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Below are numerical and graphical summaries of Price. Use these to complete Questions 7 and 8. Descriptives Statistic Std. Er
Frequency 25 50 75 175 200 225 250 100 125 150 price
7. Consider the variable Price. A. Complete the table below. Mean Median Standard deviation Sample size B. Notice that the me
D. State the lower limit and the upper limit for a 95% confidence interval for Price of the population of all blue jeans. Tak
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Answer #1

Answer 7. A. Mean = 80.75

Median = 73.975Standard Deviation = 44.55

Sample Size. Now to calculate, we use the standard error. Now, standard error = SD/\sqrt{n}.

\sqrt{n} = 44.55/4.98 = 8.95

n = 80

B. In the box plot diagram, you can see that there are more values to the right of the boxplot as compared to the left side of the boxplot. If it were a normal distrbution, the mean and median are equal and the values are equal both to the left and right of the boxplot. Also, there are many outliers toward the right. Outliers push the value of the mean to the right and that's why mean is greater than the median. and

C. There are 2 peaks in the data. One is from 37.5 - 50 and 87.5 - 100.

D The lower and upper limits of the 95% confidence interval are given as 70.84 and 90.66

Answer 8. Step 1 - We are trying to find a 95% confidence interval for the mean value of the price variable. Therefore, we are trying to find an interval in which the mean value of Price would lie in 95% of the samples. The formula is given as

1586109503876_image.png

Step 2 - Find the sample mean and sample standard deviation, which is given in the question.

Step 3 - Find the value of z\alpha/2. Now, since we are calculating a 95% confidence interval. \alpha = 1 - 0.95 = 0.05. Thus, we need to find z0.025. You can calculate this using a z-table.

-3.2 STANDARD NORMAL DISTRIBUTION: Table Values Represent AREA to the LEFT of the Z score. Z .00 .01 .02 .03 .04 .05 .06 .07

Thus, the value is 1.96

Step 4 - Calculate the confidence interval as [Mean - 1.96*Standard Error, Mean + 1.96*Standard Error] = [70.84, 90.66].

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