The managers of the Inlet Square Mall will keep their mall open if the mean population spending per person, per day, is equal to some given dollar amount. They want to determine the sample size, n, to complete this study with 3% margin of error and with 95% confidence. Which of the following statements is correct regarding this experiment? Here are some formulas we used in our general discussion of finding the sample size n: a) a. the sample estimator is p, which represents the sample proportion of spending per person, per day b) b. some prior knowledge of, either from past research or background work, the population standard deviation is necessary for the problem c) c. an educated guess for the value of the sample proportion, p, or some prior research,….is necessary for the problem
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.
The managers of the Inlet Square Mall will keep their mall open if the mean population spending per person, per day, is equal to some given dollar amount. They want to determine the
Here are some formulas we used in our general discussion of finding the sample size n:
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