Question: An analyst collected data from 25 randomly selected transactions and found the purchase amounts (in $). The mean is $29.01 and the standard deviation is

 An analyst collected data from 25 randomly selected transactions and found

An analyst collected data from 25 randomly selected transactions and found the purchase amounts (in $). The mean is $29.01 and the standard deviation is $12.48. The analyst wants to know if the mean purchase amount of all transactions 34.97 47.97 45.78 35.01 34.59 is at least $22. Use the given information to complete parts a through e. 22.27 11.25 15.13 15.65 43.95 7.64 40.91 25.06 23.76 30.81 44.44 18.99 13.88 20.19 44.25 13.93 39.33 41.17 30.89 23.37 a) What is the null hypothesis? Ho: V V s (Type an integer or a decimal.) b) Is the alternative one- or two-sided? The alternative hypothesis is c) What is the value of the test statistic? The test statistic is (Round to two decimal places as needed.) d) What is the P-value of the test statistic? P-value = (Round to four decimal places as needed.) e) What do you conclude at a = 0.05? The P-value is a, So the null hypothesis. There is evidence to conclude that the mean purchase amount of all transactions is greater than $22

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!