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Name: Nafuz manages the credit department for a grocery store chain in the p
Uploaded: 2024-03-20T07:07:12.000Z
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Description: Nafuz manages the credit department for a grocery store chain in the province, and would like to determine whether the mean monthly balance of credit card holders is at most $95. A random sample of 64 accounts selected indicated that the mean owed is

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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Nafuz manages the credit department for a grocery store chain in the province, and would like to determine whether the mean monthly balance of credit card holders is at most $95. A random sample of 64 accounts selected indicated that the mean owed is $98.50 with a sample standard deviation of $24.56. If she wanted to test the mean balance is in excess of $95 and decided to reject the null hypothesis, what conclusion could she reach?

no evidence to support the mean balance is $95.

none of the suggested answers are correct.

no evidence to support the mean balance is not $95.

sufficient evidence to support the mean balance is in excess of $95.

sufficient evidence to support the mean balance is not in excess of $95.

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 + ...

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