Exhibit 1: A random sample of 144 bottles of cologne showed an average content of 4 ounces. It is known that the standard deviation of the contents (i.e., of the population) is 0.22 ounces.

1. Refer to Exhibit 1. Find the standard error of the mean

2. Refer to Exhibit 1. Find the point estimate of the mean content of all bottles

3. Refer to Exhibit 1. In this problem is the 0.22 an example of a parameter or statistic

4. A professor of marketing refutes the claim that the average student spends 3 hours studying for the midterm exam. She thinks they spend less time than that. Which hypotheses are used to test the claim?

a. H₀: Î¼ = 3 vs. H₁: Î¼ > 3

b. H₀: Î¼ = 3 vs. H₁: Î¼ â  3

c. H₀: Î¼ â  3 vs. H₁: Î¼ = 3

d. H₀: Î¼ = 3 vs. H₁: Î¼ < 3

5.  (A manager suspects that the average amount of money stolen by employees is above $10. The correct set of hypotheses is:

a. H₀: Î¼ = 10 vs. H₁: Î¼ > 10

b. H₀: Î¼ > 10 vs. H₁: Î¼ = 10

c. H₀: Î¼ = 10 vs. H₁: Î¼ < 10

d. H₀: Î¼ < 10 vs. H₁: Î¼ = 10

6. A new soft drink is being market tested. It is estimated that 50% of consumers will like the new drink. A sample of 96 taste-tested the new drink.

a. Determine the standard error of the proportion

b. What is the probability that more than 70.4% of consumers will indicate they like the drink?

c. What is the probability that more than 30% of consumers will indicate they do not like the drink?