Question

(Still focusing on the study that found Americans worked an average of 2,070 minutes per week). Without any prior expectations, you want to see if entrepreneurs work different amounts of time per week than the national average. You find in a sample of 12 entrepreneurs, the average amount worked per week was 4,200 minutes with a standard deviation of 1,020 minutes. Use a confidence interval (where α = .001) to determine if there is a significant difference in amount of time worked per week between the national average and entrepreneurs.

        9.      List your degrees of freedom

        10. List the t-value used to construct your confidence interval

        11. List the lower bound of your confidence interval

        12. List the upper bound of your confidence interval

        13. Is the difference between the national average and entrepreneurs statistically significant? (Yes/No)

Answer 1

given data are:-

9). degrees of freedom = (n-1) = (12-1) = 11

10). t-value used to construct your confidence interval = 4.437

[ in any blank cell of excel type =T.INV.2T(0.001,11) ]

the 99.9% confidence interval be:-

11).the lower bound of your confidence interval = 2893.5

12).the upper bound of your confidence interval = 5506.5

13).YES, the difference between the national average and entrepreneurs statistically significant.

as the time of work for national average, 2070 is outside the confidence interval we can say that the time of work for enterpreneurs is different.

*** if you have any doubt regarding the problem ,please write it in the comment box...if satisfied,please UPVOTE.