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We want to investigate the income data. In the Excel file Midterm Data.xls there is a tab labeled "Income Data 2006". The data in the tab is the income reported by 400 people in a salary survey.
• Compute the sample mean and sample standard deviation for the income data.
• Construct a 98% confidence interval for the income data.
• If you are working for CNN, how would you explain the confidence interval to your audience? Does the confidence interval seem small enough? What would you tell your audience about the implications of this data? Provide a clear and complete answer.
Examine properties of good average with reference to AM, GM, HM, MEAN MEDIAN MODE
a b c d e supply p 3 4 6 8 8 20 q 2 6 0 5 8 30 r 7 11 20 40 3 15 s 1 0 9 14 6 13 d 15 3 12 10 20
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Application of the chi Square Test
Prediction Inte rval We would like to construct a prediction interval around which would contain the actual Y. If n ≥ 30, ± Zs e would be the interval, where Z
a) What is meant by secular trend? Discuss any two methods of isolating trend values in a time series.
Advantages It is especially useful in case of open-end classes since only the position and not the values of items must be known. The median is also recommended if th
Calculation for Continuous Series or Grouped Data = where, m = mid-point of class =
who invented the chi square test and why? what is central chi square and non central chi square test? what is distribution free statistics? what are the conditions when the chi squ
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