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According to Forbes, there are currently 2,153 billionaires in the US. A professor studying wealth in the US claims that billionaires are, on average, 10 years older than millionaires in the US. To investigate this belief, he selects a random sample of 10 billionaires in the US and 10 millionaires in the US and records the ages of each of these individuals. Here are dotplots and summary statistics of the data. Billionaires n 10 x Sx 68.5 16.05

According to Forbes, there are currently 2,153 billionaires in the US. A professor studying wealth in the US claims that billionaires are, on average, 10 years older than millionaires in the US. To investigate this belief, he selects a random sample of 10 billionaires in the US and 10 millionaires in the US and records the ages of each of these individuals. Here are dotplots and summary statistics of the data. Billionaires n 10 x Sx 68.5 16.05

MATLAB: An Introduction with Applications
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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According to Forbes, there are currently 2,153 billionaires in the US. A professor studying wealth in the US claims that billionaires are, on average, 10 years older than millionaires in the US. To investigate this belief, he selects a random sample of 10 billionaires in the US and 10 millionaires in the US and records the ages of each of these individuals. Here are dotplots and summary statistics of the data. 20 20 ●● 30 ● 30 + 40 40 50 ● 60 ● 50 60 Age (years) ● + 70 80 90 70 80 90 Billionaires Millionaires n b) Are the conditions for inference met? Justify your answer. 10 10 x Sx 68.5 16.057 56.2 25.539 Do these data provide convincing evidence that the average age of billionaires in the US is more than 10 years greater than the average age of millionaires? a) What are the appropriate hypotheses for this test of significance? c) The researcher determines that the null hypothesis cannot be rejected using a significance level of 0.05. What standardized test statistic and P-value lead to this decision? Draw and shade an appropriate distribution to illustrate your answer.
Transcribed Image Text:According to Forbes, there are currently 2,153 billionaires in the US. A professor studying wealth in the US claims that billionaires are, on average, 10 years older than millionaires in the US. To investigate this belief, he selects a random sample of 10 billionaires in the US and 10 millionaires in the US and records the ages of each of these individuals. Here are dotplots and summary statistics of the data. 20 20 ●● 30 ● 30 + 40 40 50 ● 60 ● 50 60 Age (years) ● + 70 80 90 70 80 90 Billionaires Millionaires n b) Are the conditions for inference met? Justify your answer. 10 10 x Sx 68.5 16.057 56.2 25.539 Do these data provide convincing evidence that the average age of billionaires in the US is more than 10 years greater than the average age of millionaires? a) What are the appropriate hypotheses for this test of significance? c) The researcher determines that the null hypothesis cannot be rejected using a significance level of 0.05. What standardized test statistic and P-value lead to this decision? Draw and shade an appropriate distribution to illustrate your answer.
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