In 2017, Americans spent a record-high $9.1 billion on Halloween-related purchases (the balance website) Sample data showing the amount, in dollars, 16 adults spent on a Halloween costume are as follows. 14 72 25 62 30 33 32 45 52 14 15 99 44 32 65 24 a. What is the estimate of the population mean amount adults spend on a Halloween costume (to 2 decimals)? $ 41.13 b. What is the sample standard deviation (to 2 decimals)? 2$ c. Provide a 95% confidence interval estimate of the population standard deviation for the amount adults spend on a Halloween costume (to 2 decimals). Use Table 11.1. 2$ <σ< $
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.
From the provided information,
Sample size (n) = 16 adults
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