17th Edition

ISBN: 9781259924163

Author: Lind

Publisher: MCGRAW HILL BOOK COMPANY

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Chapter 10, Problem 37CE

www.golfsmith.com receives an average of 6.5 returns per day from online shoppers. For a sample of 12 days, it received the following numbers of returns.

Chapter 10, Problem 37CE, www.golfsmith.com receives an average of 6.5 returns per day from online shoppers. For a sample of

At the .01 significance level, can we conclude the mean number of returns is less than 6.5?

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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Chapter 10, Problem 36CE

Chapter 10, Problem 38CE

Chapter 10 Solutions

EBK STATISTICAL TECHNIQUES IN BUSINESS

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www.golfsmith.com receives an average of 6.5 returns per day from online shoppers. For a sample of 12 days, it received the following numbers of returns. At the .01 significance level, can we conclude the mean number of returns is less than 6.5?

Solution Summary: The author concludes that there is no evidence to conclude that the mean number of returns is less than 6.5.

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