QUESTION 1 In 2015, Business Insider reported that a small business with no employees will have an average revenue of $45,000 per year Last year a random sample of 100, found that a small business with no employees had an average annual revenue of $46,980 This data is normally distributed with a sample standard deviation of $14,000 Test if the average revenue of a small business with no employees is now more than $45,000 using a 0 05 significance level What type of test would we use for this example Z Test for a Proportion T Test for a Proportion Z Test for a Mean T Test for a Mean 1 points QUESTION 2 In 2015, Business Insider reported that a small business with no employees will have an average revenue of $45,000 per year Last year a random sample of 100, found that a small business with no employees had an average annual revenue of $46,980 This data is normally distributed with a sample standard deviation of $14,000 Test if the average revenue of a small business with no employees is now more than $45,000 using a 0 05 significance level Select the correct hypotheses for this test H 0 p $45,000 H a p $45,000 H 0 $45,000 H a $45,000 H 0 p $45,000 H a p $45,000 H 0 $46,980 H a $46,980 H 0 $46,980 H a $46,980 2 points QUESTION 3 In 2015, Business Insider reported that a small business with no employees will have an average revenue of $45,000 per year Last year a random sample of 100, found that a small business with no employees had an average annual revenue of $46,980 This data is normally distributed with a sample standard deviation of $14,000 Test if the average revenue of a small business with no employees is now more than $45,000 using a 0 05 significance level Find the test startistic and p value for this example (Round answers to 2 decimal places) Test Statistic P value 3 points QUESTION 4 In 2015, Business Insider reported that a small business with no employees will have an average revenue of $45,000 per year Last year a random sample of 100, found that a small business with no employees had an average annual revenue of $46,980 This data is normally distributed with a sample standard deviation of $14,000 Test if the average revenue of a small business with no employees is now more than $45,000 using a 0 05 significance level Using the test statistic and p value, what is the correct decision and conclusion for this test Fail to Reject Ho There is enough evidence to show that the average revenue of a small business with no employees is actually less than $45,000 Fail to Reject Ho There is not enough evidence to show that the average revenue of a small business with no employees is now more than $45,000 Reject Ho There is enough evidence to show that the average revenue of a small business with no employees is now more than $45,000 Fail to Reject Ho There is enough evidence to show that the average revenue of a small business with no employees is now $45,000 Reject Ho There is not enough evidence to show that the average revenue of a small business with no employees is now $45,000 2 points QUESTION 5 We know that last year a random sample of 100, found that a small business with no employees had an average annual revenue of $46,980 This data is normally distributed with a sample standard deviation of $14,000 Find the 90 confidence interval for the average annual revenue (If needed, round to nearest dollar) Confidence interval ( $ , $ )

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QUESTION 1 In 2015, Business Insider reported that a small business with no employees will have an average revenue of $45,000 per year. Last year

QUESTION 1

In 2015, Business Insider reported that a small business with no employees will have an average revenue of $45,000 per year. Last year a random sample of 100, found that a small business with no employees had an average annual revenue of $46,980. This data is normally distributed with a sample standard deviation of $14,000. Test if the average revenue of a small business with no employees is now more than $45,000 using a 0.05 significance level.

What type of test would we use for this example?

		Z-Test for a Proportion
		T-Test for a Proportion
		Z-Test for a Mean
		T-Test for a Mean

1 points

QUESTION 2

Select the correct hypotheses for this test.

		H₀: p = $45,000 H_a: p < $45,000
		H₀: = $45,000 H_a: > $45,000
		H₀: p = $45,000 H_a: p $45,000
		H₀: = $46,980 H_a: > $46,980
		H₀: = $46,980 H_a: < $46,980

2 points

QUESTION 3

Find the test startistic and p-value for this example. (Round answers to 2 decimal places)

Test Statistic: ____________

P-value: _____

3 points

QUESTION 4

Using the test statistic and p-value, what is the correct decision and conclusion for this test?

		Fail to Reject Ho. There is enough evidence to show that the average revenue of a small business with no employees is actually less than $45,000.
		Fail to Reject Ho. There is not enough evidence to show that the average revenue of a small business with no employees is now more than $45,000.
		Reject Ho. There is enough evidence to show that the average revenue of a small business with no employees is now more than $45,000.
		Fail to Reject Ho. There is enough evidence to show that the average revenue of a small business with no employees is now $45,000.
		Reject Ho. There is not enough evidence to show that the average revenue of a small business with no employees is now $45,000.

2 points

QUESTION 5

We know that last year a random sample of 100, found that a small business with no employees had an average annual revenue of $46,980. This data is normally distributed with a sample standard deviation of $14,000.

Find the 90% confidence interval for the average annual revenue. (If needed, round to nearest dollar)

Confidence interval: ( $__________ , $___________ )