A Arizona graduate, wants to start a hot dog stand on Rez Street. He needs to...

A Arizona graduate, wants to start a hot dog stand on Rez Street. He needs to raise $15,000 for start-up supplies and equipment. He believes that in order to be successful, he would need to sell more than 300 hot dogs on average per night. He creates a survey and stands on Rez Street asking people to state whether or not they would buy a hot dog. He notices that the demand increases significantly after midnight. Sixty people complete his survey and based on their feedback, he purchases the supplies and equipment. He opened his stand and after the first two weeks he wants to analyze his sales. He is open 5 days a week and finds the average number of hot dogs sold is 335 with a standard deviation of 50. Is he meeting his original goal to be successful? Assume a 5% level of significance for this question.

What is the correct conclusion?

A. Fail to reject H0, he is not meeting his original goal to be successful

B. Reject H0, he is meeting his original goal to be successful

C. Fail to reject H0, he is meeting his original goal to be successful

D. Reject H0, he is not meeting his original goal to be successful

Expert Solution

B. Reject H0, he is meeting his original goal to be successful

orchestra answered 2 years ago

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