ECON 203 1st Edition Lecture 11Outline of Last LectureI. Difference in Proportion Tests1. FactsII. Case 11. Hypothesis Testing 4 Step SolutionA. Identify HypothesisB. Calculate Test StatisticC. Critical/P-ValueD. DecisionIII. Case 21. Hypothesis Testing 4 Step SolutionA. Identify HypothesisB. Calculate Test StatisticC. Critical/P-ValueD. DecisionOutline of Current LectureI. Excel1. TINV()2. CHIDIST()A. How Can You Tell?3. TDIST()4. NORMSDIST() and NORMSINV()A. How Can You Tell?Current LectureI. Excel1. TINV()- Will never give a negative critical value- Gives a critical value for a given probability and degree of freedom- Assumes a two tailed testThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- For a “t” test2. CHIDIST()- P-value from the right of the test statistic for a chi-squared problem- For X²A. How Can You Tell?- You know it’s a Chi-squared problem if the sentence says that there is a “variance” or “risk”3. TDIST()- Absolute value of the test statistic- Specify number of tails- Specify Degrees of Freedom- For a “t” test4. NORMSDIST() and NORMSINV ()- Calculates probability or critical value from the lef- Since they are the p function that uses the “Z” chart, which is NORM- For a “Z” or “u” problemA. How Can You Tell?- You can see proportions because they simply give the wins vs. losses. No data in an excel spread sheet, that will be all you need to find “p” and
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