2) Suppose an economist wants to compare the mean dollar amounts owedby delinquent credit card customers in three different socioeconomicclasses (1) Lower Class (2) Middle Class and (3) Upper Class.of 10 customers with delinquent accounts is selected from each group,and the amount owed by each is recorded, as shown below in the tablesampleDollars OwedGroup 1 (lower class)Group 2 (middleclass)$ 513Group 3 (upper class)$ 335643$ 148762643934332165209453623653512813432772355214258166135380415280594153304465i)Hypothesize a regression model for amount owed (y) usingsocioeconomic class as an independent variable.ii)Interpret the B's in the model.Fit the model to the data and give the least squares predictioniii)equation.iv)Use the model to determine if the mean dollar amounts owed bycustomers differ significantly for the three socioeconomic groupsat a = 0.5.

Answered: Image /qna-images/answer/86d5966d-a71f-429f-9932-c84b5cff1d4a.jpg

Answered: 2) Suppose an economist wants to…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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4. A college student is contemplating a possible career option. One factor that will influence his decision is the amount of money he is likely to make. He decides to look up the average salary of graduates in that profession. Which information would be more useful to him, the mean salary or the median salary? Why?
How do the average weekly incomes of electricians and carpenters compare? A random sample of 17 regions in the United States gave the following information about average weekly income (in dollars). (Reference: U.S. Department of Labor, Bureau of Labor Statistics.) Region 1 2 3 4 5 6 7 8 9 Electricians 464 715 597 464 736 694 744 571 806 Carpenters 542 813 513 476 688 503 789 653 474 Region 10 11 12 13 14 15 16 17 Electricians 592 594 702 579 868 598 597 654 Carpenters 489 647 676 384 817 605 556 505 Does this information indicate a difference (either way) in the average weekly incomes of electricians compared to those of carpenters? Use a 5% level of significance. (a) What is the level of significance? (b) Compute the sample test statistic. (c) Find the P-value of the sample test statistic.
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A) We have just conducted a study examining how much math anxiety students experience after taking a statistics class. We want to know if students on average are reporting low (1) or high (7) levels of math anxiety. To do that, we want to compare the math anxiety levels of the students after they have taken a statistics course to the average population math anxiety. We believe that the students on average will have a level of math anxiety that differs from the population. X 3 4 4 5 5 3 1 3 5 6 7 2 2 3 2 3 2 3 1 3 Report our null and alternative hypotheses in words. Given the information we have, what specific t-test do we need to run in order to examine our hypothesis? Provided are the ratings from the students that we recruited (see left), the mean and standard deviation for that sample (see below), and the population average (see below): xbar =3.35, Meu=4.00 and SD=1.60…
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