Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PROBLEM 2 [TWO INDEPENDENT SAMPLES] [40 POINTS=10+10+10+10] BILL INTENDS TO COMPARE EFFICIENCY FOR TWO MORTGAGE LENDERS (BANK OF AMERICA AND CHASE) TO FIND OUT
PROBLEM 2 [TWO INDEPENDENT SAMPLES] [40 POINTS=10+10+10+10] BILL INTENDS TO COMPARE EFFICIENCY FOR TWO MORTGAGE LENDERS (BANK OF AMERICA AND CHASE) TO FIND OUT WHICH IS WORKING HARDER. HE USES THE SAME RECORDS AS ANN (OBTAINED FROM THE PREVIOUS PROBLEM) TO ANALYZE TIME SPENT BY 10 LOAN OFFICERS OF EACH BANK. THE INDIVIDUAL TIMES ARE ASSUMED TO BE NORMALLY DISTRIBUTED WITH UNKNOWN PARAMETERS. THE SAMPLE SUMMARIES ARE SHOWN IN THE TABLE BELOW. AVERAGE TIME FOR BANK OF AMERICA WAS 61.4 MINUTES PER CUSTOMER, WITH THE STANDARD DEVIATION 5 MINUTES. AVERAGE TIME FOR CHASE WAS 70.2 MINUTES, WITH THE STANDARD DEVIATION = 25 MINUTES. MEAN SAMPLE SUMMARIES SD (X-BAR), = 61.4 S=5 SOURCE BOA SIZE N 10 VARIANCE V=S/N (S)=25 25/10=2.5 CHASE N= 10 | (X-BAR);=70.2 | S=15 (S)2=225 225/10-22.5 BILL BELIEVES THAT THE POPULATION VARIANCES ARE ENTIRELY UNKNOWN. (B) HOW MANY DEGREES OF FREEDOM WILL BILL ASSESS UNDER HIS ASSUMPTION? (DEGREES OF FREEDOM) =
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started