Question 1 According to a report released by CIBC entitled \"Women Entrepreneurs

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Question 1 According to a report released by CIBC entitled "Women Entrepreneurs: Leading the Charge," the average age for Canadian businesswomen in 2008 was 41. In the report, there was some indication that researchers believed that this mean age will increase. Suppose now, a few years later, business researchers in Canada want to test to determine if, indeed, the mean age of Canadian businesswomen has increased. The researchers randomly sample 97 Canadian businesswomen and ascertain that the sample mean age is 43.4. From past experience, it is known that the population standard deviation is 8.95. Test to determine if the mean age of Canadian businesswomen has increased using a 1% level of significance, what is the p-value for this test? What is the decision? If the null hypothesis is rejected, is the result substantive? fainada want to test to deterFrom past experience t ' what is the decision? If the (Round the test statistic to 2 decimal places. Round the p-value to 4 decimal places.) The value of the test statistic is and we The p-value is Since this is than a = .01, the decision using the p-value is to CS Whether or not the result is substantive is somewhat dependent on the business decision maker. However, a difference of 2.4 years from the value from just a couple of years ago and therefore this

Explanation / Answer

1.

Given that,
population mean(u)=41
standard deviation, =8.95
sample mean, x =43.4
number (n)=97
null, Ho: =41
alternate, H1: >41
level of significance, = 0.01
from standard normal table,right tailed z /2 =2.326
since our test is right-tailed
reject Ho, if zo > 2.326
we use test statistic (z) = x-u/(s.d/sqrt(n))
zo = 43.4-41/(8.95/sqrt(97)
zo = 2.641
| zo | = 2.641
critical value
the value of |z | at los 1% is 2.326
we got |zo| =2.641 & | z | = 2.326
make decision
hence value of | zo | > | z | and here we reject Ho
p-value : right tail - ha : ( p > 2.641 ) = 0.004
hence value of p0.01 > 0.004, here we reject Ho
ANSWERS
---------------
null, Ho: =41
alternate, H1: >41
test statistic: 2.641 =2.64
critical value: 2.326
decision: reject Ho
p-value: 0.004
we have enough evidence to support the claim
No,
result is substantive somewhat dependent on the business decision maker .however difference of 2.4 years from a couple of years ago

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