A. - 1.83B. 1.99 *C. 0.17D. 1.05E. - 2.02A. p > .1B. .05 < p < .10C. .025 < p < .05 *D. .01 < p < .025E. p < .01A. Conclude there is insufficient evidence the average room costs is greater than $195 because the p-value is greater than the significance level. *B. Conclude there is evidence the average room costs is greater than $195 because the p-value is greater than the significance level.C. Conclude there is evidence the average room costs is greater than $195 because the p-value is smaller than the significance level.D. Conclude there is insufficient evidence the average room costs is greater than $195 because the p-value is smaller than the significance level.E. Conclude there is evidence the average room costs is at least $195 because the test statistic is greater than the significance level.A. 19.2B. 16.2 *C. 11.0D. 12.0E. 25.0A. 2.326B. 1.684C. 2.056*D. 2.423E. 1.645A. p > .1B. .05 < p < .10C. .025 < p < .05D. .01 < p < .02*E. p < .01A. p > .1B. .05 < p < .10C. .025 < p < .05D. .01 < p < .025 *E. p < .01COURSE: MSCI 3710 PRINT Name: Exam 1 Signature: Version B Student ID#: Spring 2002 Seat Number: Note: Whenever question(s) are connected you may be asked to assume a result (i.e., given a value as answer to a previous question); but this result (i.e., the given value) need not be the correct response for the previous question. This is done only to prevent you from losing points on a subsequent question because you made a mistake on one.Instructions: Please PRINT your name, student ID#, and seat number on this exam. Also, put your signature on this exam. Please PRINT your name, exam-version, and seat number on the Scantron.Also print your name on the backside of your Scantron. You have 75 minutes to complete this exam. The exam is open book, open notes, and open mind. You may use any type of calculator, but please show all your work on the exam and mark all answers on the scantron. Many of the questions follow the format of those in Adventures in Business Statistics. The remaining questions are either based on Excel outputs, or usean Adventures-like approach with problems similar to those assigned in the textbook. The chapter numbers given against in questions are only indicative, and you may need to integrate the concepts from other chapters. Do not detach this exam. When you have completed the exam, please insert the scantron into the exam booklet and return them both to your instructor. No cheating. Good luck and we wish you well on the exam.Use the paragraph below to answer the next six questions (Kvanli Chapter 8).The Caribbean boasts of inexpensive weddings. From past data, the average cost of a wedding is known to be $7400, with a standard deviation of $1050. To test if the true mean costs have changed, a random sample of 30 current weddings is taken. Their average is $7720. Is there evidence that currently, the true mean cost of wedding differs from the usual $7400? Perform the test at = 0.05. 1. What are the null hypothesis and alternative hypothesis for this test?A. Ho:  = 7720 Ha:  7720B. Ho:   7720 Ha:  < 7720C. Ho:  = 7400 Ha:  7400 *D. Ho:  > 7400 Ha:  7400E. Ho:  = 7400 Ha:  <74002. The appropriate test statistic for testing the hypothesis as defined in question #1 isA. t because the sample size is smallB. t because the sample standard deviation was calculatedC. Z because the population standard deviation is known *D. Z because the sample variance was providedE. F because we do not know the equality of the variance3. What is the calculated value of the test statistic?A. - 0.45B. 1.67 *C. 1.96D. - 167 E. 1.6454.Assuming the calculated value of the test statistic is 1.70, what are the decision and conclusion of the test? (use  = 0.05)A. Fail to reject the null hypothesis, conclude there is insufficient evidence the average wedding cost is not equal to $7400. *B. Fail to reject the null hypothesis, conclude there is overwhelming evidence the average wedding cost is equal to $7400.C. Fail to reject the null hypothesis, conclude there is evidence the average wedding cost is not equal to $7400.D. Reject the null hypothesis, conclude there is evidence the average wedding cost is not equal to $7400. E. Reject the null hypothesis, conclude there is insufficient evidence the average wedding cost is not equal to $7400.5. At the 0.05 level of significance, where is the Reject Ho region?A. To the left of Z = - 2.33 and to the right of Z = 2.33 B. To the left of Z = -1.645 and to the right of Z = 1.645C. Between Z = -1.645 and Z = 1.645D. To the left of Z = -1.96 and to the right of Z = 1.96 *E. Between Z = -1.96 and Z = 1.966. If the computed value of the test statistic is 1.96, what is the p-value?A. 0.10 B. 0.05* C. 0.025 D. 0.01 E. 0.005Use the information given in the following paragraph to answer the next four questions (Kvanli Chapter 8).The manager at the Sun and Sea Hotel believes the average expenditure per night for guests sharing the same room is greater than $195. A random sample of 20 rooms was selected and the expenditure by the guests was recorded. The Excel results are shown below:t Test for Population Mean Expend Number of Observations 20Sample Standard Deviation 35.226837Sample Mean 210.657500T* XXXXXP[T  T*]XXXXXT Critical, =0.051.72913195% CI for Pop. Mean 194.170828 to 227.1441727. What is the alternative hypothesis for this test?A. Ha:  > 210 B. Ha:  210 C. Ha:  < 195 D. Ha:  > 195 *E. Ha:  < 200 8.What is the calculated test statistic to test the manager’s belief?A. - 1.83B. 1.99 *C. 0.17D. 1.05E. - 2.029. Suppose the calculated test statistic is 1.85. Which one of the following would best describe the p-value of the test?A. p > .1 B. .05 < p < .10 C. .025 < p < .05 *D. .01 < p < .025E. p < .0110. Suppose the p-value of the test is 0.03. What is the conclusion of the test concerning the potential buyer’s belief, conducted at the 0.01 significance level, and reason for the conclusion?A. Conclude there is insufficient evidence the average room costs is greater than $195 because the p-value is greater than the significance level. *B. Conclude there is evidence the average room costs is greater than $195 because the p-value is greater than the significance level.C. Conclude