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Flow Chart for Confidence Interval
We can now prepare a flow chart for estimating a confidence interval for μ, the population parameter.
Figure
Test the following claim. Identify the null hypothesis, alternative hypothesis, test statistic, critical value(s), conclusion about the null hypothesis, and final conclusion that
The calculations of arithmetic mean may be simple and foolproof, but the application of the result may not be so foolproof. An arithmetic mean may not merely lack
what is the aim of statistics?
If the test is two-tailed, H1: μ ≠ μ 0 then the test is called two-tailed test and in such a case the critical region lies in both the right and left tails of the sampling distr
Charts when the Mean and the Standard Deviation are not known We consider the data corresponding to the example of Piston India Limited. Since we do not know population mean a
find the expected value of the mean square error and of the mean square reggression
Arithmetic Average or Mean The arithmetic mean is the most widely and the most generally understandable of all the averages. This is clear from the reason that when the term
Analytical Approach We will illustrate this through an example. Example 1 A firm sells a product in a market with a few competitors. The average price charged by the
WHAT YOU MEAN BY UTILITY OF MANAGERIALECONOMICS
Cartogram or Mapograph: Statistical maps are also used to represent data like density of population indifferent states in the country or different countries in the world or th
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