Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ffRefer to the Exhibit Average Income. We want to test to determine if there has been a decrease in the average yearly income of dentists

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
\f\fRefer to the Exhibit Average Income. We want to test to determine if there has been a decrease in the average yearly income of dentists (at the significance level 0.04). Construct the null and the alternative hypotheses for this test choosing the fields below: Ho: / [Select ] [ Select ] H1: H [ Select ] [ Select ]\fRefer to the Exhibit Average Income. Calculate the critical value for the test. Refer to the Exhibit Average Income. State your conclusion for the test indicating whether you reject the null or not. => we reject Ho- = we cannot reject Ho- O Z > -20 = we reject Ho- O ZX -20 = we accept Ho.Refer to the Exhibit Average Income. State your conclusion for the test in words relying on the economic context of the problem. O There is enough evidence to conclude that the yearly income of dentists has decreased since 2009. O There is enough evidence to conclude that the yearly income of dentists has increased since 2009. O There is not enough evidence to conclude that the yearly income of dentists has decreased since 2009. O There is not enough evidence to conclude that the yearly income of dentists has changed since 2009.Refer to the Exhibit Average Income. Suppose that, instead of the critical value approach, you decided to use the p-value approach and found that the p-value for the test in this problem is equal to 0.0479. This p-value is best interpreted as the following: There is a 4.79% probability of observing the average yearly income in the sample of 34 dentists of $104,000 or below if the actual average yearly income of dentists is $110,000. O There is a 4.79% probability of observing the average yearly income in the sample of 34 dentists of $104,000 or below. O There is a 4.79% probability of observing the average yearly income in the sample of 34 dentists of $110,000 or below. O There is a 4.79% probability of observing the average yearly income in the sample of 34 dentists of $104,000 or above if the actual average yearly income of dentists is $110,000.Exhibit: Average Income. The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2009 was $110,000. A sample of 34 dentists, which was taken in 2010, showed an average yearly income of $104,000. Assume the standard deviation of the population of dentists in 2010 is $21,000. Round your solutions for this Exhibit to 4 decimal places

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

Calculus Early Transcendentals

Authors: James Stewart

8th edition

1285741552, 9781305482463 , 978-1285741550

More Books

Students also viewed these Mathematics questions