A formulate hypotheses that can be used to determine

Question

The cost of a one-carat VS2 clarity, H color diamond from Diamond Source USA is $5600. A Midwestern jeweler makes calls to contacts in the diamond district of New York City to see whether the mean price of diamonds there differs from $5600.

a. Formulate hypotheses that can be used to determine whether the mean price in New York City differs from $5600.

b. A sample of 25 New York City contacts provided the prices shown in the attached file named diamonds. What is the p-value?

c. at a = .05, can the null hypothesis be rejected? What is your conclusion?

d. Repeat the preceding hypothesis test using the critical value approach.

Answer 1

These assignments are as on the cost of one-carat VS2 clarity, H color diamond from Diamond Source USA is $5600. A Midwestern jeweler creates calls to contacts in the diamond district of New York City to see whether the mean price of diamonds there varies from $5600. a. Formulate hypotheses that can be utilized to find out whether the mean price in New York City differs from $5600. b. A example of 25 New York City contacts supplied the prices revealed in the attached file named diamonds. What is the p-value? c. at a = .05, can the null hypothesis be refused? What is your termination? d. Repeat the preceding hypothesis test using the significant value approach. As giving suggestion: Please make sure to read above instructions carefully, you are presented solution file as per above instructions. You can situate apply for solution file via left side button.