Question

The Reliable Housewares store manager wants to learn more about the purchasing behavior of its "credit" customers. In fact, he is speculating about four specific cases shown below (a) through (d) and wants you to help him test their accuracy.

1. The average annual income of credit customers is less than $48,000.
2. The true population proportion of credit customers who live in an urban area exceeds 55%.
3. The average number of years lived in the current home is less than 14 years.
4. The average credit balance for suburban customers is at most $4,300.

1. • Use the Seven Elements of a Test of Hypothesis, in Section 7.1 of your textbook (on or about Page 361) or the Six Steps of Hypothesis Testing I have identified in the addendum.
   • Use α=2% for all your analyses,
   • Explain your conclusion in simple terms,
   • Indicate which hypothesis is the “claim”,
   • Compute the p-value,
   • Interpret your results
   • Follow your work in (i) with computing a 98% confidence interval for each of the variables described in (a) though (d). Interpret these intervals.

COMPLETE THE FOLLOWING HYPOTHESIS:

Hypothesis C

Hypothesis Test for µ
Level of Significance	0.02
Mean under H0
n	55
Sample Mean
StDev
SE	0.00000
z Test Statistic	#DIV/0!
One-Sided p-value	#DIV/0!
Two-Sided p-value	#DIV/0!

	z
Right-Tailed (>)
Left-Tailed (<)
Two-Tailed (≠) ±
	t
Right-Tailed (>)
Left-Tailed (<)
Two-Tailed (≠) ±

Elements of a test hypothesis

1. Null hypothesis (Ho): The average number of years lived in the current home is greater than or equal to 14 years. (Ho µ > 14).
2. Alternative (Ha): The average number of years lived in the current home is less than 14 years. (Ha µ < 14).
3. Test statistic: ________rounded up to the nearest thousand
4. Rejection region: The level of significance is 0.02. this means that our hypothesis test will fall within 98% of our data set. This is a right tailed test and our data must lie within the parameter of the right tailed test z-score ______.
5. Assumptions: The average number of years a person live in the location is ____. The minimum of years a person lived in the location is ____ year and the maximum year a person lived in that location is _____ years. This is going to be a right tailed test.
6. Experiment and calculations: The one-sided p value is _____ which is greater than the level significance 0.02. because of this it will fail to reject the null hypothesis.
7. Conclusion: There is not sufficient evidence to support this claim.

Answer 1

The data provided above is not sufficient to answer the question... Kindly provide the data set in this regard.. Or provide more information...

But then also, use the following formulas to determine the solution:

&

If the P value determined is:

1. More than 0.02, then the null hypothesis is accepted.

2. Less than 0.02, then the alternate hypothesis is accepted.

End...