Intro to Mathematical Economics

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One-sample test

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Intro to Mathematical Economics

Definition

A one-sample test is a statistical method used to determine whether the mean of a single sample is significantly different from a known population mean. This type of test helps researchers make inferences about a population based on sample data, comparing the sample mean against a theoretical mean to assess if any observed difference is due to random chance or represents a true effect.

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5 Must Know Facts For Your Next Test

  1. The one-sample test can be performed using either a t-test or a z-test, depending on whether the population standard deviation is known and the sample size.
  2. In a one-sample test, the null hypothesis typically states that the sample mean equals the population mean, while the alternative hypothesis suggests that they are different.
  3. The results of a one-sample test are often summarized with a p-value, which indicates whether to reject or fail to reject the null hypothesis based on a predetermined significance level (usually 0.05).
  4. One-sample tests assume that the sample data is drawn from a normally distributed population, especially when using a t-test with smaller sample sizes.
  5. The conclusion drawn from a one-sample test can have practical implications, influencing decisions in various fields like business, healthcare, and social sciences.

Review Questions

  • How does a one-sample test help in making inferences about a population based on sample data?
    • A one-sample test allows researchers to evaluate whether the mean of their sample data is significantly different from a known population mean. By comparing these means, they can assess if any differences observed are likely due to random chance or represent an actual effect. This process enhances decision-making by providing statistical evidence regarding the population based on limited sample information.
  • What role do null and alternative hypotheses play in conducting a one-sample test?
    • In a one-sample test, the null hypothesis serves as the baseline claim that there is no difference between the sample mean and the population mean. The alternative hypothesis represents what researchers suspect might be trueโ€”that there is a significant difference. Together, these hypotheses guide the analysis and help determine whether to accept or reject the null based on evidence derived from the sample.
  • Evaluate how changing the significance level affects the outcome of a one-sample test and its implications.
    • Changing the significance level in a one-sample test alters the threshold for deciding whether to reject the null hypothesis. A lower significance level (e.g., 0.01) requires stronger evidence to reject the null, potentially leading to fewer false positives but increasing the risk of false negatives. Conversely, raising it (e.g., 0.10) may lead to more rejections of the null hypothesis but at the cost of greater chances of incorrectly claiming an effect exists. This balance influences how confidently conclusions can be drawn from statistical analyses.

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