1st Edition

ISBN: 9781938168208

Author: Barbara Illowsky, Susan Dean

Publisher: OpenStax College

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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, Problem 112H

In a recent sample of 84 used car sales costs, the sample mean was $6425 with a standard deviation of $3,156. Assume the underlying distribution Is approximately normal.

a. Which distribution should you use for this problem? Explain your choice.

b. Define the random variable X in words.

c. Construct a 95°b confidence interval for the population mean cost of a used car.

i. State the confidence Interval.

ii. Sketch the graph.

iii. Calculate the error bound.

d. Explain what a “95% confidence interval” means for this study.

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 + ...

Expert Solution & Answer

Chapter 8 Solutions

Introductory Statistics

Ch. 8 - Suppose we have data from a sample. The sample...Ch. 8 - Suppose average pizza delivery times are normally...Ch. 8 - Table 8.2 shows a different random sampling of 20...Ch. 8 - Refer back to the pizza-delivery Try It exercise....Ch. 8 - Refer back to the pizza-deliver Try It exercise....Ch. 8 - Suppose we know that a confidence interval is...Ch. 8 - The population standard deviation for the height...Ch. 8 - You do a study of hypnotherapy to determine how...Ch. 8 - A random sample of statistics students were asked...Ch. 8 - Suppose 250 randomly selected people are surveyed...

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