The accompanying graph shows the revenue from sales of summer sandals. a) At what price will the company receive the maximum amo
1 answer:
You might be interested in
Answer:
Yes
Step-by-step explanation:
1) Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
Dataset given: 70, 201 ,199, 202, 173 ,153
We can calculate the sample mean and deviation with the following formulas:
represent the sample mean for the sample
population mean (variable of interest)
s represent the sample standard deviation
n=6 represent the sample size
2) Confidence interval
The confidence interval for the mean is given by the following formula:
(1)
In order to calculate the critical value we need to find first the degrees of freedom, given by:
Since the Confidence is 0.95 or 95%, the value of and
, and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.025,5)".And we see that
Now we have everything in order to replace into formula (1):
So on this case the 95% confidence interval would be given by (112.742;219.918)
Is it reasonable to believe that the mean magnesium ion concentration may be greater than 208?
On this case since the confidence interval contains the value 208 and the values above 208 until 219.918 makes sense the statement.
YES
We can conduct an hypothesis test
We need to conduct a hypothesis in order to check if the mean is less than 208, 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".
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 one side left tailed test the p value would be:
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 reject the null hypothesis, so we fail to reject the hypothesis that the mean is higher or equal than 208 at 5% of significance.