Calculate the Means and Difference in Means for the Data

question 20

Short Answer

Calculate the means and difference in means for the data sets shown. Now, square-root transform (using a factor of 1/2) the data and show the new means and difference in means.
Set 1: 4 5 7 8
Set 2: 4 4 6 22

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

Limited

In a business context, referring to a company where the liability of its members is restricted to what they have invested or guaranteed to the company.

Communist Society

A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members.

Means of Production

The physical, non-human inputs like factories, machines, and tools required for the production of goods.