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Download the hypothesis testing dataset from the class website. 1. This is case 1, in which...

Download the hypothesis testing dataset from the class website.
1. This is case 1, in which the value of population standard deviation is assumed to be

known.
a. Compute the standard deviation of the textbook price and assume this to be the population standard deviation. Type this value in E5.

b. Pick a random sample of size 15.
c. Compute the mean of your random sample in E4 using the AVERAGE function. d. Calculate the standard error in cell E9 using the equation: S * √n.
e. Compute the z-statistic in cell E10 using the equation: (mean – 180) / s.e.
f. Compute the p-value for the lower tailed test in E13.

• Use the NORMSDIST equation and refer to your z-statistic calculated in cell E10 g. Calculate the critical z-values for α = .01 and .05 in cells I6 and I7.

  • Use the NORMSINV function to find the corresponding critical value.

  • Decide if you would or would not reject the null hypothesis. Put this in cells K6 and K7

    h. Decide if you would or would not reject the null hypothesis using the p-value as a tool. Put your answer in cell I13.

    i. Repeat the above steps for an upper tailed and two tailed test.

  • Remember that your critical z value for upper tailed will be found using (1-α) asyour probability. P-value is 1 – NORMSDIST(E10)

  • For a two-tailed test, the critical z value is found using (α/2) as your probability. Two-tailed p-value is 2*NORMSDIST(E10)

  • Price of Textbook ($)
    193
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    186
    117
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    134
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    238
    154
    171
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    176
    103
    206
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    139
    226
    243
    159
    91
    165
    195
    218
    213
    191
    146
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    249
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    97
    134
    115
    116
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    221
    238
    239
    171
    87
    104
    104
    121
    208
    225
    129
    232
    210
    177
    178
    110
    184
    214
    153
    147
    234
    140
    167
    158
    122
    176
    104
    85
    136
    189
    154
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    172
    87
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    123
    210
    142
    143
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    179
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    162
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    136
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    82
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    101
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    174
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    144
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    150
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    90
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    172
    127
    92
    231
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    238
    97
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    201
    104
    218
    121
    236
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    169
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    121
    138
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    131
    243
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    90
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    163
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    105
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    181
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    90
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    81
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    100
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    84
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    150
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    88
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    215
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    169
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    161
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    96
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    115
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    134
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