MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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The average retirement age in America is 64 years old. Do small business owners retire at a different average age? The data below shows the results of a survey of small business owners who have recently retired. Assume that the distribution of the population is normal.
69, 71, 56, 61, 75, 70, 56, 57, 67, 72, 61, 74
What can be concluded at the the α
= 0.10 level of significance level of significance?
- For this study, we should use
- The null and alternative hypotheses would be:
H0:
H1:
- The test statistic
- = (please show your answer to 3 decimal places.)
- The p-value = (Please show your answer to 4 decimal places.)
- The p-value is
α
- Based on this, we should
- the null hypothesis.
- Thus, the final conclusion is that ...
- The data suggest the populaton
mean is significantly different from 64 at α
- The data suggest the populaton
- = 0.10, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is different from 64.
- The data suggest the population mean is not significantly different from 64 at α
- = 0.10, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is equal to 64.
- The data suggest the population mean retirement age for small business owners is not significantly different from 64 at α
= 0.10, so there is insufficient evidence to conclude that the population mean retirement age for small business owners is different from 64.
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