Answered: At a level of significance of 0.01, can…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

The cost of a one-carat VS2 clarity, H color diamond from Diamond Source USA is $5600. A midwestern jeweler makes calls to contacts in the diamond district of New York City to see whether the mean price of diamonds there differs from $5600. Formulate hypotheses that can be used to determine whether the mean price in New York City differs from $5600. A sample of 25 New York City contacts provided the prices shown in the table in the spreadsheet “Diamonds”. At a level of significance of 0.01, can the null hypothesis be rejected?

Show the complete 8-step procedure and use both the critical value approach and p-value
approach.

Prices
4620
6210
5150
5250
4840
6320
5450
5620
6140
5850
5640
6575
5940
5850
5825
5820
6850
6010
5960
5980
6330
5990
5995
6360
5300

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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