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Assignment Inferential Statistics 1

The document provides responses to statistical exercises about sampling distributions, parameters, statistics, and the central limit theorem. It calculates probabilities for sample means based on given population means, standard deviations, and sample sizes. For example, it finds the probability that a sample mean of 36 coffee drinkers is between 3 and 3.01 cups is 0.00058389. It also determines the range of sample means that contain the middle 95% of values.

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maudy octhalia d4 kep
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174 views5 pages

Assignment Inferential Statistics 1

The document provides responses to statistical exercises about sampling distributions, parameters, statistics, and the central limit theorem. It calculates probabilities for sample means based on given population means, standard deviations, and sample sizes. For example, it finds the probability that a sample mean of 36 coffee drinkers is between 3 and 3.01 cups is 0.00058389. It also determines the range of sample means that contain the middle 95% of values.

Uploaded by

maudy octhalia d4 kep
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Subject: statistics, problem solving, and decision making for accountants

Session: session 9 Inferential Statistics 1

Type: assignment

Name: MUTIA RIZ REZKI HUL HUSNA

Student ID: 008202000056

Time: 3 november 2020

Date of submission: Sunday, 7 november 2020

Class: M ACC 2020 Class 2

Answer :

1-What do you learn from this session . Summarize them using your own word.

-From this session we can find out some important things about sampling distribution. First, we
can understand what is a sampling distribution. Second, we can find the sampling distribution
type. And also third, we can understand how to develop a sampling distributions

2-Do the following exercises based on the books:

a) From Berenson et al. (2015):

7.19 Explain the meaning of the terms ‘statistic’ and ‘parameter’. Are they interrelated? How?
- A statistic is a characteristic of a sample, a portion of the target population. A parameter is
fixed, unknown numerical value, while the statistic is a known number and a variable which
depends on the portion of the population.

7.20 Comment on the variability of the mean of more observations from the population instead
of one observation.

7.21 The duration of the meetings in a firm presents skewed distribution. Using Central Limit
Theorem, comment on the distribution of the mean of a large sample of the meetings.
- As the previous section states, the shape of the sampling distribution changes with the sample
size. And, the definition of the central limit theorem states that when you have a sufficiently
large sample size, the sampling distribution starts to approximate a normal distribution. How
large does the sample size have to be for that approximation to occur?

It depends on the shape of the variable’s distribution in the underlying population. The more the
population distribution differs from being normal, the larger the sample size must be. Typically,
statisticians say that a sample size of 30 is sufficient for most distributions. However, strongly
skewed distributions can require larger sample sizes. We’ll see the sample size aspect in action
during the empirical demonstration below.

7.24 According to a survey, the average number of 9 ounce coffee cups consumed daily is 3.1
(Source: http://www.statisticbrain. com/coffee-drinking-statistics/). Assume that the standard
deviation is 0.5 cup. A researcher surveys the daily coffee consumption habits in the state of
Washington D.C. He draws a sample of 36. Calculate the probability that the sample mean will
be

a. between 3 and 3.01?


3−3.1 3.2−3.1
P ( 3≤ Z ≤ 3,2 )=P
( 0,5
√36
≤Z≤
0.5
√ 36 )
=P ( 1,2 ≤ Z ≤−1,2 )= p(0.00058389)

b. greater than 3.2?


X̄−µ 3,2−3,1
Z= = =1,2
-- σ 0,5
√n √ 36
3,2−3,4
P( X̄ ≥ 3,2)=P X̄ ≥ =P ( X̄ ≥1,2 ) =1−0,8849=0,1151
then,
(
0,5
√36 )
c. less than 3?
X̄−µ 3−3,1
Z= = =−1,2
-- σ 0,5
√n √36
3−3,1
P( X̄ ≤ 3)=P X̄ ≤ =P ( X̄ ≤−1,2 )=1−0,8849=0,1151
then,
(
0,5
√36 )
d. Calculate the range of the sample average mean for the middle 95% area within which the
sample means will lie.
- x̄ = ( Σ x  ) / n
i

= 95/36
= 2,6388888889

e. If the researcher is willing to limit the standard error to 1.5% of population mean, is the
sample size large enough?
σ σ 0,5
- - σ X̄ = ↔ √n= = =0,3333333333
√n σ X̄ 1,5
f. If the researcher is willing to limit the standard error to 3% of population mean, then what
should be the sample size?
σ σ 0,5
- σ X̄ = ↔ √ n= = =0,1666666667
√n σ X̄ 3

7.25 The annual average return of S&P 500 from 1950-2002 was calculated as 9.7% with the
standard deviation of 15.5% (Source: Hirshey, 2003). A person, who is going to retire in 40
years, wants to invest in stocks.

a. Assuming that the above annual returns have been impacted by extreme values, comment on
the normality of the stock return over the next 49 years.
-a) The returns are expected to be normally distributed with Mean value 9.7 and standard
deviaiton of 15.5* σ (52/49) or 15.96%

b. What is the probability that the mean return will be more than 15%?
-b) Z = (x-mean)/( σ/√(n)) = (15-9.7)/(15.5/√(52) = 2.46

P(z>2.46) = 0.0069

c. What is the probability that the mean return is less that 5%?
- 3) z = (x-mean)/( σ /√(n)) = (5-9.7)/(15.5/√(52) = -2.18

P(z<-2.18) = 0.014 from normal tables

7.26 An orange juice producer buys oranges from a large orange grove that has one variety of
orange. The amount of juice squeezed from these oranges is approximately normally distributed,
with a mean of 4.70 ounces and a standard deviation of 0.40 ounce. Suppose that you select a
sample of 25 oranges.

a. What is the probability that the sample mean amount of juice will be at least 4.60 ounces?
- Normally Distributed with µ : 5, σ : 0.40

P (X ≤ 4.60)
X−µ 4.60−5
Z= = = -1.0
σ 0.40
P (z ≤ -1.0) = 0.1587
Based on the table, mean (5), Stdev (0.40), x (4.60) and then P(X<x) is 0.1587
b. . The probability is 70% that the sample mean amount of juice will be contained between what
two values symmetrically distributed around the population mean?
- Normally Distributed with µ : 5, σ : 0.40, P : 70%, X = ?

Seventy percent of the amounts of juice are between two values symmetrically distributed
can be solve by the Normal probability distribution and the Central Limit Theorem.

The probability is 70% that the sample mean amount of juice will be contained between
4.5854 ounces and 5.4146 ounces.

c. The probability is 77% that the sample mean amount of juice will be greater than what value?
- Normally Distributed with µ : 5, σ : 0.40, P : 77%, that the sample mean amount of juice will
be greater than what value 4.70.

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