Suppose that we want to conduct a 98% confidence test about whether 2020 May growing prices are higher than the historical average based on the data in exhibit 2. Assuming that May 2020 growing prices are $7.30, which of the following best represents the implications of this hypothesis test? while prices are higher in absolute terms, they do not represent a significant departure from historical averages we are moderately confident that prices are higher in 2020 May 2020 prices are statistically lower than historical May prices O we are 98% sure that prices are statistically higher than historical averages

Suppose that we want to conduct a 98% confidence test about whether 2020 May growing prices are higher than the historical average based on the data in exhibit 2. Assuming that May 2020 growing prices are $7.30, which of the following best represents the implications of this hypothesis test? while prices are higher in absolute terms, they do not represent a significant departure from historical averages we are moderately confident that prices are higher in 2020 May 2020 prices are statistically lower than historical May prices O we are 98% sure that prices are statistically higher than historical averages

Name: use the data set to answer the question EFGHJExhibit 2: Grower Return
Uploaded: 2024-03-20T07:06:16.000Z
Channel: Bartleby
Description: use the data set to answer the question EFGHJExhibit 2: Grower Return by MonthCountSumAverage Variance St. ErrorDecember Grower Price38196.825.184.620.35May Grower Price38 264.546.967.470.44Annual Grower Price38234.46.176.070.40ANOVA for Grower Retur

MATLAB: An Introduction with Applications

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Concept explainers

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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Question

use the data set to answer the question

E
F
G
H
J
Exhibit 2: Grower Return by Month
Count
Sum
Average Variance St. Error
December Grower Price
38
196.82
5.18
4.62
0.35
May Grower Price
38 264.54
6.96
7.47
0.44
Annual Grower Price
38
234.4
6.17
6.07
0.40
ANOVA for Grower Return by Month
Source of Variation
SS
df
MS
P-value
Between Groups
60.58
30.29
5.00
0.01
Within Groups
672.07
111
6.05
Total
732.66
113

Suppose that we want to conduct a 98% confidence test about whether 2020 May
growing prices are higher than the historical average based on the data in exhibit 2.
Assuming that May 2020 growing prices are $7.30, which of the following best
represents the implications of this hypothesis test?
O while prices are higher in absolute terms, they do not represent a significant departure from
historical averages
we are moderately confident that prices are higher in 2020
O May 2020 prices are statistically lower than historical May prices
O we are 98% sure that prices are statistically higher than historical averages

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