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Applications of Standard Error
Standard Error is used to test whether the difference between the sample statistic and the population parameter is significant or is due to sampling fluctuations.
Standard Error is used to find the precision of the sample estimate of a population parameter. If a statistic θ is used to estimate the parameter, then precision of θ =
It is used to find the interval estimate of a population parameter
A population consists of four numbers 3, 4, 2, 5. Consider all possible distinct samples of size two and verify that the population mean is equal to the mean of the sample means.
The population mean (μ) = (3 + 4 + 2 + 5) / 4 = 3.5
All possible distinct samples of size two and the corresponding sample means are shown in the following table.
Samples of Size Two and their Sample Means
Sample No.
Samples
Total of the sample values
Sample mean [Col. 3] ÷ 2
(1)
(2)
(3)
(4)
1
3,4
7
3.5
2
3,2
5
2.5
3
3,5
8
4.0
4
4,2
6
3.0
4,5
9
4.5
2,5
Total
...
21.0
[Sampling used in the above table is random sampling without replacement and the no. of samples = 4C2 = 6].
Mean of sample means = 21.0/6 = 3.5
Hence, the population mean = 3.5 = the mean of the sample means.
How do you change the base of the index
1. Calculate the mean and mode of: Central size 15 25 35 45 55 65 75 85 Frequencies 5 9 13 21 20 15 8 3 The following data shows the monthly expenditure of 80 students of
Sampling Error It is the difference between the value of the actual population parameter and the sample statistic. Samples are used to arrive at conclusions regarding the p
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Consider the sample of 60 package design ratings given in the table below. A Sample of Package Design Ratings (Composite S
A monopolist firm''s demand curve is given by P:100-2q. (a) Find its marginal revenue function.
give me question on mean is the aimplest average to understand and easy to compute
how do i determine the 40th percentile in an ogive graph
This question explores the effect of estimation error on apparent arbitrage opportunities in a controlled simulation setting. We simulate returns for N = 10 assets over T = 30 year
Median Median is a position average. It is the value of middle item of a variable when the items are arranged according to their values either in ascending or descending order.
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