The data below are the responses (in dollars) from a simple random sample of MTH 120...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The data below are the responses (in dollars) from a simple random sample of MTH 120 students to the question, "How many dollars per week do you spend eating out?" 10 25 50 12 25 12 30 60 60 15 30 75 20 30 80 20 30 80 20 40 20 40 20 40 20 40 25 40 25 50 25 50 a. State the null and alternative hypotheses. You must choose a left-tailed, right-tailed, or two-tailed test to perform, and explain why you chose that type of test. (5 pts, must have correct mathematical notation and include a sensible explanation.) b. Verify that the three conditions are met in order to run the hypothesis test for the population mean. Explicitly state the three conditions, and show the work that verifies them. (5 pts) c. Determine which distribution to use for the test statistic, and state the level of significance you are choosing to use. Explain why you needed to use that specific distribution. (5 pts, must have correct mathematical notation and include a sensible explanation.) d. Gather data and calculate the necessary sample statistics. (Use the project 3 sample data supplied in class/D2L.) Calculate the test statistic. Note: you will need to calculate certain statistics from the sample data to calculate the test statistic. Show all work (5 pts, must have correct mathematical notation) e. Find the P-value. Show all work. Explain what the meaning of the P-value is in this context. (5 pts, must have sensible explanation) f. Make a decision. Show the statistical reason why you made the decision that you did. (3 pts) g. State the conclusion of the test for this specific context. (5 pts) h. After you run your test, let's assume later you find out that the true population mean is that MTH 120 students spend a mean of $40 per week eating out. Based on your conclusion in part (f), did you make a Type I error, a Type II error, or a correct decision? Explain. (5 pts, must have a sensible explanation) The data below are the responses (in dollars) from a simple random sample of MTH 120 students to the question, "How many dollars per week do you spend eating out?" 10 25 50 12 25 12 30 60 60 15 30 75 20 30 80 20 30 80 20 40 20 40 20 40 20 40 25 40 25 50 25 50 a. State the null and alternative hypotheses. You must choose a left-tailed, right-tailed, or two-tailed test to perform, and explain why you chose that type of test. (5 pts, must have correct mathematical notation and include a sensible explanation.) b. Verify that the three conditions are met in order to run the hypothesis test for the population mean. Explicitly state the three conditions, and show the work that verifies them. (5 pts) c. Determine which distribution to use for the test statistic, and state the level of significance you are choosing to use. Explain why you needed to use that specific distribution. (5 pts, must have correct mathematical notation and include a sensible explanation.) d. Gather data and calculate the necessary sample statistics. (Use the project 3 sample data supplied in class/D2L.) Calculate the test statistic. Note: you will need to calculate certain statistics from the sample data to calculate the test statistic. Show all work (5 pts, must have correct mathematical notation) e. Find the P-value. Show all work. Explain what the meaning of the P-value is in this context. (5 pts, must have sensible explanation) f. Make a decision. Show the statistical reason why you made the decision that you did. (3 pts) g. State the conclusion of the test for this specific context. (5 pts) h. After you run your test, let's assume later you find out that the true population mean is that MTH 120 students spend a mean of $40 per week eating out. Based on your conclusion in part (f), did you make a Type I error, a Type II error, or a correct decision? Explain. (5 pts, must have a sensible explanation)
Expert Answer:
Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
Posted Date:
Students also viewed these finance questions
-
The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Calvin Motorsports, Inc., owner and operator of several major...
-
How many hours per week do you spend on e-mail? In 2010, the GSS included a question on number of hours spent on e-mail. Data are presented here for a sample of 99 men and women. E-mail hours per...
-
Is informing the consumer about any toxic substances used in the manufacture of a product sufficient to produce an efficient level of toxic substance use for that product? Why or why not?
-
Freeman Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead...
-
For the following three vectors, what is 3 C ( 2 A vector B ) ? A = 2 . 0 0 i hat + 3 . 0 0 j - 5 . 0 0 k vector B = - 3 . 0 0 i hat + 8 . 0 0 j + 2 . 0 0 k C = 8 . 0 0 i hat - 8 . 0 0 j
-
The 304 stainless steel post A is surrounded by a red brass C83400 tube B. If a force of 5 kip is applied to the rigid cap, determine the required diameter d of the steel post so that the load is...
-
Wynn Furnace Corp. purchased machinery for $345,000 on May 1, 2014. It is estimated that it will have a useful life of 10 years, scrap value of $45,000, production of 120,000 units, and working hours...
-
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. s a $27,689 a. On July 31, the company's Cash account has...
-
In the event of an emergency, you must be aware of the essential safety features and information in the Unit Operations lab. Name five (5) pieces of information you need to know. Use phrases and...
-
Discuss at least three distinct strategies Fresh Direct uses to establish strategic differentiation from other NYC grocers. Scuss at least three distinct strategies to establish strategic...
-
Minnie's Soup plant is running at 52% of its monthly capacity. Minnie's Soup plant has just received a special order to produce 400 cases of creamy potato soup for a statewide supermarket. The...
-
Private cost of recreational marijuana is th individual cost of consuming marijuana. Marginal social cost of recreational marijuana is the additional cost for society when an indivual or group of...
-
What do the occ regulations on national bank chartering say about the issue addressed in the farmer's Deposit bank case-the reasonable assurance of the proposed bank's success and public convenience...
-
How is cybersecurity today different than it was when it first emerged as a serious issue, and second, what do these differences mean for how cybersecurity experts (both academic researchers and...
-
Elwin worked at three jobs during 2016. He earned $30,000, $27,000, and $9,000, respectively, from the jobs. What is the total amount of FICA tax that would have been withheld from Elwin's wages?...
-
A business had revenues of $280,000 and operating expenses of $315,000. Did the business (a) Incur a net loss (b) Realize net income?
-
Your company is running an audit on the Sleaze Company. Because Sleaze has a bad habit of overcharging its customers, the focus of your audit is on checking whether the billing amounts on its...
-
Rework the previous problem for a case in which the one-year warranty requires you to pay for the new device even if failure occurs during the warranty period. Specifically, if the device fails at...
-
In the Walton Bookstore example with a discrete demand distribution, explain why an order quantity other than one of the possible demands cannot maximize the expected profit.
-
Superheated steam available at \(800 \mathrm{psia}\) and \(600^{\circ} \mathrm{F}\) is to be expanded to a pressure of \(150 \mathrm{psia}\) at the rate of \(100,000 \mathrm{lb} / \mathrm{hr}\)....
-
Use a simulator to design a compression system with intercoolers to compress \(600 \mathrm{lb} / \mathrm{hr}\) of a mixture of \(95 \mathrm{~mol} \%\) hydrogen and \(5 \mathrm{~mol} \%\) methane at...
-
A certain bon vivant, wishing to ascertain the cause of his frequent hangovers, conducted the following experiment. On the first night, he drank nothing but whiskey and water; on the second night, he...
Study smarter with the SolutionInn App