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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?


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