Statistical Techniques in Business and Economics

18th Edition

ISBN: 9781260579611

Author: Douglas Lind; William Marchal; Samuel Wathen

Publisher: MCGRAW-HILL HIGHER EDUCATION

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Estimation

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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Chapter 8, Problem 3SR

The years of service of the five executives employed by Standard Chemicals are:

Chapter 8, Problem 3SR, The years of service of the five executives employed by Standard Chemicals are: (a) Using the , example 1

(a) Using the combination formula, how many samples of size 2 are possible?
(b) List all possible samples of two executives from the population and compute their means.
(c) Organize the means into a sampling distribution.
(d) Compare the population mean and the mean of the sample means.
(e) Compare the dispersion in the population with that in the distribution of the sample mean.
(f) A chart portraying the population values follows. Is the distribution of population values normally distributed (bell-shaped)?

Chapter 8, Problem 3SR, The years of service of the five executives employed by Standard Chemicals are: (a) Using the , example 2

(g) Is the distribution of the sample mean computed in part (c) starting to show some tendency toward being bell-shaped?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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Chapter 8, Problem 4E

Chapter 8, Problem 5E

Chapter 8 Solutions

Statistical Techniques in Business and Economics

Ch. 8 - Prob. 1SR Ch. 8 - Prob. 2SR Ch. 8 - The following is a list of 24 Marcos Pizza stores...Ch. 8 - The following is a list of 29 hospitals in the...Ch. 8 - Listed below are the 35 members of the Metro...Ch. 8 - Listed next are the 27 Nationwide Insurance agents...Ch. 8 - The years of service of the five executives...Ch. 8 - Prob. 5E Ch. 8 - Prob. 6E Ch. 8 - Prob. 7E

Ch. 8 - Prob. 8E Ch. 8 - Prob. 9E Ch. 8 - There are five sales associates at Mid-Motors...Ch. 8 - Prob. 4SR Ch. 8 - Prob. 11E Ch. 8 - Prob. 12E Ch. 8 - Prob. 13E Ch. 8 - Prob. 5SR Ch. 8 - Prob. 15E Ch. 8 - Prob. 16E Ch. 8 - Prob. 17E Ch. 8 - Prob. 18E Ch. 8 - Prob. 19CE Ch. 8 - The Medical Assurance Company is investigating the...Ch. 8 - Prob. 21CE Ch. 8 - Prob. 22CE Ch. 8 - Prob. 23CE Ch. 8 - Prob. 24CE Ch. 8 - Prob. 25CE Ch. 8 - As a part of their customer-service program,...Ch. 8 - Prob. 27CE Ch. 8 - Prob. 28CE Ch. 8 - Prob. 29CE Ch. 8 - The Appliance Center has six sales representatives...Ch. 8 - Prob. 31CE Ch. 8 - Prob. 32CE Ch. 8 - Prob. 33CE Ch. 8 - Prob. 34CE Ch. 8 - Prob. 35CE Ch. 8 - Prob. 36CE Ch. 8 - Prob. 37CE Ch. 8 - Prob. 38CE Ch. 8 - Prob. 39CE Ch. 8 - Prob. 40CE Ch. 8 - Prob. 41CE Ch. 8 - Human Resource Consulting (HRC) surveyed a random...Ch. 8 - Over the past decade, the mean number of hacking...Ch. 8 - Prob. 44CE Ch. 8 - Prob. 45CE Ch. 8 - Prob. 46DA Ch. 8 - Prob. 47DA Ch. 8 - Prob. 48DA

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Solution Summary: The author explains that the possible number of samples of size 2 using combination formula is 10. The mean of each sample is 21, 23, 22, 24, 24, 23, 25, 25, 27 and 26.

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Chapter 8 Solutions