Question: A home owner with a large library needs to estimate the purchase cost and replacement value of the book collection for insurance purposes. She has

A home owner with a large library needs to estimate the purchase cost and replacement value of the book collection for insurance purposes. She has 44 shelves containing books, and selects 12 shelves at random. To prepare for the second stage of sampling, she counts the number of books Mi, on the selected shelves. She generates five random numbers between 1 and Mi for each selected shelf, to determine which specific books, numbered from left to right, to examine more closely. She then looks up the replacement value for the sampled books in Books in Print. The data are given in the file books.dat.

1. Draw side-by-side boxplots for the replacement costs of books on each shelf.

Does it appear that the means are about the same? The variances?

2. Estimate the total replacement cost for the library, and find the standard error of your estimate. What is the estimated coefficient of variation?

3 .Estimate the average replacement cost per book, along with the standard error. What is the expected coefficient of variation?

Step by Step Solution

★★★★★

3.43 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 The SAS code below computes estimates data books infile booksdat delimiter firstobs2 input shelf Mi number purchase replace sampwt 4412Mi5 The cruci... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

627-M-S-S-D (2454).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

Does it appear that inventories could be adjusted? If so, how should that adjustment affect DLeons profitability and stock price?

What behavioral and communication objectives does it appear that Hellman's achieved?

The Food and Drug Administration (FDA) needs to estimate the average content of an additive in a given food product. A random sample of 75 portions of the product gives x-bar = 8.9 units and s = 0.5...

Refer to Example 5.9. Later in the potato growing season, it takes more time to inspect stems. Suppose that it takes two minutes to inspect each stem. Which psu size is most efficient? Repeat...

Repeat Exercise 8 for the purchase cost for each book. Plot the data, and estimate the total and average amount she has spent for books, along with the standard errors. Ahomeowner with a large...

Refer to Exercise 14.33. Obtain an analysis of variance for both dependent variables (i. e., y1 = mg/mL of active ingredient and y2 = pH). Draw conclusions about the stability of these 2-mL vials...

Figure 1.24 gives a comparison of power and performance for several benchmarks comparing two servers: Sun Fire T2000 (which uses Niagara) and IBM x346 (using Intel Xeon processors). a. Calculate the...

As with the firm s other assets, a risk - return trade - off is associated with holding cash balances. Which of the following statements regarding this trade - off are true, assuming all other things...

4. Which of the following is ordered from the largest number of shares to the smallest number of shares? a. Shares authorized, shares issued, shares outstanding. b. Shares issued, shares outstanding,...

During the dry month of August, one U.S. city has measurable rain on average only two days per month. If the arrival of rainy days is Poisson distributed in this city during the month of August, what...

Data are uniformly distributed between the values of 6 and 14. Determine the value of f (x). What are the mean and standard deviation of this distribution? What is the probability of randomly...

Assume a normal distribution and find the following probabilities. a. P(x 47 | = 50 and = 6). d. P(13

Yesterday, September 22, 2009, Wireless Logic Corp. (WLC) paid its annual dividend of $1.25 per share. Because WLCs financial prospects are particularly bright, investors believe that the company...

1) Renfro Rentals has issued bonds that have a 9% coupon rate, payable semiannually. The bonds mature in 16 years, have a face value of $1,000, and a yield to maturity of 8.5%. What is the price of...

background information: clifford clark is a recent retiree who is interested in investing some of his savings in corporate bonds. His financial planner has suggested the following bonds: *bond a - 7%...