1) You have been told that 10% of your workforce has two or more jobs. You would
ID: 3311541 • Letter: 1
Question
1) You have been told that 10% of your workforce has two or more jobs. You would like to verify this and decide to take a random sample of 50 employees. In your sample, you find only three employees with two or more jobs. Can you conclude that the mean is significantly different from 10%? Use a 5% significance level. What is the p value? 2) The average student loan debt for 2014 college graduates who had student loans was $28,950; the standard deviation for student loan debt was $8,500. A sample of twenty-three (23) college graduates from a Massachusetts college were found to have an average of $31,270 college loan debt. Using a 5% significance level, can you conclude that the mean college loan debt for the graduates from this Massachusetts college is significantly greater than the national average? What is the p value? 3) According to J. D. Power and Associates, the mean waiting time for an airport car rental in 2007 was 22 minutes. In order to test whether the mean waiting time was increased as a result of construction in the new international terminal building, a sample of 23 business travelers was taken. The mean waiting time for this group of 23 travelers was 25 minutes; the standard deviation was 8 minutes. At a 5% level of significance, has the mean waiting time increased?Explanation / Answer
2)
mean = 28950
std. dev. = 8500
n = 23
test statistics, t = (31270 - 28950)/(8500/sqrt(23)) = 1.309
p-value = 0.1020
As p-value is greater than the significance level of 0.05, fail to reject null hypothesis.
This means there are not significant evidence to conclude that loan is greater.
3)
mean = 22
std. dev. = 8
n = 23
test statistics, t = (25 - 22)/(8/sqrt(23)) = 1.7984
p-value = 0.0429
As p-value is less than the significance level of 0.05, reject null hypothesis.
This means there are significant evidence to conclude that mean waiting time increased.
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