What is the mean of the sample proportion (p-hat) when 70% of credit card users do not pay their bill in full?
Statistical Inference Review

Flashcard
•
Mathematics
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Mean = 0.70
2.
FLASHCARD QUESTION
Front
What is the standard deviation of the sample proportion (p-hat) for a sample size of 2,100 when 70% of credit card users do not pay their bill in full?
Back
Standard deviation = 0.01
3.
FLASHCARD QUESTION
Front
What condition must be met for the sampling distribution of p-hat to be approximately normal?
Back
n*p and n*(1-p) must both be greater than 10.
4.
FLASHCARD QUESTION
Front
What is a parameter in statistics?
Back
A parameter is a numerical characteristic of a population, such as the population mean or standard deviation.
5.
FLASHCARD QUESTION
Front
What is the z-score?
Back
The measure of distance from the mean in terms of standard deviation.
6.
FLASHCARD QUESTION
Front
What is the formula for calculating a 95% confidence interval for the mean?
Back
CI = sample mean ± (z* * (population standard deviation / √n))
7.
FLASHCARD QUESTION
Front
What does a confidence interval represent?
Back
A confidence interval provides a range of values that is likely to contain the population parameter.
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