EP BUSINESS STATISTICS:FIRST COURSE-ACC
8th Edition
ISBN: 9780135179802
Author: Levine
Publisher: PEARSON CO
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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
? = $1,000.
(a)
State the null and alternative hypotheses.
H0: ? < 3,173
Ha: ? ≥ 3,173
H0: ? = 3,173
Ha: ? ≠ 3,173
H0: ? > 3,173
Ha: ? ≤ 3,173
H0: ? ≥ 3,173
Ha: ? < 3,173
H0: ? ≤ 3,173
Ha: ? > 3,173
(b)
What is the test statistic for a sample of 170 undergraduate students with a sample mean credit card balance of $3,305? (Round your answer to two decimal places.)
What is…
The Management Department recently purchased a smallcopier for faculty use. Although the workload of the office
staff has improved somewhat, the secretaries are still mak-ing too many trips to the Dean’s office when the depart-mental copier is out of service. Sylvia, the departmental
secretary, has been keeping track of failure rates and ser-vice times. With a mean time between failures of 100 hours
and a mean time to repair of 24 hours, how much of thetime is the new copier available for faculty use?
Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use = .05 and test to see whether the consultant with more experience has the higher population mean service rating.
Consultant A
Consultant B
= 16
= 10
= 6.82
= 6.25
= 0.58
= 0.7
State the null and alternative hypotheses.H0: 1 - 2 Selectgreater than 0greater than or equal to 0less than 0less than or equal to 0equal to 0not equal to 0Item 1Ha: 1 - 2 Selectgreater than 0greater than or equal to 0less than 0less than or equal to 0equal to 0not equal to 0Item 2
Compute the value of the test statistic (to 2 decimals).…
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- A sample of people attending a professional football game averages 13.7 years of formal education. The surrounding community is estimated to have a mean education of 12.1 years. Which test should be used to see if this sample of game attendees is different from the larger population of residents?arrow_forwardA study took a sample to investigate how video on demand and other subscription-based services change TV viewing behavior of adults in a certain country. Among others, the study recorded how many subscribers primarily watch content time-shifted (not live) and the weekly number of hours adults spend watching content over the Internet. The sample mean number of hours watched online is an unbiased estimator for what parameter? Explain what unbiased means. O It is an unbiased estimator for the mean weekly time adults in the country spend watching content over the Internet. An unbiased estimator is centered at the parameter it tries to estimate. O It is an unbiased estimator for the proportion of adults in the country who primarily watch content time-shifted. An unbiased estimator is centered at the parameter it tries to estimate. O It is an unbiased estimator for the proportion of adults in the country who primarily watch content time-shifted. An unbiased estimator has a small standard…arrow_forwardIn a 2015 study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance higher than $3000. This figure was an all-time high and had increased 42% 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 report. They want to test to see if the balance for students in 2019 is higher than the balance for students in 2015. See the sample below of undergraduate students in 2015 and different undergraduate students in 2019. Undergraduate Credit Cards Students in 2015 Students in 2019 2500 3300 2200 5450 1500 8000 930 2000 5300 870 1150 250 2700 3000 3300 2200 What is the t-statistic for this t-test?arrow_forward
- In a 2015 study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance higher than $3000. This figure was an all-time high and had increased 42% 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 report. They want to test to see if the balance for students in 2019 is higher than the balance for students in 2015. See the sample below of undergraduate students in 2015 and different undergraduate students in 2019. Undergraduate Credit Card Balance Students in 2015 Students in 2019 2500 3300 2200 5450 1500 8000 930 2000 5300 870 1150 250 2700 3000 3300 2200 What is the difference between the means of credit card balances for students in 2015 and students in 2019?arrow_forwardIn a 2015 study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance higher than $3000. This figure was an all-time high and had increased 42% 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 report. They want to test to see if the balance for students in 2019 is higher than the balance for students in 2015. See the sample below of undergraduate students in 2015 and different undergraduate students in 2019. Credit Card Debt Students in 2015 Students in 2019 2500 3300 2200 5450 1500 8000 930 2000 5300 870 1150 250 2700 3000 3300 2200 What is the research hypothesis? Group of answer choices a) Students in 2019 </= (less than or equal to) Students in 2015 b) Students in 2019 < Students in 2015 c) Students in…arrow_forwardIn a 2015 study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance higher than $3000. This figure was an all-time high and had increased 42% 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 report. They want to test to see if the balance for students in 2019 is higher than the balance for students in 2015. See the sample below of undergraduate students in 2015 and different undergraduate students in 2019. Credit Card Increase Students in 2015 Students in 2019 2500 3300 2200 5450 1500 8000 930 2000 5300 870 1150 250 2700 3000 3300 2200 What can we conclude from this t-test? a) Reject the null hypotesis OR Fail to reject the null hypotesis? b) We can conclude that the student balance in 2019 are significatly…arrow_forward
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