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Some help with some maths based economics problems please!

DELETED.
(edited 7 years ago)
Do you know how to construct confidence intervals and do hypothesis testing?
Without doing it all for you:

Do you know the formulae for calculating confidence intervals and standard errors?

If so, the calculate your standard error first.

Then look up your critical value for 99% and 90% confidence from a z table (plus or minus 49.5% and 45% respectively).

Plus these values in the confidence interval formula.

See here for detailed steps: http://www.wikihow.com/Calculate-Confidence-Interval

For (c), the check whether the confidence intervals includes any value > 16. If so, the mean could be that high, it not, it could not (with 99% certainty)
In addition to above, remember that first you need to use central limit theorem to assume that the sample mean is normally distributed (n = 56 > 30).
Reply 4
Original post by morgan8002
In addition to above, remember that first you need to use central limit theorem to assume that the sample mean is normally distributed (n = 56 > 30).


Thank you so much! :smile:
Reply 5
Original post by chazwomaq
Without doing it all for you:

Do you know the formulae for calculating confidence intervals and standard errors?

If so, the calculate your standard error first.

Then look up your critical value for 99% and 90% confidence from a z table (plus or minus 49.5% and 45% respectively).

Plus these values in the confidence interval formula.

See here for detailed steps: http://www.wikihow.com/Calculate-Confidence-Interval

For (c), the check whether the confidence intervals includes any value > 16. If so, the mean could be that high, it not, it could not (with 99% certainty)


Sorry for the delayed reply, this was really helpful, thank you! :smile:
Reply 6
Also, if anyone can help with this too, am I right in thinking that the empirical definition of probability is the same as the subjective view of probability?


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