Use the following information to answer the question. The economic impact of an industry, such as sport fishing, can be measured by the retail sales it generates. In 2006, the economic impact of great lakes fishing in states bordering the great lakes had a mean of $318 and a standard deviation of $83.5. Note that all dollar amounts are in millions of dollars. Assume the distribution of retail sales is unimodal and symmetric. (Source: National Oceanic and Atmospheric Administration).
-If a new report came out saying that the economic impact of great lakes sport fishing on the economy of Illinois was $93,588,546, would you say this was unusual? Note that this dollar amount must be converted before calculating a standard score.
A)Not enough information available
B)Yes, it is unusually high.
C)Yes, it is unusually low.
D)No, it is in the range of typical values.

Question

Quizplus · Accepted Answer

The economic impact of great lakes fishing in states bordering the great lakes had a mean of $318 and a standard deviation of $83.5. The economic impact of great lakes sport fishing on the economy of Illinois was $93,588,546, which is equal to $93.588546 million. The z-score for this value is (93.588546 - 318) / 83.5 = -2.69. This z-score corresponds to a p-value of 0.0036, which is less than 0.05. Therefore, we can conclude that the economic impact of great lakes sport fishing on the economy of Illinois is unusually low.

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