In: Statistics and Probability
A simple random sample of 50 accounts is taken from an account
receivables portfolio of XYZ...
- A simple random sample of 50 accounts is taken from an account
receivables portfolio of XYZ Ltd and the average account balance is
$650. The population standard deviation σ is known to be $70.
(6 points)
- Test the hypothesis that the population mean account balance is
greater
than $620 using the p-value approach
and a 0.05 level of significance.
- Test the hypothesis that the population mean account balance is
less than
$800 using the critical value
approach and a 0.05 level of significance.
- Test the hypothesis that the population mean account balance is
different
from $750. using the p-value approach
and a 0.05 level of significance.
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