Based on the instructions now posted in your data set, you will construct a Confidence Interval for one of your quantitative variables and conduct a hypothesis test for the other quantitative variable. For the Confidence Interval: 1. Report the interval. 2. Interpret the confidence interval in terms of the specific variable.
Based on the instructions now posted in your data set, you will construct a Confidence Interval for one of your quantitative variables and conduct a hypothesis test for the other quantitative variable. For the Confidence Interval: 1. Report the interval. 2. Interpret the confidence interval in terms of the specific variable.
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
Transcribed Image Text:Estimation and Hypothesis Tests
Based on the instructions now posted in your data set, you will construct a Confidence Interval
for one of your quantitative variables and conduct a hypothesis test for the other quantitative
variable.
For the Confidence Interval:
1. Report the interval.
2. Interpret the confidence interval in terms of the specific variable.
For the Hypothesis Test:
1. State the null and alternative hypotheses in the context of the specific variable.
2. Report the t test statistic and its meaning.
3. Report the p-value and its meaning.
4. Draw your conclusion. Include the comparison of the p-value to the level of significance,
whether you reject or fail to reject the null hypothesis, whether the results are statistically
significant or not, and your concluding statement in the context of the specific variable.
Transcribed Image Text:State
Size of Land in Acres
Price per Acre in Dollars
13500
Date
August 2013
August 2013
Illinois
152
Illinois
339
10738
Illinois
261
7600
November 2013
Illinois
338
13250
December 2013
Illinois
362
10737
December 2013
Illinois
73
15000
Winter 2014
Illinois
542
12786
Winter 2014
February 2014
February 2014
February 2014
Illinois
59
2750
Illinois
1431
11750
Illinois
80
10750
Illinois
542
12786
March 2014
Illinois
75
12100
March 2014
April 2014
May 2014
May 2014
Illinois
73
15000
Illinois
166
9009
Illinois
960
14583
Illinois
Illinois
176
13920
June 2014
1553
5280
June 2014
July 2014
August 2014
August 2014
Illinois
144
12900
Illinois
540
13127
Illinois
87
12700
Illinois
1342
7086
October 2014
Illinois
132
9030
October 2014
Illinois
80
6400
November 2014
Illinois
765
5483
December 2014
Illinois
116
8534
Winter 2015
Illinois
294
10935
February 2015
Illinois
402
6281
March 2015
Illinois
156
8250
June 2015
Illinois
81
9000
July 2015
Illinois
80
10400
December 2015
Illinois
334
11482
Winter 2016
Illinois
556
10775
April 2016
Illinois
1560
1984
June 2016
Illinois
217
9700
August 2016
September 2016
September 2016
Illinois
153
10255
Illinois
160
9000
Illinois
75
10400
October 2016
Illinois
236
11100
October 2016
Illinois
40
10800
November 2016
Illinois
97
8750
November 2016
Illinois
217
9700
December 2016
Illinois
160
9000
December 2016
February 2017
February 2017
Illinois
8638
6403
Illinois
610
2925
Illinois
307
7053
March 2017
Illinois
1063
8982
March 2017
April 2017
April 2017
August 2017
September 2017
Illinois
195
10097
Illinois
161
8500
Illinois
1167
9443
Illinois
1167
9426
Illinois
320
8100
October 2017
Illinois
123
11745
December 2017
Illinois
155
10516
February 2018
Expert Solution
Step 1
To construct confidence interval for one of the quantitative variables.
Let us consider the confidence level to be 95%.
Consider the quantitative variable Size of land in acres.
Sample size (n) = 53
Since, sample size is large enough (greater than 30), we use z-distribution.
Confidence interval for population mean is obtained using the formula:
where, is the sample mean
is z-critical value at significance level.
is the sample standard deviation.
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