Question 12 {6 points] A sample of 16 observations randomlyr selected from a normallv distributed population has the sample mean of 24 and the sample standard deviation of 1.2 [Hint: population standard deviation is unknown here]. At 95% confidence, what is the margin of error? {Round to two place decimal] Ax At 99% confidence, what is the margin of error? {Round to two place decimal] Ax Develop the 95% confidence interval for the population mean {Round to two place decimal]: to y y Develop the 99% confidence interval for the population mean {Round to two place decimal]: Question 13 (6 points) A comprehensive study in 2018 reported college students carry an average balance of $1296, with assumed population standard deviation $324. In October of this year, a researcher asked college students their credit card balance for the past month; for a random sample of 36 students, the mean was $1420. Use the p-value method at o = 0. 01 to test whether the mean credit card balance of college students has increased significantly. What is the standard error? A/ The value of test statistic is (round to two decimal place) The p-value of the test is (round to four place decimal): What is your conclusion? Type one of the following two statements: "Reject the null hypothesis" "Do not reject the null hypothesis." A/Question 14 {6 points} According to US department of Agriculture; Economics Research Service, per capita consumption of cheese in the united states in 2013 is 40 lb. Use critical value method to conduct a test statistic on "Do Minnesotan eat more cheese per year than the national average?" Let the level of signicant at : 0. 05. A random sample of cheese consumption per year for ten Minnesotans is given below: Average Cheese Consumption of 10 Minnesotans What is the value of the standard deviation of this sample? {Round to the four place of decimal] Z? The value of test statistic is (round to two decimal place] l The critical value of the test is {round to two decimal place) :a What is your conclusion? Type one of the following two statements: x "Reject the null hypothesis" "Do not reject the null hypothesis."