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The Cambridge Power and Light Company selected a random

Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen ISBN: 9780077384470 64

Solution for problem 9E Chapter 3

Basic Statistics for Business and Economics | 7th Edition

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Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen

Basic Statistics for Business and Economics | 7th Edition

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Problem 9E

Problem 9E

The Cambridge Power and Light Company selected a random sample of 20 residential customers. Following are the amounts, to the nearest dollar, the customers were charged for electrical service last month: (10%)

54

48

58

50

25

47

75

46

60

70

67

68

39

35

56

66

33

62

65

67

(a) compute the arithmetic mean and (b) indicate whether it is a statistic or a parameter.

Step-by-Step Solution:
Step 1 of 3

Solution 9E

Step1 of 3:

From the given problem we have data set and it is given below:

54

48

58

50

25

47

75

46

60

70

67

68

39

35

56

66

33

62

65

67

Here our goal is:

a). We need to compute the arithmetic mean.

b). We need to indicate whether it is a statistic or a parameter.


Step2 of 3:

a).

The arithmetic mean of the given data is calculated by using the formula:

Consider,

S.No.

X

1

54

2

48

3

58

4

50

5

25

6

47

7

75

8

46

9

60

10

70

11

67

12

68

13

39

14

35

15

56

16

66

17

33

18

62

19

65

20

67

n = 20

Now,

     

Therefore, the arithmetic mean of the given data is $54.55.


Step3 of 3: 

b).

A sample statistic, assuming that the power company serves more than 20 customers.


Step 2 of 3

Chapter 3, Problem 9E is Solved
Step 3 of 3

Textbook: Basic Statistics for Business and Economics
Edition: 7
Author: Douglas Lind; William Marchal; Samuel Wathen
ISBN: 9780077384470

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The Cambridge Power and Light Company selected a random