HWK 3 - 0.1056 B) x-bar = 77 p-value = 1-Normdist(...

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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) =
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Unformatted text preview: 0.1056 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: 80 Ha: < 80 alpha = .01 Reject Ho if x-bar is < 77.208...
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