I only need C and D Based on the average predictions of 47 members of the National Association of Business Economists (NABE), the U.S. gross domestic product (GDP) will expand by 3.2% in 2011 (The Wall Street Journal, May 23, 2010). Suppose the sample standard deviation of their predictions was 1%. At a 5% significance level, test if the mean forecast GDP of all NABE members is greater than 3%. (You may find it useful to reference the appropriate table: z table or t table) a. Select the null and the alternative hypotheses. multiple choice 1H0: μ = 3; HA: μ ≠ 3H0: μ ≤ 3; HA: μ > 3H0: μ ≥ 3; HA: μ < 3 b. Calculate the value of test statistic. (Round intermediate calculations to at least 4 decimal places and final answer to 3 decimal places.) c. Find the p-value. multiple choice 2p-value ≤ 0.010.01 < p-value ≤ 0.0250.025 < p-value ≤ 0.050.05 < p-value ≤ 0.10p-value >0.10 d. At a 5% significance level, can we conclude that the mean forecast GDP of all NABE members is greater than 3%? multiple choice 3Yes, since we reject H0.Yes, since we do not reject H0.No, since we reject H0.No, since we do not reject H0.

Name: I only need C and D Based on the average predictions of 47 members of
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Description: I only need C and D Based on the average predictions of 47 members of the National Association of Business Economists (NABE), the U.S. gross domestic product (GDP) will expand by 3.2% in 2011 (The Wall Street Journal, May 23, 2010). Suppose the sampl

Consider that μ defines the mean forecast GDP of all NABE members.

Answered: Based on the average predictions of 47…

MATLAB: An Introduction with Applications

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ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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I only need C and D

Based on the average predictions of 47 members of the National Association of Business Economists (NABE), the U.S. gross domestic product (GDP) will expand by 3.2% in 2011 (The Wall Street Journal, May 23, 2010). Suppose the sample standard deviation of their predictions was 1%. At a 5% significance level, test if the mean forecast GDP of all NABE members is greater than 3%. (You may find it useful to reference the appropriate table: z table or t table)

a. Select the null and the alternative hypotheses.

multiple choice 1

H₀: μ = 3; H_A: μ ≠ 3
H₀: μ ≤ 3; H_A: μ > 3
H₀: μ ≥ 3; H_A: μ < 3

b. Calculate the value of test statistic. (Round intermediate calculations to at least 4 decimal places and final answer to 3 decimal places.)

c. Find the p-value.

multiple choice 2

p-value ≤ 0.01
0.01 < p-value ≤ 0.025
0.025 < p-value ≤ 0.05
0.05 < p-value ≤ 0.10
p-value >0.10

d. At a 5% significance level, can we conclude that the mean forecast GDP of all NABE members is greater than 3%?

multiple choice 3

Yes, since we reject H₀.
Yes, since we do not reject H₀.
No, since we reject H₀.
No, since we do not reject H₀.

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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