Stat Sampling and Modeling
Review this short video lecture on hypothesis testing to further increase your knowledge and review points for this assignment.
Hypothesis Testing with Two Means Deliverables Explore a Case study Activity Details Perform the following steps:
Step 1: read the following problems. 1. A particular brand of tires claims that its deluxe tire averages at least 50,000 miles before it needs to be replaced. From past studies of this tire, the standard deviation is known to be 8000. A survey of owners of that tire design is conducted. From the 28 tires surveyed, the mean lifespan was 46,500 miles with a standard deviation of 9800 miles. Do the data support the claim at the 5% level?
Explain your answer. 2. The cost of a daily newspaper varies from city to city.
However, the variation among prices remains steady with a standard deviation of 20¢. A study was done to test the claim that the mean cost of a daily newspaper is $1.00. Twelve costs yield a mean cost of 95¢ with a standard deviation of 18¢. Do the data support the claim at the 1% level?
Explain your answer. Step 2: Answer the questions. READING MATERIALS: You may download the eBook from this link: Principles of Business Statistics