Rox Fried Chicken is a widely known restaurant. Rox Fried Chicken has good taste and affordable price. The owner of Rox Fried Chicken admitted that the average price for a bowl of fried chicken is $25. a) Five students of Master of Industrial Engineering also want to test the hypothesis that the average price of fried chicken is $25. They bought five bowls of fried chicken at a price of $25.50, $24.50, $25.30, $26, and $24.70. Create a dot plot diagram for this data sample. Also draw the claim value in the point diagram. b) By observing the dot diagram in question (a), decide whether or not you reject the claim of the owner of Rox Fried Chicken. Explain your decision. c) Management students who have taken the Business Statistics course believe they have a better quantitative way of testing a hypothesis than the graphical approach above. They use the t statistic to test the suitability of claims and facts. Calculate the t statistic for the sample data in problems (a), as well as the probability p value (p"-value" ). Decide whether you will reject the above claims or not. Compare your decision with the decisions you made earlier in (b).
Rox Fried Chicken is a widely known restaurant. Rox Fried Chicken has good taste and affordable price. The owner of Rox Fried Chicken admitted that the average price for a bowl of fried chicken is $25.
a) Five students of Master of Industrial Engineering also want to test the hypothesis that the average price of fried chicken is $25. They bought five bowls of fried chicken at a price of $25.50, $24.50, $25.30, $26, and $24.70. Create a dot plot diagram for this data sample. Also draw the claim value in the point diagram.
b) By observing the dot diagram in question (a), decide whether or not you reject the claim of the owner of Rox Fried Chicken. Explain your decision.
c) Management students who have taken the Business Statistics course believe they have a better quantitative way of testing a hypothesis than the graphical approach above. They use the t statistic to test the suitability of claims and facts. Calculate the t statistic for the sample data in problems (a), as well as the probability p value (p"-value" ). Decide whether you will reject the above claims or not. Compare your decision with the decisions you made earlier in (b).
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