Answered: Digital Camera Prices The prices (in…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Digital Camera Prices The prices (in dollars) for a particular model of digital camera with 6 megapixels and an optical 3X zoom lens are shown below for 10 online retailers. Round sample statistics and final answers to at least one decimal place.

217

194

227

231

192

189

249

245

214

201

Estimate the true mean price for this particular model with

90% confidence. Assume the variable is normally distributed.

<<μ

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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