Answer must be typed to four decimals Answer must be chosen from drop down menu

Question

Answer must be typed to four decimals Answer must be chosen from drop down menu Answer must be typed to either 2 or 3 decimals depending on whether theZorttable is appropriate. Please use the tables provided in STAT 3331 (not the tables in the textbook) Note: Answer the Question(s) by Using the TI-30XA (or other approved) Calculator. IMPORTANT: Make sure you carry all decimals until you reach your answer, then round to four decimals. A sample of 17 discount brokers showed a sample mean price charged for a trade of 100 shares at $50 per share was $46.50. Assume a population standard deviation of $6.40. Test the hypothesis that the mean price charged for a trade of 100 shares at $50 per share is at most $43.00 at =0.0050. (See exercise 44 on page 372 of your textbook for a similar problem.) or the hypothesis stated above.. Question 1 What is the test statistic? Question 2 What is the decision? Question 3 What is the p-value? Fill in only one of the following statements. Ifthe Ztable is appropriate, p-value - Ifthe ttable is appropriate

Explanation / Answer

The statistical software output for this problem is:

One sample Z summary hypothesis test:
: Mean of population
H0 : = 43
HA : > 43
Standard deviation = 6.4

Hypothesis test results:

Hence,

Test statistic = 2.255

Decision: Do not Reject Ho

z table is appropriate, p - value = 0.0121

Mean n Sample Mean Std. Err. Z-Stat P-value 17 46.5 1.552228 2.2548234 0.0121

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