Question
A price of bread in the market is a normal random variable X with the unknown expected value m and standard deviation o. There
A price of bread in the market is a normal random variable X with the unknown expected value m and standard deviation o. There is the data out of 10 stores: 0,79 0,95 0,71 0,85 0,71 0,95 0,89 0,75 0,75 0,79. Calculate the empirical expected value and the empirical unadjusted standard deviation. Form and check the hypothesis about the mean price of bread (e.g. the zero hypothesis Ho: m=mo ). Let the significance level be equal 0,05.
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To calculate the empirical expected value and empirical unadjusted standard deviation we will use the formulae Empirical expected value mean X n Empir...Get Instant Access to Expert-Tailored Solutions
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Statistics For Business And Economics
Authors: James T. McClave, P. George Benson, Terry Sincich
13th Edition
134506596, 978-0134506593
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