Please answer quickly! 50.1+70.12=?
2 answers:
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Answer:
a)
The degrees of freedom are given by:
b) The conclusion depends on the significance level selected, if the p value is lower than a significance level given we have enough evidence to conclude that the true mean is different from 57.61, otherwise we FAIl to reject the null hypothesis and thare is no evidence to conclude that the true mean is different from 57.61
Step-by-step explanation:
Data provided
represent the mean for the retail price
represent the sample standard deviation
sample size selected
represent the value that we want to verify
represent the significance level
t would represent the statistic
represent the p value for the test
Part a
System of hypothesis
We want to check if the true mean for the reatil price is 57.61 or not, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
The statistic is given by:
(1)
The statistic is given by:
P value
The degrees of freedom are given by:
The p value would be:
Part b: Conclusion
The conclusion depends on the significance level selected, if the p value is lower than a significance level given we have enough evidence to conclude that the true mean is different from 57.61, otherwise we FAIl to reject the null hypothesis and thare is no evidence to conclude that the true mean is different from 57.61