Robert 5 step - Roberts Part 5 step The null hypothesis of...

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Unformatted text preview: Roberts Part 5 step The null hypothesis of interest that the team hoped to get from the sample is as follows: H0: The population mean salary of baseball players in a national league is more than or equal to $50 mil. H1: The population mean salary of baseball players in a national league is less than or equal to $50 mil. Before anything, the mean average which is is needed to figure out the standard deviation. The one sample t test is appropriate as the population standard deviation is unknown and the sample size may be small. The formula used for the test statistic is where represents the sample means. S is a representation for the sample, and n is the sample size or sample count. The test statistics t has a t distribution with d. f n-w. The team decided to choose a higher confidence level of 95% in order to have a wider confidence interval with greater accuracy. In the to choose a higher confidence level of 95% in order to have a wider confidence interval with greater accuracy....
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This note was uploaded on 10/12/2011 for the course BUSINESS 317 taught by Professor Jackhandy during the Spring '11 term at University of Phoenix.

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