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Description: In 2019, a SRS of 625 consumers revealed that the mean amount they intended to spend during the holiday season was $515. The sample standard deviation was $135. A consumer affairs magazine believed that the mean amount of money spent during the holid

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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In 2019, a SRS of 625 consumers revealed that the mean amount they intended to spend during the holiday season was $515. The sample standard deviation was $135. A consumer affairs magazine believed that the mean amount of money spent during the holidays by would be different than the 2018 average of $500. What can you conclude given these statistics? Test the appropriate claim at the 5% level of significance. a) Write the claim b) Calculate the test statistic. c) Find the p-value. d) Formulate the conclusion statistically. e) Formulate the conclusion practically.

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