help A marketing executive at the GAP is interested in estimating the mean price
ID: 2934071 • Letter: H
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A marketing executive at the GAP is interested in estimating the mean price of jeans so that the new line coming out in the fall is reasonable priced in comparison to other retail stores Assume that a random sample of 144 pairs of jeans was examined. Based on this sample the mean price of jeans is $47.50 The population standard deviation is known to be $6.00 Use this information to answer the next eight questions. 1. IS 2 If the null hypothesis that the mean pnce of jeans is S49 is rejected, what is the conclusion of the hypothesis test? What should be concluded about the mean price of jeans? 3. On an in-class exercise on Lesson 13 a 95% confidence interval based on the above data was generated to estimate the mean price of jeans. The interval was (46.22,48 48) Does this interval also indicate that the mean price of jeans is less than $49? Write a sentence describing why, or why notExplanation / Answer
2) If the hypotheses that = 49 is rejected than it means alternative hypothesis is accepted.
Ths, there is not enough evidence to claim that the mean price of jeans is different from $49.
This means that the average price of jeans is different from $49. It is not $49.
3) The confidence level is the probability (fraction of times) that the procedure used to determine an interval gives an interval that actually captures the true population value. For example, say we repeatedly drew samples of the same size from a population and constructed 95% confidence intervals for each sample, and we repeated this process 1000 times. Then we would expect 95%, or 950, of these confidence intervals to contain the true population parameter.
No, it does not for sure indicate this. But, it indicates that if we repeatedly drew samples of the same size from a population and constructed 95% confidence intervals for each sample, and we repeated this process 1000 times. Then we would expect 95%, or 950, of these confidence intervals to not contain the true population parameter i.e $49.
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