During 2013 a company implemented a number of policies aimed at reducing the ages of its customers
Question:
a. Set up the null and alternative hypotheses needed to establish that the mean average account age has been reduced by the companys new policies.
b. Figure 10.10 gives the Excel output needed to test the hypotheses of part a. Use critical values to test these hypotheses by setting α equal to .10, .05, .01, and .001. How much evidence is there that the mean average account age has been reduced?
c. Figure 10.10 gives the p- value for testing the hypotheses of part a. Use the p-value to test these hypotheses by setting α equal to .10, .05, .01, and .001. How much evidence is there that the mean average account age has been reduced?
d. Calculate a 95 percent confidence interval for the mean difference in the average account ages between 2013 and 2012. Estimate the minimum reduction in the mean average account ages from 2012 to 2013.
Step by Step Answer:
Essentials Of Business Statistics
ISBN: 9780078020537
5th Edition
Authors: Bruce Bowerman, Richard Connell, Emily Murphree, Burdeane Or