Calculate the test statistic what is your


Please use the following for the next 7 questions. A random sample of 172 students was asked to rate on a scale to from 1 (not important) to 5 (extremely important) health benefits as a job characteristic (note that the rating scale can also have decimals, i.e. a student can give a rating of 1.32). The sample mean rating was 3.31, and the sample standard deviation was 0.70. For a type I error of 1% (alpha), can you be reasonably certain that the average rating is more than 3 in the population?

State the null and alternative hypotheses.

Specify the rejection region for  = 0.01. Reject H0 if

  • Calculate the test statistic
  • What is your conclusion?
  • Obtain the lower bound of a 99% confidence interval for the mean rating
  • Obtain the upper bound of a 99% confidence interval for the mean rating.

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Finance Basics: Calculate the test statistic what is your
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