"A recent article in The Wall Street Journal reported that the 30-year mortgage rate is now less than 6 percent. A sample of eight small banks in the Midwest revealed the following 30-year rates (in percent):
4.8 5.3 6.5 4.8 6.1 5.8 6.2 5.6
At the .01 significance level, can we conclude that the 30-year mortgage rate for small banks is less than 6 percent?
The significance level is 0.01.
estimate the p-value.
Exercise 27 - A recent study focused on the number of times men and women who live alone buy take-out dinner in a month. The information is summarized below.
Statistic Men Women
Sample mean 24.51 22.69
Population standard deviation 4.48 3.86
Sample size 35.00 40.00
At the .01 significance level, is there a difference in the mean number of times men and women order take-out dinners in a month?
Exercise 46 - Grand Strand Family Medical Center is specifically set up to treat minor medical emergencies for visitors to the Myrtle Beach area. There are two facilities, one in the Little River Area and the other in Murrells Inlet. The Quality Assurance Department wishes to compare the mean waiting time for patients at the two locations. Samples of the waiting times, reported in minutes, follow:
The significance level and estimates p-value are examined.