The jeweler buys gold for 1235.55 per ounce and resells it for 1376.44 per ounce how much profit does the jeweler make from buyi
1 answer:
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Answer:
If we compare the p value and the significance level given we see that
so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, so we can conclude that the true mean is not significantly higher than 48.8 at 1% of signficance.
Step-by-step explanation:
1) Data given and notation
represent the sample mean
represent the population standard deviation assumed
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
z would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
2) State the null and alternative hypotheses.
We need to conduct a hypothesis in order to check if the true mean is higher than 48.8, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
Since we assume that know the population deviation, is better apply a z test to compare the actual mean to the reference value, and the statistic is given by:
(1)
z-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".
3) Calculate the statistic
We can replace in formula (1) the info given like this:
4)P-value
Since is a right tailed test the p value would be:
5) Conclusion
If we compare the p value and the significance level given we see that
so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, so we can conclude that the true mean is not significantly higher than 48.8 at 1% of signficance.