Question

Money reports that the average annual cost of the first year of owning and caring for a large dog in 2017 is $1448. The Irish Red and White Setter Association of America has requested a study to estimate the annual first-year cost for owners of this breed. A sample of 50 will be used. Based on past studies, the population standard deviation is assumed known with σ = $255.

Formulate hypotheses that can be used to determine whether the population mean cost of owning can caring for these dogs has increased.

a. Compute the test statistic

b. What is the p-value?

c. At α=0.01, what is your conclusion?

d. Repeat this process with the critical value method

1335

1379

1434

1456

1482

1504

1516

1532

1572

1667

1670

1679

1679

1683

1700

1736

1737

1737

1739

1739

1770

1813

1817

1839

1850

1854

1882

1888

1902

1907

1913

1934

1936

1939

1945

1958

1978

2006

2042

2052

2060

2094

2118

2131

2153

2163

2166

2230

2232

2294

Answer 1

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