A student organization uses the proceeds from a soft drink vending machine to finance its activities. The price per can was $0.75 for a long time, and the mean daily revenue during that period was $75.00. The price was recently increased to $1.00 per can. A random sample of n = 22 days after the price increase yielded a sample mean daily revenue and sample standard deviation of $70.00 and $4.30, respectively. Does this information suggest that the mean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using α = 0.05. State the appropriate null and alternative hypotheses. H0: μ > 75 Ha: μ < 75 H0: μ < 75 Ha: μ > 75 H0: μ = 75 Ha: μ > 75 H0: μ = 75 Ha: μ < 75 H0: μ = 75 Ha: μ ≠ 75 Find the test statistic and P-value. (Use a table or technology. Round your test statistic to one decimal place and your P-value to three decimal places.) t= P-value = State the conclusion in the problem context. We fail to reject H0. We do not have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase.We fail to reject H0. We have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase. We reject H0. We have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase.We reject H0. We do not have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase.

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 student organization uses the proceeds from a soft drink vending machine to finance its activities. The price per can was $0.75 for a long time, and the mean daily revenue during that period was $75.00. The price was recently increased to $1.00 per can. A random sample of

n = 22 days

after the price increase yielded a sample mean daily revenue and sample standard deviation of $70.00 and $4.30, respectively. Does this information suggest that the mean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using

α = 0.05.

State the appropriate null and alternative hypotheses.

H₀: μ > 75

H_a: μ < 75

H₀: μ < 75

H_a: μ > 75

H₀: μ = 75

H_a: μ > 75

H₀: μ = 75

H_a: μ < 75

H₀: μ = 75

H_a: μ ≠ 75

Find the test statistic and P-value. (Use a table or technology. Round your test statistic to one decimal place and your P-value to three decimal places.)

t= P-value =

State the conclusion in the problem context.

We fail to reject H₀. We do not have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase.We fail to reject H₀. We have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase. We reject H₀. We have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase.We reject H₀. We do not have convincing evidence that the mean daily revenue from the soft drink vending machine has decreased from its value before the price increase.

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