Homework Help is Here – Start Your Trial Now!
Math
Statistics
Suppose you are a manager for a carnival game at the local fair. You want to estimate how many prizes you will need to have in stock to give out, based on the number of tickets purchased before the fair begins. You examine the past 24 fair openings to make your regression model, and find ŷ = 234.29 +0. 1x, where x is the number of tickets purchased before the fair begins, and ŷ is the predicted demand for prizes during the first day of the fair. You also find SE(b₁) = 0.045. Using a hypothesis test with a significance level of 1% select the correct interpretation of your analysis for the test below. [H₁ : ß₁ = 0 HA: B₁0

Suppose you are a manager for a carnival game at the local fair. You want to estimate how many prizes you will need to have in stock to give out, based on the number of tickets purchased before the fair begins. You examine the past 24 fair openings to make your regression model, and find ŷ = 234.29 +0. 1x, where x is the number of tickets purchased before the fair begins, and ŷ is the predicted demand for prizes during the first day of the fair. You also find SE(b₁) = 0.045. Using a hypothesis test with a significance level of 1% select the correct interpretation of your analysis for the test below. [H₁ : ß₁ = 0 HA: B₁0

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question

Question and answer attached - thank you so much!

Suppose you are a manager for a carnival game at the local fair. You want to estimate how many prizes you will need to have in stock to give out, based on the number of tickets purchased before the fair begins. You examine the past 24 fair openings to make your regression model, and find ŷ - 234.29 +0. 1x, where is the number of tickets purchased before the fair begins, and ŷ is the predicted demand for prizes during the first day of the fair. You also find SE(b₁) = 0.045. Using a hypothesis test with a significance level of 1% select the correct interpretation of your analysis for the test below. Ho: B₁ = 0 HA: B₁0
Transcribed Image Text:Suppose you are a manager for a carnival game at the local fair. You want to estimate how many prizes you will need to have in stock to give out, based on the number of tickets purchased before the fair begins. You examine the past 24 fair openings to make your regression model, and find ŷ - 234.29 +0. 1x, where is the number of tickets purchased before the fair begins, and ŷ is the predicted demand for prizes during the first day of the fair. You also find SE(b₁) = 0.045. Using a hypothesis test with a significance level of 1% select the correct interpretation of your analysis for the test below. Ho: B₁ = 0 HA: B₁0
The null hypothesis cannot be rejected, since the test statistic is less extreme than the critical value. The null hypothesis is rejected, since the test statistic is more extreme than the critical value. The null hypothesis is rejected, since the test statistic is less extreme than the critical value. The null hypothesis cannot be rejected, since the test statistic is more extreme than the critical value.
Transcribed Image Text:The null hypothesis cannot be rejected, since the test statistic is less extreme than the critical value. The null hypothesis is rejected, since the test statistic is more extreme than the critical value. The null hypothesis is rejected, since the test statistic is less extreme than the critical value. The null hypothesis cannot be rejected, since the test statistic is more extreme than the critical value.
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS