Answered: A simple random sample of 826 payday…

Name: A simple random sample of 826 payday loan borrowers was surveyed to be
Uploaded: 2024-03-20T07:07:12.000Z
Channel: Bartleby
Description: A simple random sample of 826 payday loan borrowers was surveyed to better understand their interests around regulation and costs. 70% of the responses supported new regulations on payday lenders. a) Is it reasonable to model ^p = 0.70 using a normal

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Topic Video

Question

A simple random sample of 826 payday loan borrowers was surveyed to better understand their interests around regulation and costs. 70% of the responses supported new regulations on payday lenders.

a) Is it reasonable to model ^p = 0.70 using a normal distribution?

(hint: check if the conditions for a single proportion are satisfied)

b) Estimate the standard error of ^p = 0:70. Because p is unknown and the standard error is for a confidence interval, use ^p in place of p in the formula.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Hypothesis Tests and Confidence Intervals for Means$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions