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University of New Mexico, Main Campus *

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501

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Economics

Date

Apr 3, 2024

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1

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Question 5 10/ 10 pts A revenue department is under orders to reduce the time small business owners spend filling out pension form ABC-5500. Previously the average time spent on the form was 5.2 hours. In order to test whether the time to fill out the form has been reduced, a sample of 65 small business owners who annually complete the form was randomly chosen, and their completion times recorded. The mean completion time to complete the ABC-5500 form was 4.8 hours with a standard deviation of 2.6 hours. In order to test that the time to complete the form has been reduced, state the appropriate null and alternative (research) hypotheses. HO: u=5.2 versus Ha: u#5.2 HO: u25.2 versus Ha: u<5.2 HO: u<5.2 versus Ha: u>5.2 HO: u#5.2 versus Ha: pu<5.2 Question 6 0/ 10 pts ‘[ E—| Suppose and HO: p=25, Ha: u#25, and p-value=0.033. Do you reject or fail to reject Ho at the 0.01 level of significance? reject HO fail to reject HO not sufficient information to decide
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