Question: Hi, I am working on a case analysis for my statistics class. The point of this is to analyze 50 samples of wine sales in
Hi, I am working on a case analysis for my statistics class. The point of this is to analyze 50 samples of wine sales in Canada, bottles sold, market growth, etc. Initially, given I was not provided sigma, I immediately went to doing a t-test, now I am having doubts when I get to the below questions. Can you please give me some sort of guidance? I believe for question #1, I need to use hypothesis testing and a z test? And for question #2 I'm trying to use minitab express to help but faces some obstacles. Can you pls help..
1.How fast growing is the Australian wine market really growing in the Canadian wine industry? Based on historical data, it is claimed that the annual growth rate reaches up to 2.5%.
a.Test this claim at a level of significance = 5%.
b.Test the claim at a level of significance = 10%.
2.Use the least squares method to fit a simple linear model that relates the annual number of Australian wines sold to the annual growth rate in Canada.
a.Statewhat your model is, and determine how effective the independent variable is in predicting the movement of the dependent variable, at an -level of significance = 5%.
b.Calculate a 90% confidence interval estimate for the true regression slope
c.Based on your model, what is the expected number of bottles to be sold if the average annual growth rate is at 15%?
d.Calculate a 95% prediction interval for your estimate in part c).
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
