Answered: A sample of 22 account balances of a…

Name: A sample of 22 account balances of a credit company showed a mean cust
Uploaded: 2024-03-20T07:07:12.000Z
Channel: Bartleby
Description: A sample of 22 account balances of a credit company showed a mean customer balance of $4,300, but the marketing manager claimed that the mean balance for the population was $4450. The marketing manager did NOT have the population standard deviation,

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Topic Video

Question

100%

A sample of 22 account balances of a credit company showed a mean customer balance of $4,300, but the marketing manager claimed that the mean balance for the population was $4450. The marketing manager did NOT have the population standard deviation, but the sample standard deviation was found to be $400. Use the p-value approach to conduct a full hypothesis test(all steps) that can be used to determine whether the mean of all account balances is significantly different from $4440. Let α = .05.

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 + ...

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Hypothesis Tests and Confidence Intervals for Means$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions