Four hypothesis test questions
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1. 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); perform a hypothesis test:
4.85.36.54.86.15.86.25.6
2. Experience raising New Jersey Red Chickens revealed the mean weight of the chickens at five months is 4.35 pounds. The weights follow the normal distribution. In an effort to increase their weight, a special additive is added to the chicken feed. the subsequent weights of a sample of five-month-old chickens were (in pounds); perform a hypothesis test:
4.414.374.334.354.304.394.364.384.404.39
3. At the time she was hired as a server at the Grumney Family Restaurant, Beth Brigden was told, "You can average more than $20 a day in tips." Over the first 35 days she was employed at the restaurant, the mean daily amount of her tips was $24.85, with a standard deviation of $3.24. at the .01 significance level, can Ms. Brigden conclude that she is earning an average of more than $20 in tips?
4.The manufacturer of the X-15 steel-belted radial truck tire claims that the mean mileage the tire can be driven before the tread wears out is 60,000 miles. the standard deviation of the mileage is 5,000 miles. the Crosset Truck company bought 48 tires and found that the mean mileage for their trucks is 59,500 miles. Is Crosset's experience different from that claimed by the manufacturer at the .05 significance level?
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Solution Summary
Four questions relating to mortgages, chickens, mileage and tips are hypothesis tested int he solution.
Education
- BSc , Wuhan Univ. China
- MA, Shandong Univ.
Recent Feedback
- "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
- "excellent work"
- "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
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