A fruit juice franchise company has a policy of opening a new fruit juice stand only on those areas that have a mean household income of at least P49,500 a month. The is currently considering an area in which to open a new fruit juice stand. The company's research department took a sample of 25 households from this area and found that the mean monthly income of these households is P51,500. Using 5% significance level, would you conclude that the company should open a fruit juice stand in the area? company

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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A fruit juice franchise company has a policy of opening a new
fruit juice stand only on those areas that have a mean
household income of at least P49,500 a month. The company
is currently considering an area in which to open a new fruit
juice stand. The company's research department took a
sample of 25 households from this area and found that the
mean monthly income of these households is P51,500. Using
5% significance level, would you conclude that the company
should open a fruit juice stand in the area?
Transcribed Image Text:A fruit juice franchise company has a policy of opening a new fruit juice stand only on those areas that have a mean household income of at least P49,500 a month. The company is currently considering an area in which to open a new fruit juice stand. The company's research department took a sample of 25 households from this area and found that the mean monthly income of these households is P51,500. Using 5% significance level, would you conclude that the company should open a fruit juice stand in the area?
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