Explanation Given info: The sample size is 27, the sample mean is 7,495, the population standard deviation is 243 and the level of significance is 0.10. Calculation: Since the population is normally distributed and the population standard deviation is known, the z test can be used. Claim: μ = 7 , 450 State the test hypotheses: Null hypothesis: H 0 : μ = 7 , 450 (claim) Alternative hypothesis: H a : μ ≠ 7 , 450 Standardized test statistic: Step by step procedure to obtain the test value using the MINITAB software: Choose Stat > Basic Statistics > 1-Sample Z . In Summarized data, enter the sample size as 27 and mean as 7,495 . In Standard deviation , enter 243. In Perform hypothesis test, enter the test mean as 7,450 . Check Options ; enter Confidence level as 90% . Choose not equal in alternative . Click OK in all dialogue boxes

Elementary Statistics Plus MyLab Statistics with Pearson eText -- Access Card Package (7th Edition) (What's New in Statistics)

7th Edition

ISBN: 9780134684901

Author: Ron Larson, Betsy Farber

Publisher: PEARSON

See similar textbooks

Videos

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 7, Problem 7.2.24RE

To determine

To test: The claim that the population mean is equal to 7450.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 7, Problem 7.2.23RE

Chapter 7, Problem 7.2.25RE

Students have asked these similar questions

Questions An insurance company's cumulative incurred claims for the last 5 accident years are given in the following table: Development Year Accident Year 0 2018 1 2 3 4 245 267 274 289 292 2019 255 276 288 294 2020 265 283 292 2021 263 278 2022 271 It can be assumed that claims are fully run off after 4 years. The premiums received for each year are: Accident Year Premium 2018 306 2019 312 2020 318 2021 326 2022 330 You do not need to make any allowance for inflation. 1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method. (b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method. 2. Comment on the differences in the reserves produced by the methods in Part 1.

A population that is uniformly distributed between a=0and b=10 is given in sample sizes 50( ), 100( ), 250( ), and 500( ). Find the sample mean and the sample standard deviations for the given data. Compare your results to the average of means for a sample of size 10, and use the empirical rules to analyze the sampling error. For each sample, also find the standard error of the mean using formula given below. Standard Error of the Mean =sigma/Root Complete the following table with the results from the sampling experiment. (Round to four decimal places as needed.) Sample Size Average of 8 Sample Means Standard Deviation of 8 Sample Means Standard Error 50 100 250 500

A survey of 250250 young professionals found that two dash thirdstwo-thirds of them use their cell phones primarily for e-mail. Can you conclude statistically that the population proportion who use cell phones primarily for e-mail is less than 0.720.72? Use a 95% confidence interval. Question content area bottom Part 1 The 95% confidence interval is left bracket nothing comma nothing right bracket0.60820.6082, 0.72510.7251. As 0.720.72 is within the limits of the confidence interval, we cannot conclude that the population proportion is less than 0.720.72. (Use ascending order. Round to four decimal places as needed.)

Chapter 7 Solutions

Elementary Statistics Plus MyLab Statistics with Pearson eText -- Access Card Package (7th Edition) (What's New in Statistics)

Ch. 7.1 - Write each claim as a mathematical statement....Ch. 7.1 - A company specializing in parachute assembly...Ch. 7.1 - For each claim, state H0 and Ha in words and in...Ch. 7.1 - You perform a hypothesis test for each claim. How...Ch. 7.1 - 1. You represent a chemical company that is being...Ch. 7.1 - What are the two types of hypotheses used in a...Ch. 7.1 - Describe the two types of errors possible in a...Ch. 7.1 - Prob. 3E Ch. 7.1 - Does failing to reject the null hypothesis mean...Ch. 7.1 - True or False? In Exercises 510, determine whether...

Knowledge Booster

$Statistics$

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.

To test: The claim that the population mean is equal to 7450.

Solution Summary: The author states that there is no enough evidence to reject the claim that the population mean is equal to 7,450.

Videos

To test: The claim that the population mean is equal to 7450.

Want to see the full answer?

Chapter 7 Solutions