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Material Type: Quiz; Professor: Ogunc; Class: Economic Forecasting; Subject: Economics - ECO; University: Texas A & M University-Commerce; Term: Unknown 1989;
Typology: Quizzes
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NAME_____________________________________________ SSN_______________________________________________ QUESTIONS:
1. We want to forecast if the mean number if absent days per year has increased from last year or not. A year ago, the mean was 12.1. A recent sample of 100 employees has a sample mean of 13.5 with a sample standard error of 1.7 days. Determine if the population mean has increased at 5% significance level. 2. Based on past experience California Power Company forecasts that the mean electricity usage per household is 700kwh next January. In January, the company samples 50 households and computes a mean and standard error of 715 and 50,
respectively. Test at 5% significance level to determine if the sample mean is significantly different than the forecast. Find the p-value.