Homework Help is Here – Start Your Trial Now!
Math
Statistics
According to a recent report, customers who shop at a certain online store spend, on average, $1,500 a year at th store. To investigate whether the mean amount spent was greater than the reported average, an economist obtained the mean and standard deviation of the amount spent in the past year by a random sample of 120 customers who shop at the store. With all conditions for inference met, the economist conducted the appropriate hypothesis test and obtained a p-value of 0.25. Which of the following statements is the most appropriate conclusion for the investigation?

According to a recent report, customers who shop at a certain online store spend, on average, $1,500 a year at th store. To investigate whether the mean amount spent was greater than the reported average, an economist obtained the mean and standard deviation of the amount spent in the past year by a random sample of 120 customers who shop at the store. With all conditions for inference met, the economist conducted the appropriate hypothesis test and obtained a p-value of 0.25. Which of the following statements is the most appropriate conclusion for the investigation?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
100%

#34 

34. According to a recent report, customers who shop at a certain online store spend, on average, $1,500 a year at the store. To investigate whether the mean amount spent was greater than the reported average, an economist obtained the mean and standard deviation of the amount spent in the past year by a random sample of 120 customers who shop at the store. With all conditions for inference met, the economist conducted the appropriate hypothesis test and obtained a p-value of 0.25. Which of the following statements is the most appropriate conclusion for the investigation? (A) There is convincing statistical evidence that the mean amount of money spent each year by all customers who shop at the store is $1,500. (B) There is convincing statistical evidence that the mean amount of money spent each year by all customers who shop at the store is greater than $1,500. (C) There is convincing statistical evidence that the mean amount of money spent each year by all customers who shop at the store is less than $1,500. (D) There is not convincing statistical evidence that the mean amount of money spent each year by all customers who shop at the store is greater than $1,500. (E) There is not convincing statistical evidence that the mean amount of money spent each year by any sample of 120 customers who shop at the store is greater than $1,500.
Transcribed Image Text:34. According to a recent report, customers who shop at a certain online store spend, on average, $1,500 a year at the store. To investigate whether the mean amount spent was greater than the reported average, an economist obtained the mean and standard deviation of the amount spent in the past year by a random sample of 120 customers who shop at the store. With all conditions for inference met, the economist conducted the appropriate hypothesis test and obtained a p-value of 0.25. Which of the following statements is the most appropriate conclusion for the investigation? (A) There is convincing statistical evidence that the mean amount of money spent each year by all customers who shop at the store is $1,500. (B) There is convincing statistical evidence that the mean amount of money spent each year by all customers who shop at the store is greater than $1,500. (C) There is convincing statistical evidence that the mean amount of money spent each year by all customers who shop at the store is less than $1,500. (D) There is not convincing statistical evidence that the mean amount of money spent each year by all customers who shop at the store is greater than $1,500. (E) There is not convincing statistical evidence that the mean amount of money spent each year by any sample of 120 customers who shop at the store is greater than $1,500.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS