The mayor has claimed that the Recession has not affected the towns economy and that it has remained stable, because the average sales price of a home is not less than the average pre-Reccession price  in 2008. You are a realtor, and you don't think the mayor is correct. You know the average price of a home in 2008 was $390,000, so you conduct a hypothesis test at the 10% alpha level of significance, using the sample attached, to test the mayors claim.  A) state the null and alternate hypotheses B) what is the p-value of this test? c) what is the correct decision for this test?

hopes that the results of a trial period will enable her to conclude with a level of significance of 0.05 that the new procedure increases the average profit of installing a carpet. What will be the consequences if she makes a Type I error on her hypothesis test? A Type I error would mean that Carpetland implements a new procedure that actually decreases profits. A Type I error would mean that Carpetland implements a new procedure that actually increases profits. A Type 1 error would mean that Carpetland does not implement a new procedure that increases profits. A Type I error would mean that Carpetland does not implement a new procedure that decreases profits.. A Type I error would mean that Carpetland implements a new procedure that actually does not increase profits. A Type I error would mean that Carpetland implements a new procedure that actually does not decrease profits.

Would you favor spending more federal tax money on the arts? Of a random sample of n1 = 204 women, r1 = 70 responded yes. Another random sample of n2 = 178 men showed that r2 = 48 responded yes. Does this information indicate a difference (either way) between the population proportion of women and the population proportion of men who favor spending more federal tax dollars on the arts? Use ? = 0.05.   (a) What is the level of significance?State the null and alternate hypotheses. H0: p1 = p2; H1: p1 > p2H0: p1 = p2; H1: p1 < p2    H0: p1 = p2; H1: p1 ≠ p2H0: p1 < p2; H1: p1 = p2 (b) What sampling distribution will you use? What assumptions are you making? The standard normal. We assume the population distributions are approximately normal.The Student's t. The number of trials is sufficiently large.    The standard normal. The number of trials is sufficiently large.The Student's t. We assume the population distributions are approximately normal. What is the value of the sample…

Professor Nord stated that the mean score on the final exam from all the years he has been teaching is a 79%.  Colby was in his most recent class, and his class’s mean score on the final exam was 82%.  Colby decided to run a hypothesis test to determine if the mean score of his class was significantly greater than the mean score of the population.  α = .01. What is the mean score of the population? What is the mean score of the sample? Is this test one-tailed or two-tailed? Why?

The average income of a large sample of households is $63,000 and the s.d. is $7,000. Assume that the data is approximately bell-shaped. What percent of these households have incomes between $42,000 and $77,000? Don’t forget to properly justify your answer using the empirical rule.

Which of the following statements is true regarding the influence of a small alpha level in the context of hypothesis testing?     a. A small alpha level reduces the likelihood of a Type I error.   b. A small alpha level reduces the effect size.   c. A small alpha level increases statistical power.   d. A small alpha level increases the likelihood of detecting statistical significance.

The weekly expenditure on groceries of a random sample of 100 family households was recorded. It was estimated that the mean expenditure was approximately $240. With rising interest rates and petrol prices, it was anticipated that grocery expenditure might decrease. Which hypothesis test would you use to test this claim? 1.One tailed, one sample t-test 2.Two tailed, one sample t-test 3.One tailed, z-test 4.One-tailed Paired Samples t-test 5.Chi Square

A retail chain plans to sell bottles of a special holiday drink this season. The bottles are typically stocked one month in advance and sold before the holiday for full price. After the holiday, the leftover bottles would be marked down to get sold. For each bottle, the item cost is $3.85, the full selling price is $11.99, and the marked down price is $0.98. Historically, demand is normally distributed with a mean of 1.28 million bottles and a standard deviation of 0.04 million bottles. You would need to show equations, steps, and the final results with units for full credits. Answers are in millions using 5 decimals, e.g. 1.76384 million bottles. You should not round up the numbers! For simplicity, all taxes and other costs are not considered. All parts below are based on the optimal quantity decision found in part (a). (a) To maximize expected profit, how many bottles should the retailer carry this year? (b) What are the expected inventory and the corresponding expected sales? (c)…