A sample of 42 observations is selected from a normal population. The sample mean is 41, and the population standard deviation is 4. Conduct the following test of hypothesis using the 0.05 significance level. H0: μ = 43H1: μ ≠ 43 Is this a one- or two-tailed test? multiple choice 1One-tailed testTwo-tailed test What is the decision rule? multiple choice 2Reject H0 if −1.960 < z < 1.960Reject H0 if z < −1.960 or z > 1.960 What is the value of the test statistic? (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.) What is your decision regarding H0? multiple choice 3Fail to reject H0Reject H0 e-1. What is the p-value? (Round your z value to 2 decimal places and final answer to 4 decimal places.) e-2. Interpret the p-value? (Round your z value to 2 decimal places and final answer to 2 decimal places.)

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A sample of 42 observations is selected from a normal population. The sample mean is 41, and the population standard deviation is 4. Conduct the following test of hypothesis using the 0.05 significance level.

H₀: μ = 43

H₁: μ ≠ 43

Is this a one- or two-tailed test?

multiple choice 1

One-tailed test
Two-tailed test

What is the decision rule?

multiple choice 2

Reject H₀ if −1.960 < z < 1.960
Reject H₀ if z < −1.960 or z > 1.960

What is the value of the test statistic? (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)

What is your decision regarding H₀?

multiple choice 3

Fail to reject H₀
Reject H₀

e-1. What is the p-value? (Round your z value to 2 decimal places and final answer to 4 decimal places.)

e-2. Interpret the p-value? (Round your z value to 2 decimal places and final answer to 2 decimal places.)

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