A national study recently reported that the average age of a female shareholder is 44 years. A in Adelaide wants to know whether this figure is accurate for the female shareholders in Adelaide. The secures a master list of shareholders in Adelaide and takes a random sample of 58 women. Suppose the average age of female shareholders in the sample is 45.1 years with a population standard deviation of 8.7 years. Test whether the broker’s sample data differ significantly enough from the average of 44 years released by the earlier study to declare that the age of Adelaide’s female shareholders is different from the national average. Use α = 0.05. If no significant difference is noted, what is the broker’s probability of committing a Type II error if the average age of a female Adelaide shareholder is actually 45 years, 46 years, 47 years or 48 years? Construct an OC curve for these data. Construct a power curve for these data.
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