Suppose the monthly operating profits for the past two financial years for a random sample of 20 open market vendors operating at Oshetu open market are as follows: Vendor Operating profits (N$ 1000s) 2022 financial year Operating profits (N$ 1000s) 2023 financial year 1 29.5 30 2 70.3 69.5 3 69.4 70 4 46.6 42 5.63.6 63 6 85.5 85 7 100.3 99.8 8 34.3 34 9 20.2 22 10 52.5 53.5 11 88.8 85.2 12 60.9 62 13 55.1 55 14 98.4 97 15 60.6 62 16 64.0 63 17 46.4 45 18 80.6 89 FACULTY OF COMMERCE, MANAGEMENT AND LAW OLD CURRICULUM MODULES Page 13 of 15 19 77.7 78 20 29.2 30 Required: a) Develop and interpret a 90% confidence interval for the population mean operating profits for the 2023 financial year. b) Using hypothesis testing, test whether there is a significant difference between the mean operating profits for the two financial years. Use ?? = 0.01
Suppose the monthly operating profits for the past two financial years for a random sample of 20 open market vendors operating at Oshetu open market are as follows: Vendor Operating profits (N$ 1000s) 2022 financial year Operating profits (N$ 1000s) 2023 financial year 1 29.5 30 2 70.3 69.5 3 69.4 70 4 46.6 42 5.63.6 63 6 85.5 85 7 100.3 99.8 8 34.3 34 9 20.2 22 10 52.5 53.5 11 88.8 85.2 12 60.9 62 13 55.1 55 14 98.4 97 15 60.6 62 16 64.0 63 17 46.4 45 18 80.6 89 FACULTY OF COMMERCE, MANAGEMENT AND LAW OLD CURRICULUM MODULES Page 13 of 15 19 77.7 78 20 29.2 30 Required: a) Develop and interpret a 90% confidence interval for the population mean operating profits for the 2023 financial year. b) Using hypothesis testing, test whether there is a significant difference between the mean operating profits for the two financial years. Use ?? = 0.01
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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