**Good Credit: Understanding FICO Scores**The Fair Isaac Corporation (FICO) credit score is a critical tool used by banks and lenders to assess an individual's credit risk. Scores range from 300 to 850, with a score of 720 or more indicating a person is a very good credit risk. An economist is investigating whether the average FICO score is above the threshold of 720. In a study, a sample of 85 individuals revealed a mean FICO score of 750 with a standard deviation of 95. The question posed is whether these findings allow the economist to conclude that the mean FICO score exceeds 720, using a significance level of α = 0.10 and the critical value method.### Statistical Hypotheses- **Null Hypothesis (H₀):** The mean FICO score is 720.- **Alternative Hypothesis (H₁):** The mean FICO score is greater than 720.This hypothesis test is a **one-tailed** test.### Explanation of the DiagramThe diagram includes icons for stating the null and alternative hypotheses, as well as options for selecting the type of hypothesis test. The symbols provided allow for expressing mathematical relationships (e.g., ≤, ≥, =, ≠) to properly format the hypotheses. The text box is intended for selection within an educational quiz or software interface, enabling user interaction to set up statistical analysis correctly.

Let be the population mean FICO score.Given that,Population mean No. of people Sample mean Sample…

Answered: (a) State the appropriate null and…

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 highway department is studying the relationship between traffic flow and speed. The following model has been hypothesized: y = B₁ + B₁x + ε where y = traffic flow in vehicles per hour x = vehicle speed in miles per hour. The following data were collected during rush hour for six highways leading out of the city. Traffic Flow Vehicle Speed (y) (x) 1,256 1,331 1,224 1,334 1,350 1,124 35 40 30 45 50 25 In working further with this problem, statisticians suggested the use of the following curvilinear estimated regression equation. ŷ =B₁ + B₁₂x + ₂x² (a) Develop an estimated regression equation for the data of the form ŷ = B + B₁x + ₂x². (Round Bo to the nearest integer and to two decimal places and ₂ to three decimal places.) 0 0 ŷ =
The owner of a chain of mini-markets wants to compare the sales performance of two of her stores, Store 1 and Store 2. Sales can vary considerably depending on the day of the week and the season of the year, so she decides to eliminate such effects by making sure to record each store's sales on the same sample of days. After choosing a random sample of 8 days, she records the sales (in dollars) for each store on these days, as shown in the table below. Day 1 2 3 4 5 6 7 8 Store 1 654 303 989 591 872 934 828 947 Store 2 498 114 674 605 912 1008 686 848 Difference 156 189 315 - 14 - 40 - 74 142 99 (Store 1 - Store 2) Send data to calculator Based on these data, can the owner conclude, at the 0.05 level of significance, that the mean daily sales of the two stores differ? Answer this question by performing a hypothesis test regarding u, (which is u with a letter "d" subscript), the population mean daily sales difference between the two stores. Assume that this population of differences…
The mean SAT score in mathematics is 477. The founders of a nationwide SAT preparation course claim that graduates of the course score higher, on average, than the national mean. Suppose that the founders of the course want to carry out a hypothesis test to see if their claim has merit. State the null hypothesis Ho and the alternative hypothesis H₁ that they would use. 1 H₂: D H₁:0 F μ ô OSO 0=0 X X O O
(6) You have been given the hypotheses Ho S So, HA:S So. which are tested with a test statistic Y. When Ho is true, the test statistic Y Unif(0, 1), and your observed value is Y = 0.04. Calculate the two-sided p-value.
A nationwide job recruiting firm wants to compare the annual incomes for childcare workers in Texas and Virginia. Due to recent trends in the childcare industry, the firm suspects that the mean annual income of childcare workers in Texas is less than the mean annual income of childcare workers in Virginia. To see if this is true, the firm selected a random sample of 10 childcare workers from Texas and an independent random sample of 10 childcare workers from Virginia and asked them to report their mean annual income. The data obtained were as follows. Annual income in dollars Техas 26950, 39167, 36383, 37183, 46661, 39149, 36562, 32419, 21419, 39430 Virginia 33493, 27316, 38616, 42893, 35369, 34236, 30451, 32245, 42865, 32494 Send data to calculator Send data to Excel The population standard deviation for the annual incomes of childcare workers in Texas and in Virginia are estimated as 6100 and 6300, respectively. It is also known that both populations are approximately normally…
What type of test would you conduct for the following pair of hypotheses?H0:μ1−μ2=0H1:μ1−μ2≠0 a left-tailed test a right-tailed test a two-tailed test a half-way test none of the above
A large nationwide poll recently showed an unemployment rate of 9% in the US. The mayor of a local town wonders this national result holds true for her town, so she plans on taking a sample of her residents to see if the unemployment rate is significantly different than 9% in her town. Let T represent the unemployment rate in her town. Here are the hypotheses she'll use: Null Hypothesis: T = 0.09 %3D Alternative Hypothesis: T 0.09 Which type of Error has been committed in the following situation? • She concludes the town's unemployment rate is not significantly different to 9% when it is actually 9%. Type II Error Type I Error No Error
An engineer working for a large agribusiness has developed two types of soil additives he calls Add1 and Add2. The engineer wants to test whether there is any difference between the two additives in the mean yield of tomato plants grown using these additives. The engineer studies a random sample of 11 tomato plants grown using Add1 and random sample of 13 tomato plants grown using Add2. (These samples are chosen independently.) When the plants are harvested, he counts their yields. These data are shown in the table. sume Yields (in number of tomatoes) 97, 115, 126, 108, 111, 131, 90, 93, 136, 101, 99 k 7 ment Add1 Add2 154, 171, 89, 100, 168, 172, 101, 192, 133, 176, 141, 113, 198 Send data to calculator Send data to Excel tub 2 Assume that the two populations of yields are approximately normally distributed. Can the engineer conclude, at the 0.01 level of significance, that there is a difference between the population mean of the yields of tomato plants grown with Add1 and the…
Consider the following hypothesis test. 2 H: 0,² 2 (a) What is your conclusion if n₁ = 21, s, ² = 4.2, n₂ = 26, and s₂² = 2.0? Use α = 0.05 and the p-value approach. Find the value of the test statistic. Find the p-value. (Round your answer to four decimal places.) p-value = State your conclusion. O Reject H₂. We cannot conclude that o, ² = 0,². 1 O Do not reject H. We cannot conclude that o O Reject H. We can conclude that a ²0₂². 2 O Do not reject H. We can conclude that , ² *0,² 2 (b) Repeat the test using the critical value approach. Find the value of the test statistic. State the critical values for the rejection rule. (Round your answers to two decimal places. If you are only using one tail, enter NONE for the unused tail.) test statistics test statistic 2 State your conclusion. O Reject H. We cannot conclude that ,2 # 0,₂². O Do not reject H. We cannot conclude that o 2 O Reject H. We can conclude that σ₂² # ₂². O Do not reject H. We can conclude that o
Test the hypothesis using the P-value approach. Be sure to verify the requirements of the test. Ho: p=0.4 versus H₁: p> 0.4 n = 125; x = 65, α = 0.1 Is npo (1-Po) ² ≥ 10? No Yes ...
Based on advancements in drug therapy, a pharmaceutical company is developing Resithan, a new treatment for depression. A medical researcher for the company is studying the effectiveness of Resithan as compared to their existing drug, Exemor. A random sample of 458 depressed individuals is selected and treated with Resithan, and 206 find relief from their depression. A random sample of 429 depressed individuals is independently selected from the first sample and treated with Exemor, and 179 find relief from their depression. Based on the medical researcher's study can we conclude, at the 0.05 level of significance, that the proportion P, of all depressed individuals taking Resithan who find relief from depression is greater than the proportion P₂ of all depressed individuals taking Exemor who find relief from depression? Perform a one-tailed test. Then complete the parts below. Carry your intermediate computations to three or more decimal places and round your answers as specified in…
A personal computer manufacturer is interested in comparing assembly times for two keyboard assembly processes. Assembly times can vary considerably from worker to worker, and the company decides to eliminate this effect by selecting a random sample of 12 workers and timing each worker on each assembly process. Half of the workers are chosen at random to use Process 1 first, and the rest use Process 2 first. For each worker and each process, the assembly time (in minutes) is recorded, as shown in the table below. Worker 1 2 3 4 5 6. 7 8. 9. 10 11 12 Process 1 85 63 46 85 83 70 64 51 48 69 67 52 Process 2 88 46 43 61 80 51 59 53 23 46 59 52 Difference - 3 17 3 24 19 5 -2 25 23 8 (Process 1 - Process 2) Send data to calculator Based on these data, can the company conclude, at the 0.05 level of significance, that the mean assembly times for the two processes differ? Answer this question by performing a hypothesis test regarding u, (which is with a letter "d" subscript), the population…

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(a) State the appropriate null and alternate hypotheses. Ho H₁: This hypothesis test is a (Choose one) test. 0<0 0>0 ☐#0 X μ