An economist estimates that the average U.S. household saves 15% of its income. In a ra
Question: Question 3:
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?
(a) State the null and alternative hypothesis in terms of the parameter of interest in this problem.
(b) Evaluate these two hypotheses. Report the p-value you derived to support your evaluation.
(c) Explain what the p-value in part (b) means.
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Solution Format: Word Document
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