Reference no: EM131127855
Your manager has speculated the following.
a. The average (mean) annual income was greater than $45,000.
b. The true population proportion of customers who live in a suburban area is less than 45%.
c. The average (mean) number of years lived in the current home is greater than 8 years.
d. The average (mean) credit balance for rural customers is less than $3,200.
1. Using the sample data, perform the hypothesis test for each of the above situations in order to see if there is evidence to support your manager's belief in each case A-D. In each case, use the Seven Elements of a Test of Hypothesis in Section 6.2 of your text book with α = .05, and explain your conclusion in simple terms. Also, be sure to compute the p-value and interpret.
2. Follow this up with computing 95% confidence intervals for each of the variables described in A-D, and again interpreting these intervals.
3. Write a report to your manager about the results, distilling down the results in a way that would be understandable to someone who does not know statistics. Clear explanations and interpretations are critical.
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: Using the sample data, perform the hypothesis test for each of the above situations in order to see if there is evidence to support your manager's belief in each case A-D. In each case, use the Seven Elements of a Test of Hypothesis in Section 6.2..
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