A student organization uses the proceeds from a particular soft-drink dispensing machine to finance its activities. The price per can had been $0.75 for a long time, and the average daily revenue during that period was $75.00. The price was recently increased to $1.00 per can. A random sample of n = 20 days after the price increase yielded a sample mean daily revenue and sample standard deviation of $70.00 and $4.20, respectively. Does this information suggest that the mean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using α = 0.05.

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Introduction To Statistics And Dat...

6th Edition
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Publisher: Cengage Learning,
ISBN: 9781337793612
BuyFind

Introduction To Statistics And Dat...

6th Edition
PECK + 1 other
Publisher: Cengage Learning,
ISBN: 9781337793612

Solutions

Chapter
Section
Chapter 10, Problem 99CR
Textbook Problem

A student organization uses the proceeds from a particular soft-drink dispensing machine to finance its activities. The price per can had been $0.75 for a long time, and the average daily revenue during that period was $75.00. The price was recently increased to $1.00 per can. A random sample of n = 20 days after the price increase yielded a sample mean daily revenue and sample standard deviation of $70.00 and $4.20, respectively.

Does this information suggest that the mean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using α = 0.05.

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Chapter 10 Solutions

Introduction To Statistics And Data Analysis
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