Suppose you analyzed the average monthly credit card bill of Visa credit card customers using two randomly selected samples: one with 144 Visa creditcard customers (Sample #1) and one with 100 Visa credit card customers (Sample #2). Every credit card customer in Sample #1 had a monthly credit cardbill of $1,812. Sample #2, on the other hand, had an average monthly credit card bill of $1,868 with a variance of 1,302,388 (SM2. If you combined thesesamples into one...Question 2What would be the combined monthly credit card bill average (in dollars)?Question 3AWhat is the combined monthly credit card bill median (in dollars)?Question 3BWha is the shape of the combined monthly credit card bill distribution (in dollars)?Question 4What would be the combined monthly credit card bill standard deviation (in dollars)?

Question
Asked Jan 27, 2019
Suppose you analyzed the average monthly credit card bill of Visa credit card customers using two randomly selected samples: one with 144 Visa credit
card customers (Sample #1) and one with 100 Visa credit card customers (Sample #2). Every credit card customer in Sample #1 had a monthly credit card
bill of $1,812. Sample #2, on the other hand, had an average monthly credit card bill of $1,868 with a variance of 1,302,388 (SM2. If you combined these
samples into one...
Question 2
What would be the combined monthly credit card bill average (in dollars)?
Question 3A
What is the combined monthly credit card bill median (in dollars)?
Question 3BWha is the shape of the combined monthly credit card bill distribution (in dollars)?
Question 4
What would be the combined monthly credit card bill standard deviation (in dollars)?
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Suppose you analyzed the average monthly credit card bill of Visa credit card customers using two randomly selected samples: one with 144 Visa credit card customers (Sample #1) and one with 100 Visa credit card customers (Sample #2). Every credit card customer in Sample #1 had a monthly credit card bill of $1,812. Sample #2, on the other hand, had an average monthly credit card bill of $1,868 with a variance of 1,302,388 (SM2. If you combined these samples into one... Question 2 What would be the combined monthly credit card bill average (in dollars)? Question 3A What is the combined monthly credit card bill median (in dollars)? Question 3BWha is the shape of the combined monthly credit card bill distribution (in dollars)? Question 4 What would be the combined monthly credit card bill standard deviation (in dollars)?

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check_circleExpert Solution
Step 1

Question 2: Sample statistics of the two samples:

The given statistics for the two randomly selected samples regarding the data of monthly credit card bill of Visa credit card customers are:

The number of visa credit cards customers in sample#1 is n1=144, The number of visa credit cards customers in sample#2 is n2=100,

The monthly credit card bill average of sample#2 is x2bar=$1,868, The monthly credit card bill variance of sample#2 is s2^2=1,302,388$^2.

Furthermore, it is given that each and every credit card in the first sample has a monthly credit card bill of $1,812.

Mean:

Mean is an important measure of center when the data is quantitative. Mean of a data set is the sum of the data set divided by the size.

The monthly credit card bill average of sample#1:

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Step 2

Obtain the combined monthly credit card bill average:

The monthly credit card bill average of sample#1 is x1bar=$1,812 and the monthly credit card bill average of sample#2 is x2bar=$1,868.

The combined monthly credit card bill average is obtained as xbar = $1,834.95 from the calculation given below:

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Step 3

Question 3A: Obtain the combined monthly credit card bill median:

Median:

The median is the middle value in an ordered sequence of data. If there are no ties, half of the observations will be smaller than the median, and half of the observations will be larger than the median.

In case of discrete data, if the sample size is an odd number then the middle observation of the ordered data is the median and if the sample size is even number then the average of middle two observations of the ordered data...

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