Explain the appropriate statistical analysis for the following ...

[cmoore54]

Explain the appropriate statistical analysis for the following hypothesis:
 
  H1: The average household income in zip code 71227 is greater than 50,000.

Question 2

One question always on the minds of marketers is, Is my intended position the one that customers perceive?
 a. True
  b. False
 Indicate whether the statement is true or false

[parker125]

Answer to Question 1

This is a univariate hypothesis dealing with one variable: income. Univariate hypotheses are typified by tests comparing some observed sample mean against a benchmark value. The test addresses the question, is the sample mean truly different from the benchmark? The level of scale measurement is ratio scaled, and if the sample size is large, parametric statistical procedures are appropriate. In this case, a univariate t-test is appropriate for testing this hypothesis because in involves an observed mean income against the value of 50,000.

Answer to Question 2

True

[cmoore54]

Excellent

[JaynaD87]

Great answer, keep it coming