Small Sample Mean Problem. Each year the Heritage Foundation creates an Index of Economic Freedom for countries around the word based on assessments of freedom on property rights, corruption, business freedom, and labor freedom, among many others. We have a sample of 31 countries taken from the 2016 data. The following is a summary of this sample.
If we constructed a 99% Confidence around this sample estimate of Economic Freedom, what would be the lower and upper bounds?
Group of answer choices
58.262
57.253 to 65.095
57.253
58.262 to 64.086
Answer:
sample size (n) = 31
Degrees of Freedom = n-1 = 31-1 = 30
= 0.01
Critical value:
.................Using t table
Lower Confidence interval:
57.253
Upper Confidence interval:
65.095
Option B is 57.253 to 65.095
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Small Sample Mean Problem. Each year the Heritage Foundation creates an Index of Economic Freedom for...
Small Sample Mean Problem. Each year the Heritage Foundation creates an Index of Economic Freedom for countries around the word based on assessments of freedom on property rights, corruption, business freedom, and labor freedom, among many others. We have a sample of 31 countries taken from the 2016 data. The following is a summary of this sample. Economic Freedom Leaf STEM 61.174 Мean 4 4* 64 5 09 18 22 24 32 42 Median 60.000 Min 46.400 5* 60 65...
Small Sample Mean Problem. Each year the Heritage Foundation creates an Index of Economic Freedom for countries around the word based on assessments of freedom on property rights, corruption, business freedom, and labor freedom, among many others. We have a sample of 31 countries taken from the 2016 data. The following is a summary of this sample. Economic Freedom STEM Leaf 4* 64 5 09 18 22 24 32 42 5*60 65 74 75 76 77 91 93 6 00...
Question 16 3 pts Small Sample Mean Problem. Each year the Heritage Foundation creates an Index of Economic Freedom for countries around the word based on assessments of freedom on property rights, corruption, business freedom, and labor freedom, among many others. We have a sample of 31 countries taken from the 2016 data. The following is a summary of this sample. Economic Freedom STEM Leaf 4* 64 5 09 18 22 24 32 42 5* 60 65 74 75 76...
Small Sample Mean Problem. Each year the Heritage Foundation creates an Index of Economic Freedom for countries around the word based on assessments of freedom on property rights, corruption, business freedom, and labor freedom, among many others. We have a sample of 31 countries taken from the 2016 data. The following is a summary of this sample. Economic Freedom STEM Leaf 4 4* 64 5 09 18 22 24 32 42 5*160 65 74 75 76 77 91 93 6...
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