The CEO of a company has always assumed her customers spend $500 per year on average. To test the validity of this you conduct a survey of 32 customers and find an average annual spend of $484.50 with standard deviation of $45. Perform a hypothesis test at a 5% significance level using the p-value approach. (three decimals for both numerical answers) What is the value of the test statistic? What is the p-value for this hypothesis test? Do you reject the null? (yes/no)
The CEO of a company has always assumed her customers spend $500 per year on average. To test the validity of this you conduct a survey of 32 customers and find an average annual spend of $484.50 with standard deviation of $45. Perform a hypothesis test at a 5% significance level using the p-value approach. (three decimals for both numerical answers) What is the value of the test statistic? What is the p-value for this hypothesis test? Do you reject the null? (yes/no)
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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The CEO of a company has always assumed her customers spend $500 per year on average. To test the validity of this you conduct a survey of 32 customers and find an average annual spend of $484.50 with standard deviation of $45. Perform a hypothesis test at a 5% significance level using the p-value approach.
(three decimals for both numerical answers)
What is the value of the test statistic?
What is the p-value for this hypothesis test?
Do you reject the null? (yes/no)
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