Question: A company claims that the average salary of its employees is $60,000 per year. A random sample of 15 employees is selected, and the sample mean is found to be $58,000 with a standard deviation of $2,500. Using a 0.05 level of significance, can we reject the company's claim?
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A: Given Let sample 1 be of target customers. Sample size, n1=80 Sample mean, x¯1=$53 Sample sd, s1=$19…
Q: Insurance Company A claims that its customers pay less for car insurance, on average, than customers…
A: Claim: Insurance Company A claims that its customers pay less for car insurance, on average, than…
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Q: 1. An article in the Sarasota Herald Tribune said that students in the Florida state university…
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A: Assume that μ is the true population mean fico score.
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A: Givensample size(n)=49Mean(x)=5.1standard deviation(s)=1.2significance level(α)=0.01
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Q: A parenting magazine reports that the average amount of wireless data used by teenagers each month…
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A: given data, population distribution is approximetly normal.α=0.005n=16claim:μ<5x¯=4.6s=1.5test…
Q: A parenting magazine reports that the average amount of wireless data used by teenagers each month…
A: From the provided information, Sample size (n) = 4 Sample mean (x̄) = 9.2 Sample standard deviation…
Q: Good credit: The Fair Isaac Corporation (FICO) credit score is used by banks and other lenders to…
A: Given that
Q: A parenting magazine reports that the average amount of wireless data used by teenagers each month…
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A: It is given that the mean and standard deviation are 83 and 6, respectively.
Q: Insurance Company A claims that its customers pay less for car insurance, on average, than customers…
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Q: Insurance Company A claims that its customers pay less for car insurance, on average, than customers…
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A: Consider that μ is the true average weight of all the opposing teams’ members.
Q: Insurance Company A claims that its customers pay less for car insurance, on average, than customers…
A: The question is about hypothesis testing.Given :Randomly selected no. of people who buy insurance…
Q: Insurance Company A claims that its customers pay less for car insurance, on average, than customers…
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Q: nsurance Company A claims that its customers pay less for car insurance, on average, than customers…
A: The sample size for company A is 15, the mean is $150 and the standard deviation is $14.The sample…
Q: Insurance Company A claims that its customers pay less for car insurance, on average, than customers…
A: The objective of this question is to formulate the null and alternative hypotheses for a statistical…
Q: Good credit: The Fair Isaac Corporation (FICO) credit score is used by banks and other lenders to…
A: Let be the population mean FICO score. The claim is that the mean FICO score is greater than 720 or…
Q: Insurance Company A claims that its customers pay less for car insurance, on average, than customers…
A: n1=15,x1¯=150,s1=14n2=6,x2¯=157,s2=11
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A: The population mean is μ=4.5 The sample mean and sample standard deviation is x=5.1sd=1.2n=49
Q: Good credit: The Fair Isaac Corporation (FICO) credit score is used by banks and other lenders to…
A: SolutionSample size = n= 50Sample mean = 765Sample sd = s = 98HypothesesHo: μ =720H1: > 720
Q: Insurance Company A claims that its customers pay less for car insurance, on average, than customers…
A: The insurance Company A claims that its customers pay less for car insurance, on average, than…
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- Insurance Company A claims that its customers pay less for car insurance, on average, than customers of its competitor, Company B. You wonder if this is true, so you decide to compare the average monthly costs of similar insurance policies from the two companies. For a random sample of 7 people who buy insurance from Company A, the mean cost is $150 per month with a standard deviation of $16. For 12 randomly selected customers of Company B, you find that they pay a mean of $160 per month with a standard deviation of $14. Assume that both populations are approximately normal and that the population variances are equal to test Company A's claim at the 0.10 level of significance. Let customers of Company A be Population 1 and let customers of Company B be Population 2. Step 2 of 3: Compute the value of the test statistic. Round your answer to three decimal places.The scores of individual students on the American College Testing (ACT), a college readiness assessment, have a Normal distribution with a mean of 18.6 and a standard deviation of 6.0. At Northside High, 36 seniors take the test. Assume the scores at this school have the same distribution as national scores. What is the mean of the sampling distribution of the sample mean score for a random sample of 36 students? 0 1 0 6Good credit: The Fair Isaac Corporation (FICO) credit score is used by banks and other lenders to determine whether someone is a good credit risk. Scores range from 300 to 850 , with a score of 720 or more indicating that a person is a very good credit risk. An economist wants to determine whether the mean FICO score is more than the cutoff of 720 . She finds that a random sample of 120 people had a mean FICO score of 740 with a standard deviation of 90 . Can the economist conclude that the mean FICO score is greater than 720 ? Use the =α0.01 level of significance and the P -value method with the
- Insurance Company A claims that its customers pay less for car insurance, on average, than customers of its competitor, Company B. You wonder if this is true, so you decide to compare the average monthly costs of similar insurance policies from the two companies. For a random sample of 13 people who buy insurance from Company A, the mean cost is $150 per month with a standard deviation of $19. For 9 randomly selected customers of Company B, you find that they pay a mean of $157 per month with a standard deviation of $16. Assume that both populations are approximately normal and that the population variances are equal to test Company A's claim at the 0.05 level of significance. Let customers of Company A be Population 1 and let customers of Company B be Population 2. Step 1 of 3: State the null and alternative hypotheses for the test. Fill in the blank below. Ho: M₁ = μ₂ Ha:M₁ •H₂Insurance Company A claims that its customers pay less for car insurance, on average, than customers of its competitor, Company B. You wonder if this is true, so you decide to compare the average monthly costs of similar insurance policies from the two companies. For a random sample of 15 people who buy insurance from Company A, the mean cost is $154 per month with a standard deviation of $13. For 11 randomly selected customers of Company B, you find that they pay a mean of $159 per month with a standard deviation of $16. Assume that both populations are approximately normal and that the population variances are equal to test Company A’s claim at the 0.02 level of significance. Let customers of Company A be Population 1 and let customers of Company B be Population 2. Step 2 of 3 : Compute the value of the test statistic. Round your answer to three decimal places.MC Qu. 10-64 Sales at a fast-food restaurant average... Sales at a fast-food restaurant average $6,000 per day. The restaurant decided to introduce an advertising campaign to Increase daily sales. In order to determine the effectiveness of the advertising campaign, a sample of 49 day's sales were taken. The sample showed average daily sales of $6,300. From past history, the restaurant knew that its population standard deviation is about $1,000. If the level of significance is 0.01, have sales increased as a result of the advertising campaign? Multiple Choice Fail to reject the null hypothesis. Reject the null hypothesis and conclude the mean is higher than $6,000 per day. Reject the null hypothesis and conclude the mean is lower than $6,000 per day. Reject the null hypothesis and conclude that mean equal to $6,000 per day.
- Good credit: The Fair Isaac Corporation (FICO) credit score is used by banks and other lenders to determine whether someone is a good credit risk. Scores range from 300 to 850, with a score of 720 or more indicating that a person is a very good credit risk. An economist wants to determine whether the mean FICO score is more than the cutoff of 720. She finds that a random sample of 40 people had a mean FICO score of 760 with a standard deviation of 95. Can the economist conclude that the mean FICO score is greater than 720? Use the a = 0.05 level of significance and the P-value State the appropriate null and alternate hypotheses. Compute the value of the test statistic. Round the answer to at least three decimal places. Input the correct interval for the P-value. Determine whether to reject H0 State a conclusion.Last year, the average amount that teams for the Statistics Games raised was $375. Have teams been more successful at fundraising this year? To find out, you take a random sample of 36 teams. Your sample of 36 teams yields a mean of $396 and a standard deviation of $70. Might you have made a Type 1 or Type 2 error? A Type 1. This means that we said that the mean amount raised had increased, when it was actually still $375. B You might have made a calculation error. C Neither- we're sure the average has increased. D Type 2. This would mean that we said there was not enough evidence to say the mean had increased from $375, when it actually is higher than $375. E Either kind is possible!A statistics professor announces that 15% of the grades he gives are As. The results of the final examinations indicate that the mean score is 83, with a standard deviation of 6. What minimum score must a student get to receive an A?
- Good credit: The Fair Isaac Corporation (FICO) credit score is used by banks and other lenders to determine whether someone is a good credit risk. Scores range from 300 to 850, with a score of 720 or more indicating that a person is a very good credit risk. An economist wants to determine whether the mean FICO score is more than the cutoff of 720. She finds that a random sample of 85 people had a mean FICO score of 750 with a standard deviation of 95. Can the economist conclude that the mean FICO score is greater than 720? Use the α = 0.05 level of significance and the P-value method and Excel. (a) State the appropriate null and alternate hypotheses. Ho: H₁: This hypothesis test is a (Choose one) test. left tailed right-tailed two tailedAccording to a Pew Research Center analysis of census data, in 2012, 20% of American adults ages 25 and older had never been married. If we repeatedly obtain random samples of 100 adults, what will be the mean and standard deviation of the sampling distribution of sample proportions? A. Mean (round to 2 decimal places AFTER completing all calculations): ? B. Standard deviation (round to 2 decimal places AFTER completing all calculations): ? What are the answers for A and B?Good credit: The Fair Isaac Corporation (FICO) credit score is used by banks and other lenders to determine whether someone is a good credit risk. Scores range from 300 to 850, with a score of 720 or more indicating that a person is a very good credit risk. An economist wants to determine whether the mean FICO score is more than the cutoff of 720. She finds that a random sample of 40 people had a mean FICO score of 760 with a standard deviation of 95. Can the economist conclude that the mean FICO score is greater than 720? Use the α= 0.01 level of significance and the P-value method and Excel. a)Compute the value of the test statistic. Round the answer to at least three decimal places. t= ? b) what is the P-value? c) Does it Rejects/Accepts the null hypothesis H_0? d) There is/ is not enough evidence to conclude that the mean FICO score is lower than the cutoff of 720.