A Rollercoaster’s auditors estimate that the average daily loss from those illegally riding without tickets is at most (

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

A Rollercoaster’s auditors estimate that the average daily loss from those illegally riding without tickets is at most (

Post by answerhappygod »

A Rollercoaster’s auditors estimate that the average daily lossfrom those illegally riding without tickets is at most (less orequal) $250, but wants to determine the accuracy of thisstatistic. The company researcher takes a random sample oflosses over 81 days and finds that = x̅ $248 and s = $25.
a) Test at α = 0.04.
Step 1: Hypothesis
Step 2: Critical value and non-rejection range
Step 3: Compute test-value (calculated z)
Step 4: Reject or don’t reject (explain what thatmeans)
b) Construct a 95% confidence interval of losses
Note: a and b are independent.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”