Dr mack lemore an expert in consumer behavior wants to, Ask an Expert

Statistics

Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here is the data:

25, 13, 16, 13, 17, 26, 29, 20.

He wishes to test the null hypothesis that the average amount of money people have in their pockets is equal to $20. Calculate the test statistic to two decimal places.

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91006501

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Jen and barry perform a survey of consumers about home meal

Jen and Barry perform a survey of consumers about home meal salad preferences ("fresh" or "fast"). 395 consumers said they prefer to make fresh salad. 426 said they prefer to make salad fast (out of a bag). 331 said they ...

1 if there are 150 values in a data set how many classes

1) If there are 150 values in a data set, how many classes should be created for a frequency histogram? A. 5 B. 6 C. 7 D. 8 E. 9 2) . If x is a binomial random variable where n = 100 and p = 0.2, find the probability tha ...

A sample of 100 people is classified by gender malefemale

A sample of 100 people is classified by gender (male/female) and by whether they are registered voters. The sample consists of 80 females and 20 males, and has a total of 60 registered voters. If these data are used for ...

Find the modified internal rate of return mirr the annual

Find the modified internal rate of return (MIRR) The annual rate is 8.24%. Initial outlay is $356,800. Year 1: $163,100 Year 2: $173,100 Year 3: $181,300 Year 4: $175,700 Year 5: $161,400

A bank contains 2 quarters 5 dimes and 3 nickels you draw

A bank contains 2 Quarters, 5 dimes, and 3 Nickels. You draw two coins at random. Determine the probability distribution for the sum of the two coins drawn

The time to complete 1 construction project for company a

The time to complete 1 construction project for company A is exponentially distributed with a mean of 1 year. Therefore: (a) What is the probability that a project will be finished in one and half years? (b) What is the ...

A coin is biased so that the probability of obtaining heads

A coin is biased so that the probability of obtaining heads is ¾, What is the probability of obtaining at least three heads in four tosses of the coin?

You have a bag with three fair dice one is 4-sided one is

You have a bag with three fair dice. One is 4-sided, one is 6-sided, and one is 12-sided. You reach into the bag, pick one die at random, and roll it. The outcome of the roll is 4. What is the probability that you rolled ...

Tossing a fair coin three times whats the probability that

Tossing a fair coin three times, what's the probability that at least one head will occur?

A recent study found that 64 of workers between the ages of

A recent study found that 64?% of workers between the ages of? 20-29 cash out their retirement accounts when they lose their jobs or move to a new employer. Complete parts a through e below based on a random sample of 14 ...

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 Statistics and Probability Expert