Problem 2E

Let Y1, Y2, . . . , Yn denote a random sample from a population with mean μ and variance σ 2. Consider the following three estimators for μ:

OIS 2340 - Business Statistics Week 3 1/23 - Professor Elizabeth Goryunova - University of Utah Chapter 3 In Class Lecture & Notes from the Textbook Histogram: No Gaps #’s Counts numbers upward Sorts by frequency of data, not categories Bar Chart: Gaps Nominal data Order doesn’t matter Scatter Diagram Used to show relationship between 2 quantitative variables Chapter 3 Parameter: a measure from the entire population Statistic: A measure from a sample selected from the population Mode: value that occurs most frequently (the most common outcome) - You can have more than one mode, being a bi-modal distribution Ex. If a restaurant wants to know the most common group size they seat they would collect data like this: Number of People Frequency 1 2 2