Question 10 Unsaved Question 10 options: The economic dynamism, which is the ind
ID: 2906530 • Letter: Q
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Question 10 Unsaved Question 10 options: The economic dynamism, which is the index of productive growth (in dollars) for countries that are designated by the World Bank as middle-income are in following table ("SOCR data 2008," 2013):
Table: Economic Dynamism ($) of Middle Income Countries 299883 299816 299778 299796 299682 299711 299611 299599 300051 299781 299578 299796 299774 299820 299772 299696 299573 299748 299748 299797 299851 299809 299723
Compute a 95% confidence interval for the mean economic dynamism of middle-income countries by answering the following questions
: (i) Determine sample mean x : Enter in decimal form to nearest ten-thousandth. Do not enter units of measure. Examples of correctly entered answers: 0.0015 0.0000 136.7000 99.0070 36.9128 299,756.2174
(ii) Determine sample standard deviation s : Enter in decimal form to nearest ten-thousandth. Examples of correctly entered answers: 0.0001 0.0020 0.5000 5.3070 1.7157 107.1146
(iii) Determine degrees of freedom df value: Enter value as whole number 44
(iv) Determine t score corresponding to desired confidence level Enter value in decimal form rounded to nearest hundredth. Examples of correctly entered answers: 2.01 0.37 0.60 0.00 0.44
(v) Determine error bound of the mean: Enter value in decimal form rounded to nearest ten-thousandth. Examples of correctly entered answers: 0.0000 0.0003 3.0060 2.0700 11.5000 27.9143 13.0000 22.335
(vi) Determine the confidence interval. Enter lower bound value to nearest ten-thousandth, followed by < , followed by "p" for proportion or "m" for mean, followed by <, followed by upper bound value to nearest tenth. No spaces between any characters. Do not use italics. Examples of correctly entered answers: 0.7000
Explanation / Answer
(i) sample mean=mean(data)= 299756.2
(ii) sample standard deviation=s=sqrt(sample variance)= 107.1146
(iii) degree of freedom=df=(23-1)= 22
(iv) t-score= value of t at 22 df at 0.05 level of significance= 2.074
(v) error= t*s/sqrt(number of observation)=2.074*107.1146/sqrt(23)=46.32266
(vi) confidence interval=mean(data) +- error
C.I.=(299756.2 - 46.32266, 299756.2 + 46.32266)
C.I.=(299709.9,299802.5).
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