Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 A survey recently reported that the mean national annual expenditure for inpatient and outpatient services of all persons over 64 years of age

image text in transcribed

Question 2 A survey recently reported that the mean national annual expenditure for inpatient and outpatient services of all persons over 64 years of age was $5,423 with a standard deviation of $979. A random sample of 352 persons over age 64 living in Sudbury had an average expense of $5,516. a) Can we conclude that the mean inpatient and outpatient expense of all Sudbury residents over age 64 is higher than the national average of $5,423? Use the 0.01 level of significance. AN[10 marks) b) Calculate the P-value for this test. Would your answer have changed if you had used a 0.05 level of significance? AP[6 marks) c) The P-value is not the probability that Ho is true. Discuss this claim, stating your position explicitly. AP[4 marks)

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

Accounting For Investments Equities Futures And Options Volume 1

Authors: R. Venkata Subramani

1st Edition

047082431X, 978-0470824313

More Books

Students also viewed these Accounting questions

Question

explain the negativity bias;

Answered: 1 week ago