Reconsider the accompanying sample data on expense ratio(%) for large-cap growth mutual
Chapter 8, Problem 33(choose chapter or problem)
Reconsider the accompanying sample data on expense ratio(%) for large-cap growth mutual funds first introduced inExercise 1.53. A normal probability plot shows a reasonably linear pattern.a. Is there compelling evidence for concluding that the populationmean expense ratio exceeds 1%? Carry out a testof the relevant hypotheses using a significance level of .01.b. Referring back to (a), describe in context type I and IIerrors and say which error you might have made inreaching your conclusion. The source from which thedata was obtained reported that for the populationof all 762 such funds. So did you actually commitan error in reaching your conclusion?c. Supposing that , determine and interpret the powerof the test in (a) for the actual value of m stated in (b).
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