Answered step by step
Verified Expert Solution
Question
1 Approved Answer
11. You manage a grocery, and you are wanting to see what the average customers spends per visit, and then testing whether your customers spend,
11. You manage a grocery, and you are wanting to see what the average customers spends per visit, and then testing whether your customers spend, on average, more than $75 per visit. You take a random sample of 50 customers and find the mean of this sample is $98. From a randomization distribution of 3000 samples, you calculate a p-value of 0.007. a) Define the parameter of interest in words (and in context), and give the correct symbol for this parameter. (4 points) b) What is the alternative hypothesis for this tests? (2 points) c) Which number in this problem is the sample statistic? Give the value and the correct notation. (2 points) d) At what value should will your randomization distribution be centered: 75, 50, 98, 3000, or 0.007? (2 points) e) If instead of carrying out a test you made a confidence interval, at what value will your bootstrap distribution be centered: 75, 50, 98, 3000, or 0.007? (2 points)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started