Answered: A credit reporting agency claims that…

Name: A credit reporting agency claims that the mean credit cad debt is grea
Uploaded: 2024-03-20T07:07:12.000Z
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Description: A credit reporting agency claims that the mean credit cad debt is greater than $5500 per person. You want to test this claim. You find that a random sample of 30 states has a mean credit card debt of $5594 per person and a standard deviation of $597

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 reporting agency claims that the mean credit cad debt is greater than $5500 per person. You want to test this claim. You find that a random sample of 30 states has a mean credit card debt of $5594 per person and a standard deviation of $597 per person. Let α = 0.05.

Identify the correct hypothesis.

Null: Mean equal to 5500

Alternative: Mean not equal to 5500

Null: Mean equal to 5500

Alternative: Mean less than 5500

Null: Mean equal to 5500

Alternative: Mean greater than 5500

Null: Mean not equal to 5500

Alternative: Mean greater than 5500

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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