SOLUTION: The average household income per year is μ = $ 15,000. For a random sample of 15 households in the area, the mean x-bar = 14,000 with a sample standard deviation of s = $2,000
Algebra.Com
Question 927869: The average household income per year is μ = $ 15,000. For a random sample of 15 households in the area, the mean x-bar = 14,000 with a sample standard deviation of s = $2,000. Test the hypothesized value of the mean at the 5 percent level of significance.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
Previously Posted
Ho: u = $15,000 (claim)
Ha: u ≠ $15,000
......
Sample: n = 15
mean x-bar = 14,000 with a sample standard deviation of s = $2,000
.......
Test statistic: (14000-15000)/(2000/sqrt(15)) = -1.9365
p-value: p( z < -1.9365) = normalcdf(-100, -1.9365) = .0264
..........
.05 level of significance....
.0264 < .05, Reject Ho.
The test results do NOT support the claim that u = $15,000
RELATED QUESTIONS
The average household income per year is μ = $ 15,000. For a random sample of 15... (answered by ewatrrr)
The average household income for a recent year in Fiji was $30,000. Five years earlier... (answered by Boreal)
In city A, it is known that the mean monthly energy usage per household has historically... (answered by stanbon)
Suppose household incomes in Indiana Co have a mean of $48,000 and a standard deviation... (answered by stanbon)
The average household income in a large town is $44,500, with a standard deviation of... (answered by Theo)
Can someone please assit me with this? I am not getting this at all.
An April 2004... (answered by Theo)
An April 2004 article on Hear The Issues.com stated that Americans have an average of... (answered by rothauserc)
For the city of Quahog, R.I., assume the the mean household income is normally... (answered by stanbon)
An April 2004 article on HearTheIssues.com stated that Americans have an average of 2.13... (answered by reviewermath)