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Mekhanik [1.2K]
3 years ago
7

Grandfather clocks have a particular market in auctions. One theory about the price at an auction is that it is higher when ther

e are 10 or more bidders.
From published data, the average price of all grandfather clocks is given as $1,327.
You are not given a standard deviation for all clocks.
You are given a random sample of 14 purchases of grandfather clocks at auctions in Pennsylvania where there are 10 or more bidders. Assume your sample is random and approximately normal. The sample statistics are:Mean = $1,491.43Std Dev = $411.53C.V. = 27.59N = 14
You are asked to test to see if the price is higher than $1,327 when there are 10 or more bidders. You will use alpha = .05.What is the t-value you would use as a critical value for this hypothesis test?

Use 3 decimal places for your answer and use the proper rules of rounding.
Business
1 answer:
anastassius [24]3 years ago
5 0

Answer:

t value is 1.495

Explanation:

The null and alternative hypothesis are :

H0 : mu = 1327

ha: mu > 1327

This is a one tailed test

Critical value = 1.771

at 0.05 significance level with df = 14-1 = 13

test statistics:

s = 411.53, n = 14

t = (xbar -mu)/(s/sqrt9n))

= ( 1491.43 - 1327)/(411.53/sqrt(14))

= 1.495

Decision:

Reject H0 if tstat > 1.771

Fail to reject H0

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0.0139

Explanation:

Given that:

The number of sample (n) = 21

The sample distribution has mean (μ) and a standard deviation of σ/√n

The z score is given as (x - mean)/ standard deviation

x = 94.8 wpm, let us assume that σ = 10 and μ = 90

Therefore: z = (x - μ) / (σ/√n) = (94.8 - 90) / (10/√21) = 2.2

To calculate the probability using Z table:

P(X>94.8) = P(Z>94.8) = 1 - P(Z<94.8) = 1 - 0.9861 = 0.0139

The probability is low that is less than 0.05, the program is more effective than the old one.

5 0
3 years ago
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Answer:

Zero balance

Explanation:

Because you finished all your money.

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3 years ago
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On December 31, Strike Company has decided to discard one of its batting cages. The initial cost of the equipment was $208,831.0
borishaifa [10]

Answer: Equipment Cr. $208,831.00

Explanation:

The Asset was purchased at a cost of $208,831.00 and this was reflected in the Equipment account.

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5 0
3 years ago
Zeus wanted to convey Mount Olympus to Artemis, Ares, Aphrodite, and Athena in equal shares. On July 1, he saw Artemis, Aphrodit
dsp73

Answer:

Joint Tenancy

Explanation:

Each tenant was given an equal share.

The conveyance deed was completed on a specific date passing all the land fairly to all tenants.

The Hera, Aphrodite, Athena and Ares also bear the title of Mutual Tenancy as Zeus transmitted Mount Olympus to them.

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ABC had a net income of $8,000, $5,000, $12,000, and $10,000 over the first four years of the company's existence. If the averag
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Answer:

B) $23,000.

Explanation:

ABC's accumulated net income (or retained earnings) over the past four years = $8,000 + $5,000 + $12,000 + $10,000 = $35,000

ABC's accumulated dividends paid over the past four years = $3,000 x 4 = $12,000

Since dividends are paid using money that proceeds from retained earnings, the balance of the retained earnings account = accumulated retained earnings - accumulated dividends = $35,000 - $12,000 = $23,000

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