A businessman is considering investing in a small business. A random sample of 32 companies revealed that the mean was 6.5% of return and the standard deviation was 1.8%. Do the data support that the return is less than 7% at a significance level α=0.03;0.04;0.05;0.07;0.08? Use P-value.
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A businessman is considering investing in a small business. A random sample of 32
companies revealed that the mean was 6.5% of return and the standard deviation was
1.8%. Do the data support that the return is less than 7% at a significance level
α=0.03;0.04;0.05;0.07;0.08? Use P-value.
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- A new small business wants to know if its current radio advertising is effective. The owners decide to look at the mean number of customers who make a purchase in the store on days immediately following days when the radio ads are played as compared to the mean for those days following days when no radio advertisements are played. They found that for 7 days following no advertisements, the mean was 22.1 purchasing customers with a standard deviation of 1.2 customers. On 10 days following advertising, the mean was 24.1 purchasing customers with a standard deviation of 1.6 customers. Test the claim, at the 0.05 level, that the mean number of customers who make a purchase in the store is lower for days following no advertising compared to days following advertising. Assume that both populations are approximately normal and that the population variances are equal. Let days following no advertisements be Population 1 and let days following advertising be Population 2. Step 1 of 3: State the…A new small business wants to know if its current radio advertising is effective. The owners decide to look at the mean number of customers who make a purchase in the store on days immediately following days when the radio ads are played as compared to the mean for those days following days when no radio advertisements are played. They found that for 13 days following no advertisements, the mean was 23.9 purchasing customers with a standard deviation of 1.9 customers. On 6 days following advertising, the mean was 24.7 purchasing customers with a standard deviation of 1.6 customers. Test the claim, at the 0.01 level, that the mean number of customers who make a purchase in the store is lower for days following no advertising compared to days following advertising. Assume that both populations are approximately normal and that the population variances are equal. Let days following no advertisements be Population 1 and let days following advertising be Population 2. Step 3 of 3: Draw a…The 2013 general Social Survey asked a large number of people how much time they spent watching TV each day. The mean number of hours was 3.7 with a standard deviation of 2.5. Assume that in a sample of 57 teenagers, the sample standard deviation of daily TV time is 2.2 hours, and that the population of TV watching times is normally distributed. Under 1% significance level can you conclude that the population standard deviation of TV watching times for teenagers is different from 2.5? Procedure: One variance x² Hypothesis Test v Assumptions: (select everything that applies) ✔Population standard deviation is unknown ✔Simple random sample Normal population Sample size is greater than 30 0° The number of positive and negative responses are both greater than 10 Population standard deviation is known Step 1. Hypotheses Set-Up: Ho: Select an answer Ha: Select an answer ✓ ? V Step 2. The significance level a = OT % where? is the Select an answer ? " Part 2 of 5 and the units are and the test…