You may use Excel and/or MegaStats for any questions. The real exam will be open book, open notebook. Except where noted

[answerhappygod]

You may use Excel and/or MegaStats for any questions. The real
exam will be open book, open notebook. Except where noted, all
answers should be rounded to four (4) decimal places (if expressed
in percentages, 2 decimals). Terminating decimals and dollar
amounts may be expressed in 2 decimals. If you do not show your
output or formulas on the answer Excel workbook, you will be marked
wrong. You must submit your workbook in EXCEL format. If n ≥ 100,
you may use normal distribution in all cases. If σ unknown and n
< 100, you should not assume normal distribution. 1) A survey of
the morning beverage market shows that the primary breakfast
beverage for 17% of Americans is milk. A milk producer in
Wisconsin, where milk is plentiful, believed the figure is higher
for Wisconsin. To test this idea, she contacts a random sample of
550 Wisconsin residents and asks which primary beverage they
consumed for breakfast that day. Suppose 115 replied that milk was
the primary beverage. a) State the Null and Alternate Hypothesis.
b) Which test statistic does the data call for? Explain why. c)
State Decision Rule and Critical Value at the 5% significance
level. d) Compute the test statistic and p-value. e) What is your
decision concerning Null? 2) According to the U.S. Bureau of Labor
statistics, the average weekly earnings of a production worker in
February 2020 were $624.20. Suppose a labor researcher wants to
test to determine whether average wages have been affected by the
pandemic. The researcher randomly selects 54 production workers
from across the United States and obtains a representative earnings
statement for one week each. The resulting sample average is
$702.69. Assuming a population standard deviation (σ) of $53.90,
determine whether the mean weekly earnings of a production worker
have changed at a 1 % significance level. a) State the Null and
Alternate Hypothesis. b) Which test statistic does the data call
for (which distribution)? Explain why you chose that distribution.
c) State Decision Rule and Critical Value. d) Compute the Test
Statistic and p value. e) What is your decision concerning Null?
What does that mean? Business Stats MAT166 OPTIONAL Ch 09 HW 2 3) A
bank officer wants to determine the amount of the average total
monthly deposits per customer at the bank. He believes an estimate
of this average amount using confidence intervals is a sufficient
method. He assumes the standard deviation of total monthly deposits
for all customers is $1,000. How large a sample should he take to
with the following data? Use whole numbers for sample size. a)
within $200 (Error, E) of the actual average with 98% confidence?
b) with standard deviation of $800? c) What if the standard
deviation were $1,000 and you needed a more precise estimate, with
the maximum error of $100 at a 99% level of confidence? What is the
minimum sample size? 4) A manufacturing company produces bearings.
One line of bearings is specified to be 1.64 centimeters (cm) in
diameter. It is important that the diameter of the bearing be the
specified 1.64 cm. The producer is required to test the bearings
before they are shipped, and so the diameters of 16 bearings are
measured with a precise instrument, resulting in the following
values (on Excel file). Assume bearing diameters are normally
distributed. Use the data in the Excel file and α = .01 to test to
determine whether the bearings are 1.64 cm in diameter. a) State
the Null and Alternate Hypothesis. b) Which test statistic does the
data call for (which distribution)? Explain why you chose that
distribution. c) State the decision rule and Critical Value. d)
Compute the Test Statistic and p value. e) What is your decision
concerning null hypothesis? f) Re-compute the test statistic and
p-value with the above average and sample standard deviation if “n”
is increased to 121. g) What is your decision then?