Explore BrainMass

Explore BrainMass

    Hypothesis Testing (Z Testing)

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    A manufacturer believed he can get $1240 for his product. Wanting to prove his belief he collected a random sample of 64 potential buyers of his product and found on average they were willing to pay $1200 with a sample standard deviation of 100. If he tests at the  = .05 level what would he conclude?

    © BrainMass Inc. brainmass.com December 15, 2022, 7:47 pm ad1c9bdddf
    https://brainmass.com/statistics/hypothesis-testing/hypothesis-testing-testing-249992

    Solution Preview

    Hypothesis testing (Z testing)
    5. A manufacturer believed he can get $1240 for his product. Wanting to prove his belief he collected a random sample of 64 potential buyers of his product and found on average they were willing to pay $1200 with a sample standard deviation of 100. If he tests at the α = .05 ...

    Solution Summary

    This solution states the null and alternative hypothesis, calculates the test statistic, compares it to the p-value, and make a decision to accept or reject the null hypothesis.

    $2.49

    ADVERTISEMENT