Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 11.2, Problem 11E
To determine
Calculate the p value.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
In testing the population mean,a left-tailed test has a test statistic of z = -2.72.Which is the correct critical value, if we use α=0.005:
2.576
-2.576
1.645
-1.645
Show that the sample variance of a random variable X is a consistent estimator of the population
variance.
The null and alternate hypotheses are:
H0 : μ1 = μ2
H1 : μ1 ≠ μ2
A random sample of 8 observations from one population revealed a sample mean of 23 and a sample standard deviation of 4.6. A random sample of 8 observations from another population revealed a sample mean of 27 and a sample standard deviation of 4.6. The population standard deviations are unknown but assumed to be equal. At the 0.01 significance level, is there a difference between the population means?
a. State the decision rule.
b. Compute the pooled estimate of the population variance.
c. Compute the test statistic.
Chapter 11 Solutions
Statistics for Management and Economics (Book Only)
Ch. 11.1 - Prob. 1ECh. 11.1 - Prob. 2ECh. 11.1 - Prob. 3ECh. 11.1 - Prob. 4ECh. 11.1 - Prob. 5ECh. 11.1 - Prob. 6ECh. 11.2 - Prob. 7ECh. 11.2 - Prob. 8ECh. 11.2 - Prob. 9ECh. 11.2 - Prob. 10E
Ch. 11.2 - Prob. 11ECh. 11.2 - Prob. 12ECh. 11.2 - Prob. 13ECh. 11.2 - Prob. 14ECh. 11.2 - Prob. 15ECh. 11.2 - Prob. 16ECh. 11.2 - Prob. 17ECh. 11.2 - Prob. 18ECh. 11.2 - Prob. 19ECh. 11.2 - Prob. 20ECh. 11.2 - Prob. 21ECh. 11.2 - Prob. 22ECh. 11.2 - Prob. 23ECh. 11.2 - Prob. 24ECh. 11.2 - Prob. 25ECh. 11.2 - Prob. 26ECh. 11.2 - Prob. 27ECh. 11.2 - Prob. 28ECh. 11.2 - Prob. 29ECh. 11.2 - Prob. 30ECh. 11.2 - Prob. 31ECh. 11.2 - Prob. 32ECh. 11.2 - Prob. 33ECh. 11.2 - Prob. 34ECh. 11.2 - Prob. 35ECh. 11.2 - Prob. 36ECh. 11.2 - Prob. 37ECh. 11.2 - Prob. 38ECh. 11.2 - Prob. 39ECh. 11.2 - Prob. 40ECh. 11.2 - Prob. 41ECh. 11.2 - Prob. 42ECh. 11.2 - Prob. 43ECh. 11.2 - Prob. 44ECh. 11.2 - Prob. 45ECh. 11.2 - Prob. 46ECh. 11.2 - Prob. 47ECh. 11.2 - Prob. 48ECh. 11.2 - Prob. 49ECh. 11.2 - Prob. 50ECh. 11.2 - Prob. 51ECh. 11.2 - Prob. 52ECh. 11.2 - Prob. 53ECh. 11.2 - Prob. 54ECh. 11.2 - Prob. 55ECh. 11.2 - Prob. 56ECh. 11.2 - Prob. 57ECh. 11.2 - Prob. 58ECh. 11.2 - Prob. 59ECh. 11.3 - Prob. 60ECh. 11.3 - Prob. 61ECh. 11.3 - Prob. 62ECh. 11.3 - Prob. 63ECh. 11.3 - Prob. 64ECh. 11.3 - Prob. 65ECh. 11.3 - Prob. 66ECh. 11.3 - Prob. 67ECh. 11.3 - Prob. 68ECh. 11.3 - Prob. 69ECh. 11.3 - Prob. 70ECh. 11.3 - Prob. 71ECh. 11.3 - Prob. 72ECh. 11.3 - Prob. 73ECh. 11.3 - Prob. 74ECh. 11.3 - Prob. 75ECh. 11.3 - Prob. 76ECh. 11.3 - Prob. 77ECh. 11.3 - Prob. 78ECh. 11.3 - Prob. 79E
Knowledge Booster
Similar questions
- If SLR 1-3 hold, but SLR 4 is violated, then... OLS estimators are unbiased and inconsistent OLS test statistics suffer from heteroskedasticity OLS estimators are biased and consistent OLS estimators are biased and inconsistentarrow_forwardAccording to the Annual survey of drugs expenditure in country X, the annual expenditure for prescription drugs is $838 per person in the Northeast region of the country. A sample of 60 individuals in the Midwest shows a per person expenditure for prescription drugs of $745. Further, it is given that the population standard deviation of $300. Formulate hypotheses for a test to determine whether the sample data support the conclusion that the population annual expenditure for prescription drugs per person is lower in the Midwest than in the Northeast and Identify whether it is a two-tail test or a one tail test (Left or right tail).arrow_forwardConsider the following hypothesis from a sample of 22 observations that has the value ?=2.24: ?0:?=8 ??:?>8 What are the degrees of freedom for this statistic? Give the two critical values ?∗from t Distribution table that bracket t. Between what two values does the P-value of the test fall? Is the value ?=2.24 statistically significant at the 5% level? Is it statistically significant at the 1% level?arrow_forward
- It is known that the variance of a population equals 20. A random sample of 144 observations is going to be taken from the population. Compute the margin of error corresponding to a 95% level of confidence.arrow_forwardConsider the following hypothesis test: H 0: 50 H a: > 50 A sample of 55 is used and the population standard deviation is 7. Use the critical value approach to state your conclusion for each of the following sample results. Use = .05. With = 52.5, what is the value of the test statistic (to 2 decimals)?Can it be concluded that the population mean is greater than 50?Select Yes No Item 2 With = 51, what is the value of the test statistic (to 2 decimals)?Can it be concluded that the population mean is greater than 50?Select Yes No Item 4 With = 51.8, what is the value of the test statistic (to 2 decimals)?Can it be concluded that the population mean is greater than 50?arrow_forwardou are conducting a hypothesis test on the body weights of male fraternity members. The research (alternative) hypothesis is that the averge weight is greater than 200 lbs. Your test will be at the 0.01 significance level. You take a sample of 64 men, and find that the sample average is 210 lbs, and the standard deviation is 20 lbs. The value of your test statistic is, therefore, 4.00. Would your test statistic be higher or lower if your sample stats had been estimated from a sample of 640 men, rather than 64? Group of answer choices Lower The same (neither higher, nor lower). Higherarrow_forward
- A sample of 42 observations is selected from a normal population. The sample mean is 41, and the population standard deviation is 4. Conduct the following test of hypothesis using the 0.05 significance level. H0: μ = 43 H1: μ ≠ 43 Is this a one- or two-tailed test? multiple choice 1 One-tailed test Two-tailed test What is the decision rule? multiple choice 2 Reject H0 if −1.960 < z < 1.960 Reject H0 if z < −1.960 or z > 1.960 What is the value of the test statistic? (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.) What is your decision regarding H0? multiple choice 3 Fail to reject H0 Reject H0 e-1. What is the p-value? (Round your z value to 2 decimal places and final answer to 4 decimal places.) e-2. Interpret the p-value? (Round your z value to 2 decimal places and final answer to 2 decimal places.)arrow_forwardA hypothesis will be used to test that a population mean equals 9 against the alternative that the population mean is less than 9 with known variance . What is the critical value for the test statistic for the significance level of 0.025? Round your answer to two decimal places (e.g. 98.76).arrow_forwardPharmaceutical companies promote their prescription drugs using television advertising. In a survey of 90 randomly sampled television viewers, 9 indicated that they asked their physician about using a prescription drug they saw advertised on TV. Develop a 90% confidence interval for the proportion of viewers who discussed a drug seen on TV with their physician. (Round your answers to 3 decimal places.) Is it reasonable to conclude that 30% of the viewers discuss an advertised drug with their physician?arrow_forward
- You collected a sample from a population which you realized has very high standarddeviation. You want to estimate the population parameter from this sample. You thinkthat your interval will be very wide, what you can do to narrow it down without changingyour confidence level. Will your suggestion to improve the width of the interval increasethe probability of the true mean lying in that interval?arrow_forwardWhat is the value of the test statistic for a test with a null hypothesis that mu = 250, Xbar = 260 the standard deviation = 5 and n = 100?arrow_forwardA service counter manager wishes to ensure that an average of 16 seconds toserve a customer. In order to analyse the efficiency of the service process, he takesa random sample of 56 customers. The mean service time of the sample is 15.8seconds. Assume that the population standard deviation is 0.8 seconds. (a) State the null and the alternative hypotheses for the test (b) Use the p-value approach to test the manager's concern at ? = 0.05. (c) Confirm your result in (ii) by using the critical value approach. (d) State the recommendation that the manager can present to the company.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education