What can you tell the department?there were 512 burglaries in Groton, Georgia. The police chief wants toLastyearknow the average economic loss associated with burglaries in Groton and wantsto know it this afternoon. There isn't time to analyze all 512 burglaries, so thedepartment's research analyst selects 10 burglaries at random, which show thefollowing losses:10.7$1,550$1,874$1,675$2,595$1,324$1,835$1,487$1,910$2,246$1,612What is the best estimate of the average loss on a burglary? Place 80% confidencelimits around this estimate

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Asked Nov 11, 2019
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Is it possible for you to compute this on excel?

What can you tell the department?
there were 512 burglaries in Groton, Georgia. The police chief wants to
Last
year
know the average economic loss associated with burglaries in Groton and wants
to know it this afternoon. There isn't time to analyze all 512 burglaries, so the
department's research analyst selects 10 burglaries at random, which show the
following losses:
10.7
$1,550
$1,874
$1,675
$2,595
$1,324
$1,835
$1,487
$1,910
$2,246
$1,612
What is the best estimate of the average loss on a burglary? Place 80% confidence
limits around this estimate
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What can you tell the department? there were 512 burglaries in Groton, Georgia. The police chief wants to Last year know the average economic loss associated with burglaries in Groton and wants to know it this afternoon. There isn't time to analyze all 512 burglaries, so the department's research analyst selects 10 burglaries at random, which show the following losses: 10.7 $1,550 $1,874 $1,675 $2,595 $1,324 $1,835 $1,487 $1,910 $2,246 $1,612 What is the best estimate of the average loss on a burglary? Place 80% confidence limits around this estimate

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Expert Answer

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Step 1

The best estimate of the average loss on burglaries is the sample mean of the losses.

The sample mean (point estimate of the average loss on a burglary) is calculated as follows:

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Step 2

The sample standard deviation i...

6
Σ&-)
i=1
п-1
378.0931 using Excel function-STDEV(A1:A10)
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6 Σ&-) i=1 п-1 378.0931 using Excel function-STDEV(A1:A10)

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