Question
Specifically, based on the paragraph below, please guide me through 1 (a-g). Very lost with d and e. --> ***Of note, This is (T-critical Value
Specifically, based on the paragraph below, please guide me through 1 (a-g). Very lost with
d and e. --> ***Of note, This is (T-critical Value that I'm looking for. Not the Z-Critical Value).**** & SHOW ALL WORK! THANK YOU!
Source: My 'Principle of Statistics' Math professor created this assignment from Math 167 class.
Question/Paragraph-->
1.Hoping to lure more shoppers downtown, Imaginary City builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees, with a consultant predicting that parking revenues will average $130 per day. In a random sample of 61 weekdays, the average daily fee collected was $126 with standard deviation $15. Suppose you would like to determine if the mean daily fee is different from the consultant's prediction.
(a)Write the null and alternative hypotheses you intend to test.
(b)List all conditions that must be satisfied to use the appropriate testing procedure and indicate whether they are or are not satisfied by the sample.
(c)Compute the test statistic based on the sample data.
(d)Compute the P-value based on the sample data.
(e)Should you reject or fail to reject the null hypothesis at the = 0.05 significance level?
(f)What does your conclusion tell you about the consultant's prediction?--> BAD
(g) Would you hire this Consultant again?-->NO
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