Retirement Income Several times during the year, the U.S. Census Bureau takes random samples from the population. One such survey is the American Community Survey. The most recent such survey, based on a large (several thousand) sample of randomly selected households, estimates the mean retirement income in the United States to be $ 21 , 201 per year. Suppose we were to make a histogram of all of the retirement incomes from this sample. Would the histogram be a display of the population distribution, the distribution of a sample, or the sampling distribution of means?
Retirement Income Several times during the year, the U.S. Census Bureau takes random samples from the population. One such survey is the American Community Survey. The most recent such survey, based on a large (several thousand) sample of randomly selected households, estimates the mean retirement income in the United States to be $ 21 , 201 per year. Suppose we were to make a histogram of all of the retirement incomes from this sample. Would the histogram be a display of the population distribution, the distribution of a sample, or the sampling distribution of means?
Retirement Income Several times during the year, the U.S. Census Bureau takes random samples from the population. One such survey is the American Community Survey. The most recent such survey, based on a large (several thousand) sample of randomly selected households, estimates the mean retirement income in the United States to be
$
21
,
201
per year. Suppose we were to make a histogram of all of the retirement incomes from this sample. Would the histogram be a display of the population distribution, the distribution of a sample, or the sampling distribution of means?
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 + ...
Statistics: The Art and Science of Learning from Data (4th 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.