Answered: LOUIS VUITTON Company is trying to…

Name: LOUIS VUITTON Company is trying to decide whether to open a store at B
Uploaded: 2024-03-20T07:07:12.000Z
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Description: LOUIS VUITTON Company is trying to decide whether to open a store at Bagdat street in Istanbul. Based on their previous research, its stores will be successful in regions of this size if the mean monthly family income is above 30.000 TL. The standard

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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LOUIS VUITTON Company is trying to decide whether to open a store at Bagdat street in Istanbul. Based on their previous research, its stores will be successful in regions of this size if the mean monthly family income is above 30.000 TL. The standard deviation of monthly family income in Bagdat street region is assumed to be 2.000 TL. A random sample of 25 people was obtained, and the mean monthly income was found to be 31.000 TL. Based on this sample evidence, what should LOUIS VUITTON Company decide? Explain briefly.

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 + ...

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