# HWK 3 - B x-bar = 77 p-value = 1-Normdist 77,80,1.2 =...

This preview shows page 1. Sign up to view the full content.

Homework #3 Problem #12 Issue: Average sales per month for all financial service professionals Bus. Question: Are the average sales less than \$80,000 per month? Data: Sample of 100, Standard deviaton of \$12,000, and alpha =.01 Analysis: Test Stat: 1) Test Statistic x-bar 2) If Ho is true and mu = 80 x-bar will be normal with a mean = 80 and standard error = 1.2 StDev of x-bar = (12/(100^.5))  1.2 Sig. Level: Reject Rule: NORMINV(0.01,80,1.2) = 77.208 Calculations: A) x-bar = 78.5 p-value =  1-Normdist( 78.5,80, 1.2) = 0.1056
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: B) x-bar = 77 p-value = 1-Normdist( 77,80,1.2) = 0.0062 Conclusion: A) Do Not Reject Ho: B) Reject Ho: Business Answer: A) Based on this study, we have insufficent evidence to conclude that the average sales per month are less than \$80,000. The results gathered from sales are inconclusive. B) Based on this study, there is sufficent evidence to conclude that the average sales per month are less than \$80,000 Ho: μ ≥ 80 Ha: μ < 80 alpha = .01 Reject Ho if x-bar is < 77.208...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online