Business Statistics

Business Statistics Part 1. Due at the beginning of class on Thursday 4/2. Instructions. Failure to follow instructions will result in lost points (up to the full amount of the homework total): 1. The problems must be worked in order and the final answers must be clearly marked (circle/ highlight) 2. Show work. I do not expect to see every single detail (in some cases there is not much to show), but I do need to understand what you did to obtain the result as well as what the result is supposed to W. Just writing down a single number is NOT sufficient. 0 Use/follow the template (posted on Blackboard with the homework) for all hypothesis test questions. 3. Round everything to 4 decimal places (intermediate calculations and final answers). Make sure to round properly: e.g., 7.00119 -> 7.0012, 7.00115 ->7.0012, 7.00113 -> 7.0011, etc. 4. Please answer the questions on a separate sheet of paper, do NOT try to fit the answers on the homework printout next to the questions. Problem 1. (7pts). The director of admissions at a large university advises parents of incoming students about the cost of textbooks during a typical semester. He selected a sample of 64 students and recorded their textbook expenses for the semester. He then computed the sample mean cost of $612 and a sample standard deviation of $53. Use a = 0.05 and the critical value approach. Is there evidence that the population mean is greater than $600?