According to bigresearch holiday shoppers spent an average, Ask an Expert

Economics

According to BIGresearch, holiday shoppers spent an average of $373 over the Thanksgiving weekend in 2008. The following data show the amount spent by a random sample of holiday shoppers during the same weekend in this year: $427 $274 $370 $238 $222 $215 $360 $434 $387 $395 $323` $63 $415 $429 $377 $279

A) Test the hypothesis that the shoppers spent less than an average of $373 over the Thanksgiving weekend using the level of significance of .05. State the null and alternative hypotheses.

B) Draw a picture of the distribution. Show the critical values, reject and do not reject regions, and test statistic.

C) What is the hypothesis test conclusion using both the critical value and the p-value approaches?

D) Explain your results to your manager since you also have Thanksgiving weekend sales.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91992713

Have any Question?Write your Review or question?

Related Questions in Business Economics

Given that the heights of adult males show a mean of 69 and

Given that the heights of adult males show a mean of 69" and standard deviation 2.7." A sample of 37 adult males shows a mean of 68.2" and standard deviation of 2.9." 1. Which of the following is a statistic? a) 69" b) 2 ...

Suppose that a firm had a production function given

Suppose that a firm had a production function given by: q=2L 0.4 K 0.8 . The rental rate for the firm is $20 and the wage is $15 . Solve the optimization condition for K and then fill in the value that appears in fr ...

The abc movie theater has 300 seats in a typical month 25

The ABC movie theater has 300 seats. In a typical month, 25 percent of the seats are sold. The price elasticity is estimated to be -0.9. The price of a ticket is $8.00. The manager wants to increase the attendance to 30 ...

In an inquiry into the nature and causes of the wealth of

In an inquiry into the nature and causes of the wealth of nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?

Would it ever be rational for a firm to retain an employee

Would it ever be rational for a firm to retain an employee whose current marginal revenue product is less than her current wage? Explain.

How can local the local government help prepare employees

How can local the local government help prepare employees for higher level positions in the organization.

A firm produces product a and product b this years sales

A firm produces Product A and Product B. This years sales price of Product A have decreased tremendously, and the sale of Product B has increase by 10 percent. The firm has threeemployees that can produce Product A and f ...

A suppose that for a given year national saving in a

a. Suppose that, for a given year, national saving in a country (an open economy) equals 100, private consumption equals 50, and government consumption equals 20. What is the level of output in this country in this year? ...

You just signed a 30-year lease agreement for a business

You just signed a 30-year lease agreement for a business property. The monthly rent for the first year is $1,000/month, with the ?rst month's rent due today. Starting from the second year onward, the monthly rent will be ...

Suppose a bond with no expiration date has a face value of

Suppose a bond with no expiration date has a face value of $10,000 and annually pays a fixed amount of interest of $900. a. In the table provided below, calculate and enter either the interest rate that the bond would yi ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert