Respuesta :
Answer:
We conclude that the daily average revenue was actually $675.
Step-by-step explanation:
We are given that the current owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75.
A sample of 30 days reveals a daily average revenue of $625.
Let [tex]\mu[/tex] = daily average revenue.
So, Null Hypothesis, [tex]H_0[/tex] : [tex]\mu[/tex] = $675 {means that the daily average revenue was $675}
Alternate Hypothesis, [tex]H_A[/tex] : [tex]\mu[/tex] [tex]\neq[/tex] $675 {means that the daily average revenue was different from $675}
The test statistics that would be used here One-sample z test statistics as we know about the population standard deviation;
T.S. = [tex]\frac{\bar X-\mu}{\frac{\sigma}{\sqrt{n} } }[/tex] ~ N(0,1)
where, [tex]\bar X[/tex] = sample daily average revenue = $625
[tex]\sigma[/tex] = population standard deviation = $75
n = sample of days = 30
Since, we are given that we have decided not to reject the null hypothesis which leads us to the conclusion that the daily average revenue was actually $675.
