Perform the last step in the hypothesis test

Assignment Help Mathematics

Reference no: EM1320193

Question: The R.R. Broker Company of New York collects information on the retail prices of books and publishes its findings in The Broker Annual Library and Book Trade Almanac, In 2000, the mean retail price of all history books was USD 51.46. This year's retail prices for 40 randomly selected history books are shown in the table below.

56	46.25	47.34	53.99
53.71	47.88	54.82	55.73
51	61.70	47.03	62.68
47.80	50.89	52.36	50.95
51.28	50.94	60.70	72.38
47.70	56.16	52.33	51.70
53.8	50.90	63.74	52.87
41.08	64.93	57.44	54.09
75.37	56.48	69.04	42.71
53.76	72.17	61.26	42.65

At the 5% significance level, do the data provide sufficient evidence to conclude this year's mean retail price of all history books has increased from the 2000 mean of USD 51.46?

[A] Perform the last step in the hypothesis test. Do you reject the null hypothesis or fail to reject the null hypothesis?
[B] According to your conclusion in step b, do the data provide significant evidence to conclude that this year's mean price of all history books has increased from the 2000 mean of USD 51.46?
[C] What type of test is this? Right-tailed, Left-tailed, or two-tailed? Which table will you use to find the critical value? What is the critical value for this hypothesis test?

Reference no: EM1320193

Questions Cloud

What is component of this vector along the west : How much greater is an angular momentum of the Earth orbiting about the sun than the moon orbiting about the Earth? (Set up a ratio of angular momenta using data on inside back cover. The period of the moon is about 27.3 days.)

Millwoods new layout is an example of the fixed-position : flexibility in the sequence in which products are produced using these functions. Millwood's new layout is an example of the fixed-position layout.

Hiring practices of organization : You have been asking by the VP of HR to review the hiring practices of the organization. You determine that you need to ensure you are using best practices and the process is in compliance. Provide, define, and explain the five best practices for ..

Diagrammatic representation and normal distribution : Ten members of a fraternity take a statistics course. Here are their scores on the first exam in the course:

Perform the last step in the hypothesis test : Perform the last step in the hypothesis test

Example of a dysfunctional company for many years : Enron will be an example of a dysfunctional company for many years to come. It was clearly a company riddled with fraud also excess

What is eastward component of this vector : An airplane is flying with a velocity of 85.0 m/s at an angle of 25.0 degrees above the horizontal. When the plane is a distance 117 m straight above a dog that is standing on level ground, a suitcase drops out of luggage compartment. How far from..

With what speed, in si units : A disk of radius has a total charge uniformly distributed over its surface. The disk has negligible thickness and lies in the xy plane. What is the electric potential V (z) on z axis as a function of z, for z>0.

Applications for ipip neo personality test : Suggest two applications for the IPIP-NEO Personality Test in regard to employee preferences or tendencies and the communication, work style, and leadership of the people in a work group.

User Account

All Pages