In: Statistics and Probability
A sample of 11 discount brokers showed a sample mean price charged for a trade of 100 shares at $50 per share was $35.80. Assume a population standard deviation of $6.40. Test the hypothesis that the mean price charged for a trade of 100 shares at $50 per share is at most $32 at a=0.0500. For the hypothesis stated above 1. What is the test statistic? (Answer must be typed to either 2 or 3 decimals depending on whether the Z table is appropriate). 2. What is the decision? Either A or B? A. Reject H0 B. Fail to reject H0 3. What is the p value ? Fill in only ONE of the following statements. A. If the Z table is appropriate, p value = ___ B. If the t table is appropriate, ___ < p-value < ___