Question

In: Statistics and Probability

Given that the average yearly income of dentists in the year 2012 was $110,000. A sample...


Given that the average yearly income of dentists in the year 2012 was $110,000. A sample of 81 dentists, which was taken in 2013, showed an average yearly income of $120,000. Assume the standard deviation of the population of dentists’s incomes in 2012 is $36,000. Using a 5% level of significance, we want to test and determine if there has been a significant increase in the average yearly income of dentists. Compute the test statistic and the p-value.

Solutions

Expert Solution

orchestra answered 1 year ago
Next > < Previous

Related Solutions

The Bureau of Labor Statistics reported that the average yearly income of dentists in the year...
The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2011 was $110,000. A sample of 81 dentists, which was taken in 2012, showed an average yearly income of $120,000. Assume the standard deviation of the population of dentists’ incomes in 2012 is $36,000. a. We want to test to determine if there has been a significant increase in the average yearly income of dentists. Provide the null and the alternative hypotheses b. Compute...
The Bureau of Labor Statistics reported that the average yearly income of dentists in the year...
The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2012 was $110,000.  A sample of 81 dentists, which was taken in 2013, showed an average yearly income of $120,000.  Assume the standard deviation of the population of dentists’ incomes in 2013 is $36,000. Test the hypotheses at 95% confidence.
The following data shows the yearly income (in $1,000) and age of a sample of seven...
The following data shows the yearly income (in $1,000) and age of a sample of seven individuals. Income (in $1,000) (Y) Age (X) 20 18 24 20 24 23 25 34 26 24 27 27 34 27 SUMMARY OUTPUT Regression Statistics Multiple R $0.48 R Square $0.23 Adjusted R Square $0.07 Standard Error $4.11 Observations 7 ANOVA df SS MS F Significance F Regression 1 24.79 24.79 1.46 0.28 Residual 5 84.64 16.93 Total 6 109.43 Coefficients Standard Error t...
Average price of homes sold in the U.S. in 2012 was $240,000. A sample of 144...
Average price of homes sold in the U.S. in 2012 was $240,000. A sample of 144 homes sold in Chattanooga in 2012 showed an average price of $246,000. It is known that the standard deviation of the population (σ) is $36,000. We are interested in determining whether or not the average price of homes sold in Chattanooga is significantly more than the national average. Use Ti where appropriate. a. State the null and alternative hypotheses to be tested. b. Compute...
A property is forecasted to generate annual rental income of $110,000 in year Vacancy rate is...
A property is forecasted to generate annual rental income of $110,000 in year Vacancy rate is expected to be 5%, there is also a 5% management fee. Other operating expenses will total $19,000 for year 1. Rent is expected to grow at 8% in years 2 and 3, and other operating expenses are expected to grow at 5% in years 2 and 3. You believe that you can sell the property at the end of year 3 for $1,220,000. Using...
Given the following income data from a representative sample of a population in a certain year,...
Given the following income data from a representative sample of a population in a certain year, what is its Gini index? Person Income Person Income Person Income 1 30 6 400 11 1700 2 70 7 550 12 2000 3 140 8 1100 13 3000 4 210 9 1200 14 5000 5 300 10 1450 15 8000 A. 0.34 B. 0.44 C. 0.57 D. 0.60 E. 0.76
For the current year (Y-4) Fabco has gross income of $100,000 and deductions of $110,000 for...
For the current year (Y-4) Fabco has gross income of $100,000 and deductions of $110,000 for regular tax purposes. Three years ago (T-1) taxable income was $5,000. Two years ago (Y-2) taxable income was $10,000. Last year (Y-3) taxable income was $300,000. Next year (Y-5) it is anticipated that taxable income will be $275,000. Assume alternative minimum tax does not apply. What are the tax consequences to Fabco in the current year (Y-4)? What alternatives does Fabco have?
The average yearly Medical Hospital Insurance benefit per person was $4064 in a recent year with...
The average yearly Medical Hospital Insurance benefit per person was $4064 in a recent year with standard deviation of $460. The benefits are normally distributed. If a random sample of 25 patients are selected, what is the probability that the sample mean less is than $3970. (Give the probability to four decimal places )
A multiple regression analysis between yearly income (y in thousands of dollars), college grade point average...
A multiple regression analysis between yearly income (y in thousands of dollars), college grade point average (X1), age of the individuals (X2 in years), and the gender of the individual (X3: 0 representing female and 1 representing male) was performed on a sample of 10 people, and the following results were obtained. Coefficients Standard of Error Intercept 4.0928 1.4400 x1 10.0230 1.6512 x2 0.1020 0.1225 x3 -4.4811 1.4400 ANOVA Source of Variation DF Sum of Squares Mean Square F Regression...
Suppose 55% of the doctors in America are dentists. If a random sample of size 405...
Suppose 55% of the doctors in America are dentists. If a random sample of size 405 is selected, what is the probability that the proportion of doctors who are dentists will differ from the population proportion by less than 6%? Round your answer to four decimal places.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT