Suppose that a consultant is helping the owner of a local jewelry store set prices for a sale. The owner is considering applying a discount to its most popular engagement ring, currently priced at $1500. The consultant wants to determine if the average amount consumers spend on similar engagement rings is more than $1500. To do this, she selects a random sample of 15 other jewelry stores in the area and records the prices of engagement rings with a similar style, cut, and weight. The prices of these rings are shown below. $1400, $1230, $1450, $1175, $1850, $1060, $1390, $1260, $2850, $1580, $1500, $1850, $1770, $1400, $1775 Using this sample data, she calculates a mean of $1569.33 and a standard deviation of $432.16 and plans to use this information to conduct a one-sample t-test of Ho μ = $1500 against H₁ μ> $1500. Is this an appropriate use of a one-sample t-test? No, because the sample contains an outlier. Yes, because the population is normally distributed. Yes, because the data come from a random sample. Yes, because the population standard deviation is not known. No, because a one-sample t-test can only be used when the sample size is at least 30.
Suppose that a consultant is helping the owner of a local jewelry store set prices for a sale. The owner is considering applying a discount to its most popular engagement ring, currently priced at $1500. The consultant wants to determine if the average amount consumers spend on similar engagement rings is more than $1500. To do this, she selects a random sample of 15 other jewelry stores in the area and records the prices of engagement rings with a similar style, cut, and weight. The prices of these rings are shown below. $1400, $1230, $1450, $1175, $1850, $1060, $1390, $1260, $2850, $1580, $1500, $1850, $1770, $1400, $1775 Using this sample data, she calculates a mean of $1569.33 and a standard deviation of $432.16 and plans to use this information to conduct a one-sample t-test of Ho μ = $1500 against H₁ μ> $1500. Is this an appropriate use of a one-sample t-test? No, because the sample contains an outlier. Yes, because the population is normally distributed. Yes, because the data come from a random sample. Yes, because the population standard deviation is not known. No, because a one-sample t-test can only be used when the sample size is at least 30.
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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![Suppose that a consultant is helping the owner of a local jewelry store set prices for a sale. The owner is considering applying
a discount to its most popular engagement ring, currently priced at $1500. The consultant wants to determine if the average
amount consumers spend on similar engagement rings is more than $1500. To do this, she selects a random sample of
15 other jewelry stores in the area and records the prices of engagement rings with a similar style, cut, and weight. The prices
of these rings are shown below.
$1400, $1230, $1450, $1175, $1850, $1060, $1390, $1260, $2850, $1580, $1500, $1850, $1770, $1400, $1775
Using this sample data, she calculates a mean of $1569.33 and a standard deviation of $432.16 and plans to use this
information to conduct a one-sample t-test of Ho μ = $1500 against H₁ μ> $1500.
Is this an appropriate use of a one-sample t-test?
No, because the sample contains an outlier.
Yes, because the population is normally distributed.
Yes, because the data come from a random sample.
Yes, because the population standard deviation is not known.
No, because a one-sample t-test can only be used when the sample size is at least 30.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fec8216c7-9603-414d-880e-1b2c9e8c3a03%2Fc8a4bc82-0514-428a-bffd-42e13bc99230%2Fzxy9s2a_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that a consultant is helping the owner of a local jewelry store set prices for a sale. The owner is considering applying
a discount to its most popular engagement ring, currently priced at $1500. The consultant wants to determine if the average
amount consumers spend on similar engagement rings is more than $1500. To do this, she selects a random sample of
15 other jewelry stores in the area and records the prices of engagement rings with a similar style, cut, and weight. The prices
of these rings are shown below.
$1400, $1230, $1450, $1175, $1850, $1060, $1390, $1260, $2850, $1580, $1500, $1850, $1770, $1400, $1775
Using this sample data, she calculates a mean of $1569.33 and a standard deviation of $432.16 and plans to use this
information to conduct a one-sample t-test of Ho μ = $1500 against H₁ μ> $1500.
Is this an appropriate use of a one-sample t-test?
No, because the sample contains an outlier.
Yes, because the population is normally distributed.
Yes, because the data come from a random sample.
Yes, because the population standard deviation is not known.
No, because a one-sample t-test can only be used when the sample size is at least 30.
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