Explain why the mean and the median are useful sample statistics (i.e. what does it tell...
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Explain why the mean and the median are useful sample statistics (i.e. what does it tell us about data?) When should use a mean versus a median? Median versus mean? (10 points) Suppose that Xrepresents the number of years a person goes to school, and Y represents the income they earn after finishing those years of school. Years of 1 schooling is widely believed to be a major determinant of income. The correlation between education and earnings is positive. Explain care fully whether this correlation is likely to be causal or not. (30 points) People who drink more than 10 drinks in a week are likely to develop cirrhosis of the liver 60% of time, whereas people who drink fewer than 10 drinks develop cirrhosis of the liver 20% of the time. About 20% of the population has more than 10 drinks in a week. If you learn that a person has cirrhosis, what are the odds that they drink more than 10 drinks in a week (i.e. "binge drinker")? (30 points) Suppose there are two full bowls of cookies. Bowl #1 has 10 chocolate chip and 20 oatmeal, while bowl #2 has 20 chocolate chip cookies and 10 oatmeal cookies. Our friend Bob picks a bowl at random, and then picks a cookie at random. We may assume there is no reason to believe Bob treats one bowl differently from another, likewise for the cookies. The cookie turns out to be an oatmeal cookie. How probable is it that Bob picked it out of Bowl #2? (20 points)
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Answer rating: 100% (QA)
1 Mean vs Median Mean The mean or average is the sum of all values in a data set divided by the number of values It provides a measure of central tendency and reflects the typical value in a dataset T View the full answer
Related Book For
Business Statistics In Practice
ISBN: 9780073401836
6th Edition
Authors: Bruce Bowerman, Richard O'Connell
Posted Date:
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