Econ 203 Hmwk 2 &amp; 3 (Final Answers)

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What is the value of the test statistic? -6.6231 This test statistic has A standard normal distribution A t distribution with 69 degrees of freedom A t distribution with 70 degrees of freedom A normal distribution A t distribution with 68 degrees of freedom What is the p-value for this test? 3.17755E-09 = 3.17755e-09 Allowing for a 5% chance of a Type I error, what is your conclusion for this test? Reject the null hypothesis and conclude that the numbers were misleading Reject the null hypothesis and conclude that the numbers were not misleading Do not reject the null hypothesis and conclude that the numbers were not misleading Do not reject the null hypothesis and conclude that the numbers were misleading Suppose that all of a sudden you find out from your friend, who is in management of a similar franchise, that you can count on the standard deviation of sales being \$28,000. Which steps would you undertake to carry out the same test as above but with this new piece of information? You would: use a t distribution with 69 degrees of freedom calculate a t statistic fail to reject the null hypothesis
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