Suppose we want to conduct a hypothesis test at the 5% significance level of whether room rates of luxury hotels in the Northeast have a mean of $350 or not. We collect a sample of rates and find that the 95% confidence interval is (310, 345).What is the conclusion of the test and why?- ○ Since $350 is not in the confidence interval, we reject the null hypothesis that the mean rate is $350 and conclude that the mean rate is different from $350.- ○ Since $350 is not in the confidence interval we accept the null hypothesis that the mean rate is $350.- ○ Since the confidence interval falls below $350, we conclude that luxury hotel rates in the Northeast are less than $350.

Given that Population mean = 350 95% confidence interval =( 310 , 345 )

Answered: Suppose we want to conduct a hypothesis…

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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