Business Statistic Questions 1-3

  

Answer the following questions.
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Question 1
A sample of 81 account balances of a credit company showed
an average balance of $1,200 with a standard deviation of
$126.
1. Formulate the hypotheses that can be used to determine
whether the mean of all account balances is significantly
different from $1,150.
2. Compute the test statistic.
3. Using the p-value approach, what is your conclusion? Let α =
.05.
Question 2
During the recent primary elections, the democratic presidential candidate showed
the following pre-election voter support in Alabama and Mississippi.
4. We want to determine whether or not the proportions of voters
favoring the Democratic candidate were the same in both
states. Provide the hypotheses.
5. Compute the test statistic.
6. Determine the p-value; and at 95% confidence, test the above
hypotheses.
Question 3
In order to estimate the difference between the yearly incomes
of marketing managers in the East and West of the United
States, the following information was gathered.
7. Develop an interval estimate for the difference between the
average yearly incomes of the marketing managers in the East
and West. Use α = 0.05.
8. At 95% confidence, use the p-value approach and test to
determine if the average yearly income of marketing managers
in the East is significantly different from the West.

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