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Question 1. In a study entitled "How Undergraduate Students Use Credit Cards", it was reported that a sample of 1000 undergraduate students have a mean credit card balance of $3173. 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 changed compared to the original report. Based on previous studies, use a population standard deviation of $1000.
-State the null and alternative hypotheses
-What is the Type I error in this situation? What are the consequences of making this error?
-The new study finds that in a sample of 100 students, the mean credit card balance was $3325. Compute the p-value of the test statistics testing whether there is a significant difference between the first and second study.
-Using a 5% level of significance, can we reject the null hypothesis? Explain your answer and the rejection criteria used.
-Using a 1% level of significance, can we reject the null hypothesis? Explain your answer and the rejection criteria used.
If the association's claims are reliable to a 90% degree of certainty, in what range of salaries would you expect the mean to lie?
Find the conditional probability mass function of G given Y = 2 assuming the sample is picked with replacement.
Discuss the assumptions of this model. Specifically, how does each variable affect demand? How do the variables influence each other? What limitations might this model have? How can it be improved?
problem 1ab21383332405637582245254639572849344325412755a marketing specialist is assessing the effectiveness of two
Set up a hypothesis test - State the null and alternative hypothesis and Confidence intervals of scores and the z or t intervals. Do a P test. Are the two tests consistent
a peony plant with red petals was crossed with another plant having streaky petals. a geneticist states that 75 of the
Suppose that the standard deviation was $.10 and that the retail price per gallon has a bell-shaped distribution.
What is the probability that all r red balls will be obtained before any white balls are obtained?
Forty-six percent of a population possesses a particular characteristic. Random samples are taken from this population.
Is the average of the measured inventory levels significantly different from 500, which is the number, used for management budgeting purposes?
a company studied the number of lost-time accidents occurring at its brownsville texas plant. historical records show
Calculate the covariance between the variables. (Round intermediate calculations to at least 4 decimal places and final answer to 2 decimal places.)
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