A owner of restaurant is considering opening a new branch in Florida and consulted you if she should open or not. It is known that this kind of luxury restaurant will be successful if the average monthly houshold income of the region is above 20.000$. a random sample of 100 households was obtained and their mean monthly income was 19.000$. Assume the average household income is normally distributed with the population standard deviation of 2.000$
A owner of restaurant is considering opening a new branch in Florida and consulted you if she should open or not. It is known that this kind of luxury restaurant will be successful if the average monthly houshold income of the region is above 20.000$. a random sample of 100 households was obtained and their mean monthly income was 19.000$. Assume the average household income is normally distributed with the population standard deviation of 2.000$
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A owner of restaurant is considering opening a new branch in Florida and consulted you if she should open or not. It is known that this kind of luxury restaurant will be successful if the average monthly houshold income of the region is above 20.000$. a random sample of 100 households was obtained and their mean monthly income was 19.000$. Assume the average household income is
a) If only %10 of such kind of restaurant is succesful in general out of 150 restaurants in Florida, what is the probability that the sample proportion of the restaurant to be successful is greater than %20?
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