The cost of producing an item is $250 at the break-even point. What is the income from selling the same item at the break-even p
2 answers:
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Answer:
a) Null hypothesis:
Alternative hypothesis:
b)
c) If we compare the p value and the significance level given we see that
so we can conclude that we have enough evidence to reject the null hypothesis, so we can conclude that the true mean for the salary differs from 9000 at 5% of significance.
Step-by-step explanation:
1) Data given and notation
77600 ,76000 ,90700 ,97200 ,90700 ,101800 ,78700 ,81300 ,84200 ,97600 ,
77500 ,75700 ,89400 ,84300 ,78700 ,84600 ,87700 ,103400 ,83800 ,101300
94700 ,69200 ,95400 ,61500 ,68800
We can calculate the sample mean and deviation with the following formulas:
The values obtained are:
represent the mean annual salary for the sample
represent the sample standard deviation for the sample
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
Part a: State the null and alternative hypotheses.
We need to conduct a hypothesis in order to check if the mean salary differs from 90000, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
If we analyze the size for the sample is < 30 and we don't know the population deviation so is better apply a t test to compare the actual mean to the reference value, and the statistic is given by:
(1)
t-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".
Part b: Calculate the statistic
We can replace in formula (1) the info given like this:
P-value
The first step is calculate the degrees of freedom, on this case:
Since is a two sided test the p value would be:
Part c: 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 reject the null hypothesis, so we can conclude that the true mean for the salary differs from 9000 at 5% of significance.