Questions 2 through 5 are based on the following scenario. A random sample of 58 customers is taken and their yearly value to the company is calculated. The calculated average value from the sample is $93 and the standard deviation calculated from the sample is $12. Find a 99% confidence interval for the population mean average value. What are the degrees of freedom for the problem? 47 77 57 67QUESTION 3What is the correct row of the table to use for the problem? table D with degrees of freedom=99% table A with degrees of freedom=99% table D with degrees of freedom=58 table D with degrees of freedom=50QUESTION 4What is the value from the table to use in the problem 1.036 5.678 1.126 2.678QUESTION 5What is the confidence interval (78.78,107.22) (88.780,97.220) (98.78,87.22) (97.220,88.780)QUESTION 6SELECT ALL THAT APPLY Could you have used the results of the previous problem to evaluate the following hypothesis test based on the particulars of the two problems and the material discussed in the lectures and review: alpha=0.01; Ho: mu=83 ; Ha: mu less than 83 ;SELECT ALL THAT APPLY Yes because 1-alpha=confidence and this is the only thing to consider No because the standard deviation of the sample is not provided No because it is one-sided test

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Answered: Questions 2 through 5 are based on the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Questions 2 through 5 are based on the following scenario. A random sample of 58 customers is taken and their yearly value to the company is calculated. The calculated average value from the sample is $93 and the standard deviation calculated from the sample is $12. Find a 99% confidence interval for the population mean average value. What are the degrees of freedom for the problem?

47

77

57

67

QUESTION 3
1. What is the correct row of the table to use for the problem?
  
  table D with degrees of freedom=99%
  
  table A with degrees of freedom=99%
  
  table D with degrees of freedom=58
  
  table D with degrees of freedom=50
  
  QUESTION 4
  
  What is the value from the table to use in the problem
  
  1.036
  
  5.678
  
  1.126
  
  2.678
  
  QUESTION 5
  
  What is the confidence interval
  
  (78.78,107.22)
  
  (88.780,97.220)
  
  (98.78,87.22)
  
  (97.220,88.780)
  
  QUESTION 6
  
  SELECT ALL THAT APPLY Could you have used the results of the previous problem to evaluate the following hypothesis test based on the particulars of the two problems and the material discussed in the lectures and review: alpha=0.01; Ho: mu=83 ; Ha: mu less than 83 ;SELECT ALL THAT APPLY
  
  Yes because 1-alpha=confidence and this is the only thing to consider
  
  No because the standard deviation of the sample is not provided
  
  No because it is one-sided test

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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		table D with degrees of freedom=99%
		table A with degrees of freedom=99%
		table D with degrees of freedom=58
		table D with degrees of freedom=50

		Yes because 1-alpha=confidence and this is the only thing to consider
		No because the standard deviation of the sample is not provided
		No because it is one-sided test