The mean credit card debt for college students in the U.S. is $2100. Is 2100 a...
The mean credit card debt for college students in the U.S. is
$2100. Is 2100 a parameter or statistic?
Justify your answer. ANSWER: STATISTIC
Just want to double check to see if the answer is correct and please explain why if possible. Please answer all.
Homework Answers
The answer will be Statistic , which is correct because Parameter represents the Population and Statistic represents the sample.
Since taking record of credit card debt value of each and every person of US is not possible hence it is observed that researchers would have calculated over a limited sample of US population.
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The mean credit card debt for college students in the U.S. is $2100. Is 2100 a...
The mean credit card debt for college students in the U.S. is $2100. Is 2100 a...
The mean credit card debt for college students in the U.S. is $2100. Is 2100 a parameter or statistic? Justify your answer. ANSWER: STATISTIC Just want to double check to see if the answer is correct and please explain why if possible. Please answer all.
Economists suggest that students not accrue more than $2000 in credit card debt before graduating from...
Economists suggest that students not accrue more than $2000 in credit card debt before graduating from college. In 2004, the Nellie Mae organization surveyed a random sample of 1074 U.S. college students about their credit situation and used the data to test the hypotheses: Ho: - 2000 Hoiu > 2000, where is the mean credit card debt for all US college students in 2004. The students in the survey had an average credit card debt of $2169. The p-value for...
Problem 1: The credit card debt for college seniors has a normal distribution with a mean...
Problem 1: The credit card debt for college seniors has a normal distribution with a mean of $3262 and a standard deviation of $1100. Consider credit card debt of a random sample of 16 college seniors. What is the distribution of mean credit card debt of 16 sampled college seniors? Provide name, mean and standard deviation of the distribution. Problem 2: The following figure shows the distribution of a population. 0.10 0.0 0.06 0.04 0.02 0.00 (a) What is the...
Problem 2 (20pts) The mean balance that college students owe on their credit card is $1096...
Problem 2 (20pts) The mean balance that college students owe on their credit card is $1096 with a standard deviation of $350. If all possible random samples of size 144 are taken from this population, determine the following: a) name of the Sampling Distribution b) mean and standard error of the sampling distribution of the mean (use the correct name and symbol for each) c) percent of sample means for a sample of 144 college students that is greater than...
According to a lending institution, students graduating from college have an average credit card debt of...
According to a lending institution, students graduating from college have an average credit card debt of $4100. A random sample of 40 graduating seniors was selected, and their average credit card debt was found to be $4428. Assume the standard deviation for student credit card debt is $1,300. Using alphaαequals=0.01, complete parts a through c. a) Does this sample provide enough evidence to challenge the findings by the lending institution? Determine the null and alternative hypotheses. Upper H 0H0: muμ...
A credit card company claims that the mean credit card debt for individuals is greater than...
A credit card company claims that the mean credit card debt for individuals is greater than $5,200. You want to test this claim. You find that a random sample of 38 cardholders has a mean credit card balance of $5,490 and a standard deviation of $675. At a = 0.01, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify Ho and Ha Which of the...
25) Is it parameter or statistic? Please, explain why. a high school degree; high school degree;...
25) Is it parameter or statistic? Please, explain why.
a high school degree; high school degree; more than high school degree. 24) A researcher wants to investigate a correlation between meth use as a teen, and having marital problems as an adult a) Identify the population b) What are the two groups that are being compared? c) What is the explanatory variable? What is the response? d) Find a confounding variable. e) Which type of study is more appropriate: observational...
A credit card company claims that the mean credit card debt for individuals is greater than...
A credit card company claims that the mean credit card debt for individuals is greater than $ 5,000. You want to test this claim. You find that a random sample of 34 cardholders has a mean credit card balance of $ 5,228 and a standard deviation of $ 550. At alpha equals 0.10, can you support the claim? Complete parts (b) through (e) below. Assume the population is normally distributed. (b) Find the critical value(s) and identify the rejection region(s)....
2. It has been reported that the average credit card debt for college series is $...
2. It has been reported that the average credit card debt for college series is $ 3260. The student serate at a large university feels that their, their seniors have a debt. much less than this : So it conducts a study of 47 randomly selected seniors and finds that therardoint sample has an average debt of $ 2995, with a headpoby deviation of $1100. Is the student Schinto correct Use a 001 (Murst State Ho, Ho, the Rejection Region,...
According to a money report by a government institution, 18-to-20-year-old college students have an average credit...
According to a money report by a government institution, 18-to-20-year-old college students have an average credit card balance of $569. A researcher wants to find out if this number is lower now and collects data for a random sample of 40 college students. Their average credit card debt was found to be $542 with a sample standard deviation of $67.21. Complete parts a through b. a.) Using alphaα=.05, does this sample provide enough evidence to conclude that the average credit...
Economists suggest that students not accrue more than $2000 in credit card debt before graduating from college. In 2004, the Nellie Mae organization surveyed a random sample of 1074 U.S. college students about their credit situation and used the data to test the hypotheses: Ho: - 2000 Hoiu > 2000, where is the mean credit card debt for all US college students in 2004. The students in the survey had an average credit card debt of $2169. The p-value for...
Problem 1: The credit card debt for college seniors has a normal distribution with a mean of $3262 and a standard deviation of $1100. Consider credit card debt of a random sample of 16 college seniors. What is the distribution of mean credit card debt of 16 sampled college seniors? Provide name, mean and standard deviation of the distribution. Problem 2: The following figure shows the distribution of a population. 0.10 0.0 0.06 0.04 0.02 0.00 (a) What is the...
Problem 2 (20pts) The mean balance that college students owe on their credit card is $1096 with a standard deviation of $350. If all possible random samples of size 144 are taken from this population, determine the following: a) name of the Sampling Distribution b) mean and standard error of the sampling distribution of the mean (use the correct name and symbol for each) c) percent of sample means for a sample of 144 college students that is greater than...
A credit card company claims that the mean credit card debt for individuals is greater than $5,200. You want to test this claim. You find that a random sample of 38 cardholders has a mean credit card balance of $5,490 and a standard deviation of $675. At a = 0.01, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify Ho and Ha Which of the...
25) Is it parameter or statistic? Please, explain why.
a high school degree; high school degree; more than high school degree. 24) A researcher wants to investigate a correlation between meth use as a teen, and having marital problems as an adult a) Identify the population b) What are the two groups that are being compared? c) What is the explanatory variable? What is the response? d) Find a confounding variable. e) Which type of study is more appropriate: observational...
2. It has been reported that the average credit card debt for college series is $ 3260. The student serate at a large university feels that their, their seniors have a debt. much less than this : So it conducts a study of 47 randomly selected seniors and finds that therardoint sample has an average debt of $ 2995, with a headpoby deviation of $1100. Is the student Schinto correct Use a 001 (Murst State Ho, Ho, the Rejection Region,...
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