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DEFINE TEST STATISTIC FOR μ WHEN σ IS KNOWN?
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DEFINE THE p-VALUE APPROACH?
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WRITETHE FOUR-STEP PROCEDURE USING THE p-VALUE APPROACH>?
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A research analyst disputes a trade group’s prediction that back-to-school spending will average $606.40 per family this year. She believes that average back-to-school spending will differ from this amount. She decides to conduct a test on the basis of a random sample of 30 households with school-age children. She calculates the sample mean as $622.85. She also believes that back-to-school spending is normally distributed with a population standard deviation of $65. She wants to conduct the test at the 5% significance level. a) Specify the competing hypotheses in order to test the research analyst’s claim. b) What is the allowed probability of a Type I error? c) Calculate the value of the test statistic and the p-value. d) At the 5% significance level, does average back-to-school spending differ from $606.40?
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WHAT IS IMPLEMENTING A TWO-TAILED TEST USING A CONFIDENCE INTERVAL?
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Use the confidence interval approach to conduct the hypothesis test described in Example?
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A report in The New York Times (August 7, 2010) suggests that consumers are spending less due to a realization that excessive spending does not make them happier. A researcher wants to use debit card data to contradict the generally held view that the average amount spent annually on a debit card is at least $8,000. She surveys 20 consumers and asks them how much they spend annually on their debit cards. The results are given below. 7960 7700 7727 7704 8543 7661 7767 8761 7530 8128 7938 7771 7272 8113 7727 7697 7690 8000 8079 7547 It is assumed that the population standard deviation is $500 and that spending on debit cards is normally distributed. Test the claim at the 1% level of significance.
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WHAT IS TEST STATISTIC FOR μ WHEN σ IS UNKNOWN?
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