Question: What is Inferential Statistics? Identify the two variables for which inferences of population parameters are being done. For each of the two parameters, construct an
What is Inferential Statistics?
Identify the two variables for which inferences of population parameters are being done. For each of the two parameters, construct an appropriate hypothesis test as follows:
Hypotheses: State clearly the null and alternative hypotheses and the level of significance.
Assumptions: Identify and justify the type of hypothesis test being used. Include assumptions made about the population and the sampling distribution of the sample statistic.
Findings
Complete the hypothesis test of each parameter. Label each step as outlined below. Interpretations should be made within the context of the hypothesized parameter value and the sample data using complete sentences. Insert/embed tables and graphs.
The test statistic: State the calculated value and interpret its meaning.
P-value: State the calculated value and interpret its meaning.
Decision: Use the P-value approach to make a correct test decision with respect to the null hypothesis.
Conclusion: Make a conclusive statement with respect to the alternative hypothesis in its context.
Justify whether a linear correlation exists between the two quantitative variables of the dataset. If so, provide the equation for the best-fit line and interpret the slope in the proper context.
Conclusion
Briefly address the overall meaningfulness of the statistical inquiry using complete sentences. Focus on inferences about the identified population of interest and how the inquiry could be used to benefit that community.
Find below the data:
| Trip | Fare | Payment | |
| 480 | 7 | Cash | |
| 240 | 5 | Cash | |
| 600 | 12 | Credit | |
| 540 | 7.75 | Credit | |
| 1020 | 13.75 | Credit | |
| 480 | 13.25 | Credit | |
| 253 | 5.5 | Cash | |
| 2812 | 38 | Cash | |
| 540 | 7.25 | Cash | |
| 1980 | 44 | Credit | |
| 600 | 8 | Cash | |
| 681 | 13.75 | Cash | |
| 960 | 10.25 | Credit | |
| 2100 | 35.25 | Credit | |
| 1980 | 37.25 | Credit | |
| 660 | 10.25 | Credit | |
| 1560 | 41.5 | Credit | |
| 360 | 7 | Cash | |
| 453 | 6.5 | Credit | |
| 372 | 6.5 | Credit | |
| 1320 | 25.75 | Cash | |
| 720 | 9.25 | Cash | |
| 420 | 6.75 | Credit | |
| 240 | 4.5 | Cash | |
| 540 | 7.5 | Cash | |
| 2040 | 45.25 | Cash | |
| 420 | 7.5 | Cash | |
| 514 | 7.25 | Credit | |
| 111 | 4.25 | Cash | |
| 360 | 7.25 | Credit | |
| 3180 | 47 | Credit | |
| 539 | 7.75 | Cash | |
| 614 | 9.25 | Credit | |
| 598 | 11.5 | Cash | |
| 504 | 9.25 | Cash | |
| 620 | 8.75 | Credit | |
| 1860 | 23.25 | Credit | |
| 1260 | 32.25 | Credit | |
| 1800 | 33.5 | Cash | |
| 480 | 8 | Cash | |
| 1620 | 30.25 | Credit | |
| 360 | 6.25 | Cash | |
| 720 | 12.75 | Credit | |
| 2754 | 46.5 | Credit | |
| 420 | 6.25 | Cash | |
| 360 | 6.5 | Cash | |
| 1686 | 43.75 | Credit | |
| 475 | 7 | Credit | |
| 540 | 8.25 | Credit | |
| 447 | 9.75 | Credit | |
| 300 | 5.5 | Credit | |
| 1020 | 11.75 | Credit | |
| 780 | 12 | Credit | |
| 1020 | 13.5 | Credit | |
| 60 | 3.25 | Cash | |
| 360 | 5.75 | Credit | |
| 480 | 6.75 | Credit | |
| 420 | 7 | Cash | |
| 1020 | 13.5 | Credit | |
| 600 | 8 | Credit |
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