In sample of 10000 bets a casino's mean profit is 0.38. Suppose you know the population standard deviation is 4. Suppose we want to test the claim that the mean profit is above 0.3 Find the standard error of the mean and the test stat for testing the claim that the mean is above 0.3 and answer the questions below. Note that in the final exam you would also explain that pvalue = P(Z>2) H0 :µ=0.3 , H1 :µ>0.3 and reject H0 because the pvalue is less than the default significance level α=0.05 (using the table) so there is strong evidence the mean is more than 0.3 using a computer the pvalue is P(Z>2) = 0.0228 What is the standard error of the estimate Answer 1 what is the test stat Answer 2 What is the estimate Answer 3 what is the value of μ that should be used when calculating the test statistic
In sample of 10000 bets a casino's
Find the standard error of the mean and the test stat for testing the claim that the mean is above 0.3 and answer the questions below.
Note that in the final exam you would also explain that pvalue = P(Z>2)
H0 :µ=0.3 , H1 :µ>0.3
and reject H0 because the pvalue is less than the default significance level α=0.05 (using the table)
so there is strong evidence the mean is more than 0.3
using a computer the pvalue is P(Z>2) = 0.0228
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What is the standard error of the estimate |
Answer 1 |
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what is the test stat |
Answer 2 |
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What is the estimate |
Answer 3 |
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what is the value of μ that should be used when calculating the test statistic
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