Answered: In an analysis investigating the…

Name: 10) In an analysis investigating the usefulness of pennies, cents port
Uploaded: 2024-03-20T07:07:12.000Z
Channel: Bartleby
Description: 10) In an analysis investigating the usefulness of pennies, cents portions of 100 randomly selected credit card charges are recorded, and they have a mean of 47.6 cents and standard deviation of 33.5 cents. If the amounts from 0 cents to 99 cents are

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 58E: What is meant by the sample space of an experiment?

See similar textbooks

Related questions

Topic Video

Question

10) In an analysis investigating the usefulness of pennies, cents portions of 100 randomly selected credit card charges are recorded, and they have a mean of 47.6 cents and standard deviation of 33.5 cents. If the amounts from 0 cents to 99 cents are all equally likely, the mean is expected to be 49.5 cents and population standard deviation is expected to be 28.866 cents. Use a 0.01 significance level to test the claim that the sample is from population with the standard deviation equal to 28.866 cents. Use the Critical Value Method (Traditional Method).

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 + ...

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 1 images

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.