DQ’s For Statistical Techniques In Business And Economics

DQ’s For Statistical Techniques In Business And Economics

Answer the following questions in your own words. Answers should consist of 50 words or more each. If the question asks for an example please be sure to include the example. Use the chapter listed as the title of this assignment to answer the questions. If you use other references please include them. The answers can be placed under the question or numbered with the number it goes with.

 

1. What does the Central Limit Theorem tell us about the sample mean of a random sample? Give a real life situation that closely illustrates the Central Limit Theorem.

2. What are two ways of reducing the width of a confidence interval when estimating the sample mean or proportion?

3. Suppose that a random sample of electronic components were tested and the percentage of defective components was estimated with a 95% confidence interval and the answer was

(0.03, 0.09).

What is the interpretation of this interval?

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