BUAL 2650 EXAM 1 HW | QUESTIONS AND ANSWERS | PASSED!!

BUAL 2650 EXAM 1 HW | QUESTIONS AND ANSWERS
| PASSED!!




The sampling distribution of the sample mean _x is the probability distribution
of a population. Describe this population. Answer - The probability distribution
of the population of all possible samples means that could be obtained from all
possible samples of the same size.


What does the Central Limit Theorem tell us about the sampling distribution of
the sample mean? Answer - If the sample size n is sufficiently large, then the
population of all possible sample means is approximately nor-mally distributed


Explain what is meant by the margin of error for a confidence interval. What
error are we talking about in the context of an interval for μ? Answer - A
margin of error tells you how many percentage points your results will differ
from the real population value


If we reject H0 when it is true Answer - Type I error


Denote the probability of a Type I error Answer - α


If we do not reject H0 when it is false Answer - Type II error


Denote the probability of a Type II error Answer - β