Ask Question
18 June, 14:26

The mayor of a large city claims that the average net worth of families living in this city is at most $300,000. A random sample of 25 families selected from this city produced a mean net worth $288,000. Assume that the net worth of all families in this city have a normal distribution with the population standard deviation of $80,000. What is the parameter of interest?

+2
Answers (1)
  1. 18 June, 15:20
    0
    Check the explanation

    Step-by-step explanation:

    Below are the null and alternative Hypothesis,

    Null Hypothesis, H0: μ = 300000

    Alternative Hypothesis, Ha: μ < 300000

    Test statistic,

    z = (xbar - mu) / (sigma/sqrt (n))

    z = (288000 - 300000) / (80000/sqrt (25))

    z = - 0.75

    P-value Approach

    P-value = 0.2266

    As P-value > = 0.05, fail to reject null hypothesis.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The mayor of a large city claims that the average net worth of families living in this city is at most $300,000. A random sample of 25 ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers