The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is µ = 5690 euro and vary between days by a standard deviation of σ = 300 euro. The distribution is skewed to the right due to several high volume days (football game days). Suppose a sample of n = 50 days are randomly selected and the sample average daily revenue computed. Answer the following questions : Question 1 : The sampling distribution of the mean is : a: Normal( 5690 , 300 2) b: Normal( 5690 , 42.43 2) c: Normal( 50 , 300 2) d: Normal( 50 , 42.43 2) Insert your choice ( a /b /c /d ) : Question 2: The sample average daily revenue was recorded to be 5708. Calculate how likely it was that the sample gave an average daily revenue greater than or equal to 5708 : . (4 decimal places)

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Description: The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is µ = 5690 euro and vary between days by a standard deviation of σ = 300 euro. The distribution is skewed to the righ

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MATLAB: An Introduction with Applications

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Author:Amos Gilat

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The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is µ = 5690 euro and vary between days by a standard deviation of σ = 300 euro. The distribution is skewed to the right due to several high volume days (football game days).
Suppose a sample of n = 50 days are randomly selected and the sample average daily revenue computed.
Answer the following questions :
Question 1 : The sampling distribution of the mean is :
a: Normal( 5690 , 300 ²)
b: Normal( 5690 , 42.43 ²)
c: Normal( 50 , 300 ²)
d: Normal( 50 , 42.43 ²)
Insert your choice ( a /b /c /d ) :
Question 2: The sample average daily revenue was recorded to be 5708. Calculate how likely it was that the sample gave an average daily revenue greater than or equal to 5708 : . (4 decimal places)

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