User Account

All Pages

Rejecting the null hypothesis for a certain commodity

Assignment Help Basic Statistics
Reference no: EM131694433

Question: A certain commodity is known to have a price that is stable through time and does not change according to any known trend. Price, however, does change from day to day in a random fashion. If the price is at a certain level one day, it is as likely to be at any level the next day within some probability bounds approximately given by a normal distribution. The mean daily price is believed to be $14.25. To test the hypothesis that the average price is $14.25 versus the alternative hypothesis that it is not $14.25, a random sample of 16 daily prices is collected. The results are x¯ = $16.50 and s = $5.8. Using α = 0.05, can you reject the null hypothesis?

Reference no: EM131694433

Questions Cloud

What is the appropriate test statistic in the given case : The population is assumed to be normally distributed. What is the appropriate test statistic in this case? Conduct the test and state your conclusion.
How new process affects the average life of the batteries : A new chemical process is introduced by Duracell in the production of lithium-ion batteries. For batteries produced by the old process.
What is its acceleration : During takeoff, an airplane goes from 0 to 78 m/s in 11 s.
Discuss effective political and military leadership : Explain how the north won the war by considering its material resources, military strategy, and effective political and military leadership
Rejecting the null hypothesis for a certain commodity : A certain commodity is known to have a price that is stable through time and does not change according to any known trend.
Calculate the total profits for the most profitable customer : Calculate the total profits for the most profitable customers - Determine the total and per-unit costs of manufacturing the Gas Cooker
What would be the total time : What would be the total time it would take to reach a speed of 52 m/s?
Implementing changes in displays of goods and order : The store's management recently implemented some changes in displays of goods, order within aisles, and other changes, and it now wants to know whether average.
Analyze why the work was viewed as controversial at the time : Analyze why the work was viewed as controversial at the time. Explain how the art you chose prompted social change or awareness.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd