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The U.S. Department of Agriculture reports that the mean American consumption of carbonated beverages per year is greater than 52 gallons. A random sample of 30 Americans yielded a sample mean of 69 gallons. Assume that the population standard deviation is 20 gallons. Let the confidence level be 95%.
a. What is the point estimate of the population mean?b. What is the value of the standard error of the mean?c. What is the value of the confidence coefficient for a confidence interval with the indicated confidence level?d. What is the value of the margin of error for a confidence interval with the indicated confidence level?e. What is the confidence interval with the indicated confidence level for the population mean?
At 5% level of significance, is true mean smaller than specification? Clearly mention your hypotheses and decision rule.
Determine the probability that we would reject null hypothesis given that it is true?
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Robert Smith of the "Merrill Lynch Pierce Fenner & Smith" families is engaged in full-time fundraising. He has been quite successful at this because he brings a very structured approach to the process:
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