[Solved] An economist estimates that the average U.S. household saves 15% of its income. In a random sample of 64 households, the average saving rate is
Question:
An economist estimates that the average U.S. household saves 15% of its income. In a random sample of 64 households, the average saving rate is found to be 14%, and the standard deviation is 7%. Do we have enough evidence to refute the economist’s claim?
- State the null and alternative hypothesis in terms of the parameter of interest in this problem.
- Evaluate these two hypotheses. Report the p-value you derived to support your evaluation.
- Explain what the p-value in part (b) means.
Deliverable: Word Document 
![[Steps Shown] Two years ago, one out](/images/solutions/MC-solution-library-64083.jpg "[Steps Shown] Two years ago, one out of every five sales of homes")
[Steps Shown] Two years ago, one out of every five sales of homes
![[Solution] In 2003, the average passenger vehicle](/images/solutions/MC-solution-library-64084.jpg "[Solution] In 2003, the average passenger vehicle in the United")
[Solution] In 2003, the average passenger vehicle in the United
(Step-by-Step) Last summer Sydney studied in London and now she wants to
![[Solution Library] Suppose you are working with](/images/solutions/MC-solution-library-64086.jpg "[Solution Library] Suppose you are working with a client who wants")
[Solution Library] Suppose you are working with a client who wants
![[Solved] Consider the following jobs to be](/images/solutions/MC-solution-library-64087.jpg "[Solved] Consider the following jobs to be performed on a single")
[Solved] Consider the following jobs to be performed on a single
Fraction to Percentage Calculator - MathCracker.com