Suppose that a consultant is helping the owner of a local jewelry store set prices for a sale. The owner is considering applyinga discount to its most popular engagement ring, currently priced at $1500. The consultant wants to determine if the averageamount consumers spend on similar engagement rings is more than $1500. To do this, she selects a random sample of15 other jewelry stores in the area and records the prices of engagement rings with a similar style, cut, and weight. The pricesof these rings are shown below.$1400, $1230, $1450, $1175, $1850, $1060, $1390, $1260, $2850, $1580, $1500, $1850, $1770, $1400, $1775Using this sample data, she calculates a mean of $1569.33 and a standard deviation of $432.16 and plans to use thisinformation 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.

The question is about hypo. testing Given : Randomly selected no. of jewelry stores ( n ) = 15…

Answered: Suppose that a consultant is helping…

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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