Answered: According to Forbes, the average age 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

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

According to Forbes, the average age of millionaires in the US 10 years ago was 62 years old. Since then, the number of millionaires in the US has grown to over 17 million. One prevalent belief among economists is that the average age of millionaires today has decreased from the average age of millionaires 10 years ago. To investigate this belief, a random sample of 50 millionaires from the US was selected and their ages were recorded. Here are the summary statistics. Based on this sample, is there convincing evidence that the true mean age of millionaires in the US is less than 62 years old? Use a = 0.01. Provide statistical evidence to support your answer.

FRQ 1
According to Forbes, the average age of millionaires in the US 10 years ago was 62 years old. Since
then, the number of millionaires in the US has grown to over 17 million. One prevalent belief among
economists is that the average age of millionaires today has decreased from the average age of
millionaires 10 years ago. To investigate this belief, a random sample of 50 millionaires from the US was
selected and their ages were recorded. Here are the summary statistics.
Statistic
Sx
Min
Q1
Med
Q3
Max
Value
50
51
10.2
18
38
50.5
72
99
Based on this sample, is there convincing evidence that the true mean age of millionaires in the US is
less than 62 years old? Use a = 0.01. Provide statistical evidence to support your answer.

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 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Data Collection, Sampling Methods, and Bias$

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