Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. question 1 a university claims that the average co

Question 1 A university claims that the average cost of books per student, per semester is $300....

90.2K

Verified Solution

Question

Statistics

Question 1

A university claims that the average cost of books per student,per semester is $300. A group of students believes that the actualmean is higher than this. They take a random sample of 100 studentsand calculate the sample mean to be $345 with a standard deviationof $200.

a)         Performa z-test to see if the students are correct, that the true mean isgreater than $300 using α = 0.05. Specify the hypotheses, teststatistic, decision rule and conclusion.

b) Calculate the p-value forthe test in part a). Does this agree with your answer topart a)? Explain why or why not.

c)   Calculatea 90% confidence interval for µ. Does this agree with your answerto part a)? Explain why or why not.

Answer & Explanation Solved by verified expert
4.5 Ratings (852 Votes)
To Test H0 H1 Test Statistic Z 225Test Criteria Reject null hypothesis if Result Reject null hypothesisConclusion    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Ratio analysis is an important tool used by investors, creditors, and management when assessing the health...

Statistics
1.2K views

The normaldistribution for women’s height in North America has a mean μ=62inches and a standard deviation...

Operations Management
1.2K views

Q2. A friend of yours wants to begin selling maple syrup that he makes on his...

Physics
1.2K views

Two coherent wave sources 5 cm apart make ripples in a water tank, producing a Moire...

General Management
1.2K views

How can managers create value by establishing important relationships among the value chain activities; within the...

Algebra
1.2K views

Question 31 Write the equation in slope intercept form for a line which passes through...

Accounting
1.2K views

Evander Inc. has decided to use the high-low method to estimate the total cost and...

Accounting
1.2K views

SmaGlo, Inc., un operador de telecomunicaciones, celebr un contrato con Kim Dorothy el 1 de...

Accounting
1.2K views

ABC Properties Ltd. has a contract to build a hotel for $3,000,000 to be received...

Finance
1.2K views

Assume a corporation has just paid a dividend of $4.35 per share. The dividend is...

Finance
1.2K views

Please identify which answer goes with the correct corresponding label (a,b,c-1,etc). Also feel free to...

Accounting
1.2K views

Rosie Corporation has 70% of the outstanding voting stock of Smith Corporation and 10% of...