount of water in a two-liter bottle is...Ch. 7 - The weight of an energy bar is approximately...Ch. 7 - The diameter of a brand of tennis balls is...Ch. 7 - The U.S. Census Bureau announced that the median...Ch. 7 - According to a report by App Annie, a business...Ch. 7 - According to the National Survey of Student...

Ch. 7 - In a random sample of 64 people, 48 are classified...Ch. 7 - A random sample of 50 households was selected for...Ch. 7 - The following data represent the responses (Y for...Ch. 7 - A political pollster is conducting an analysis of...Ch. 7 - You plan to conduct a marketing experiment in...Ch. 7 - What do millennials around the world want in a...Ch. 7 - The goal of corporate sustainability is to manage...Ch. 7 - Prob. 18PS Ch. 7 - The topic of global warming increasingly appears...Ch. 7 - An IAB study on the state of original digital...Ch. 7 - Why is the sample mean an unbiased estimator of...Ch. 7 - Why does the standard error of the mean decrease...Ch. 7 - Why does the sampling distribution of the mean...Ch. 7 - What is the difference between a population...Ch. 7 - Under what circumstances does the sampling...Ch. 7 - An industrial sewing machine uses ball bearings...Ch. 7 - The fill amount of bottles of a soft drinks is...Ch. 7 - Prob. 28PS Ch. 7 - In problem 7.28, suppose that the mean amount of...Ch. 7 - Prob. 30PS Ch. 7 - The article mentioned in Problem 7.30 reported...

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