SOLUTION: Refer to the CIA data, which report demographic and economic information on 46 countries.
a. The mean of the GDP/capita variable is 16.58 with a standard deviation of 9.27. Use
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-> SOLUTION: Refer to the CIA data, which report demographic and economic information on 46 countries.
a. The mean of the GDP/capita variable is 16.58 with a standard deviation of 9.27. Use
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Question 243056: Refer to the CIA data, which report demographic and economic information on 46 countries.
a. The mean of the GDP/capita variable is 16.58 with a standard deviation of 9.27. Use the normal distribution to estimate the percentage of the countries with exports above 24. Compare this estimate with the actual proportion. Does the normal distribution appear accurate in this case? Explain.
b. The mean of the exports is 116.3 with a standard deviation of 157.4. Use the normal distribution to estimate the percentage of countries with exports above 170. Compare this estimate with the actual proportion. Does the normal distribution appear accurate in this case? Explain.
Can someone give me the steps how to set this up in excel? I don't necessarily need the answer to the question as much as I need the steps to create it in excel. The book is "Basic Statistics for Business & Economics" 6th edition. Thank you.
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