13th Edition

ISBN: 9781305881884

Author: Anderson

Publisher: CENGAGE L

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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 8.1, Problem 1E

A simple random sample of 40 items resulted in a sample mean of 25. The population standard deviation is σ = 5.

a. What is the standard error of the mean, σ_x?
b. At 95% confidence, what is the margin of error?

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 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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A simple random sample of 40 items resulted in a sample mean of 25. The population standard deviation is σ = 5. a. What is the standard error of the mean, σ x ? b. At 95% confidence, what is the margin of error?

Solution Summary: The author explains that the standard error of the mean is 0.79, and the margin of error for 95% confidence interval is 1.5484.

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Chapter 8 Solutions