ADVANCED STATISTICAL MEASURES

MORE ADVANCED STATISTICAL MEASURES

The data in the file debt.xlsx was collected from 100 American households, and it captures their level of debt. Use these data in SPSS:

Calculate the mean and standard deviation for the sample.
Can you infer that the calculated mean is the mean debt in the population? Why?
Develop a 95% confidence interval for the average level of debt per household in the United States. Interpret the results.
If you’d like the accuracy of your estimation to be within -/+$1,000 from the true mean, what size of a sample would you need?
What steps can you take, when you design your study, to make sure the sample represents the population?