29)
Below are the null and alternative Hypothesis,
Null Hypothesis: μ = 1327
Alternative Hypothesis: μ > 1327
Rejection Region
This is right tailed test, for α = 0.1 and df = 13
Critical value of t is 1.35.
Hence reject H0 if t > 1.35
Test statistic,
t = (xbar - mu)/(s/sqrt(n))
t = (1491.43 - 1327)/(411.53/sqrt(14))
t = 1.495
P-value Approach
P-value = 0.0794
As P-value < 0.1, reject the null hypothesis.
True
17)
sample mean, xbar = 19.45
sample standard deviation, s = 0.64
sample size, n = 15
degrees of freedom, df = n - 1 = 14
Given CI level is 95%, hence α = 1 - 0.95 = 0.05
α/2 = 0.05/2 = 0.025, tc = t(α/2, df) = 2.145
ME = tc * s/sqrt(n)
ME = 2.145 * 0.64/sqrt(15)
ME = 0.354
CI = (xbar - tc * s/sqrt(n) , xbar + tc * s/sqrt(n))
CI = (19.45 - 2.145 * 0.64/sqrt(15) , 19.45 + 2.145 *
0.64/sqrt(15))
CI = (19.10 , 19.80)
True, as the confidence interval does not contains 20
Question 29 3 pts Small Mean Problem. Grandfather clocks have a particular market in auctions. One...
Question 28 3 pts Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation for all clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or...
Question 28 3 pts Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation for all clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or...
Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation for all clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or more bidders. Assume your...
Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation for all clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or more bidders. Assume your...
Question 29 3 pts Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation for all clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or...
Question 27 3 pts Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 21 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are: • Mean = $1,343.04 • Std Dev = $414.04 • C.V. = 30.83 • N = 21 You are asked to create a 90% Confidence Interval around the price for this sample. The t-value you would use is? I just want the answer. Use 3...
Question 28 3 pts Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation for all clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or...
Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation for all clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or more bidders. Assume your...
small mean problem. grandfather c Question 28 Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation fo clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsyl where there are 10...
Question 28 3 pts Small Mean Problem. Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when there are 10 or more bidders. From published data, the average price of all grandfather clocks is given as $1,327. You are not given a standard deviation for all clocks. You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or...