In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation σ = $1,000. (a) State the null and alternative hypotheses. H0: μ ≥ 3,173 Ha: μ < 3,173 H0: μ > 3,173 Ha: μ ≤ 3,173 H0: μ = 3,173 Ha: μ ≠ 3,173 H0: μ ≤ 3,173 Ha: μ > 3,173 H0: μ < 3,173 Ha: μ ≥ 3,173 (b) What is the test statistic for a sample of 170 undergraduate students with a sample mean credit card balance of $3,315? (Round your answer to two decimal places.) ( ) What is the p-value for a sample of 170 undergraduate students with a sample mean credit card balance of $3,315? (Round your answer to four decimal places.) p-value = (c)Using a 0.05 level of significance, what is your conclusion? Do not reject H0. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Reject H0. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Do not reject H0. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Reject H0. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report.

In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation σ = $1,000. (a) State the null and alternative hypotheses. H0: μ ≥ 3,173 Ha: μ < 3,173 H0: μ > 3,173 Ha: μ ≤ 3,173 H0: μ = 3,173 Ha: μ ≠ 3,173 H0: μ ≤ 3,173 Ha: μ > 3,173 H0: μ < 3,173 Ha: μ ≥ 3,173 (b) What is the test statistic for a sample of 170 undergraduate students with a sample mean credit card balance of $3,315? (Round your answer to two decimal places.) ( ) What is the p-value for a sample of 170 undergraduate students with a sample mean credit card balance of $3,315? (Round your answer to four decimal places.) p-value = (c)Using a 0.05 level of significance, what is your conclusion? Do not reject H0. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Reject H0. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Do not reject H0. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Reject H0. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report.

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

Question

σ = $1,000.

(a)

State the null and alternative hypotheses.

H₀: μ ≥ 3,173

H_a: μ < 3,173

H₀: μ > 3,173

H_a: μ ≤ 3,173

H₀: μ = 3,173

H_a: μ ≠ 3,173

H₀: μ ≤ 3,173

H_a: μ > 3,173

H₀: μ < 3,173

H_a: μ ≥ 3,173

(b)

What is the test statistic for a sample of 170 undergraduate students with a sample mean credit card balance of $3,315? (Round your answer to two decimal places.)

( )

What is the p-value for a sample of 170 undergraduate students with a sample mean credit card balance of $3,315? (Round your answer to four decimal places.)

p-value =

(c)Using a 0.05 level of significance, what is your conclusion?

Do not reject H₀. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report.

Reject H₀. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report.

Do not reject H₀. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report.

Reject H₀. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report.

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

$Continuous Probability Distribution$

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.