The latest available data showed health care spending were $8086 per person in the United States (17.6% of GDP). Use $8086 as the population mean and $2500 as the population standard deviation. Suppose a survey firm will take a sample of 100 people to investigate their health care spending What is the sampling distribution of the mean amount of health care spending for the sample of 100 people? (i.e. shape, mean, sd) What is the probability the sample mean will be within +$200 of the population mean?
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
- The latest available data showed health care spending were $8086 per person in the United States (17.6% of GDP). Use $8086 as the population
mean and $2500 as the population standard deviation. Suppose a survey firm will take a sample of 100 people to investigate their health care spending - What is the sampling distribution of the mean amount of health care spending for the sample of 100 people? (i.e. shape, mean, sd)
- What is the
probability the sample mean will be within +$200 of the population mean?
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