1st Edition

ISBN: 9781938168208

Author: Barbara Illowsky, Susan Dean

Publisher: OpenStax College

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Textbook Question

Chapter 8, Problem 109H

The Federal Election Commission (FEC) collects Information about campaign contributions and disbursements for candidates and political cornrnlnees each election cycle. A political action committee (PAC) Is a committee formed to raise money for candidates and campaigns. A Leadership PAC Is a PAC formed by a federal politician (senator or representative) to raise money to help other candidates’ campaigps.

The FEC has teported financial information for 556 Leadership PACs that operating during the 2011—2012 election cycle. The following table shows the total receipts during this cycle for a random selection of 30 Leadership PACs.

Table 8.12

= $251. 854.23

s= $521. 130.41

Use this sample data to construct a 96% confidence interval for the mean amount of money raised by all Leadership PACs during the 2011—20 12 election cycle. Use the Student’s t-distrlbutlon.

$46.500.00	$0	$40,966.50	$105,887.20	$5175.00
$29,050.00	$19,500.00	$181,557.20	$31,500.00	$149,970.80
$2.555.363.20	$12025.00	$409,000.00	$60521.70	$18,000.00
$61,810.20	$76,530.80	$119459.20	$0	$63,520.00
$6,500.00	$502,578.00	$705061.10	$708,258.90	$135,810.00
$2,000.00	$2,000.00	$0	$1,287,933.80	$219148.30

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 + ...

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Chapter 8, Problem 108H

Chapter 8, Problem 110H

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