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There are two major bookstores in a relatively large city. They constantly measure their performance relative to one another. The monthly sales receipts total $25,000 on average for Bookstore 1. Bookstore 2 is interested in knowing whether they have higher sales than their competition. The last 6 months of data from Bookstore 2 are given below.   Month 1 2 3 4 5 6 Bookstore 2 $21,000 $12,000 $30,000 $17,000 $19,000 $30,000   a) Conduct an appropriate hypothesis test. Use the p-value method. b)  Explain what a Type I Error would mean in this context (maximum 2 sentences). c) Explain what a Type II Error would mean in this context (maximum 2 sentenc

There are two major bookstores in a relatively large city. They constantly measure their performance relative to one another. The monthly sales receipts total $25,000 on average for Bookstore 1. Bookstore 2 is interested in knowing whether they have higher sales than their competition. The last 6 months of data from Bookstore 2 are given below.   Month 1 2 3 4 5 6 Bookstore 2 $21,000 $12,000 $30,000 $17,000 $19,000 $30,000   a) Conduct an appropriate hypothesis test. Use the p-value method. b)  Explain what a Type I Error would mean in this context (maximum 2 sentences). c) Explain what a Type II Error would mean in this context (maximum 2 sentenc

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 25PPS
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There are two major bookstores in a relatively large city. They constantly measure their performance relative to one another. The monthly sales receipts total $25,000 on average for Bookstore 1. Bookstore 2 is interested in knowing whether they have higher sales than their competition. The last 6 months of data from Bookstore 2 are given below.

 

Month

1

2

3

4

5

6

Bookstore 2

$21,000

$12,000

$30,000

$17,000

$19,000

$30,000

 

a) Conduct an appropriate hypothesis test. Use the p-value method.

b)  Explain what a Type I Error would mean in this context (maximum 2 sentences).

c) Explain what a Type II Error would mean in this context (maximum 2 sentences).

 

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