According to the Kaiser Family Foundation, U.S. workers who had employer-provided health insurance paid an average premium
Question:
a. Using the critical-value approach and a 1% significance level, can you conclude that the current average such premium paid by all such workers in this city is different from $921?
b. Using the critical-value approach and a 2.5% significance level, can you conclude that the current average such premium paid by all such workers in this city is higher than $921?
c. What is the Type I error in parts a and b? What is the probability of making this error in each of parts a and b?
d. Calculate the p-value for the test of part a. What is your conclusion if α = .01?
e. Calculate the p-value for the test of part b. What is your conclusion if α = .025?
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Step by Step Answer:
a Step 1 H 0 921 H 1 921 Step 2 Since n 30 and is known use the normal distribution Step 3 For 01 th...View the full answer
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