Exercise 5: Bootstrapping

Note

Bootstrapping Standard Deviation

1. Based on the Boston data set, provide an estimate for the population mean of medv. Call the estimate \(\hat{\mu}\).

2. Provide an estimate of the standard error of \(\hat{\mu}\). Interpret this result. Hint: We can compute the standard error of the sample mean by dividing the sample standard deviation by the square root of the number of observations.

3. Estimate the standard error of \(\hat{\mu}\) using the bootstrap.