The bureau of labor statistics reported that the average, Ask an Expert

Statistics

The Bureau of Labor Statistics reported that the average annual income of dentists in the year 2005 was $110,000. A sample of 81 dentists, which was taken in 2006, showed an average annual income of $115,000. Assume the standard deviation of the population of dentists in 2006 is $36,000.

a). Suppose you want to test whether there has been a significant increase in the average annual
income of the dentists. List your null and alternative hypotheses below:

b). Calculate the test statistic, determine the p-value, and at ± = 0.05 significance level, test the hypotheses and draw your conclusion. [You MUST use the p-value approach.]

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9380088

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Assume that n 8 and p 291 find the probability of at

Assume that n = 8, and p = 2/9 1) Find the probability of at least 2 successes and at least 2 failures. 1-56*(2/9)^3*(6/9)^5-70*(2/9)^4*(6/9)^4-56*(2/9)^5*(6/9)^3 wasn't the answer.

A doctor wants to predict the birth weight of a newborn

A doctor wants to predict the birth weight of a newborn baby (measured in grams) based on the gestational age (measured in weeks) at the time of birth. The doctor uses 11 data points, with births ranging from 29 weeks to ...

Please help with the below questionsbased on the following

Please help with the below questions: Based on the following project assumptions, determine the NPV and the IRR for the project. Equipment invoice $300,000 Transportation and installation $ 85,000 Training $ 20,000 Proje ...

You want to try your hand at investingyou want to invest in

You want to try your hand at investing.You want to invest in WellsFargo because you think their hard times are behind next ten years at least. In fact, they have estimated that the increasing at a rate of 18% per year fo ...

Xyz corporations budgeted monthly sales are 10000 and they

XYZ Corporation's budgeted monthly sales are $10,000, and they are constant. Its customers pay as follows: 30% pay in the first month and take the 2% discount, while the remaining 70% pay in the month following the sale ...

Assume that the car lot contains 25 percent porches 35

Assume that the car lot contains 25 percent Porches, 35 percent BMWs, and 40 percent Volvos. Of the Porches, 20 percent have navigation systems, 90 percent of the BMWs have navigation systems, and 70 percent of the Volvo ...

A binomial process has 892 trails and a probability of

A binomial process has 892 trails and a probability of success of 0.78. What is the standard deviation of this process distribution?

What is the maximum that should be invested in a project at

What is the maximum that should be invested in a project at time zero if the inflows are estimated at $10,000 annually for three years, and the cost of capital is 9%?

John plans to take three suits on his business trip if john

John plans to take three suits on his business trip. If John owns 8 suits, how many ways can the 3 suits be selected?

When circuit boards used in the manufacture of compact disc

When circuit boards used in the manufacture of compact disc players are tested, the long run percentage of defectives is 5%. Let X= the number of defective boards in random sample of size n=25, so X ~ Bin( 25, .05). a) ...

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