Utlice Megastat and Excel to corroborate your answers. The Chamber of Commerce o

Question

Utlice Megastat and Excel to corroborate your answers. The Chamber of Commerce of a community in Florida announces that the cost Average residential land does not exceed $ 95,000 per lot. Suppose that in a Sample of 25 lots is found that the sample mean is $ 96, 500 per lot and that The sample standard deviation is $ 3, 200. A) Prepare the test of hypotheses to prove the validity of what is said Chamber of Commerce. B) Calculate the value of the test statistic. C) What is the p-value approximately? D) With alpha = 0.1, is the null hypothesis rejected or not? Use the value method Critical and p-value method to support their response. Right tail test with unknown population standard deviation

Explanation / Answer

using statdisk

A)

null hypothesis H0:µ >95000

Alternative Hypothesis:
Ha: µ < 95000( claim)

B)t Test
Test Statistic, t: 2.3438
Critical t: -1.3178

C)P-Value: 0.9861

80% Confidence interval:
95656.58 < µ < 97343.42

D) p value > 0.1 ( ( there is not sufficient support to claim))

Critical t: -1.3178 <   Test Statistic, t: 2.3438 ( there is not sufficient support to claim)

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