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Make sure you state your hypotheses and rejection rule. Calculate your test statistic and decide whether...

Make sure you state your hypotheses and rejection rule. Calculate your test statistic and decide whether to reject the null hypothesis or not and then explain what that conclusion means. You will need to use formulas with proper notation and draw diagrams for each of these problems.

3. A random sample of 115 finance majors finds that 47 work for one of the major insurance companies. Career advisors believe fewer than 50% of the jobs in finance come from the major insurance companies.

a. Test whether the career advisors are correct at the 0.05 level of significance.

b. Test the hypothesis again at the 0.01 level of significance using the p-value.

c. What would it mean to make a type I error in this case?

Math   Statistics-And-Probability   
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