Answered: a. Determine the value of ‘***’? b.…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.5: Comparing Sets Of Data

Problem 13PPS

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a. Determine the value of ‘***’?

b. Explain what is meant by Sampling Distribution of
the Mean in the context of MBA graduates’ starting
salaries?

c. What type of distribution will the Sampling
Distribution of the Mean for MBA graduates’ starting
salaries follow? Give reasons for your answer.

d. What are the available point estimator and
estimate of the population mean starting salary?

e. Which of these estimators in ‘Part (c)’ above is
unbiased? Give reasons for your answer?

f. Identify an available point estimate for the
population variance?

A top graduate business school is interested in the starting salaries of their MBA graduates. A survey consisting
of all the graduates from previous year was done and the results displayed in the table below:
Mean
Median
Std. Dev.
Std. Error
MBA's
175
11,500
8,700
***
144

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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