Scrapper Elevator Company has 20 sales representatives who sell its product throughout the United States and Canada. The number of units sold last month by each representative is listed below. Assume these sales figures to be the population values. 23233424322734533335 a) If you were able to list all possible samples of size five from this population of 20, how would the sample means be distributed? b) What would be the mean of the sample means? (Round your answer to 2 decimal places.) c) What would be the standard deviation of the sample means? (Round your answer to 2 decimal places.)

Solution:a.The distribution of sample means is identified below: Central limit theorem:If the sample…

Answered: Scrapper Elevator Company has 20 sales…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 5E: List the sample space of each experiment. Rolling one die and tossing one coin

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Scrapper Elevator Company has 20 sales representatives who sell its product throughout the United States and Canada. The number of units sold last month by each representative is listed below. Assume these sales figures to be the population values.

a) If you were able to list all possible samples of size five from this population of 20, how would the sample means be distributed?

b) What would be the mean of the sample means? (Round your answer to 2 decimal places.)

c) What would be the standard deviation of the sample means? (Round your answer to 2 decimal places.)

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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