×
Get Full Access to Probability And Statistics For Engineering And The Sciences - 9 Edition - Chapter 9.4 - Problem 49
Get Full Access to Probability And Statistics For Engineering And The Sciences - 9 Edition - Chapter 9.4 - Problem 49

×

# Consider the following two questions designed to assessquantitative literacy:a. What is

ISBN: 9781305251809 122

## Solution for problem 49 Chapter 9.4

Probability and Statistics for Engineering and the Sciences | 9th Edition

• Textbook Solutions
• 2901 Step-by-step solutions solved by professors and subject experts
• Get 24/7 help from StudySoup virtual teaching assistants

Probability and Statistics for Engineering and the Sciences | 9th Edition

4 5 1 237 Reviews
26
5
Problem 49

Consider the following two questions designed to assessquantitative literacy:a. What is 15% of 1000?b. A store is offering a 15% off sale on all TVs. Themost popular television is normally priced at \$1000.How much money would a customer save on thetelevision during this sale?Suppose the first question is asked of 200 randomlyselected college students, with 164 answering correctly;the second one is asked of a different random sample of200 college students, resulting in 140 correct responses(the sample percentages agree with those given in thearticle Using the Right Yardstick: Assessing FinancialLiteracy Measures by Way of Financial Well-Being,J. of Consumer Affairs, 2013: 243262; the investigatorsfound that those who answered such questions correctly,particularly questions with context, were significantlymore successful in their investment decisions than thosewho did not answer correctly). Carry out a test of hypothesesat significance level .05 to decide if the true proportionof correct responses to the question without contextexceeds that for the one with context.

Step-by-Step Solution:
Step 1 of 3

Groups Randomize control group Split individuals into two groups separately Control vs. treatment Compare the two averages correlation between the groups (Measure the strength before and after to get the experiment) Matching Observed and match into pairs with two treatments (Longitudinal and measures) Each group has their own control group within Find the change between...

Step 2 of 3

Step 3 of 3

#### Related chapters

Unlock Textbook Solution