Question

In conjunction with the housing foreclosure​ crisis, many economists expressed increasing concern about the level of credit card debt and efforts of banks to raise interest rates on these cards. The banks claimed the increases were justified. A government​ sub-committee decided to determine if the average credit card balance depends on the type of credit card used. Under consideration are four credit cards. The sample sizes to be used for each level are 25,25​, 28​, and 26​, respectively.

A. Describe the parameter of interest for this analysis.

B. Determine the factor associated with this experiment.

C. Describe the levels of the factor associated with this analysis.

D. State the number of degrees of freedom available for determining the between-samples variation

E. State the number of degrees of freedom available for the within-samples variation

F. State the number of degrees of freedom available fpr determining the total variation

Answer 1

Answer:

A. credit card balance

B. Type of credit card

C. Visa, MasterCard, Discover and American Express

D. dfBetween = # of levels - 1

dfBetween = 4 - 1

dfBetween = 3

E. total sample size = 25+25+26+24 = 100

dfWithin = total sample size - # of levels

dfWithin = 100 - 4 = 96

F. dfTotal = 100 - 1 = 99

Step-by-step explanation:

(A) Response variable

- the variable of interest that is focused on in the study, that is, the variable being recorded.

The Answer is: credit card balance

(B) The Factors(s) associated with the experiment are those variables that the researcher believes can affect the response variable.

There's only 1 factor in this case

The answer is: Type of credit card

(C) The levels associated with this analysis are the subcategories of the factor which are: Visa, MasterCard, Discover and American Express

(D) Degrees of freedom of an estimate is regarded as the number of independent pieces of information that went into calculating the estimate.

The number of degree of freedom associated between sample variables are:

dfBetween = # of levels - 1

dfBetween = 4 - 1

dfBetween = 3

(E) The number of degree within sample variation is given as:

Total sample size = 25+25+26+24 = 100

dfWithin = total sample size - # of levels

dfWithin = 100 - 4 = 96

(F) The number of degree of freedom determining the total number of variation is given as:

dfTotal = total sample size - 1

dfTotal = 100 - 1 = 99

Answer 2

In this exercise we have to resolve the questions about finance:

A. credit card balance

B. Type of credit card

C. Visa, MasterCard, Discover and American Express

D. $dfBetween = # of levels - 1\\dfBetween = 4 - 1\\dfBetween = 3$

E. total sample size = $25+25+26+24 = 100$

dfWithin = total sample size - # of levels

dfWithin = $100 - 4 = 96$

F. dfTotal = $100 - 1 = 99$

(A) Response variable- the variable of interest that is focused on in the study, that is, the variable being recorded.  So, credit card balance.

(B) The Factors(s) associated with the experiment are those variables that the researcher believes can affect the response variable. There's only 1 factor in this case, so Type of credit card.

(C) The levels associated with this analysis are the subcategories of the factor which are: Visa, MasterCard, Discover and American Express

(D) Degrees of freedom of an estimate is regarded as the number of independent pieces of information that went into calculating the estimate.

The number of degree of freedom associated between sample variables are:

$dfBetween = # of levels - 1\\dfBetween = 4 - 1\\dfBetween = 3$

(E) The number of degree within sample variation is given as:

Total sample size = $25+25+26+24 = 100$

dfWithin = total sample size - # of levels

dfWithin = $100 - 4 = 96$

(F) The number of degree of freedom determining the total number of variation is given as:

$dfTotal = total sample size - 1\\dfTotal = 100 - 1 = 99$

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