Indicate what data summarization is and why it is useful.
Answer to relevant QuestionsIn a survey on magazine subscriptions, respondents write in the number of magazines they subscribe to regularly. What measures of central tendency can be used? Which is the most appropriate and why? What does it mean when a researcher says that a hypothesis has been supported at the 95% confidence level? Indicate what a range is and where it should be used as an indicator of the amount of dispersion in a sample. What is considered to be a “small sample,” and why is this concept a concern to statisticians? To what extent do market researchers concern themselves with small samples? Why? Explain the distinction between a statistical relationship and a causal relationship.
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