An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75. A sample of 30 days reveals a daily average revenue of $625. If you were to test the null hypothesis that the daily average revenue was $675 with a level of significance level of 0.01. What are the appropriate hypotheses? What is the value of the test statistic? For a test with a level of significance of 0.01, what is the critical value? What is the p-value of the test? What is the conclusion that the entrepreneur should make from the hypothesis testing?
An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75. A sample of 30 days reveals a daily average revenue of $625. If you were to test the null hypothesis that the daily average revenue was $675 with a level of significance level of 0.01. What are the appropriate hypotheses? What is the value of the test statistic? For a test with a level of significance of 0.01, what is the critical value? What is the p-value of the test? What is the conclusion that the entrepreneur should make from the hypothesis testing?
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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An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75. A sample of 30 days reveals a daily average revenue of $625. If you were to test the null hypothesis that the daily average revenue was $675 with a level of significance level of 0.01.
What are the appropriate hypotheses?
What is the value of the test statistic?
For a test with a level of significance of 0.01, what is the critical value?
What is the p-value of the test?
What is the conclusion that the entrepreneur should make from the hypothesis testing?
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