State the null hypothesis and the alternative hypothesis

Assignment Help Business Economics
Reference no: EM131589293

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.

Reference no: EM131589293

Questions Cloud

High and current gdp : According to the Keynesian view, what fiscal policy actions should be taken if the unemployment rate is high and current GDP is well below potential output?
State the null hypothesis and alternative hypothesis : 1) State the null hypothesis and alternative hypothesis (round to 2 decimal places)
Can you identify the ideology of the terrorists : It is suggested that terrorism is directed towards both victims and an audience. How do these means, in the view of terrorists, impact the ability of terrorist.
Correlation between investment and economic growth : Is there statistical evidence that shows correlation between investment and economic growth, and between population growth and economic growth across countries
State the null hypothesis and the alternative hypothesis : 1) State the null hypothesis and the alternative hypothesis 2) State the decision rule for 0.100 significance level.(round to 3 decimal places)
Different prices to different customers : Discriminating monopolists are able to charge different prices to different customers. In fact, a perfectly discriminating monopolist is able to charge.
Compare and contrast the different definitions of terrorism : Compare and contrast the different definitions of terrorism. Most definitions include the use of violence to create fear.
Mr supposed to just equal mp : Should the MR curve be straight with a monopoly when graphing marginal revenue, and is MR supposed to just equal MP?
Discuss what are the reasons proper evidence handling : Define and discuss the concept of warrantless searches and proper evidence handling. What are the reasons proper evidence handling

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd