Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An analyst collected data from 25 randomly selected transactions and found the purchase amounts (in $). The mean is $29.01 and the standard deviation is

image text in transcribed
An analyst collected data from 25 randomly selected transactions and found the purchase amounts (in $). The mean is $29.01 and the standard deviation is $12.48. The analyst wants to know if the mean purchase amount of all transactions 34.97 47.97 45.78 35.01 34.59 is at least $22. Use the given information to complete parts a through e. 22.27 11.25 15.13 15.65 43.95 7.64 40.91 25.06 23.76 30.81 44.44 18.99 13.88 20.19 44.25 13.93 39.33 41.17 30.89 23.37 a) What is the null hypothesis? Ho: V V s (Type an integer or a decimal.) b) Is the alternative one- or two-sided? The alternative hypothesis is c) What is the value of the test statistic? The test statistic is (Round to two decimal places as needed.) d) What is the P-value of the test statistic? P-value = (Round to four decimal places as needed.) e) What do you conclude at a = 0.05? The P-value is a, So the null hypothesis. There is evidence to conclude that the mean purchase amount of all transactions is greater than $22

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Course In Number Theory

Authors: Mofidul Islam

1st Edition

9353147069, 9789353147068

More Books

Students also viewed these Mathematics questions

Question

What motives might encourage managers to overdiversify their firm?

Answered: 1 week ago

Question

8. What are the costs of collecting the information?

Answered: 1 week ago