Select the correct answer below O All of the conditions to conduct the hypothesis test are met. The null and alternative hypotheses are O All of the conditions to conduct the hypothesis test have been met. The null and alternative hypotheses are All of the conditions to conduct the hypothesis test are met. The null and alternative hypotheses are O O O Although the population standard deviations are known and the sample sizes are sufficiently large, the samples are not randomly selected and are not independent of each other. Although the samples are randomly selected, independent, and sufficiently large, the population standard deviation is not known for both groups. Although the population standard deviations are known and the samples are randomly selected and independent, the sample sizes are not sufficiently large.

Name: Lydia Hayward is an external research consultant hired by FirstCard, a
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Description: Lydia Hayward is an external research consultant hired by FirstCard, a major credit card company, to find evidence that the population mean total credit card balance for adults ages 25 to 34 with a college degree in the region is greater than for adu

Given information:Denote the population mean total credit card balance for adults 25 to 34 with a…

Answered: Select the correct answer below O All of the conditions to conduct the hypothesis test are met. The null and alternative hypotheses are O All of the conditions…

MATLAB: An Introduction with Applications

6th Edition

ISBN: 9781119256830

Author: Amos Gilat

Publisher: John Wiley & Sons Inc

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Question

Lydia Hayward is an external research consultant hired by FirstCard, a major credit card company, to find evidence that the population mean total credit card balance for adults ages 25 to 34 with a college degree in the region is greater than for adults ages 25 to 34 without a college degree. Due to research already conducted by FirstCard, Lydia assumes that the population standard deviation is $2,047.24 for adults ages 25 to 34 with a college degree and $1,749.65 for those without a college degree. She conducts a survey at a local shopping center and selects every tenth adult ages 25 to 34 with a college degree and every tenth adult ages 25 to 34 without a college degree to ask for the total credit card balance. The results of the samples are shown in the table below. Explain whether a hypothesis test for the difference between two means of independent samples is appropriate, and if so, determine the null and alternative hypotheses for this hypothesis test. Let μ1be the population mean total credit card balance for adults ages 25 to 34 with a college degree and μ2 be the population mean total credit card balance for adults ages 25 to 34 without a college degree.

With College DegreeWithout College Degree

x⎯⎯⎯1=$6,312.91

x⎯⎯⎯2=$5,483.15

n1=271

n2=315

Select the correct answer below
O All of the conditions to conduct the hypothesis test are met. The null and alternative hypotheses are
O
All of the conditions to conduct the hypothesis test have been met. The null and alternative hypotheses are
All of the conditions to conduct the hypothesis test are met. The null and alternative hypotheses are
O
O
O
Although the population standard deviations are known and the sample sizes are sufficiently large, the samples
are not randomly selected and are not independent of each other.
Although the samples are randomly selected, independent, and sufficiently large, the population standard
deviation is not known for both groups.
Although the population standard deviations are known and the samples are randomly selected and
independent, the sample sizes are not sufficiently large.

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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