The economic dynamism, which is the index of productive growth in dollars for countries that are designated by the World Bank as middle-income, for a random sample of middle-income countries are in the table below. Compute a 91% confidence interval for the mean economic dynamism of all middle-income countries. economic dynamism in dollars or $ 58.6955 33.6074 42.0265 43.7178 43.8555 49.1803 32.989 39.6282 39.6553 46.0521 51.915 43.0364 48.3652 50.9866 47.8506 41.9285 50.4578 58.5099 59.1724 45.7354 41.4885 37.4511 30.5338 43.6952 38.0793 49.1361 43.6252 41.9543 48.9469 37.7251 29.7336 41.1648 39.1469 29.7336 48.6159 58.0767 44.9346 43.6952

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 + ...