Question
You conduct a study in a large southern town to determine whether the average amount spent on food per four-person family in the town is
You conduct a study in a large southern town to determine whether the average amount spent on food per four-person family in the town is lower than the national average per four-person family.A random sample of the weekly grocery bills of 50 four-person families reveals a mean of $145.88 and a standard deviation of $17.2988616.Usingexactlythese numbers and an alpha level of .05, and producing accurate calculations:
- What is the null hypothesis (in words)?
- What is the alternative hypothesis (in words)?
- What statistical test are you using to test this hypothesis?
- Does this problem call for adirectionaltest or anon-directionaltest?Why?
- What is the value of the standard error?
- What is the value of tstat?
- What is the number of degrees of freedom for this statistical test?(Provide a numeric value)
- What is the value of tcritagainst which you will compare tstatfor this hypothesis?
- Based on these data, can we be 95% confident that the average weekly grocery bill of the population of four-person families in the town is less than the national average of four-person families?(Yes or No).Justify your answer.
- Using theexactformula (NOT the approximate formula) provided in class, what are the lower and upper bounds of a 95% confidence interval for the average amount spent on food per four-person family in the town? (Provide values accurate to the nearest dollar.)
Salary$64,464$63,170$58,919$71,804$56,015$72,487$73,739$73,666$64,449$65,738$63,792$70,611$73,778$73,815$56,856$72,001$60,927$70,811$67,593$61,958$70,422$66,119$69,045$77,982$77,823$62,769$53,577$51,646$73,375$70,437$45,754$70,861$68,768$64,379$61,462$69,973$61,811$57,908$68,627$68,648$62,161$68,405$65,467$78,251$43,586$64,411$77,970$66,435$60,626$85,230$64,023$62,439$65,402$83,305$68,724$79,473$68,012$76,944$62,203$61,736$73,978$72,799$72,240$70,683$63,335$62,014$69,753$72,857$63,815$66,986$82,536$61,427$79,443$61,102$62,459$63,397$60,295$58,269$64,592$67,720$80,279$58,868$86,967$80,579$63,063$75,721$67,350$64,356$51,035$89,035$57,002$68,067$66,120$50,744$63,313$60,903$75,481$73,571$66,664$57,138$70,253$80,247$72,292$61,182$72,706$65,718$70,936$71,636$72,385$70,348$55,808$65,614$69,587$67,000$64,741$58,902$81,675$58,089$72,422$61,597$71,603$63,907$66,675$64,819$56,277$80,285$59,111$68,918$64,326$75,562
MajorFinanceInfo SystemsFinanceInfo SystemsInfo SystemsInfo SystemsFinanceInfo SystemsInfo SystemsInfo SystemsInfo SystemsFinanceInfo SystemsInfo SystemsFinanceFinanceInfo SystemsInfo SystemsInfo SystemsFinanceInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsFinanceFinanceFinanceFinanceFinanceInfo SystemsFinanceInfo SystemsInfo SystemsInfo SystemsInfo SystemsFinanceFinanceInfo SystemsFinanceInfo SystemsInfo SystemsFinanceInfo SystemsFinanceInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsFinanceFinanceFinanceInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsFinanceInfo SystemsInfo SystemsInfo SystemsFinanceFinanceFinanceFinanceFinanceFinanceInfo SystemsInfo SystemsInfo SystemsFinanceInfo SystemsInfo SystemsInfo SystemsFinanceInfo SystemsFinanceInfo SystemsInfo SystemsFinanceFinanceInfo SystemsFinanceFinanceFinanceFinanceInfo SystemsFinanceInfo SystemsFinanceFinanceFinanceInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsFinanceFinanceInfo SystemsFinanceInfo SystemsInfo SystemsFinanceFinanceInfo SystemsFinanceFinanceInfo SystemsInfo SystemsInfo SystemsInfo SystemsInfo SystemsFinanceFinanceInfo Systems
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started