Question 670820: Many drugs used to treat cancer are expensive. BusinessWeek reported on the cost per treatment of Herceptin, a drug used to treat breast cancer (BusinessWeek, January 30, 2006). Typical treatment costs (in dollars) for Herceptin are provided by a simple random sample of 10 patients.
4,357 5,564 2,698 4,906 4,482
4,804 6,449 4,108 4,229 3,809
Develop a point estimate of the standard deviation of the cost per treatment with Herceptin (to 1 decimal).
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! the mean of this data is equal to 4,541
the standard deviation is equal to 1008.
the point estimate of this data is the mean.
at 95% confidence level, the range of possible values you can expect in a sample of the same size 95% of the time would be equal to +/- 1.96 standard deviations about the mean which would be calculated as 4541 - 1008 * 1.96 to 4541 + 1008 * 1.96.
that would make the interval estimate from 2565.3 to 6516.7
the point estimate is 4541.
the standard deviation is 1008.
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