Posted: May 7th, 2015

More Advanced Statistical Measures

More Advanced Statistical Measures

The data in the file debt.xlsx was collected from 100 American households, and it captures their level of debt. Using these data (in XL, SPSS or other packages):
1.Calculate the mean and standard deviation for the sample.
2.Can you infer that the calculated mean is the mean debt in the population? Why?
3.Develop a 95% confidence interval for the average level of debt per household in the United States.
4.Interpret the results.
5.If you’d like the accuracy of your estimation to be within -/+$1,000 from the true mean, what size of a sample would you need?
6.What steps can you take, when you design your study, to make sure the sample represents the population?

SLP Assignment Expectations
1.Answer all questions with clarity and depth. Show your critical thinking ability.
2.Show necessary reasoning.
3.You do not need to write an essay for SLP assignment; answering the questions is sufficient.

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