A Rollercoaster’s auditors estimate that the average daily loss from those illegally riding without tickets is at most (
Posted: Tue Jul 05, 2022 9:21 am
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.
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.