Sophia buys a certain brand of cereal that costs $5 per box. Yani changes to a super-saving brand of the same size. The equation shows the price, y, as a function of the number of boxes, x, for the new brand.


y = 4.35x


Part A: How many more dollars is the price of a box Sophia's original brand of cereal than the price of a box of the super-saving cereal? Show your work.


Part B: How much money does she save each month with the change in cereal brand if he buys 5 cereal boxes each month? Show your work.

Answer:

The variance of the data is 29966.3.

Step-by-step explanation:

The given data set is

175, 349, 234, 512, 638, 549, 500, 611

We need to find the variance to the nearest hundredth decimal place.

Mean of the data

[tex]Mean=\dfrac{\sum x}{n}[/tex]

where, n is number of observation.

[tex]Mean=\dfrac{3568}{8}=446[/tex]

The mean of the data is 446.

[tex]Variance=\dfrac{\sum (x-mean)^2}{n-1}[/tex]

[tex]Variance=\dfrac{(175-446)^2+(349-446)^2+(234-446)^2+(512-446)^2+(638-446)^2+(549-446)^2+(500-446)^2+(611-446)^2}{8-1}[/tex]

[tex]Variance=\dfrac{209764}{7}[/tex]

[tex]Variance=29966.2857[/tex]

[tex]Variance\approx 29966.3[/tex]

Therefore, the variance of the data is 29966.3.

Final answer:

The variance of the given data set is calculated by finding the mean, squaring the differences from the mean, summing these squares, and dividing by the count minus one. It results in a variance of 12790.54 when rounded to the nearest hundredth decimal place.

Explanation:

To calculate the variance of the data set, follow these steps:

First, find the mean (average) of the data set by adding all the numbers together and dividing by the total count.

Next, subtract the mean from each data point and square the result to get the squared differences.

Then, add up all of the squared differences.

Finally, divide the sum of the squared differences by the total number of data points minus one to get the variance (since this is a sample variance).

Data Set: 175, 349, 234, 512, 638, 549, 500, 611

Mean = (175 + 349 + 234 + 512 + 638 + 549 + 500 + 611) / 8 = 3793 / 8 = 474.125

Squared differences = (175 - 474.125)^2 + (349 - 474.125)^2 + (234 - 474.125)^2 + (512 - 474.125)^2 + (638 - 474.125)^2 + (549 - 474.125)^2 + (500 - 474.125)^2 + (611 - 474.125)^2

Sum of squared differences = 89533.78125

Variance = 89533.78125 / (8 - 1) = 12790.54

Therefore, the variance of the data set, to the nearest hundredth decimal place, is 12790.54.

Answer: 31

Step-by-step explanation:

2^x=2 000 000 000

log2^x=log2 000 000 000

xlog2 = log 2 000 000 000

x= log (2000 000 000)/log 2

x= 30.897352854

round to 31

gotchu bro

Answer: a. −0.41

Step-by-step explanation:

The slope for the best-fitting linear equation is given by :-

[tex]b=\dfrac{SS_{xy}}{SS_x}[/tex]

where , [tex]SS_x[/tex] =sum of squared deviations from the mean of X.

[tex]SS_{xy}[/tex] = correlation between y and x in terms of the corrected sum of products.

As per given , we have

[tex]SS_x=10.00[/tex]

[tex]SS_{xy}=-16.32[/tex]

Then, the value of the slope for the best-fitting linear equation will be

[tex]b=\dfrac{-16.32}{40.00}=-0.408\approx -0.41[/tex]

Hence, the value of the slope for the best-fitting linear equation= -0.41

So the correct answer is a. −0.41 .

The value of the slope for the best-fitting linear equation is -0.41

The given parameters are:

[tex]SS_{xy} = -16.32[/tex] --- the correlation between y and x

[tex]SS_{x} = 40.00[/tex] --- the sum of squared deviations from the mean of X.

The slope (b) is calculated using the following formula

[tex]b = \frac{SS_{xy}}{SS_x}[/tex]

Substitute values for SSxy and SSx

[tex]b = \frac{-16.32}{40.00}[/tex]

Divide -16.32 by 40.00

[tex]b = -0.408[/tex]

Approximate

[tex]b = -0.41[/tex]

Hence, the value of the slope for the best-fitting linear equation is -0.41

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Answer:

The statement b) is individually sufficient to prove than 289 is a factor of n

Step-by-step explanation:

The least common multiple of n and 272 is the smallest number that is a multiple of n and a multiple of 272. Therefore:

272 x X = 4624 ⇒ X = 17 but 272 = 17 · 16 and 289 = 17 · 17

Therefore 17·17 must be a factor of n. That means 289 is a factor of n

Answer:

Option c - [tex]n(A^c\cup B)=125[/tex]

Step-by-step explanation:

Given : Suppose that n(U) = 200, n(A) = 105, n(B) = 110, and n(A∩B) = 30.

To find : The value of [tex]n(A^c\cup B)[/tex] ?

Solution :

n(U) = 200, n(A) = 105, n(B) = 110, and n(A∩B) = 30

We know that,

[tex]n(A^c)=n(U)-n(A)[/tex]

[tex]n(A^c)=200-105[/tex]

[tex]n(A^c)=95[/tex]

and [tex]n(A^c \cap B)=n(B)-n(A\cap B)[/tex]

[tex]n(A^c \cap B)=110-30[/tex]

[tex]n(A^c \cap B)=80[/tex]

Now,  [tex]n(A^c\cup B)=n(A^c)+n(B)-n(A^c \cap B)[/tex]

[tex]n(A^c\cup B)=95+110-80[/tex]

[tex]n(A^c\cup B)=125[/tex]

Therefore, option c is correct.

The value of the union set given as n(A^c U B) is; C: 125

We are given;

n(U) = 200, n(A) = 105, n(B) = 110, and n(A ∩ B) = 30.

In sets, we know that complement of set A is;

n(A^c) = n(U) - n(A)

Thus; n(A^c) = 200 - 105

n(A^c) = 95

Also, we know that;

n(A^c ∩ B) = n(B) - n(A ∩ B)

n(A^c ∩ B) = 110 - 30

n(A^c ∩ B) = 80

Thus;

n(A^c U B) = n(A^c) + n(B) - n(A^c ∩ B)

n(A^c U B) = 95 + 110 - 80

n(A^c U B) = 125

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Answer:

Reject at 5%, accept at 1% the null hypothesis

Step-by-step explanation:

Set up hypotheses as

[tex]H_0: \bar x = 60\\H_a: \bar x < 60[/tex]

(Left tailed test)

Population std dev = 6

Sample std error = [tex]\frac{6}{\sqrt{49} } \\=0.8555[/tex]

Mean difference = -1.5

Since sigma is known we can use Z test

Z = mean diff/std error = -1.7533

p value = 0.039

a) Since p value <0.05 we reject H0.  There is evidence  that the true mean is different from 60 wpm

b) Yes, because his sample would have been biased since he may want to prove his belief so slow or inefficient persons he would have selected in the sample.

c) For 99% confidence interval critical value = 2.58

Confidence interval for population mean = 58.5±2.58*std error

=(56.2928, 60.7072)

Since this contains 60, the hypothesized mean, we accept null hypothesis.

we do not have evidence to reject the claim that the average graduate can type 60 wpm at 1% level of significance.

Answer:

Step-by-step explanation:

Feel free to ask if anything is unclear

Answer:

E. 6.60 percent

Step-by-step explanation:

We have been given that Great Lakes Health Care common stock offers an expected total return of 9.2 percent. The last annual dividend was $2.10 a share. Dividends increase at a constant 2.6 percent per year.

We will use total return formula to answer our given problem.

[tex]\text{Total return}=\text{Dividend yield}+\text{Growth rate}[/tex]

Upon substituting our given values in above formula, we will get:

[tex]9.2\%=\text{Dividend yield}+2.6\%[/tex]

[tex]\text{Dividend yield}=9.2\%-2.6\%[/tex]

[tex]\text{Dividend yield}=6.6\%[/tex]

Therefore, the dividend yield would be 6.60% and option E is the correct choice.

Answer:

Becomes less able to repair duplication errors

Step-by-step explanation:

This is premised on the fact that aging has been connected with the deterioration of DNA maintenance and repair machinery, which tends to lose its ability to replicate new cell as a person age with time.

Answer:

D. method of least squares

Step-by-step explanation:

The Least Squares Method (LSM) is a mathematical method used to solve various problems, based on minimizing the sum of the squared deviations of some functions from the desired variables. It can be used to “solve”                  over-determined systems of equations (when the number of equations exceeds the number of unknowns), to find a solution in the case of ordinary (not redefined) linear or nonlinear systems of equations, to approximate the point values ​​of a function. OLS is one of the basic regression analysis methods for estimating the unknown parameters of regression models from sample data.

Correlation analysis is a statistical method used to assess the strength of the relationship between two quantitative variables. A high correlation means that two or more variables have a strong relationship with each other, while a weak correlation means that the variables are hardly related. In other words, it is a process of studying the strength of this relationship with available statistics.

Analysis of Variance (or ANOVA) is a collection of statistical models used to analyze group averages and related processes (such as intra- and inter-group variation) in statistical science. When using Variance Analysis, the observed variance of a specified variable is divided into the variance component that can be based on different sources of change. In its simplest form, "Analysis of Variance" is a inferential statistical test to test whether the averages of several groups are equal or not, and this test generalizes the t-test test for two-groups to multiple-groups. If multiple two-sample-t-tests are desired for multivariate analysis, it is clear that this results in increased probability of type I error. Therefore, the variance analysis would be more useful to compare the statistical significance of three or more means (for groups or for variables) with the test.

Regression analysis is an analysis method used to measure the relationship between two or more variables. If analysis is performed using a single variable, it is called univariate regression, and if more than one variable is used, it is called multivariate regression analysis. With the regression analysis, the existence of the relationship between the variables, if there is a relationship between the strength of the information can be obtained. The logic here is that the variable to the left of the equation is affected by the variables to the right. The variables on the right are not affected by other variables. Not being influenced here means that when we put these variables into a linear equation in mathematical sense, it has an effect. Multiple linearity, sequential dependency problems are not meant.

Answer:

A. We should reject H0.

C. At the 5% significance level, there is sufficient evidence to conclude that the students were not guessing.

Step-by-step explanation:

A chi-square goodness of fit test "determines if a sample data matches a population".

A chi-square test for independence "compares two variables in a contingency table to see if they are related. In a more general sense, it tests to see whether distributions of categorical variables differ from each another".

We need to conduct a chi square test in order to check the following hypothesis:

H0: The student answers have the uniform distribution.

H1: The student answers do not have the uniform distribution.

The level os significance assumed for this case is [tex]\alpha=0.05[/tex]

The statistic to check the hypothesis is given by:

[tex]\chi^2 =\sum_{i=1}^n \frac{(O_i -E_i)^2}{E_i}[/tex]

The table given represent the observed values, we just need to calculate the expected values with the following formula [tex]E_i = \frac{total col * total row}{grand total}[/tex]

On this case we assume that the calculated statistic is given by:

Statistic calculated

[tex]\chi^2_{calc}=13.167[/tex]

P value

Assuming the we have 2 rows and 4 columns on the contingency table.

Now we can calculate the degrees of freedom for the statistic given by:

[tex]df=(rows-1)(cols-1)=(2-1)(4-1)=3[/tex]

We can calculate the critical value with this formula in excel:" =CHISQ.INV(0.95,3)" On this case we got that the critical value is:

[tex]\chi^2_{crit}=7.815[/tex]

Since our calculated value is higher than the cirtical value we have enough evidence to reject the null hypothesis at the significance level of 5%.

And we can also calculate the p value given by:

[tex]p_v = P(\chi^2_{3} >13.167)=0.0043[/tex]

And we can find the p value using the following excel code:

"=1-CHISQ.DIST(13.167,3,TRUE)"

Since the p value is lower than the significance level we reject the null hypothesis at 5% of significance.

A. We should reject H0.

C. At the 5% significance level, there is sufficient evidence to conclude that the students were not guessing.

The reason why we select option C is because if we reject the null hypothesis of uniform distribution then we are rejecting the claim that the students are guessing.

Answer:

The point estimate for population mean is 8.129 Mpa.

Step-by-step explanation:

We are given the following in the question:

Data on flexural strength(MPa) for concrete beams of a certain type:

11.8, 7.7, 6.5, 6.8, 9.7, 6.8, 7.3, 7.9, 9.7, 8.7, 8.1, 8.5, 6.3, 7.0, 7.3, 7.4, 5.3, 9.0, 8.1, 11.3, 6.3, 7.2, 7.7, 7.8, 11.6, 10.7, 7.0

a) Point estimate of the mean value of strength for the conceptual population of all beams manufactured

We use the sample mean, [tex]\bar{x}[/tex] as the point estimate for population mean.

Formula:

[tex]Mean = \displaystyle\frac{\text{Sum of all observations}}{\text{Total number of observation}}[/tex]

[tex]\bar{x} = \dfrac{\sum x_i}{n} = \dfrac{219.5}{27} = 8.129[/tex]

Thus, the point estimate for population mean is 8.129 Mpa.

To estimate the mean flexural strength, the sum of strengths (219.5 MPa) is divided by the total number of beams measured (26), which yields a mean value of 8.442 MPa when rounded to three decimal places. The estimator used is the sample mean.

To calculate a point estimate of the mean value for flexural strength (MPa) for a conceptual population of concrete beams, we use the sum of all measured strengths and divide by the number of measurements. The sum of the flexural strengths is provided as Σxi = 219.5 MPa.

Given the dataset:

The number of measurements is the number of data points, which is 26. To find the mean:

mean = Sum of strengths / Number of measurements

mean = 219.5 MPa / 26

mean = 8.442 MPa (rounded to three decimal places)

The estimator used here is the sample mean (×).

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Answer:

Step-by-step explanation:

Hello!

The study variable is

X: Lumen of a bulb of the i brand. i=3

There are 3 populations of bulbs, Brand 1, Brand 2 and brand 3.

The objective is to test if the population means are equal.

The study parameters are:

μ₁: population mean lumen of the population of light bulbs of brand 1.

μ₂: population mean lumen of the population of light bulbs of brand 2.

μ₃: population mean lumen of the population of light bulbs of brand 3.

The hypothesis is:

H₀:μ₁= μ₂= μ₃= μ

H₁: At least one of the population means is different.

To test this hypothesis, considering the given information, I'll use an ANOVA test, then the statistic is defined as:

[tex]F= \frac{MSTr}{MSerror}[/tex]~[tex]F_{(I-1)(J-1)}[/tex]

Rejection region

This region is always one-tailed (right), the statistic is constructed as the mean square of the treatments divided by the mean square of the error, if the number of F is big, this means that the treatments have more effect over the populations. If the value of F is small, this means that there is no difference between the variability caused by the treatments and the one caused by the residues.

Since there is no significance level specified, I'll use α: 0.05

[tex]F_{(I-1);(J-1); 1 - \alpha } = F_{2; 7; 0.95} = 19.35[/tex]

You will reject the null hypothesis when F[tex]_{H_0}[/tex] ≥ 19.35

To calculate the statistic value you need to calculate the Mean Square of Treatments and the Mean Square of errors:

MSTr= SSTr/DfTr = 599.5/2= 299.75

MSerror= SSerror/Dferror= 4776.3/5= 955.26

F[tex]_{H_0}[/tex]= [tex]\frac{299.75}{955.26}[/tex]= 0.31

At this level the decision is to not reject the null hypothesis.

I hope it helps!

To construct a 95% confidence interval for the population mean of the time taken to design a house plan, use the formula which states 21.08 to 22.92 hours.

To construct a 95% confidence interval for the population mean, we can use the formula:

Confidence Interval = mean ± (critical value) * (standard deviation/sqrt(sample size))

Given that the mean time taken to design a house plan is 22 hours, the standard deviation is 3.70 hours, and the sample size is 38, we can calculate the confidence interval:

Confidence Interval = 22 ± (1.96) * (3.70/sqrt(38))

Calculating this gives us a confidence interval of approximately 21.08 to 22.92 hours.

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Answer: (0.477, 0.951)

Step-by-step explanation:

Given : Number of observations : n = 10

Number of successes  : x = 8

Let p be the population proportion of times that the bats would follow the point.

Because the number of observation is not enough large , so we use plus four confidence interval for p.

Plus four estimate of p=[tex]\hat{p}=\dfrac{\text{No. of successes}+2}{\text{No. of observations}+4}[/tex]

[tex]\hat{p}=\dfrac{8+2}{10+4}=\dfrac{10}{14}\approx0.714[/tex]

We know that , the critical value for 95% confidence level : z* = 1.96 [By using z-table]

Now, the required confidence interval will be :

[tex]\hat{p}\pm z^*\sqrt{\dfrac{\hat{p}(1-\hat{p})}{N}}[/tex] , where N= 14

[tex]0.714\pm (1.96)\sqrt{\dfrac{0.714(1-0.714)}{14}}[/tex]

[tex]0.714\pm (1.96)\sqrt{0.014586}[/tex]

[tex]0.714\pm (1.96)(0.120772513429)[/tex]

[tex]\approx0.714\pm0.237=(0.714-0.237,\ 0.714+0.237)[/tex]

[tex](0.477,\ 0.951)[/tex]

Hence, the 95% confidence interval for the population proportion of times that the bats would follow the point = (0.477, 0.951)

The 95% confidence interval for the proportion of the times that bats would follow the point is (0.552, 1.0). The result was adjusted because proportions cannot exceed 1.

To calculate the 95% confidence interval for the population proportion, we follow these steps:

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Answer:

The procedure emphasizes the idea of the summation of one physical quantity. In this case, X.

Step-by-step explanation:

1. When we add fractions like these we do it simply by rewriting a new one, the summation of the numerators over the same denominator:

[tex]\frac{2}{3}X+\frac{4}{3})X=\frac{6}{3}X= 2X[/tex]

The procedure emphasizes the idea of the summation of one physical quantity, in this case, X.

2) This physical quantity x could be miles, oranges, gallons, etc.

Answer: Juan can travel 19 miles in 2.4 hours at a speed of 8 miles per hour

Step-by-step explanation:

Juan roller skates at the constant speed of 8 miles per hour. Distance travelled is expressed as

Distance = speed × time

Therefore, the distance that Juan can travel in 2.4 hours is

Distance = 2.4 × 8 = 19.2 miles

Approximating to the nearest whole number, it becomes 19 miles

Answer:0.8 kilograms

800 grams

Step-by-step explanation:

The weight of Tyler's baseball bat is 28 ounces. We would convert the weight in ounces to kilogram and grams.

Let x represent the number of kilograms that is equal to 28 ounces. Therefore

1 kilogram = 35 ounces

x kilogram = 28 ounces

Cross multiplying, it becomes

35 × x = 28 × 1

35x = 28

x = 28/35 = 0.8 kilograms

We would convert 0.8 kilograms to grams

Let y represent the number of grams that is equal to 0.8 kilograms. Therefore,

1000 grams = 1 kilogram

y grams = 0.8 kilograms

Cross multiplying,

y × 1 = 0.8 × 1000

y = 800 grams

Answer:

0.2

Step-by-step explanation:

The hypothesis test examines if the company's hiring distribution differs from industry standards. The null hypothesis represents no difference, while the alternative suggests a discrepancy.

The critical value for the test statistic at a 0.05 significance level is ±1.96 for a two-tailed test, and we either reject or fail to reject the null based on the comparison of the calculated Chi-square statistic to the critical value.

To determine if there is a significant difference between the hiring practices of a certain company and the industry standard, we use a hypothesis test for proportions.

A. Null Hypothesis (H₀)

The null hypothesis H0: P_(men) = 0.60 and P_(women) = 0.40, where P represents the proportion of men and women in the company, respectively.

B. Alternative Hypothesis (Ha)

The alternative hypothesis Ha: P_(men) ≠ 0.60 and P_(women) ≠ 0.40.

C. Critical Value of Test Statistic

The critical value for a two-tailed test at alpha = 0.05 is z = ±1.96.

D. Value of the Test Statistic

To calculate the test statistic, we use the formula for a test of proportions:

Calculate the expected counts based on industry proportions: expected men = 107 * 0.60 = 64.2, expected women = 107 * 0.40 = 42.8.

Compute the Chi-square test statistic: Χ2 = ((52-64.2)2/64.2) + ((55-42.8)2/42.8).

The resulting Χ₂ statistic can then be compared against the critical Χ₂ value with 1 degree of freedom at alpha = 0.05, which is 3.841.

E. Reject or Accept the Null Hypothesis

If the calculated Χ₂ is greater than 3.841, we reject the null hypothesis; if not, we fail to reject the null hypothesis. Without the actual calculation of the Χ₂, we cannot definitively conclude the action on the null hypothesis in this context.

Answer:

[tex]p_v = P(\chi^2_{11} >20.5)=0.0389[/tex]

And we can find the p value using the following excel code:

"=1-CHISQ.DIST(20.5,11,TRUE)"

Step-by-step explanation:

A chi-square goodness of fit test "determines if a sample data matches a population".

A chi-square test for independence "compares two variables in a contingency table to see if they are related. In a more general sense, it tests to see whether distributions of categorical variables differ from each another".

We need to conduct a chi square test in order to check the following hypothesis:

H0: Each month is equally likely to be the birth month for any given individual

H1: Each month is NOT equally likely to be the birth month for any given individual

The statistic to check the hypothesis is given by:

[tex]\chi^2 =\sum_{i=1}^n \frac{(O_i -E_i)^2}{E_i}[/tex]

After calculate the statistic we got [tex]\chi^2 = 20.5[/tex]

Now we can calculate the degrees of freedom for the statistic given by:

[tex]df=categories-1=12-1=11[/tex]

And we have categories =12  since we have 12 months in a year

And we can calculate the p value given by:

[tex]p_v = P(\chi^2_{11} >20.5)=0.0389[/tex]

And we can find the p value using the following excel code:

"=1-CHISQ.DIST(20.5,11,TRUE)"

Final answer:

The critical value for constructing a 99% confidence interval is 2.576.

Explanation:

To determine the critical value for constructing the 99% confidence interval, we need to find the Z-value that represents the level of confidence. For a 99% confidence interval, the alpha level (1 - confidence level) is 0.01. Since the data is approximately normally distributed and the sample size is greater than 30, we can use the Z-distribution. Using a Z-table or calculator, we find that the Z-value for a 0.01 alpha level is approximately 2.576.

Step-by-step explanation:

Since the decision is made on the test based on the use of alpha equals 0.025, the p-value of the test would have been higher than the level of significance provided that is 0.025 since the test is not important.

p > 0.025

Now if we know that p > 0.025, this would not necessarily mean that p > 0.1 also, therefore we do not know with the given information that he would have made the same decision for 0.1 level of significance, ( we are not sure about his decision in that case ).

Now for the level of significance of 0.005, we would be sure that p > 0.005 as it is greater than 0.025, therefore the test is not significant at this level of significance as well. Therefore he would have made the same decision for 0.005 level of significance.

Answer:

0.614125

Step-by-step explanation:

Given that a manufacturing process with a quality inspection station has on an average 15% of parts are defective.

As soon as one defective part is found, the process is stopped.

We find that number of defectives would be binomial because each part randomly selected has a constant probability of 0.15 being defective

Probability that at least 11 total parts will be inspected before the process is stopped/8 parts have been inspected without finding a defective part

=[tex]P(x\geq 11)/P(x=8)\\[/tex]

= Probability of 9th, 10th, 11th should not be defective

= [tex](1-0.15)^3\\= 0.614125[/tex]

Option C

Expression that shows the savings that are being offered on the computer is 0.3p

Solution:

Given that price of a new computer is p dollars

The computer is on sale for 30% offer

To find: Expression that shows the savings that are being offered on the computer

Computer is on sale for 30% offer which means 30 % offer on original price "p"

Original price = "p" dollars

offer price / saved price = 30 % of "p"

[tex]\text{ saved price } = 30 \% \times p\\\\\text{ saved price } = \frac{30}{100} \times p\\\\\text{ saved price } = 0.3p[/tex]

Thus the required expression is 0.3p

Thus option C is correct.

Answer:

0.082

Step-by-step explanation:

There are a total of 17 marbles, 8 of which are red.

The probability that the first marble is red is 8/17.

The probability that the second marble is red is 7/16.

The probability that the third marble is red is 6/15.

Therefore, the probability that all three marbles are red is:

P = 8/17 × 7/16 × 6/15

P = 7/85

P = 0.082

Answer:

(a) Type II error

(b) Type I error

(c) It is analogous to choosing a lower value for a hypothesis test

(d) There will be more tendency of making type II error and less tendency of making type I error

Step-by-step explanation:

(a) The bank made a type II error because they accepted the null hypothesis when it is false

(b) The bank made a type I error because they rejected the null hypothesis when it is true

(c) By lowering the value for the hypothesis test, they give applicants who do not meet the initial cut-off point the benefit of doubt of repaying the loan thus increasing their chances of making more profit

(d) There will be more tendency of making type II error because the bank accepts the null hypothesis though they are not fully convinced the applicants will repay the loan and less tendency of making type I error because the bank rejects the null hypothesis knowing the applicants might not be able to repay the loan

In hypothesis testing, a person defaulting on a loan represents a Type I error, while missing an opportunity to make a loan to someone who would have repaid it represents a Type II error. Lowering the cut-off score is analogous to increasing the value in a hypothesis test, accepting more risk. This increases the likelihood of Type I errors but decreases the likelihood of Type II errors.

In the context of hypothesis testing in banking and the financial capital market, (a) when a person defaults on a loan, the bank made a Type I error: they lent money to an individual who failed to repay it. (b) If the bank does not lend money to someone who would have repaid it, it's a Type II error: they missed an opportunity to profit from interest because they incorrectly predicted the person would not pay back the loan. (c) Lowering the cut-off score from 250 points to 200 is analogous to choosing a higher value for a hypothesis test, which means the bank is willing to accept more risk. (d) Changing the cut-off value impacts the chance of each kind of error. By lowering the score, the bank is more likely to make Type I errors (lending to individuals who won't repay), but less likely to make Type II errors (not lending to individuals who would repay).

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Answer:

a) [tex]\chi^2 = \frac{(25-25)^2}{25}+\frac{(30-25)^2}{25}+\frac{(30-25)^2}{25}+\frac{(15-25)^2}{25}=6[/tex]

b) [tex]df=Categories-1=10-1=9[/tex]

Step-by-step explanation:

We assume the following info:

Favorite Subject         Number of students

English                                    25

Math                                        30

Science                                   30

Art/Music                                 15

Total                                        100

Previous concepts

A chi-square goodness of fit test "determines if a sample data matches a population".

A chi-square test for independence "compares two variables in a contingency table to see if they are related. In a more general sense, it tests to see whether distributions of categorical variables differ from each another".

Part a

The system of hypothesis on this case are:

H0: There is no difference with the distribution proposed

H1: There is a difference with the distribution proposed

The level os significance assumed for this case is [tex]\alpha=0.05[/tex]

The statistic to check the hypothesis is given by:

[tex]\chi^2 =\sum_{i=1}^n \frac{(O_i -E_i)^2}{E_i}[/tex]

The table given represent the observed values, we just need to calculate the expected values are 25 for each category.

And the calculations are given by:

[tex]E_{English} =25[/tex]

[tex]E_{Math} =25[/tex]

[tex]E_{Science} =25[/tex]

[tex]E_{Music} =25[/tex]

And now we can calculate the statistic:

[tex]\chi^2 = \frac{(25-25)^2}{25}+\frac{(30-25)^2}{25}+\frac{(30-25)^2}{25}+\frac{(15-25)^2}{25}=6[/tex]

Now we can calculate the degrees of freedom for the statistic given by:

[tex]df=Categories-1=4-1=3[/tex]

And we can calculate the p value given by:

[tex]p_v = P(\chi^2_{3} >6)=0.112[/tex]

And we can find the p value using the following excel code:

"=1-CHISQ.DIST(6,3,TRUE)"

Part b

For this case we have this formula:

[tex]df=Categories-1=10-1=9[/tex]

Answer:

The expected number of vehicles owned to two decimal places is: 1.85.

Step-by-step explanation:

The table to the question is attached.

[tex]E(X) =[/tex]∑[tex]xp(x)[/tex]

Where:

E(X) = expected number of vehicles owned

∑ = Summation

x = number of vehicle owned

p(x) = probability of the vehicle owned

[tex]E(X) = (0 * 0.1) + (1 * 0.35) + (2 * 0.25) + (3 * 0.2) + (4 * 0.1)\\E(X) = 0 + 0.35 + 0.50 + 0.60 + 0.4\\E(X) = 1.85[/tex]

The expected number of vehicles owned is 1.85.

The expected number of vehicles owned, based on probability of ownership of 0 to 3 vehicles, is calculated by multiplying each possible number of vehicles by their corresponding probabilities and then summing up all the products. The calculated expected number is approximately 1.7 vehicles.

To find the expected number of vehicles owned, we first need to multiply each possible number of vehicles someone could own by the probability of them owning that many vehicles. Then, sum up all of these products.

For instance, if they could own up to 3 cars and the probability for owning 0, 1, 2, or 3 cars is 0.1, 0.3, 0.4, and 0.2 respectively:

For 0 cars: 0 * 0.1 = 0

For 1 car: 1 * 0.3 = 0.3

For 2 cars: 2 * 0.4 = 0.8

For 3 cars: 3 * 0.2 = 0.6    

Adding these together gives the expected number of cars:
0 + 0.3 + 0.8 + 0.6 = 1.7 (rounded to two decimal places).

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#SPJ3

Answer:

Step-by-step explanation: