Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i cannot figure out how to do these problems. can anyone help? An energy company claims the average gasoline price is less than $1.20 per

i cannot figure out how to do these problems. can anyone help?
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
An energy company claims the average gasoline price is less than $1.20 per gallon. In order to test their claim, we randomly selected a sample of 64 of their gas stations and determined the average price per gallon of the stations sampled is $1.15. We assume the standard deviation of the population is $0.14. Test the company's claim with an alpha value of 0.05. c. What is decision for this test? Question 14 options: Reject the null hypothesis DNR the null hypothesis None of the above An energy company claims the average gasoline price is less than $1.20 per gallon. In order to test their claim, we randomly selected a sample of 64 of their gas stations and determined the average price per gallon of the stations sampled is $1.15. We assume the standard deviation of the population is $0.14. Test the company's claim with an alpha value of 0.05. b. What is the critical value for the proper hypothesis test? Question 7 options: 1.23 1.17 1.15 None of the above An energy company claims the average gasoline price is less than $1.20 per gallon. lo.order to test their claim, we randomly selected a sample of 64 of their gas stations and determined the average price per gallon of the stations sampled is $1.15. We assume the standard deviation of the population is $0.14. Test the company's claim with an alpha value of 0.05. a. What is the null hypothesis? Question 17 options: -$1.15 WHL - $1.20 WC-$1.20 None of the above A sample of 53 electric bills were taken from Fort Worth homes. The average price of the bills was $256.25 with a standard deviation (S) of $15.25. Sixty-seven bills were sampled from the Dallas homes. The average price of those 67 bills was $389.00 with a standard deviation (s) of $19.26. Calculate a 95% confidence interval for the difference in the average bill values for the two cities. What conclusion can be drawn about the difference between the two cities? Show your work and confidence interval/hypothesis test range on your hand work. Question 23 options: You are 95% confident that the Fort Worth bills are $127.55 to $137.95 lower than Dallas. There is no statistically significant difference. You are 95% confident that the Fort Worth bills are $126.58 to $138.92 lower than Dallas None of the above

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

Advanced Financial Accounting

Authors: Theodore Christensen, David Cottrell, Cassy Budd

13th Edition

1260772136, 9781260772135

More Books

Students also viewed these Accounting questions

Question

SR 9.31 What is a file chooser?

Answered: 1 week ago