Answered: A survey of 64 companies revealed that…

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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Question

A survey of 64 companies revealed that the median price charged for a certain trial was $13 with a standard deviation $7 do these data provide sufficient evidence to indicate that the population mean is greater than $11. Consider the significance of 10%.

1. The parameter of interest is:
2. The hypotheses for this test are:
3. The calculated test statistic is:
4. The critical region is:
5. Draw the critical zone (make decision):
6. It can be concluded that:

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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