26. A mail order company has conducted a survey to assess whether at least 95% of their customers are satisfied with their most recent order. The results show that of the 280 customers asked, 270 said they were satisfied, with the final 10 saying they were dissatisfied. They have asked you toA conduct a hypothesis test at the 5% level to assess whether there is sufficent evidence to show that more than 95% of their customers are satisfied.What should your null and alternative hypotheses be?Ho:u = 0.95H1:µ > 0.95Ho:µ > 0.95H:µ = 0.95Ho:u < 0.95Нi:n > 0.95= 0.95H: µ + 0.95Ho:µ + 0.95H:µ = 0.95 28. (Follow-on from Q26/27)What is the sample value in this hypothesis test?1.0571.0671.0771.087O 1.097

Given: Number of customers (n) = 280 Number of customers that are satisfied (x) = 270

Answered: 26. A mail order company has conducted…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The question is the last bolded test. You need the previous questions to answer the last. Thank you for your time and help. You are the manager of a firm that sells CR2032 batteries for car key fobs and other electronic goods. You typically sell the fobs for $7 for a four-pack and sell an average of 27,192 four-packs per month. Due to increased labor costs, you decide to raise the price to $9 per four-pack. When you do this your monthly sales fall to 22,248 four-packs Assuming that your firm’s demand function is linear (i.e., takes the form ), calculate the linear demand function 22,248-27,192/9-7= -4944/2= -2472 Demand equation as 27,192 = a-2472(7) => a=27192+17304 =>a=44,496 27192= -2472x7+b 27192= -17304+b 27192+17304=44,496 Demand function is Q= -2472P+44,496 . Using the demand function that you estimated in the previous problem Calculate demand and total revenue when the price is $7 Q= -2472x7+44,496= -17,304+44,496= 27,192 Total revenue=PxQ=7x27,192=…
26. A mail order company has conducted a survey to assess whether at least 95% of their customers are satisfied with their most recent order. The results show that of the 280 customers asked, 270 said they were satisfied, with the final 10 saying they were dissatisfied. They have asked you to A conduct a hypothesis test at the 5% level to assess whether there is sufficent evidence to show that more than 95% of their customers are satisfied. What should your null and alternative hypotheses be? Ho:u = 0.95 H1:µ > 0.95 Ho:µ > 0.95 H:µ = 0.95 Ho:u 0.95 = 0.95 H: µ + 0.95 Ho:µ + 0.95 H:µ = 0.95
please quickly thanks !
In the p-value approach to hypothesis testing, we reject the null hypothesis if O p-value > 0.05 O p-value 0.05 O p-value 0.05 O p-value < 0.05
the probability of reaching the wrong conclusion to 0.05 the probability of a Type II error equal to 0.05 the probability of reaching the correct conclusion equal to 0.05 the probability of a Type I error equal to 0.05 attached in ss below thanks
We have a random sample of workers from a large firm. In 2017, the firm ran a training program. Some workers did the training program, others did not. The firm now wants to assess the effect of the training on earnings. We use the following model to estimate the effect of a training program on annual earnings in 2018: ln⁡(earn2018)=β0+β1train+β2ln⁡(earn2016)+β3educ+β4exper+u where earn2018 = individual total annual earnings in 2018 in dollars train = a dummy variable that takes the value 1 if the individual worker did the training in 2017 and 0 otherwise earn2016 = individual total annual earnings in 2016 in dollars educ = the individual's years of education exper = the individual's years of experience We find: ln⁡(earn2018)^= 11.672 + 0.041train + 0.821ln⁡(earn2016) + 0.037educ + 0.012exper (5.864) (0.019) (0.258) (0.013) (0.007) n=1278, R2= 0.048 Which of the following is the correct interpretation of the…
Suppose we have sample data on (y,x) of size n. Consider regressing y on x and a constant using the least square method (OLS estimation). The estimated equation is y = 2.59 +5.19 x + e where e is the residual. The standard errors for the constant and the coefficient were 0.51 and 1.58 respectively. To test the null hypothesis of zero coefficient (for x) at a given significance level, we may use t-statistic. Compute the t-statistic for the coefficient. Make sure the answer is round up to the nearest hundredth. e.g. 3.015 --> 3.02
4. From experience it is known that a certain brand of tyre lasts, on average, 15,000 miles with standard deviation 1250. A new compound is tried and a sample of 120 tyres yields an average life of 15,150 miles, with the same standard deviation. Are the new tyres an improvement? Use the 5% significance level. Show hypothesis testing by step-by-step.

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