Question

Use the following information tower questions (309-34). The most of tromm 3013735 per meal. Test the hypothesis that the cost of eating away from home from 2012 2013. Volg summary statistics from a sample of 30 meals eaten away from home in 2015 $5.35,- 10.ort the ad andard rom, statistie, p value and at for the appropriate alternative wypothesis, and state your decision regarding the thesis was your conclusion about the original claim. Use a 5% significance level Question 30 What is the estimated standard error of the sampling distribution? Round to 4 decimal places.

Answer 1

Ho :   µ =   7.15  
Ha :   µ <   7.15   (Left tail test)
          
Level of Significance ,    α =    0.050  
sample std dev ,    s =    1.0500  
Sample Size ,   n =    30  
Sample Mean,    x̅ =   6.3500  
          
degree of freedom=   DF=n-1=   29  
          
Standard Error , SE = s/√n =   1.05/√30=   0.1917  
t-test statistic= (x̅ - µ )/SE =    (6.35-7.15)/0.1917=   -4.173  
          
critical t value, t* =        -1.6991   [Excel formula =t.inv(α/no. of tails,df) ]
          
p-Value   =   0.0001   [Excel formula =t.dist(t-stat,df) ]

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