Business statistics

Question

Suppose that BC financial aid allots a textbook stipend by claiming that the average textbook at BC bookstore costs $$ 87.05. You want to test this claim. The null and alternative hypothesis in symbols would be: 

1. H0:p≤87.05H0:p≤87.05
2. H1:p>87.05H1:p>87.05

1. H0:μ≥87.05H0:μ≥87.05
2. H1:μ<87.05H1:μ<87.05

1. H0:μ≤87.05H0:μ≤87.05
2. H1:μ>87.05H1:μ>87.05

1. H0:p≥87.05H0:p≥87.05
2. H1:p<87.05H1:p<87.05

1. H0:p=87.05H0:p=87.05
2. H1:p≠87.05H1:p≠87.05

1. H0:μ=87.05H0:μ=87.05
2. H1:μ≠87.05H1:μ≠87.05

1. The null hypothesis in words would be: pick one
2. The average price of all textbooks from the store is $$ 87.05
3. The average of price of all textbooks from the store is greater than $$ 87.05.
4. The proportion of all textbooks from the store that are less than 87.05 is equal to 50%
5. The average of price of all textbooks from the store is less than $$ 87.05.
6. The average price of textbooks in a sample is $$ 87.05

Based on a sample of 110 textbooks at the store, you find an average of 92.05 and a standard deviation of 24. The point estimate is: ______ (to 3 decimals) The 90 % confidence interval (use z*) is: ____ to____  (to 3 decimals)

Based on this we: 

1. Fail to reject the null hypothesis
2. Reject the null hypothesis

Answer 1

The correct choices are:

- Null and alternative hypothesis in symbols:

- H0: μ = 87.05

- H1: μ ≠ 87.05

- The null hypothesis in words:

- The average price of all textbooks from the store is $$ 87.05

- Point estimate:

- 92.05 (to 3 decimals)

- The 90% confidence interval:

- Using a z* value appropriate for a two-tailed test, the interval would be calculated based on the sample mean, standard deviation, and sample size. Without these details, I can't provide the exact values.

- Based on a sample of 110 textbooks, you would:

- Reject the null hypothesis, as the sample mean (92.05) is significantly different from the claimed average ($$ 87.05).