Question
In: Statistics and Probability
Twenty economist were chosen randomly, and asked to predict if the national economy would improve during...
Twenty economist were chosen randomly, and asked to predict if the national economy would improve during the next 12 months. Eleven of the economists predicted an increase, and nine economists predicted a decrease in the economy. Conduct a hypothesis test to determine if there is a difference in the prediction for the national economy during the next 12 months. Use the normal approximation to the Binomial. In addition, assign a “+” sign to “Improve” and a “-” sign to “Decrease.” Conduct a two-tailed test at the .05 significance level. What is(are) the critical value(s)?
Solutions
orchestra answered 1 year agoRelated Solutions
Twenty economist were chosen randomly, and asked to predict if the national economy would improve during...
Twenty economist were chosen randomly, and asked to predict if
the national economy would improve during the next 12 months.
Eleven of the economists predicted an improvement, and nine
economists predicted a decrease in the economy. Conduct a
hypothesis test to determine if there is a difference in the
prediction for the national economy during the next 12 months. Use
the normal approximation to the Binomial. In addition, assign a “+”
sign to “Improvement” and a “-” sign to “Decrease.”...
Suppose you were asked to compute national income and product for an economy. Explain the modifications...
Suppose you were asked to compute national income and product
for an economy. Explain the modifications of the usual methods that
you will apply to correct the existing problems. Do you think it
will result in a larger or a smaller income?
PART; What would you expect economist to predict would be the impact on your life relative...
PART; What would you expect economist to predict would be the
impact on your life relative to the solar power industry if there
were no off shore drilling and no importation of foreign oil?(Hint:
The combination of these two changes would reduce the supply of oil
in the United States by about 70%)
PART 2: Digging Deeper When disaster strikes, you can count on
two things: Looting and Price Gouging. Consider that a major
hurricane has struck. Power is out,...
The data below are the temperatures on randomly chosen days during the summer and the number...
The data below are the temperatures on randomly chosen days
during the summer and the number of employee absences at a local
company on those days.
Temperature,x: 72,85, 91, 90, 88, 98, 75, 100, 80
Number of absences, y: 3, 7, 10, 10 8, 15, 4, 15, 5
A) Find the residual when temperature is 98. Analyze the
result.
B) Test the claim, at the α = 0.05 level of significance, that a
linear relation exists between the temperature and...
The data below are the temperatures on randomly chosen days during a summer class and the...
The data below are the temperatures on randomly chosen days
during a summer class and the number of absences on those days.
Construct a 95% prediction interval for y, the number of days
absent, given x = 95 degrees and y = 0.449x - 30.27
Temperature X
72
86
91
90
88
98
75
100
80
Number of absences Y
3
7
10
10
8
15
4
15
5
a. (9.957, 14.813)
b. (11.378, 13.392)
c. (4.321, 6.913)
d. (3.176,...
Twenty students were surveyed this week at MPC, these students were asked how many units they...
Twenty students were surveyed this week at MPC, these students
were asked how
many units they were enrolled in for the semester. Below are
the responses from the
twenty students.
13 15 9 12 4 14 15 8 1 6
11 8 18 3 12 10 14 11 7 12
a. Make a frequency distribution of this data. Use 5 classes
(aka bins) with a class
width of 4, and let the first class have a lower limit of 1....
Assume that adults were randomly selected for a poll. They were asked if they "favor or...
Assume that adults were randomly selected for a poll. They were
asked if they "favor or oppose using federal tax dollars to fund
medical research using stem cells obtained from human embryos." Of
those polled, 485 were in favor, 402 were opposed, and 125 were
unsure. A politician claims that people don't really understand the
stem cell issue and their responses to such questions are random
responses equivalent to a coin toss. Exclude the 125 subjects who
said that they...
Assume that adults were randomly selected for a poll. They were asked if they "favor or...
Assume that adults were randomly selected for a poll. They were
asked if they "favor or oppose using federal tax dollars to fund
medical research using stem cells obtained from human embryos." Of
those polled,489 were in favor, 395 were opposed, and 115 were
unsure. A politician claims that people don't really understand
the stem cell issue and their responses to such questions are
random responses equivalent to a coin toss. Exclude the 115
subjects who said that they were...
Assume that adults were randomly selected for a poll. They were asked if they "favor or...
Assume that adults were randomly selected for a poll. They were
asked if they "favor or oppose using federal tax dollars to fund
medical research using stem cells obtained from human embryos." Of
those polled, 488 were in favor, 402 were opposed, and 117 were
unsure. A politician claims that people don't really understand
the stem cell issue and their responses to such questions are
random responses equivalent to a coin toss. Exclude the subjects
who said that they were...
Assume that adults were randomly selected for a poll. They were asked if they "favor or...
Assume that adults were randomly selected for a poll.
They were asked if they "favor or oppose using federal tax dollars
to fund medical research using stem cells obtained from human
embryos." Of those polled, 488 were in favor, 399 were opposed,
and 121 were unsure. A politician claims that people don't really
understand the stem cell issue and their responses to such
questions are random responses equivalent to a coin toss. Exclude
the 121 subjects who said that they...
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