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INCLUDE ALL 5 STEPS FOR EACH HYPOTHESIS TEST. FOR EACH PROBLEM, LABEL EACH STEP CLEARLY AS...

INCLUDE ALL 5 STEPS FOR EACH HYPOTHESIS TEST. FOR EACH PROBLEM, LABEL EACH STEP CLEARLY

AS 1-5.

1. NULL AND ALTERNATIVE HYPOTHESES

2. CRITICAL VALUE

3. TEST VALUE

4. DECISION

5. CONCLUSION

1. A stockbroker thought that the average number of shares of stocks traded daily in the stock market was about 500 million. To test the claim, a researcher selected a random sample of 40 days and found the mean number of shares traded each day was 508 million shares. The standard deviation of the sample was 18.6. At α = 0.05 is there enough evidence to reject the broker’s claim? Based on the results to you agree or disagree with the broker? Solve using the Traditional Method. = 508 S = 18.6 n = 40 Test the Null hypothesis that µ = 500

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