Suppose the monthly operating profits for the past two financial years for arandom sample of20 open market vendors operating at Oshetu open market are as follows:Vendor Operating profits (N$1000s) 2022 financialyearOperating profits (N$1000s) 2023 financialyear1 29.5 302 70.3 69.53 69.4 704 46.6 425.63.6 636 85.5 857 100.3 99.88 34.3 349 20.2 2210 52.5 53.511 88.8 85.212 60.9 6213 55.1 5514 98.4 9715 60.6 6216 64.0 6317 46.4 4518 80.6 89FACULTY OF COMMERCE, MANAGEMENT AND LAWOLD CURRICULUM MODULESPage 13 of 1519 77.7 7820 29.2 30Required:a) Develop and interpret a 90% confidence interval for the population meanoperatingprofits for the 2023 financial year.b) Using hypothesis testing, test whether there is a significant differencebetween themean operating profits for the two financial years. Use ?? = 0.01

Step 1: Consider the data as such,Vendor2022 Profits (X)2023 Profits (Y)Differences…

Answered: Suppose the monthly operating profits…

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 5E

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