Economic and finance - state null and alternative hypothesis

Reference no: EM131432332

Economics and Finance

A shadow chief secretary to the treasury claims that first-time home buyers in the South Downs area (near Worthing in Sussex, England) are paying (on average) more than £1367 in stamp duty. The shadow chief secretary believes this steep tax is prohibiting families from buying a first home in this area. A random sample of first-time home buyers will be obtained, and the stamp duty paid by each family will be recorded. These data will be used to determine whether there is any evidence the mean stamp duty for first time home buyers, μ, is more than £1367.

a. State the null and alternative hypotheses in terms of μ.

b. Describe a type I error and a type II error in this context.

Reference no: EM131432332

Questions Cloud

Statement and provide a code example : In C++ explain when a Switch statement may be more appropriate than an if/else statement and provide a code example.

Manufacturing and product development -state null hypothesis : Manufacturing and Product Development- State the null and alternative hypothesis.- Describe a type I error and a type II error in the context of this problem.

What is drawback of using the range as a measure of variable : John is a second grade student who, on an achievement test, received a grade equivalent score of 4.5 (fourth grade-fifth month) on the reading comprehension subtest. As a counselor, you would interpret this score as an indicator that John should b..

What recent marketing communication have you found : What recent marketing communication have you found to be particularly interesting - something that made you want to learn more about a product/service or you wanted to buy? Did you buy?

Economic and finance - state null and alternative hypothesis : Economics and Finance- State the null and alternative hypotheses in terms of μ.- Describe a type I error and a type II error in this context.

How to normalize a database to 3nf : For this assignment, write a 350- to 700-word informal paper using Microsoft® Word explaining how to normalize a database to 3NF. Include in your explanation how you would assure the foreign keys are specified and the functional dependencies and i..

Create a list of similarities and differences : EH 1010, English Composition - Choose a pair of topics that complement one another: See the suggested list of topics in the "Comparative Essay Topics Handout" below in the supplemental documents portion of these instructions.

What problem could be and how you would handle the situation : Aware of Joans' and Pharma Heal's successful product development, a new country, Brazil, has invited Pharma to do business in their country. Discuss what these problems could be and how you would handle the situation.

Discuss the biological principles : Describe the technology. Discuss what it accomplishes. Elaborate on the scientific principles that make this technology possible. Your goal in this section of the paper is to show the instructor that you understand the underlying science behind th..

User Account

All Pages