Find confidence interval and perform a hypothesis testfor the mean of one population.
The economic dynamism, which is the index of productive growthin dollars for countries that are designated by the World Bank asmiddle-income are in table #1. Countries that are consideredhigh-income have a mean economic dynamism of 60.29. Do the datashow that the mean economic dynamism of middle-income countries isless than the mean for high-income countries? Test at the 5%level.
Table #1
| 25.8057 | 37.4511 | 51.915 | 43.6952 | 47.8506 | 43.7178 | 58.0767 |
| 41.1648 | 38.0793 | 37.7251 | 39.6553 | 42.0265 | 48.6159 | 43.8555 |
| 49.1361 | 61.9281 | 41.9543 | 44.9346 | 46.0521 | 48.3652 | 43.6252 |
| 50.9866 | 59.1724 | 39.6282 | 33.6074 | 21.6643 | | |
a) What is the appropriate test for this case?
b) What are the assumptions to run the test?
c) What is the null hypothesis?
d) What is the alternative hypothesis?
e) Determine if this test is left-tailed, right-tailed, ortwo-tailed.
f) What is the significance level?
g) What is the test statistics?
h) What is the p-value?
i) Do we reject the null hypothesis? Why?
j) What is the conclusion?
k) What is 95% confidence interval for the population mean?
l) Interpret the confidence interval.
