Question

Colle date an An accountant claims to be able to complete a standard tax return in un an hour. For a random sample of 24 tax retums, the accountant averaged 63.2 minutes with a standard deviation of 7.7 minutes. (4 marks each) 2. What is the test statistic for this test? b. What are the appropriate null and alternative hypotheses? c. What is the most accurate estimate of the p-value? A real estate broker is interested in identifying the factors that determine the price of a house. She wants to run the following regression: Y-RAX+X+BX+where Y = price of the house in GHS 1,000s, X = number of bedrooms, x, = square footage of living space, and x, = number of miles from the beach. Taking a sample of 30 houses, the broker runs a multiple regression and gets the following results: y = 123.2 + 4.59x, +0.125x, -6.04. 5 = 103.2, sa = 2.13. = 0.062 = 4.17, R=0.47, and R=0.45 (adjusted) (2 marks each) a. What should the null and alternative hypotheses be for? b. What should the null and alternative hypotheses be for 8, c. What should the null and alternative hypotheses be for? d. How would you interpret the coefficient onx? c. How would you interpret the coefficient on ? E Determine the price that an individual has to pay for a 3 bedroom, 1,000 square foot house that is located three miles away from the beach. 8. What is your conclusion regarding the hypothesis test for? h. What is the correct interpretation of the coefficient of determination R?? 1 What is the 95% confidence interval ford? 1. In multiple regression analysis, the ratio MSR/8 yields the ORTION

Answer 1

Given - n =24 = 632 min. S: 7.7 min . Here we want to test standard tax return on under an hour i.e. 60 min Ond population standard deviation is not given 80 We used the tutost : o test statisticď t = ă-elo s/ n (under Ho Uo=60) = 632-60 7.7 / 524 10.-2098 2.0359 2036 b) Here an we want to test standard tax returon in under hour jie 60min. hypothesis is nuu hypothesis (Ho): U=60 min Alternative hypothesis (H): < 60 min c) estimate of p-value is 0.9734 &c from Excel - using command tidist (test 2.0359, 23, TRUE)