Question

ulture (USDA) uses sample surveys to produce important economic estimates. One pilot study estimated wheat prices...

ulture (USDA) uses sample surveys to produce important economic estimates. One pilot study estimated wheat prices in July and in September using independent samples of wheat producers in the two months. Here are the summary statistics, in dollars per bushel:

Month

Sample size

Sample mean

Sample SD

September

61

$3.21

$0.40

July

80

$3.11

$0.20

The September prices are higher on the average. But we have data from only a sample of producers each month. Can we conclude that the mean wheat prices were higher in September than they were in July? Or are these differences merely what we would expect to see due to random variation?

Let X = wheat prices in September and Y = wheat prices in July.

µx = the true population mean wheat prices in September, and µy = the true population mean wheat prices in July. Want to test the following

H0: µx = µy vs. Ha: µx > µy.

Find the observed t-value and P-Value of the test.

  1. the observed t-value = 1.79 and 2.5% < P-Value < 5%.

  2. the observed t-value = 1.79 and 5% < P-Value < 10%.

  3. the observed t-value = 2.05 and 2% < P-Value < 2.5%.

  4. the observed t-value = 2.05 and 2.5% < P-Value < 5%.

  5. observed t-value = 2.12 and 1% < P-Value < 2%.

  6. the observed t-value = 2.12 and 2% < P-Value < 2.5%.

  7. the observed t-value = 2.23 and 1% < P-Value < 2%.

  8. the observed t-value = 2.23 and 2% < P-Value < 2.5%.

  9. the observed t-value = 2.51 and 0.5% < P-Value < 1%.

  10. the observed t-value = 2.51 and 2% < P-Value < 2.5%.

Homework Answers

Answer #1

Ans.

Hypothesis:

Note:- We find t test using MINITAB:-

Steps:-

  1. Go to Stat -> Basic Statistics -> 2-sample t test
  2. Enter data () in Summarized Data
  3. Click Options and Select Alternative greater than
  4. Click OK.

T- value = 1.79

P-value = 0.039 = 3.9%

=> 2.5 % < P-value = 3.9% < 5%

The observed t-value = 1.79 and 2.5% < P-value < 5%

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The U.S. Department of Agriculture (USDA) uses sample surveys to estimate nationwide crop prices. Suppose that...
The U.S. Department of Agriculture (USDA) uses sample surveys to estimate nationwide crop prices. Suppose that the USDA draws an SRS of corn producers in March and then a second, independent SRS of corn producers in September. In each survey, the USDA collects sales price per bushel of corn for each producer. Summary statistics (prices per bushel) Population Sample size Sample mean Sample standard deviation #1: corn prices, March 50 $3.82 $0.28 #2: corn prices, Sept. 62 $3.49 $0.34 Calculate...
The U.S. Department of Agriculture (USDA) uses sample surveys to estimate nationwide crop prices. Suppose that...
The U.S. Department of Agriculture (USDA) uses sample surveys to estimate nationwide crop prices. Suppose that the USDA draws an SRS of corn producers in March and then a second, independent SRS of corn producers in September. In each survey, the USDA collects sales price per bushel of corn for each producer. Summary statistics (prices per bushel) Population Sample size Sample mean Sample standard deviation #1: corn prices, Sept. 47 $3.78 $0.34 #2: corn prices, March 54 $3.59 $0.28 Calculate...
The following information consists of prices (in dollars) for one sample of California cabernet sauvignon wines...
The following information consists of prices (in dollars) for one sample of California cabernet sauvignon wines that received ratings of 93 or higher in an issue of Wine Spectator and another sample of California cabernets that received ratings of 89 or lower in the same issue. De ne population 1 as wines that received ratings of at least 93. A sample of size n1 = 12; x1 = 110:75 and s1 = 48:744 was obtained. De ne population 2 as...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT