Question
1.At a recent meeting, the manager of a national call center for a major Internet bank made the statement that the average past-due amount for
1.At a recent meeting, the manager of a national call center for a major Internet bank made the statement that the average past-due amount for customers who have been called previously about their bills is now no larger than $26.00. Other bank managers at the meeting suggested that this statement may be in error and that it might be worthwhile to conduct a test to see if there is statistical support for the call center manager's statement. The accompanying table contains data for a random sample of 67 customers from the call center population. Assuming that the population standard deviation for past due amounts is known to be$62.00, what should be concluded based on the sample data? Test using =0.01.
83.45
-129.43
76.01
98.94
37.91
40.78
-93.29
95.77
121.91
0.00
0.00
102.67
151.63
55.02
0.00
47.35
78.03
143.21
51.37
216.87
26.18
181.72
1.11
-18.05
2.13
0.00
117.23
0.00
82.47
59.32
57.99
26.99
32.26
-60.45
0.00
52.11
58.43
135.57
40.62
107.92
99.99
184.05
72.14
0.00
152.83
169.29
4.61
66.42
54.06
59.54
311.47
145.01
0.00
0.00
0.00
58.01
69.29
-129.06
76.57
99.42
38.27
41.21
-92.54
94.41
122.48
0.00
0.00
State the appropriate null and alternative hypotheses. Choose the correct answer below.
A.H0:26.00 HA: <26.00
B.H0:26.00 HA:=26.00
C.H0: <26.00 HA: 26.00
D.H0:>26.00 HA: 26.00
E.H0:26.00 HA:>26.00
F.H0: =26.00 HA: 26.00
Calculate the test statistic.
t or z =?????(Round to two decimal places as needed.)
Find the p-value.
p-value=?????? (Round to three decimal places as needed.)
State the conclusion. Choose the correct answer below.
A. Reject the null hypothesis. There is sufficient evidence at significance level =0.01 that the mean past-due amount for customers who have been called is greater than $26.00.
B. Do not reject the null hypothesis. There is not sufficient evidence at significance level =0.01 that the mean past-due amount for customers who have been called is not equal to $26.00.
C. Do not reject the null hypothesis. There is sufficient evidence at significance level =0.01 that the mean past-due amount for customers who have been called is greater than$26.00.
D. Reject the null hypothesis. There is not sufficient evidence at significance level =0.01that the mean past-due amount for customers who have been called is greater than $26.00.
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Mathematical Economics
Authors: Wade Hands, D Wade Hands
2nd Edition
0195133781, 9780195133783
