Probability and Statistics for Economics Mathematics & Economics Essay (Essay Sample)
An analysis of a client data set to determine some of its essential statistics.
The sample is the answer sheet submitted to the client after comprehensive data analysis per the instructions.
Probability and Statistics for Economics
In figure 1, the population data assumes a pattern of a normal distribution. Therefore, the sampling distributions of and must infer patterns that relate to normal distribution. The sample distributions of the mean equal to the mean of the entire population and should map correctly on the curve. Alternatively, the proportion of men with >$60,000 crowd wound the population mean at the peak of the curve (µ=$107,024.6).
Population mean = Mean of sampling distribution, where n is 25
107,024.6 = x1+x2+…+x10025
Standard error of the mean = Standard deviation/ n
= $125,821.325 = $125,821.35 = 25,164.26
Population mean = Mean of sampling distribution, where n is 100
107,024.6 = x1+x2+…+x100100
Standard error of the mean = Standard deviation/ n where n is 100
= $125,821.3100 = $125,821.310 = 12,582.13
Population mean = $107,024.6
Standard deviation = $125,821.3
Where n is 25
Standard error of p = p = p(1-p)n
= 0.6854(1-0.6854)25 = 0.215625 = 0.0929
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