Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Business Economics Expert

The mean income per person in the united states is $42,000 and the distribution of incomes follows a normal distribution. A random sample of 11 residents of Wilmingtion, Delaware, had a mean of $51,000 with a standard deviation of $10,800. At the 0.100 level of significance, is that enough to conclude the residents of Wilmington, Delaware, have mroe income than the national average?

1) State the null hypothesis and the alternative hypothesis

2) State the decision rule for 0.100 significance level.(round to 3 decimal places)

3) Compute the value of the test statistic. (round to 2 decimal places.)

4) Is there enough evidence to substantiate that residents of Wilmington, Delaware, have more income than the national average at the 0.100 significance level

(Reject/ Do not reject) H0. There is(sufficient/insufficient) evidence to conclude that the mean income in Wilmington is(Greater than/Less than) 42000.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M92395708
  • Price:- $20

Priced at Now at $20, Verified Solution

Have any Question?


Related Questions in Business Economics

Elmers utility function is ux y minx y2 if the price of x

Elmer's utility function is U(x, y) = min{x, y2}. If the price of x is $10 and the price of y is $15 and if Elmer chooses to consume 4 units of y, what must his income be? a. $220 b. $100 c. $320 d. There is not enough i ...

Of all the companies on the new york stock exchange profits

Of all the companies on the New York Stock Exchange, profits are normally distributed with a mean of $6.54 million and a standard deviation of $10.45 million. In a random sample of 73 companies from the NYSE, what is the ...

Eggsincnbspreported earnings available to common stock

Eggs,Inc. reported earnings available to common stock of $4200000 last year. From these earnings, the company paid a dividend of $1.26 on each of its 1000000 common shares outstanding. The capital structure of the compan ...

1 let z be a standard normal random variable with mean 0

1) Let Z be a standard normal random variable with mean = 0 and standard deviation = 1. Us the normal table to find the following answers. a) P(0 b) P(-1.22 c) Find the value Z 0  such that P(0 0 )= 0.4901. 2) On a typic ...

What do the terms external costs full cost accounting and

What do the terms external costs, full cost accounting, and neoclassical refer each refer to?

Consider the following cournot oligopolythere are two

Consider the following Cournot oligopoly: There are two identical firms in the industry, which set their quantities produced simultaneously. The two firms face a market demand curve, Q = 120 - P, in which Q = q1 + q2. Ea ...

Suppose mpc is 07 government spending increases by 10

Suppose MPC is 0.7. Government spending increases by $10 billion, and taxes decrease by $5 billion. How would the following items change, and by how much? Disposable income Private saving Public( Government) saving Equil ...

How has the value of the euro changed compared to other

How has the value of the Euro changed, compared to other countries, over the past 10 years (since the Great Recession began)?

1 suppose that the total benefit and total cost from a

1. Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations: B(Q) = 100 + 36Q - 4Q2 and C(Q) = 80 + 12Q. [Note: MB(Q) = 36 - 8Q and MC(Q) = 12.] a. Writ ...

A 1000 utility bond with 14 years remaining before maturity

A $1000 utility bond with 14 years remaining before maturity can now be purchased for $760. It pays interest of $20 each 6-month period. What rate of return is earned by purchasing the bond at the current market price pl ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As