Question
Asked Nov 17, 2019
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waold be 147, 21
Econ omists predict
price
Std dev. far there
prices
9,25
th presictn te Tanple t frice 30 times
lo check
andd
The frice 30 tmes
fo mal
dfference betweenthe sample mean
AF = 0.05's the
and preolicton stts tia
average cest of 150.51.
shots taia y
Significant?
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waold be 147, 21 Econ omists predict price Std dev. far there prices 9,25 th presictn te Tanple t frice 30 times lo check andd The frice 30 tmes fo mal dfference betweenthe sample mean AF = 0.05's the and preolicton stts tia average cest of 150.51. shots taia y Significant?

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Expert Answer

Step 1

The hypotheses for the test is given below.

Null hypothesis:

H0: µ = 147.21

Alternative hypothesis:

H1: µ ≠ 147.21

Step 2

The test statistic is obtained as follows.

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х — и Z = 150.51-147.21 9.25 J30 -1.95

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Step 3

p-value:

Here, the test statistic value is 1.95 an...

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p-value P(z -1.95)+ P(z21.95) -P(z -1.95)+(1-P(z<1.95)) (Using standard normal table 0.0256 1-0.9744 0.0512

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