The New York Stock Exchange recently reported that the average age of a female shareholder is 44

Question:

The New York Stock Exchange recently reported that the average age of a female shareholder is 44 years. A broker in Chicago wants to know whether this figure is accurate for the female shareholders in Chicago. The broker secures a master list of shareholders in Chicago and takes a random sample of 58 women. Suppose the average age for shareholders in the sample is 45.1 years, with a population standard deviation of 8.7 years. Test to determine whether the broker’s sample data differ significantly enough from the 44-years figure released by the New York Stock Exchange to declare that Chicago female shareholders are different in age from female shareholders in general. Use α = .05. If no significant difference is noted, what is the broker’s probability of committing a Type II error if the average age of a female Chicago shareholder is actually 45 years? 46 years? 47 years? 48 years? Construct an OC curve for this data. Construct a power curve for these data.


Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: