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Statistics for Business (Example)

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Assignment 4 Student Name Affiliation 1. Provide the definitions in your own words and examples for Standard Error is estimation of the standard deviation used to measure how accurate a sample represents the population. An example is different samples collected from babies different racial background but in the same age bracket. The spread created by the difference in the mean of each sample represents the standard error. Standard Deviation is the measure of dispersion of dataset from its value of the basketball players heights while -0.18513 represents skewness of the data of the football players’ heights. Both the values are negative depicting a negatively skewed frequency distribution. Finally the kurtosis in the basketball players’ data set is represented by 0.59696 while the kurtosis in the football players’ data set is -0.79081. The negative value in the football players’ data set indicates a platykurtic distribution while the positive value of the basketball players represents a leptokurtic distribution. [...]

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. Provide the definitions in your own words and examples for Standard Error Standard Deviation Correlation Covariance Kurtosis Skewness 2. You play a lottery in which you buy a ticket for $50 and are told you have a 1 in 1000 chance of winning $25,000. The random variable X is your net winnings, and its probability distribution is x f(x) -$50 0.999 $24,950 0.001 What is the Expected value of X? = 3. What is the likelihood of finding a price of $3.68 or less for a gallon of gasoline from a normally distributed population of gas prices? Assume μ = $3.78 and σ = $0.05. = - 2 Z score left of the mean 

Subject Area: Statistics

Document Type: Dissertation Proposal

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $10

Words 275

Pages 1

Completed in 1 day

Expert AcademiaFreelance

Client Review

He has done 2 days before due date and done an amazing job. I do not understand anything about my statistic class. He helped me a lot. i got A. Good job bro; we will be keeping touch :)

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11.04.2017

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