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Martingale: In the gambling context the term at first referred to a system for recouping losses by doubling the stake after each loss has occured. The modern mathematical concept
I have a problem I am trying to solve. An oil company thinks that there is a 60% chance that there is oil in the land they own. Before drilling they run a soil test. When there is
Advantages and disadvantages of Integrated Economic Statistics
How large would the sample need to be if we are to pick a 95% confidence level sample: (i) From a population of 70; (ii) From a population of 450; (iii) From a population of 1000;
Last observation carried forward is a technique for replacing the observations of the patients who drop out of the clinical trial carried out over a time period. It consists of su
The tabulation of a sample of observations in terms of numbers falling below particular values. The empirical equivalent of the growing probability distribution. An example of such
The Null Hypothesis - H0: β 1 = 0 i.e. there is homoscedasticity errors and no heteroscedasticity exists The Alternative Hypothesis - H1: β 1 ≠ 0 i.e. there is no homoscedasti
we are testing : Ho: µ=40 versus Ha: µ>40 (a= 0.01) Suppose that the test statistic is z0=2.75 based on a sample size of n=25. Assume that data are normal with mean mu and standa
Normal approximation : Normal distributions which approximate other distributions; such as, a normal distribution with the mean np and variance np(1 - p) which acts as an approxima
Outlier is an observation which seems to deviate markedly from the other members of the sample in which it happens. In the set of systolic blood pressures, {125, 128, 130, 131, 19
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