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5. The concept of anchoring is one that makes us question our own rationality. An example of anchoring is when you see something you want to buy, but can't afford and are then told the item is on sale. Suddenly, it looks like a good price. On the other hand, if someone told you they had bought the same item for half the price you paid, you would feel cheated. Daniel Kahneman and Amos Tversky were researchers who investigated anchoring. This concept was tested in an experiment with the Spring 2017 statistics class. The class was asked to write down the last two numbers of their phone number. If the last two numbers were less than or equal to 40, they were "Low" numbers. If the last two numbers were greater than or equal to 60, they were "High" numbers. Then they were asked to write down their guess for the population of Morocco. The objective is to determine if the people who wrote down high numbers had a higher average estimate of Morocco's population than those low numbers. Use a level of significance of 0.01. Use H for high numbers and L for low numbers. Last 2 digits of phone number Standard Mean Minimum Maximum Deviation <=40 (L) 14 18.2 1.9 112 28.77 >=60 (H) 14 58.9 1 245 73.07

5. The concept of anchoring is one that makes us question our own rationality. An example of anchoring is when you see something you want to buy, but can't afford and are then told the item is on sale. Suddenly, it looks like a good price. On the other hand, if someone told you they had bought the same item for half the price you paid, you would feel cheated. Daniel Kahneman and Amos Tversky were researchers who investigated anchoring. This concept was tested in an experiment with the Spring 2017 statistics class. The class was asked to write down the last two numbers of their phone number. If the last two numbers were less than or equal to 40, they were "Low" numbers. If the last two numbers were greater than or equal to 60, they were "High" numbers. Then they were asked to write down their guess for the population of Morocco. The objective is to determine if the people who wrote down high numbers had a higher average estimate of Morocco's population than those low numbers. Use a level of significance of 0.01. Use H for high numbers and L for low numbers. Last 2 digits of phone number Standard Mean Minimum Maximum Deviation <=40 (L) 14 18.2 1.9 112 28.77 >=60 (H) 14 58.9 1 245 73.07

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter3: Linear And Nonlinear Functions
Section3.7: Piecewise And Step Functions
Problem 30PPS
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Hello, I was wondering if you could help me figure out how to write the hypothesis for this problem and figure out the T value. I got  Ho:mu40=mu60 Ha:mu40
5. The concept of anchoring is one that makes us question our own rationality. An example of anchoring is when you see something you want to buy, but can't afford and are then told the item is on sale. Suddenly, it looks like a good price. On the other hand, if someone told you they had bought the same item for half the price you paid, you would feel cheated. Daniel Kahneman and Amos Tversky were researchers who investigated anchoring. This concept was tested in an experiment with the Spring 2017 statistics class. The class was asked to write down the last two numbers of their phone number. If the last two numbers were less than or equal to 40, they were "Low" numbers. If the last two numbers were greater than or equal to 60, they were "High" numbers. Then they were asked to write down their guess for the population of Morocco. The objective is to determine if the people who wrote down high numbers had a higher average estimate of Morocco's population than those low numbers. Use a level of significance of 0.01. Use H for high numbers and L for low numbers. Last 2 digits of phone number Standard Mean Minimum Maximum Deviation <=40 (L) 14 18.2 1.9 112 28.77 >=60 (H) 14 58.9 1 245 73.07
Transcribed Image Text:5. The concept of anchoring is one that makes us question our own rationality. An example of anchoring is when you see something you want to buy, but can't afford and are then told the item is on sale. Suddenly, it looks like a good price. On the other hand, if someone told you they had bought the same item for half the price you paid, you would feel cheated. Daniel Kahneman and Amos Tversky were researchers who investigated anchoring. This concept was tested in an experiment with the Spring 2017 statistics class. The class was asked to write down the last two numbers of their phone number. If the last two numbers were less than or equal to 40, they were "Low" numbers. If the last two numbers were greater than or equal to 60, they were "High" numbers. Then they were asked to write down their guess for the population of Morocco. The objective is to determine if the people who wrote down high numbers had a higher average estimate of Morocco's population than those low numbers. Use a level of significance of 0.01. Use H for high numbers and L for low numbers. Last 2 digits of phone number Standard Mean Minimum Maximum Deviation <=40 (L) 14 18.2 1.9 112 28.77 >=60 (H) 14 58.9 1 245 73.07
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