Sample Standard Devlation 80.1531 Confidence Interval Confidence Coefficient 0,95 Lower Limit Upper Limit Hypothesis Test Hypothesized Value Test Statistic P-value (Lower Tail) P-value (Upper Tail) 650 0.0367 P.value (Two Tall) The Hospital Care Cost Institute randomly selected 18 individuals, recorded the amount spent each year on prescription drugs, then put this in Assume a population standard deviation of $100. Can you reject the hypothesis that the average amount spent per person each year on presc least $650 at a-.05? Based on this paragraph of text, use the correct excel output above to answer the following question. For the hypothesis stated above, what is the conclusion? Oa. There is NOT significant evidence to conclude Ha: Z $650. O b. There is NOT significant evidence to conclude Ha: p< $650. OC There is significant evidence to conclude Ha: p2 $650. Od. There is significant evidence to conclude Ha: < $650. e. None of the answers is correct
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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