Question

As an example of a situation in which several different statistics could reasonably be used to calculate a point estimate, consider a population of N invoices. Associated with each invoice is its "book value," the recorded amount of that invoice. Let T denote the total book value, a known amount. Some of these book values are erroneous. An audit will be carried out by randomly selecting n invoices and determining the audited (correct) value for each one. Suppose that the sample gives the following results (in dollars). a tocabulate de point estimate, consideran pentation informe invoice Associated withe fache invoice is Stromboek wat een train recorded am fantofta te irures con los traenote thi Book value Audited value Error Invoice 1 2 3 4 5 289 713 538 223 121 289 519 538 223 162 0 194 0 0 -41 Let Y = sample mean book value X = sample mean audited value D = sample mean error Propose a statistic for estimating the total audited (i.e., correct) value involving just N and X. OXUN ON- ON OXIN Propose a statistic for estimating the total audited (i.e., correct) value involving T, N, and D. OT-ND OT.N/ OT+ND TND Propose a statistic for estimating the total audited (i.e., correct) value involving T and X/Y. OT+ / O TXI O TXI 1-T.IT If N = 5000 and T = 1,761,900, calculate the corresponding point estimates. (Round your answers to the nearest whole number.) based on just N and $ based on T, N, and Õ $ based on T and / $

Answer 1

bal: Griven data table below is : - Invaice 9 3 4 5 Book Value 989_713 538 993 191. Audited Value 989 519 538 293 162 1 Error__ o 194 0 -41 lot. y = sample mean book value Je sample mlan audited value mean luar cau Brabase a Statistic for estimating the total audited - Rice correct) value maluing Just ºn and X. t option c) is correct. - C. NE E (6 Propose a statistic for estimating audited (i.c., correct ) value wwalying the total aut I, N. andā. 1 option (a) is -qI-NO correct - (c) - Propose a statistic for estimating the total audited li.e, Carrect) value invaluing Land lý. A aption (b) is correct be T.(3/3)

bal: Griven data table below is : - Invaice 9 3 4 5 Book Value 989_713 538 993 191. Audited Value 989 519 538 293 162 1 Error__ o 194 0 -41 lot. y = sample mean book value Je sample mlan audited value mean luar cau Brabase a Statistic for estimating the total audited - Rice correct) value maluing Just ºn and X. t option c) is correct. - C. NE E (6 Propose a statistic for estimating audited (i.c., correct ) value wwalying the total aut I, N. andā. 1 option (a) is -qI-NO correct - (c) - Propose a statistic for estimating the total audited li.e, Carrect) value invaluing Land lý. A aption (b) is correct be T.(3/3)

'(d) First calculate the mean beak Value ya sample mean y = 376.8 Xa_bamball mean B = 346:9 book valul D = Samble mean eman à = 30.6 94 N = 5000 and I =6761,900, Calculate the corres- 1 - ponding toont estimates @ based on Just N and x = N*X = 5000 * 346.9 = $ 1731000/ @ Based on In, and D = T - NKD = 1761900-(5000* 30.6) = 1761900-193000 = $ •1608900 _ Based on T and 2 / ý = T* (T) = 1761900 */346.21 (376.8 = 1761900 * 0.9.187 898089 1618815. 7643