One survey conducted by RHI Management Resources determined that the Lexus is the favorite luxury car for 25% of CFOs. Suppose a financial management association conducts its own survey of CFOs in an effort to determine whether this figure is correct. They use an alpha of .05. Following is the Minitab output with the results of the survey. Discuss the findings, including the hypotheses, one- or two-tailed tests, sample statistics, and the conclusion. Explain from the data why you reached the conclusion you did. Are these results substantive?
Suppose a survey of retailers is conducted this year to determine whether the price of USDA All Fresh beef has increased. The Excel output of the results of the survey are shown here. Analyze the output and explain what it means in this study. An alpha of .05 was used in this analysis. Assume that beef prices are normally distributed in the population. Comment on any substantive results.
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Mean
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2.55
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Variance
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0.0218
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Observations
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26
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df
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25
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t Stat
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1.51
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P (Tt) one-tail
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0.072
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t Critical one-tail
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1.71
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P (Tt) two-tail
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0.144
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t Critical two-tail
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2.06
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