Question

In: Statistics and Probability

In a group of 66 Mummers, the average income was $62,000 with a standard deviation of...

  1. In a group of 66 Mummers, the average income was $62,000 with a standard deviation of $22,000. We are interested to determine if the average income of a Mummer is significantly different than $50,000.
    1. Write the appropriate null and alternative hypotheses for the hypothesis test that is relevant to this problem.
    2. Find the test statistic.
    3. Find the critical value for α=0.05.
    4. What is the result of the hypothesis test? Why?

Solutions

Expert Solution

orchestra answered 1 year ago
Next > < Previous

Related Solutions

In a group of 66 Mummers,  the average income was $62,000 with a standard deviation of $22,000....
In a group of 66 Mummers,  the average income was $62,000 with a standard deviation of $22,000. We are interested to determine if the average income of a Mummer is significantly different than $50,000. Write the appropriate null and alternative hypotheses for the hypothesis test that is relevant to this problem. Find the test statistic. Find the critical value for α=0.05. What is the result of the hypothesis test? Why? Find the critical value for α=0.01. What is the result of...
In a group of 66 Mummers,  the average income was $62,000 with a standard deviation of $22,000....
In a group of 66 Mummers,  the average income was $62,000 with a standard deviation of $22,000. We are interested to determine if the average income of a Mummer is significantly different than $50,000. Write the appropriate null and alternative hypotheses for the hypothesis test that is relevant to this problem. Find the test statistic. Find the critical value for α=0.05. What is the result of the hypothesis test? Why? Find the critical value for α=0.01. What is the result of...
For a particular group of people the average height is 70 inches and the standard deviation...
For a particular group of people the average height is 70 inches and the standard deviation is 3.6 inches. We can assume that the distribution is Normal (Gaussian). Answer the following questions either via simulations (use 10000 points) or via “rule of thumbs”. I). What is the approximate probability that a randomly picked person from this group will be shorter than 70 inches? Pick the closest answer. (6.66 points) a. About 20% b. About 30% c. About 50% d. About...
A random group of 50 bowlers had an average score of 189. The standard deviation of...
A random group of 50 bowlers had an average score of 189. The standard deviation of all bowlers in the league was 9.1. Assume the population has a normal distribution. Find the margin of error, and then find the 95% confidence interval for the population mean
the average income in jefferson county is $32,000 with standard deviation of $12000. what is the...
the average income in jefferson county is $32,000 with standard deviation of $12000. what is the probability that a randomly selected person makes under $30,000?
The average annual income of adult Americans is $56000 with a standard deviation of $4200. Assuming...
The average annual income of adult Americans is $56000 with a standard deviation of $4200. Assuming that the average annual income is normal, what is the probability that a single adult American earns more than $62000 annually. (include a normal curve with the appropriate parameters)
The standard deviation of a portfolio: Multiple Choice is a weighted average of the standard deviations...
The standard deviation of a portfolio: Multiple Choice is a weighted average of the standard deviations of the individual securities held in the portfolio. is an arithmetic average of the standard deviations of the individual securities which comprise the portfolio. can never be less than the standard deviation of the most risky security in the portfolio. can be less than the standard deviation of the least risky security in the portfolio. must be equal to or greater than the lowest...
Given a normal population whose mean is 540 and whose standard deviation is 66, find each...
Given a normal population whose mean is 540 and whose standard deviation is 66, find each of the following: A. The probability that a random sample of 6 has a mean between 554 and 568. Probability = B. The probability that a random sample of 16 has a mean between 554 and 568. Probability = C. The probability that a random sample of 21 has a mean between 554 and 568. Probability =
Portfolio            Average Return      Standard Deviation   Beta    A                &nb
Portfolio            Average Return      Standard Deviation   Beta    A                             14.7%                     18.6%                 1.47    B                               8.8                           14.2                  .78    C                             11.2                           16.0                 1.22 The risk-free rate is 4.5 percent and the market risk premium is 7 percent. What is the Treynor ratio of a portfolio comprised of 30 percent portfolio A, 20 percent portfolio B, and 50 percent portfolio C? SHOW WORK
What is the difference between standard deviation and average deviation? Which calculation is more useful for...
What is the difference between standard deviation and average deviation? Which calculation is more useful for determining if a data point can be omitted from a data set?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT