) In a study, it was estimated that the average annual expenditure on take-out was Php 75000 for Filipinos age 25 and above. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php 20,000. a. At 95% confidence, what is the standard error and margin of error? b. What is the 95% confidence interval for the population mean amount spent on take-aways? c. Based on answer in (a) if our set Margin of Error is 5000, do we need a larger sample size? d. If the amount spent on restaurants is skewed to the right, would you expect the median amount spent to be greater or less than Php 75000?

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Permutations and Combinations

If there are 5 dishes, they can be relished in any order at a time. In permutation, it should be in a particular order. In combination, the order does not matter. Take 3 letters a, b, and c. The possible ways of pairing any two letters are ab, bc, ac, ba, cb and ca. It is in a particular order. So, this can be called the permutation of a, b, and c. But if the order does not matter then ab is the same as ba. Similarly, bc is the same as cb and ac is the same as ca. Here the list has ab, bc, and ac alone. This can be called the combination of a, b, and c.

Counting Theory

The fundamental counting principle is a rule that is used to count the total number of possible outcomes in a given situation.