1. Our sample of 40 Jones & Ryan employees showed a sample mean year-end bonus of $118,000. Compute the p-value.
a. -1.58
b. .0571
c. .1142
d. 1.58
e. .9429
2. With a = .05 as the level of significance, what is your conclusion based on your answer to the previous question?
a. Fail to reject Ho and conclude that Jones 8: Ryan mean bonuses are different from the population mean.
b. Fail to reject Ho and conclude that Jones & Ryan mean bonuses are different from the population mean.
c. Reject Ho and conclude that Jones & Ryan mean bonuses are different from the population mean.
d. Reject Ho and conclude that Jones & Ryan mean bonuses are not different from the population mean.
3. Repeat the hypothesis test using the confidence interval approach. Do you get the same conclusion or a different conclusion?
A 2009 study investigating how undergraduate students use credit cards showed that they had a mean credit card balance of $3173. Assume that this was the correct population mean and that the population standard deviation is a $900. You have a theory that credit card balances for undergraduate students have increased in the past few years and you want to see if there is statistically significant evidence to support your theory. So, you conducted a study this year and found that of the 180 undergraduate students you surveyed the sample average credit card balance was $3325, Use this information to answer questions 4 and 5.
4. Conduct a hypothesis test. Be sure to state H0 and HA. What is the p-value.
5. What is your conclusion using a typical value for a?
a. Statistical evidence shows that credit card balances have increased.
b. Statistical evidence shows that credit card balance has decreased.
c. Statistical evidence shows that credit card balances have not changed.
d. Statistical evidence does not give any conclusion.