Business Statistics Worksheet

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1. Determine the appropriate critical value(s) for each of the following tests concerning the population mean:

a. upper-tailed test: α=0.10;n=25;σ=4.0

b. lower-tailed test: α=0.005;n=27;s=11.0

c. two-tailed test: α=0.02;n=31;s=5.5

d. two-tailed test: α=0.01;n=36;σ=4.3

a. Determine the appropriate critical value for an upper-tailed test: α=0.10n=25;σ=4.0.

The critical value(s) is(are) enter your response here.

b. Determine the appropriate critical value for an b. lower-tailed test: α=0.005;n=27;s=11.0

The critical value(s) is(are) enter your response here.

(Round to two decimal places as needed. Use a comma to separate answers as needed.)

C. Determine the appropriate critical value for an two-tailed test:α=0.02; n=31;s=5.5

The critical value(s) is(are) enter your response here.(Round to two decimal places as needed).

Use a comma to separate answers as needed.)

D. Determine the appropriate critical value for a two-tailed test:α=0.01;n=36;σ=4.3The critical value(s) is(are) enter your response here.(Round to two decimal places as needed).

Use a comma to separate answers as needed.)

2. For each of the following z-test statistics, compute the p-value assuming that the hypothesis test is a one-tailed pass

a. z= 1.51

b. z= 2.33

c. z= -2.65

a. p-value=enter your response here (Round to four decimal places as needed.)

b. p-value=enter your response here (Round to four decimal places as needed.)

c. a. p-value=enter your response here (Round to four decimal places as needed.)

3 .A report released by a region’s bureau of labor statistics found the average annual household spending on food at home in 2014 was $3,884.

Suppose a random sample of 137 households in a certain city was taken to determine whether the average annual expenditure on food at home was less for consumer units in the city than in the region as a whole. The sample results are shown in the accompanying table. Based on the sample results, can it be concluded at the

α=0.02 level of significance that average consumer-unit spending for food at home in the city is less than the regional average? Attached is the data table.

State the appropriate null and alternative hypotheses. Choose the correct answer below:

H0:μ=3,884

HA:μ3,884

H0:μ<3,884

HA:μ3,884

H0:μ>3,884

HA:μ3,884

H0:μ3,884

HA:μ>3,884

H0:μ3,884

HA:μ<3,884

F.H0:μ3,884

HA:μ=3,8844

There will be 3 more parts to Question 1 that won’t be shown until Part A is completed.

4.Suppose a recent random sample of employees nationwide who have a 401(k) retirement plan found that 21%

of them had borrowed against it in the last year. A random sample of 118 employees from a local company who have a 401(k) retirement plan found that 18 had borrowed from their plan. Based on the sample results, is it possible to conclude, at the

α=0.025 level of significance, that the local company had a lower proportion of borrowers from its 401(k) retirement plan than the21% reported nationwide?

Identify the null and alternative hypotheses for this test. Let p be the population proportion of employees from the local company who borrowed against his or her401(k) retirement plan in the last year.

A.

H0:p0.21

HA:p<0.21

H0:p0.21

HA:p>0.21

H0:p<0.21

HA:p0.21

H0:p=0.21

HA:p≠0.21

There will be 3 more parts to Question 1 that won’t be shown until Part A is completed.


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