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Back to 2.4 Sigma Notation and Calculating the Arithmetic Mean

2.4 Exercise 9

Avg difficulty 2.5

A sample of 10 prices is chosen from a population of 100 similar items. The values obtained from the sample, and the values for the population, are given in the table and the table respectively.

  1. Is the mean of the sample within $1 of the population mean?
  2. What is the difference in the sample and population means?
Prices of the sample
$21
$23
$21
$24
$22
$22
$25
$21
$20
$24
Prices of the population Frequency
$20 20
$21 35
$22 15
$23 10
$24 18
$25 2

OpenStax Introductory Business Statistics 2e, 2.4 Sigma Notation and Calculating the Arithmetic Mean, exercise 9

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Adapted from Introductory Business Statistics 2e © 2023 Rice University. Licensed under CC BY 4.0. Source: Introductory Business Statistics 2e. Imported at revision 50ec917.