Answered: group of 24 consumers paid an average…

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

A group of 24 consumers paid an average of $999.00 for their I-phones. The population standard deviation of I-phone prices is known to be $122.50. Prices of I-phones are known to be normally distributed. With a .02 confidence level, test the claim that the average amount that people pay for I-phones is more than $950.00.

Find the claim, Null Hypothesis (H₀), and Alternative Hypothesis (H₁).

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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