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 themean daily revenue during that period was $135.00. The price was recently increased to $1.00 per can. A random sample of n = 29 days after the priceincrease yielded a sample mean daily revenue and sample standard deviation of $130.00 and $3.85, respectively. Does this information suggest that themean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using α = 0.05.Step 1We are given that a student organization uses the proceeds from a soft drink vending machine to finance its activities. The price per can was $0.75 for along time, and the mean daily revenue during that period was $135.00.The price was recently increased to $1.00 per can. A random sample of 29 days after the price increase yielded a sample mean daily revenue andsample standard deviation of $130.00 and $3.85, respectively. We are asked to determine if this information suggests that the mean daily revenue hasdecreased from its value before the price increase by testing appropriate hypotheses using a = 0.05.Use the five-step process for hypothesis testing problems.The first step is Hypotheses.Determine the null and alternative hypotheses. The question is whether the mean daily revenue has decreased from its value before the price increase,when the mean daily revenue was $135.00. This translates to an alternative hypothesis of μ<✔✔ 135. The null hypothesis is that there is nodifference between the mean revenue before and after the price increase, μ =Therefore, we have the following.но: м=на: н✔135

Providing given informationpopulation mean μ=135sample mean= 130sample standard deviation=3.85the…

Answered: A student organization uses the…

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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