Confidence interval and hypothesis testing in statistics

Reference no: EM13104278

1. A sample of 25 MBA students taking OTM course in the Spring of 2013 shows an average income of $85,000 with the sample standard deviation of $5,000. Find the 95% confidence interval of the population mean income of MBA students.

2. According to a study, the mean (μ) price of a gallon of the regular gasoline in the United States is $4.15. A sample of 25 Chicago area gas stations shows the mean price of $4.95. The standard deviation (s) of the population is known to be $1.00. Develop a hypothesis test that can be used to determine whether the mean (μ) price of a gallon of the regular gasoline in the Chicago area is different than $4.15 (using the alpha (a) of 5%).

Reference no: EM13104278

Questions Cloud

What volume of water, in acre-feet : Hydraulic engineers often use, as a unit of volume of water, the "acre-foot", defined as the volume of water that will cover 1 acre of land to a depth of 1 ft. A severe thunderstorm dumps 3.0 in. of rain in 30 min on a town of area 30 km2. What vo..

Explain way to create-introduce for new health technologies : Explain best way to create, introduce, regulate, give access, and pay for new health technologies in 21st century. Students are to give examples.

Determining credit worthiness : Credit card companies use a scoring model to determine the credit worthiness of a prospective card holder. Factors such as income, employment, home ownership, and credit history determine one's score.

What is the new margin of error : The margin of error for a sample size 25 is +-3. Will the margin of error be greater or less if the sample size is 400? What is the new margin of error?

Confidence interval and hypothesis testing in statistics : A sample of 25 MBA students taking OTM course in the Spring of 2013 shows an average income of $85,000 with the sample standard deviation of $5,000. Find the 95% confidence interval of the population mean income of MBA students.

Difference between cpff and cpf : Negotiations in a BPO agreement are largely determined by which factor? What is the difference between the Cost-Plus-Percentage-Fee (CPF) contract structure and the Cost-Plus-Fixed-Fee (CPFF) contract structure?

Significant relief from their symptoms : In a clinical study of an allergy drug, 112 of the 210 subjects reported experiencing significant relief from their symptoms. At the 0.01 significance level,

Confidence interval in random sampling : A random sample of n=100 observations is selected from a population with mean of 29 and sandard deviation of 21. Approximate the probabilities shown below

Standard error-population proportion-random samples : Estimate u with an approximate 95% confidence interval. Estimate p, the proportion of measurements in the population that are greater than 30, with an approximate 95% confidence interval.

User Account

All Pages