2-20-09

2-20-09 - Economic Statistics Class Notes Confidence...

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Economic Statistics – Class Notes – 2/20/09 Confidence Intervals Case I – A Confidence Interval for the population mean when the (variance/standard deviation) is KNOWN We are going to use Xbar because it is unbiased and consistent. o The probability that Xbar is equal to a specific value is approximately zero you want to setup a range of values in which the true mean may potentially lay Given some population described by Find formulas for “a” and “b such that: Procedure: 1. Begin with a true probability statement 2. Isolate the parameter of interest in the center

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Let alpha = 0.1 (Alpha/2) = 0.05 Z(alpha/2)

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2-20-09 - Economic Statistics Class Notes Confidence...

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