**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) State the null hypothesis Ho and the alternative hypothesis H. H, : p= 12.9 0. S H, uO 0.99 (d) Find the p-value. (Round to three or more decimal places.) (e) Can we support the claim that the population mean completion time under new management is less than 12.9 minutes? O Yes ONo
retaining the null hypotheses when it is in fact false.. 1 Type II error 2.) .05 3 Alpha 4 Type I error
The engineering school at a major university claims that less than 65% of its graduates are men. A random sample of 600 recent graduates from the engineering found that 369 were men. Is there sufficient evidence to conclude the school’s claim is correct at α = 0.04? (a) Write the null and alternative hypotheses. (b) Find the test statistic, z0. _________________ (write the answer as a decimal rounded to 4 decimal places). (c) Find the P-value. _________________ (write the answer as a decimal rounded to 4 decimal places). (d) State the conclusion, including reasoning through comparison of the P-value to α.
You are conducting a multinomial hypothesis test (αα = 0.05) for the claim that all 5 categories are equally likely to be selected. Complete the table. Category ObservedFrequency ExpectedFrequency A 5 B 6 C 10 D 25 E 12 Report all answers accurate to three decimal places. But retain unrounded numbers for future calculations.What is the chi-square test-statistic for this data? (Report answer accurate to three decimal places, and remember to use the unrounded Pearson residuals in your calculations.)χ2=χ2= What are the degrees of freedom for this test?d.f.= What is the p-value for this sample? (Report answer accurate to four decimal places.)p-value = The p-value is... less than (or equal to) αα greater than αα This test statistic leads to a decision to... reject the null accept the null fail to reject the null accept the alternative As such, the final conclusion is that... There is sufficient evidence to warrant rejection of the claim that all 5…
A buyer for a grocery chain inspects large truckloads of apples to determine the proportion p of apples in the shipment that are rotten. She will only accept the shipment if there is convincing evidence that this proportion is less than 0.06. She selects a sample of 200 apples near the tailgate from the over %3D 20,000 apples on the truck to test the hypotheses Ho: p = 0.06, Ha: p < 0.06. Which of the following conditions for inference have not been met in this situation? The data are a random sample from the population of interest. np 2 10 and n(1 - p) 210 More than one condition is violated. The sample size is less than 10% of the population size. The population distribution is approximately Normal.
11/1/2020 MyOpenMath Below is a hypothesis test set up by a student who recently took introductory statistics: Ho: x = 5 HA: x = 5 The sample mean of 100 cases used to implement the hypothesis test is x = 4.2. Which of the following statements are accurate? i. This is a one-sided hypothesis test. ii. There is an error in how these hypotheses were constructed. iii. It would be reasonable to swap "<" for "=" in the alternative hypothesis. Oi only O i only O ii only Oi and ii Oi and iii Oii and iii
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
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…
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
Before changes to its management staff, an automobile assembly line operation had a scheduled mean completion time of 14.2 minutes. The standard deviation of completion times was 1.6 minutes. An analyst at the company suspects that, under new management, the mean completion time, µ, is now less than 14.2 minutes. To test this claim, a random sample of 12 completion times under new management was taken by the analyst. The sample had a mean of 13 minutes. Assume that the population is normally distributed. Can we support, at the 0.01 level of significance, the claim that the population mean completion time under new management is less than 14.2 minutes? Assume that the population standard deviation of completion times has not changed under new management. Perform a one-tailed test. Then complete the parts below. Carry your intermediate computations to three or more decimal places, and round your responses as specified below. (If necessary, consult a list of formulas.)

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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