Answer To: BA 620 Spring 2022 Homework 1 Due by Monday, February 14th by 8:00 AM Submit your work on Canvas...
Sultana answered on Feb 14 2022
[# 1] Unknown population mean
a)
Let be the average salary and we have to test if the average salary exceeded 50,000 or not.
So,
The hypothesis will be
Null hypothesis
Alternate hypothesis
Critical Value
At 95% significance level, for a right-tailed test
Test statistics
Decision: Since, the test statistics is greater than the critical value. Thus, null hypothesis will be rejected.
Conclusion: At 95% significance level, there is enough evidence to claim that the average salary exceeds 50,000.
b)
Since, the test is right tail, we have
Z = 2.00
p-value for the (z > 2.00) = 0.0228
Decision: Since, p-value is less than the significance level (0.05), reject the null hypothesis.
Conclusion: At 95% significance level, there is enough evidence to claim that the average salary exceeds 50,000.
c)
Now, we have to test if the average salary differs from 50,000.
Now, the test is 2 tailed.
So, hypothesis will be
Null hypothesis
Alternate hypothesis
Critical Value
At 95% significance level, for a two-tailed test
Test statistics
Decision: Since, the test statistics is greater than the critical value. Thus, null hypothesis will be rejected.
Conclusion: At 95% significance level, there is enough evidence to claim that the average salary exceeds 50,000.
b)
Since, the test is two tailed, we have
Z = 2.00
p-value for the (z = 2.00) = 0.0228 *2 = 0.0456
Decision: Since, p-value is less than the significance level (0.05), reject the null hypothesis.
Conclusion: At 95% significance level, there is enough evidence to claim that the average salary exceeds 50,000.
[# 2] Regression Analysis
a)
The numerical value of the...