1. The Federal Reserve stated in its latest report that the average amount of discretionary spending for a family of four last year was $3,457. You would like to test The Federal Reserves’ claim to see if this changed at the .05 level of significance, so you randomly select 50 families and get a sample mean of $3,635 with a standard deviation of $925. © Chris O’Byrne 2024
A. What will be the alternative hypothesis? (just need to state – 1-tail -Lower, 1-tail-Upper or 2-tail – just put one of those 3 answers in the body of the discussion board).
B. The value of the test statistic and which test statistic you used (example: z = 1.23 or t = 1.234) and make sure to round correctly depending on which test statistic you will be using.
C. What is the probability of the test statistic for this specific problem? (take into consideration if this is 1-tail or 2-tail test) © Chris O’Byrne 2024
D. What conclusion will you come to? (just need to state Accept Ho or Reject Ho and Accept Ha – just put one of those 2 answers in the body of the discussion board). E. Using the critical value approach, at what critical value or values will you start rejecting the null hypothesis? (make sure you are very careful and detailed with your answer, pay attention to signs and values)
© Chris O’Byrne 2024 2. The CDC states that the proportion of adults that wash their hands regularly is at least 64%. You would like to test this claim at the .05 level of significance, so you randomly select 240 adults and find that 138 wash their hands regularly. Conduct a hypothesis test for The CDC’s claim (Round the sample proportion to 4 decimal places when using in the test statistic) © Chris O’Byrne 2024
A. What will be the alternative hypothesis? (just need to state – 1-tail -Lower, 1-tail-Upper or 2-tail – just put one of those 3 answers in the body of the discussion board).
B. The value of the test statistic and which test statistic you used (example: z = 1.23 or t = 1.234) and make sure to round correctly depending on which test statistic you will be using.
C. What is the probability of the test statistic for this specific problem? (take into consideration if this is 1-tail or 2-tail test)
D. What conclusion will you come to? (just need to state Accept Ho or Reject Ho and Accept Ha – just put one of those 2 answers in the body of the discussion board). E. Using the critical value approach, at what critical value or values will you start rejecting the null hypothesis? (make sure you are very careful and detailed with your answer, pay attention to signs and values)
© Chris O’Byrne 2024 **** Use the appropriate table or tables from our lecture notes to answer all questions that require values or probabilities***** © Chris O’Byrne 2024
***No probabilities generated from a calculator will be permitted/accepted (will not receive credit), only probabilities and values from your Z-tables (CH6) and T-tables (CH8) notes will be allowed. ***
When doing and showing your work for the PDF – it should be handwritten as if you are figuring out the problem on the exam – it doesn’t need to be typed up – and I prefer that you DON’T type it out and that you hand write it.
This Discussion Board is Due Monday, July 29th by 11PM.
When you answer the question put the answers in this order and label like this:
1A. 1B. 1C. 1D. 1E. 2A.
2B.
2C.
2D.
2E.
1. The Federal Reserve stated in its latest report that the average amount of di
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