Which variable(s) are quantitative (i.e., interval and ratio variables)?

The quantitative variables are age (in years), the number of children they have, and their feelings of financial security on a rating scale from 0 to 100 (higher scores represent greater feelings of security).

Which variable(s) are qualitative (i.e., nominal and ordinal variables)?

The qualitative variables are married (1=Yes, 0=No) and second marriage (1=Yes, 0=No).

Interpret the standard deviation for age.

The standard deviation for age is 4.172; it means that the deviation from mean is 4.172 units for age variable.

Interpret the skewness for age.

The skewness for age is -.482, since this value is not close to zero and is negative so we can say that the distribution is moderately skewed.

Calculate and interpret a one-sample t test (alpha = .05) to determine whether the average financial security rating is significantly different than 50. The appropriate critical values are: -2.001 and 2.001.

Null Hypothesis (Ho): Âµ = 50
Alternative Hypothesis (Ha): Âµ â‰ 50
Level of significance = 0.05
Critical value = Â±2.001
Test statistic
t = (Sample Mean â€“ Population Mean)/SE
We have
Sample Mean = 65.25, standard deviation = 4.348, n = 60 and Population Mean = 50
t = (65.25-50)/(4.348/sqrt(60))= 27.17
Decision Rule: Reject Ho if test statistic value is smaller than the lower critical value or test statistic value is bigger than the upper critical value.
Conclusion: Test statistic value is 27.17 which bigger than 2.001 so we will reject the null hypothesis and conclude that the average financial security rating is significantly different than 50

1. The PDF of a random variable X is fX(x) = :5(1+x)eô€€€x; x &gt;...

1. The PDF of a random variable X is fX(x) = :5(1+x)eô€€€x; x >...