What is population? The 200 students of small college with size N=200 is the population.
What is the variable? The amount of financial aid received by individual student at the college is (quantitative) variable (say X).
What is the population mean? The mean amount of financial aid
received of $1500 by the students at the college is the population
mean. It is denoted by:
Formulae:
Sample size (n)=total number of observations/values in the sample. Here, n=8.
xi denote sample observations.
Sample mean= sum of all the values of variable present in the sample divided by the sample size.
Sample standard deviation is the square root of sample variance which is computed by-
Student's t-statistic that follows t-distribution with n-1 degrees of freedom is given by-
Null Hypotheisis | H0: |
Alternative Hypothesis | H1: |
TABLE | Random sample 1 | Random sample 2 | Random sample 3 | ||
Sample Means | |||||
Sample standard deviation |
|
|
984.7951 | ||
absolute value of student t-statistic |
|
|
2.18286 | ||
tabulated value for t at 5% level of significance | 2.37 | 2.37 | 2.37 | ||
Result | Accept H0 | Accept H0 | Accept H0 |
No, all three samples do not have the same means.
No, all samples do not give good estimates of population mean if we just observe the sample means in the table above. But by procedure if we carry out t-test for single mean, the result completely alters; we accept H0 in each case which means they give good estimates. This is due to small sample size, 8.
Population mean () is the parameter
whereas sample mean (
) is the
statistic. Sample standard deviation is also statistic.
Population mean, population standard deviation, population proportion are all parameters.
Sample mean, sample standard deviation, sample proportion, student's t-statistic (used for testing of hypothesis) are all statistic.
Completed table using the statistics symbols is as follows:
Population (Parameter) | Sample (Statistic) | |
Proportion | p | |
Mean | ||
Standard Deviation |
Note that symbols may (or may not) change according to domain of application of statistics. Sometimes, all capital letters are used for population "parameter" and small letters for sample "statistic".
also suppose that the mean amount of financial aid received by students at the college is...
Question: How accurate are random samples at prediction this population proportion of 0.607 Consider the following random samples and determine the mean amount of financial aid received by the students. Random Sample 1 tudent Ald Random Sample 2 Random Sample 3 tudent ent $O 2,400 30 49 63 20 600 193 Sample Means: Each random sample came from a population for which the mean amount of financial aid received by individual students is $1,500. Do all samples have the same...
you have been asked to study the mean amount of financial aid awarded to a population of students at a certain university. You are interested in making some decisions concerning this population parameter. You select a random sample of 38 students from this population. The mean amount of financial aid awarded to these students in the year being studied is $17,055. You have reason to believe that the population standard deviation of the amounts of financial aid awarded is thought...
Once again, you have been asked to study the mean amount of financial aid awarded to a population of students at a certain university. You are interested in making some decisions concerning this population parameter. You select a random sample of 38 students from this population. The mean amount of financial aid awarded to these students in the year being studied is $17,055. You have reason to believe that the population standard deviation of the amounts of financial aid awarded...
Problem 2 (20pts) The mean balance that college students owe on their credit card is $1096 with a standard deviation of $350. If all possible random samples of size 144 are taken from this population, determine the following: a) name of the Sampling Distribution b) mean and standard error of the sampling distribution of the mean (use the correct name and symbol for each) c) percent of sample means for a sample of 144 college students that is greater than...
This activity will help you distinguish between a sample statistic and a population parameter Part I Proportions from Random Samples Vary Imagine a small college with only 200 students, and suppose that 60% of these students are eligible for financial aid. What is the population? What is the variable? What is the population proportion? Note: Populations are usually much larger than 200 people. Also, in real situations, we do not know the population proportion. We are using a simplified situation...
. Paying for college College financial aid offices expect ents to use summer earnings to help pay for college ut how large are these earnings? One large university studied this question 1296 students who had summer jobs how much they camed. The financial aid office separated the responses view summary form: by asking a random sample of into two groups based on gender, so these can be wed as independent samples. Here are the data in Group emales 621 $1360.39...
in a study of government financial aid for college students it becomes necessary to estimate the percentage of full-time college students to earn a bachelors degree in four years or less. find the sample size needed to estimate that percentage. use a 0.04 margin of error and use a confidence level of 99%.
4. A university's financial aid office wants to know how much it can expect students to earn from summer employment. This information will be used to set the level of financial aid. The population contains 975 students who have completed at least one year of study but have not yet graduated. A questionnaire will be sent to a random sample of 50 of these students, drawn from an alphabetized list. li v ing in a rollo to da to (a)...
in a study of governmental financial aid for college students, it becomes necessary to estimate the percentage of full-time college students who earn a bachelors degree in four year or less. find the sample size needed to estimate that percentage. use a 0.05 margin of error and use a confidence level of 95%. assume that nothing is known about the percentage to be estimated. n=
wants to know how te college students at her university feel about federal financial aid. She obtains college students at her university, selects 500 of them at random, and emails a q a list of 1196 u them. 107 completely overhauled. Classify the following groups as the population or the sample for this particular study. If a group does are returned. Of these, 71% stated that they believe that the federal student loan program needs to be not belong in...