Variable N or 95% CI StDev SE Mean Mean BuyItNow 9 630.78 20.47 (615.04 646.52) 6.82 c. Interpret the 95 % confidence interval in context. d. Compared to the confidence interval (569, 599) for prices from auctions obtained in Example 6, is there evidence that the mean price is higher when purchased through Buy It Now? Explain. e. Excluding the observation of $675, the confidence in- terval equals (615, 636). Does this change your answer to part d? Time spent on e-mail When the GSS askedn = people in 2012, "About how many hours per week do you spend sending and answering e-mail?" (EMAILHR), the summary statistics were = 6.89 and s 13.05. TI output with these data (available on the book's website) is shown in the screen shot. 1050 8.36 af ct a. What is the margin of error at the 95% confidence level for the point estimate of the mean number of hours? b. Interpret the 95% confidence interval shown in context. c. The distribution of hours spent is right-skewed (e.g., the minimum of zero hours is only 0.5 standard de- viations below the mean, but the largest value of 168 hours has a z-score larger than 12). Is this a concern for the validity of the confidence interval? r n. m- NORMAL FIX3 AUTO REAL RADIAN CL a? TInterval (6.100.7.680) X-6.890 Sx-13.050 n=1050.000 12 Grandmas using e-mail For the question about e-mail in the previous exercise, the 14 females in the GSS ofage at 8.37
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
8.36
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