Question

In: Statistics and Probability

he average sales per store of ABC Inc.’s best-selling product in a supermarket chain last year...

he average sales per store of ABC Inc.’s best-selling product in a supermarket chain last year was $15,000. A random sample of 80 stores selected from the chain shows that this year the average sales per store is $14,300 with a sample standard deviation of $8,000. We wish to determine if the average sales per store this year is less than $15,000.

1.   State the null and alternative hypotheses to be tested. (2 Points)

2.   Compute the test statistic. (2 Points)

3.   Determine the critical value for this test at the 0.05 level of significance. (2 Points)

4.   What do you conclude at the 0.05 level of significance? (2 Points)

5.   Construct a 95% confidence interval for the average sales per store this year. (2 Points)

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Expert Solution


orchestra answered 1 year ago
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