STOR 113: Decision Models for Economics

Discover how to determine the probability and mean of young adults watching TV in a week. Using provided data, we compare the sample mean with the calculated population mean to interpret expected TV viewing habits.

Explore the application of proportion z-tests in analyzing exit polling data. Understand how to determine the likelihood of sample results given a population proportion. Recognize the importance of considering non-sampling errors in interpreting exit poll outcomes.

Uncover the relationship between confidence levels and interval widths. Grasp how the range of confidence intervals broadens with increasing confidence. Understand the trade-offs in statistical certainty and estimation.

Analyze Delaware's per capita annual income using statistical methods. Understand the probabilities associated with various income levels for a sample of state residents. Learn to use the Z score formula for such evaluations.

Discover the process of using a one-sample t-test to validate a claim about average soft drink consumption. By calculating the test statistic and analyzing the corresponding P-value, we determine the validity of the researcher's assertion.

Discover the method to analyze bacteria colonies in Lake Macatawa's east basin. Using 30 samples, we compute a 90% confidence interval for the mean colony count. Learn the steps of statistical analysis in environmental studies.