Answered: A credit bureau analysis of…

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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A credit bureau analysis of undergradute students' credit records found that the average number of credit cards in an undergraduate's wallet was 4.9 ("Undergradute Students and Credit Cards in 2004," Nellie Mae, May 2005). It was also reported that in a random sample of 121 undergradute, the sample mean number of credit cards that the students said they carried was 2.6. The sample standard deviation was not reported, but for purpose of this exercise, suppose that is was 1.2. Test a hypothesis to check whether there is convincing evidence for the mean number of credit cards that undergradutes report carrying is less than the credit card bureau's figure of 4.09, with a significance level α = 0.01

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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