Basic Business Statistics, Student Value Edition (13th Edition)
13th Edition
ISBN: 9780321946393
Author: Mark L. Berenson, David M. Levine, Kathryn A. Szabat
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 1, Problem 44PS
Three professors examined awareness of four widely disseminated retirement rules among employees at the University of Utah. These rules provide simple answers to questions about retirement p1anning (R. N. Mayer, C. D. Zick, and M. Glaittle, “Public Awareness of Retirement Planning Rules of Thumb." Journal of Personal Finance, 2011 10(1), 12-35). At the time of the investigation, there were approximately 10,000 benefited employees, and 3,095 participated in the study. Demographic data collected on these 3,095 employees included gender, age (years), education level (years completed), marital status, household income
a. Describe the population of interest.
b. Describe the sample that was collected.
c. Indicate whether each of the demographic variables mentioned is categorical or numerical.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,064. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income
tax period (typically April 10 to April 15).
(a) A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of
Ho
will
support the researcher's contention.
O Ho: µ > $1,064
H3: µs $1,064
O Ho: H $1,064
O Ho: u = $1,064
H: µ + $1,064
Ο Hρ: μ > $1,064
H3: µ < $1,064
(b) For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of o = $1,600 may be assumed.
What is the test statistic? (Round your answer to two decimal places.)
What is the p-value? (Round your answer to four decimal places.)
p-value =
(c) At a = 0.05,…
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,051. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15).
(a) A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher's contention.
H0: μ > $1,051, Ha: μ ≤ $1,051
H0: μ = $1,051, Ha: μ ≠ $1,051
H0: μ ≥ $1,051, Ha: μ < $1,051
H0: μ ≤ $1,051, Ha: μ > $1,051
H0: μ < $1,051, Ha: μ ≥ $1,051
(b)For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of σ = $1,600 may be assumed.
What is the test statistic? (Round your answer to two decimal places.)
What is the…
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,053. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15).
(a)
A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of
H0
will support the researcher's contention.
H0: μ ≤ $1,053Ha: μ > $1,053H0: μ ≥ $1,053Ha: μ < $1,053 H0: μ < $1,053Ha: μ ≥ $1,053H0: μ > $1,053Ha: μ ≤ $1,053H0: μ = $1,053Ha: μ ≠ $1,053
(b)
For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of
σ = $1,600
may be assumed.
What is the test statistic? (Round your answer to two decimal places.)
What is the p-value? (Round…
Chapter 1 Solutions
Basic Business Statistics, Student Value Edition (13th Edition)
Ch. 1 - Four different beverages are sold at a fast-food...Ch. 1 - U. S. businesses are listed by size small medium,...Ch. 1 - The time it takes to download a video from the...Ch. 1 - For each of the following variables, determine...Ch. 1 - The following information is collected from...Ch. 1 - For each of the following variables, determine...Ch. 1 - For each of the following variables, determine...Ch. 1 - Suppose the following information is collected...Ch. 1 - One of the variables most often included in...Ch. 1 - If two students score a 90 on the same...
Ch. 1 - The director of market research at a large...Ch. 1 - Visit the website of the Pew Research organization...Ch. 1 - Transportation engineers and planners want to...Ch. 1 - Visit the home page of the Statistics Portal...Ch. 1 - For a population containing N=902 individual, what...Ch. 1 - For a population of N=902, verify that by starting...Ch. 1 - Given a population of N=93, starting in row 29,...Ch. 1 - For a study that consists of personal interviews...Ch. 1 - You want to select a random sample of n=1 from a...Ch. 1 - A population has four members (called A, B, C, and...Ch. 1 - The registrar of a university with a population of...Ch. 1 - Prenumbered sales invoices are kept in a sales...Ch. 1 - Prob. 25PSCh. 1 - A Survey indicates that the vast majority of...Ch. 1 - A simple random sample of n=300 full–time...Ch. 1 - The results of a 2013 Adobe system study on retail...Ch. 1 - Prob. 29PSCh. 1 - Prob. 30PSCh. 1 - What is the difference between a sample and a...Ch. 1 - What is the difference between a statistic and...Ch. 1 - What is the difference between a categorical...Ch. 1 - What is the difference between a discrete...Ch. 1 - What is the difference between a nominal scaled...Ch. 1 - What is difference between an interval scaled...Ch. 1 - What is the difference between probability...Ch. 1 - Visit the official website for either Excel...Ch. 1 - Prob. 39PSCh. 1 - The Gallup organization releases the results of...Ch. 1 - Prob. 41PSCh. 1 - Prob. 43PSCh. 1 - Three professors examined awareness of four widely...Ch. 1 - A manufacturer of cat food is planning to survey...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Individuals filing federal income tax returns prior to March 31 received an average refund of $1,055. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). (a) A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher's contention. H0: ? ≤ $1,055Ha: ? > $1,055H0: ? > $1,055Ha: ? ≤ $1,055 H0: ? ≥ $1,055Ha: ? < $1,055H0: ? < $1,055Ha: ? ≥ $1,055H0: ? = $1,055Ha: ? ≠ $1,055 (b) For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of ? = $1,600 may be assumed. What is the test statistic? (Round your answer to two decimal places.) What is the p-value? (Round…arrow_forwardIndividuals filing federal income tax returns prior to March 31 received an average refund of $1056. Consider the population of “last-minute” filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). A researcher suggest that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of will support the researcher’s contention. For a sample of 400 individuals who file a tax return between April 10 and April 15, the sample mean refund was $910. Based on prior experience a population standard deviation of o=1600 may be assumed. What is the p-value? At a=.05 , What is your conclusion?arrow_forwardIndividuals filing federal income tax returns prior to March 31 had an average refund of $1102. Consider the population of “last-minute” filers who mail their returns during the last five days of the income tax period (typically April 10 to April 15). A researcher suggests that one of the reasons that individuals wait until the last five days to file their returns is that on average those individuals have a lower refund than early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher’s contention. For a sample of 600 individuals who filed a return between April 10 and April 15, the sample mean refund was $1050 and the standard deviation was $500. Compute the p-value. Using α = 0.05, what is your conclusion? Test the hypotheses using the critical value approach (α = 0.025).arrow_forward
- Consider the following scenario in which you study your bank account. • On Jan. 1, you had a balance of -290 dollars in your bank account. • On Jan. 2, your bank charged 45 dollar overdraft fee. • On Jan. 3, you deposited 900 dollars. • On Jan. 10, you withdrew 750 dollars. What is your balance on Jan. 11?arrow_forwardAccording to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1056 in 2018. Consider the population of “last-minute” filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of σ = $1,600 may be assumed. Test the researcher's assertion using the critical value approach. Use α = 0.05 (Please include all the 7 steps in hypothesis testing) Steps in hypothesis testing p-value Approach Develop the null and alternative hypothesis Specify the level of significance, α Choose the test statistic (z or t) Calculate the test statistic Use the value of the…arrow_forwardIndividuals filing federal income tax returns prior to March 31 received an average refund of $1,080. Consider the population of "last- minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of Ho will support the researcher's contention. Ho: µ is Select Ha: u is Select b. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $920. Based on prior experience a population standard deviation of o = $1,800 may be assumed. What is the p-value (to 4 decimals)? c. Using a = .05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early fliers? Select v Answer the next three questions using the…arrow_forward
- Individuals filing federal income tax returns prior to March 31 received an average refund of $1,089. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). A. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher's contention. H0 : µ is greater than or equal to 1,089 (already answered) Ha : µ is less than 1,089 (already answered) B. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $920. Based on prior experience a population standard deviation of σ =$1,800 may be assumed. What is the p-value (to 4 decimals)? C. Using a= 0.05, what is the critical value for the test statistic? Enter negative value as negative number. FYI, THIS IS…arrow_forward6. Eric Roberts, Inc. is a company that specializes in tax-deferred investment opportunities for its clients. Recently, this company offered a payroll deduction investment program for the employees of a particular company. The company estimates that the employees are currently averaging $110 or less per month in tax-deferred investments. A sample of 80 employees will be used to test the company's hypothesis about the current level of investment activity among the population of employees. Assume the employee monthly tax-deferred investment amounts have a standard deviation of $70 and that a 0.05 level of significance will be used in the hypothesis test. What is the probability of the Type II error if the actual mean employee monthly investment is $125?arrow_forwardIndividuals filing federal income tax returns prior to March 31 received an average refund of $1,071. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15).arrow_forward
- Q7.What is the difference between 2019 FYA revenues and LTM revenues (2019 FYA minus LTM)? C "Reported" Year-to-date Revenues in Income Statement: • Q1 2019: $100.0m • Q2 2019: $250.0m • Q3 2019: $500.0m • Q4 2019: $800.0m • Q1 2020: $250.0m • Q2 2020: $400.0m A. +$125m B.-$150m C. +$75m O D.-$25marrow_forwardYou may need to use the appropriate appendix table or technology to answer this question. Individuals filing federal income tax returns prior to March 31 received an average refund of $1,059. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). (a) A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher's contention. A) H0: ?= $1,059 Ha: ? ≠ $1,059 B) H0: ?< $1,059 Ha: ?≥ $1,059 C) H0: ? ≥ $1,059 Ha: ? < $1,059 D) H0: ?> $1,059 Ha: ? ≤ $1,059 E) H0: ?≤ $1,059 Ha: ? > $1,059 (b) For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of ? = $1,600may be…arrow_forwardMeier and Frank is a chain of department stores located in the Northwest. The company has issued its own credit cards for a number of years. As a new employee in the finance department, imagine that you have been assigned to a major investigation of the firm’s credit policies designed to reduce bad debt losses. You are requested to investigate the relationship between marital status at the time the card is issued and the subsequent payment record of the individual. You randomly select 100 credit cards issued three years previously. Of the 70 individuals that were married at the time the cards were issued, 11 have defaulted on a payment. Of the 30 individuals who were single when the cards were issued, 7 have defaulted. Do these data present sufficient evidence to indicate that marital status affects credit-worthiness? Use Alpha = 0.05.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning
Elementary Statistics: Picturing the World (7th E...StatisticsISBN:9780134683416Author:Ron Larson, Betsy FarberPublisher:PEARSON
The Basic Practice of StatisticsStatisticsISBN:9781319042578Author:David S. Moore, William I. Notz, Michael A. FlignerPublisher:W. H. Freeman
Introduction to the Practice of StatisticsStatisticsISBN:9781319013387Author:David S. Moore, George P. McCabe, Bruce A. CraigPublisher:W. H. Freeman
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
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
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
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
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman
Use of ALGEBRA in REAL LIFE; Author: Fast and Easy Maths !;https://www.youtube.com/watch?v=9_PbWFpvkDc;License: Standard YouTube License, CC-BY
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY