In Exercise 31, the population mean salary is \$67,319. Does the t-value fall between -t0.98 and t0.98? (Source: Salary.com)
Table of contents
- 1. Intro to Stats and Collecting Data1h 14m
- 2. Describing Data with Tables and Graphs1h 55m
- 3. Describing Data Numerically2h 5m
- 4. Probability2h 16m
- 5. Binomial Distribution & Discrete Random Variables3h 6m
- 6. Normal Distribution and Continuous Random Variables2h 11m
- 7. Sampling Distributions & Confidence Intervals: Mean3h 23m
- Sampling Distribution of the Sample Mean and Central Limit Theorem19m
- Distribution of Sample Mean - Excel23m
- Introduction to Confidence Intervals15m
- Confidence Intervals for Population Mean1h 18m
- Determining the Minimum Sample Size Required12m
- Finding Probabilities and T Critical Values - Excel28m
- Confidence Intervals for Population Means - Excel25m
- 8. Sampling Distributions & Confidence Intervals: Proportion1h 25m
- 9. Hypothesis Testing for One Sample3h 29m
- 10. Hypothesis Testing for Two Samples4h 50m
- Two Proportions1h 13m
- Two Proportions Hypothesis Test - Excel28m
- Two Means - Unknown, Unequal Variance1h 3m
- Two Means - Unknown Variances Hypothesis Test - Excel12m
- Two Means - Unknown, Equal Variance15m
- Two Means - Unknown, Equal Variances Hypothesis Test - Excel9m
- Two Means - Known Variance12m
- Two Means - Sigma Known Hypothesis Test - Excel21m
- Two Means - Matched Pairs (Dependent Samples)42m
- Matched Pairs Hypothesis Test - Excel12m
- 11. Correlation1h 24m
- 12. Regression1h 50m
- 13. Chi-Square Tests & Goodness of Fit2h 21m
- 14. ANOVA1h 57m
7. Sampling Distributions & Confidence Intervals: Mean
Confidence Intervals for Population Mean
Problem 6.2.12
Textbook Question
In Exercises 9–12, construct the indicated confidence interval for the population mean μ using the t-distribution. Assume the population is normally distributed.
c = 0.99, xbar = 24.7, s = 4.6, n = 50
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Identify the given values: The confidence level (c) is 0.99, the sample mean (x̄) is 24.7, the sample standard deviation (s) is 4.6, and the sample size (n) is 50.
Determine the degrees of freedom (df) for the t-distribution. The formula is df = n - 1. Substitute n = 50 into the formula to calculate df.
Find the critical t-value (t*) corresponding to the confidence level (c = 0.99) and the degrees of freedom (df). Use a t-distribution table or statistical software to find this value.
Calculate the margin of error (ME) using the formula: ME = t* × (s / √n). Substitute the values of t*, s = 4.6, and n = 50 into the formula.
Construct the confidence interval for the population mean (μ) using the formula: CI = x̄ ± ME. Substitute x̄ = 24.7 and the calculated ME into the formula to find the lower and upper bounds of the confidence interval.
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Key Concepts
Here are the essential concepts you must grasp in order to answer the question correctly.
Confidence Interval
A confidence interval is a range of values, derived from sample statistics, that is likely to contain the population parameter (like the mean) with a specified level of confidence. For example, a 99% confidence interval suggests that if we were to take many samples and construct intervals in the same way, approximately 99% of those intervals would contain the true population mean.
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Introduction to Confidence Intervals
t-Distribution
The t-distribution is a type of probability distribution that is symmetric and bell-shaped, similar to the normal distribution, but has heavier tails. It is used instead of the normal distribution when the sample size is small (typically n < 30) or when the population standard deviation is unknown, making it particularly useful for constructing confidence intervals for the mean.
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Critical Values: t-Distribution
Sample Mean and Standard Deviation
The sample mean (x̄) is the average of a set of sample data points, providing an estimate of the population mean (μ). The sample standard deviation (s) measures the dispersion of the sample data around the mean. In constructing a confidence interval, both the sample mean and standard deviation are crucial for determining the range of values that likely contains the population mean.
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Calculating Standard Deviation
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