A sample of the various prices for a particular product has been conducted in 16 stores...

A sample of the various prices for a particular product has been conducted in 16 stores which were selected at random in a city. The following prices were noted, in GBP:

The prices of the product in pounds sterling are given in the table below.Perform a hypothesis test to determine if there is a relationsip between patients being given anti-viral drugs and developing pneumonia. Use a 1% level of significance.

The observed values are presented below.

95, 108, 97, 112, 99, 106, 105, 100, 99, 98, 104, 110, 107, 111, 103, 110

1- Calculate a 95% confidence interval to estimate the actual mean price of the product in the city (1dp)

2- is it reasonable to assume that the average price for this product is £100?state your reason

3- what size sample would need to be taken to estimate the population mean price within £1? n=

Solutions

Expert Solution

orchestra answered 1 year ago

Next > < Previous

Related Solutions

To compare prices of two grocery stores in Toronto, a random sample of items that are...

To compare prices of two grocery stores in Toronto, a random sample of items that are sold in both stores were selected and their price noted in the first weekend of July 2018: (12 Points) Item Store A Store B Difference (Store A - Store B) 1 1.65 1.98 -0.33 2 8.70 8.49 0.21 3 0.75 0.89 -0.14 4 1.05 0.99 0.06 5 11.30 11.99 -0.69 6 7.70 7.99 -0.29 7 6.55 6.99 -0.44 8 3.70 3.59 0.11 9 8.60...

To compare prices of two grocery stores in Toronto, a random sample of items that are...

A sample of 16 joint specimens of a particular type gave a sample mean proportional limit...

A sample of 16 joint specimens of a particular type gave a sample mean proportional limit stress of 8.44 MPa and a sample standard deviation of 0.73 MPa. (a) Calculate and interpret a 95% lower confidence bound for the true average proportional limit stress of all such joints. (Round your answer to two decimal places.) (b) Calculate and interpret a 95% lower prediction bound for proportional limit stress of a single joint of this type. (Round your answer to two...

A sample of 16 joint specimens of a particular type gave a sample mean proportional limit...

A sample of 16 joint specimens of a particular type gave a sample mean proportional limit stress of 8.55 MPa and a sample standard deviation of 0.79 MPa. a)Calculate and interpret a 95% lower confidence bound for the true average proportional limit stress of all such joints. (Round your answer to two decimal places.) b)Calculate and interpret a 95% lower prediction bound for proportional limit stress of a single joint of this type. (Round your answer to two decimal places.)

The Following are prices of a random sample of 18 smart TVs sold at a particular...

The Following are prices of a random sample of 18 smart TVs sold at a particular department store with screen sizes between 46’’ and 50’’. Find the 90% confidence interval for the true mean price of a smart TV purchased at this store. Assume the prices are normally distributed. 448 498 597 599 649 699 529 749 628 950 798 369 498 669 499 599 355 469

2. To compare prices of two grocery stores in Toronto, a random sample of items that...

2. To compare prices of two grocery stores in Toronto, a random sample of items that are sold in both stores were selected and their price noted in the first weekend of July 2018: (12 Points) Item Store A Store B Difference (Store A - Store B) 1 1.65 1.99 -0.34 2 8.70 8.49 0.21 3 0.75 0.90 -0.15 4 1.05 0.99 0.06 5 11.30 11.99 -0.69 6 7.70 7.99 -0.29 7 6.55 6.99 -0.44 8 3.70 3.59 0.11 9...

Stabilizing commodity prices has been a leading objective of many primary-product nations. Which of the following...

Stabilizing commodity prices has been a leading objective of many primary-product nations. Which of the following are the major methods used to achieve price stabilization? Check all that apply. Select one or more: a. Import tariffs b. Import quotas c. Multilateral contracts d. Production and export controls

The uncertainty of prices on various markets has increased as a result of the spread of...

The uncertainty of prices on various markets has increased as a result of the spread of COVID-19 pandemic. It has been argued that COVID-19 has impacted the measurement of fair value particularly exit price accounting either directly or indirectly. In your opinion, what are the possible solutions to fair value measurement that are resulting from volatile markets during COVID-19 situation ?

Id Stores, a wholesaler chain of stores, has over 500 branches nationwide. Their product range is...

Id Stores, a wholesaler chain of stores, has over 500 branches nationwide. Their product range is divided into six main categories i.e. Toiletries, Electronics, Food, “The Corporate World”, wearing apparel, and Toys. The following information relates to the accounting period just ended: I. Although this varies from product range to product range but the company generally allows the dissatisfied customers a return policy of 30 days. (For Electronics this policy generally, however, is 1 year & for toys its 90...

A sample of 16 items from population 1 has a sample variance 6.1 and a sample...

A sample of 16 items from population 1 has a sample variance 6.1 and a sample of 20 items from population 2 has a sample variance 2.5 . Test the following hypotheses at the .05 level of significance Upper tailed test a) What is your conclusion using the -value approach? Calculate the value of the test statistic (to 2 decimals). b)The p-value is______. What is your conclusion?_____ c) repeat the test using the critical value approach. What is the rejection rule...

Subjects