Question

A wine bar owner wants to test if the mean amount of money spent by customers...

A wine bar owner wants to test if the mean amount of money spent by customers at his store is less than $50 with a standard deviation of $2. Determine if there is enough evidence to make this claim at the 0.01 significance level, if a sample of 25 people produce a mean of $45.

Homework Answers

Answer #2

Dear student , please like it.

Thanks.

answered by: anonymous
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A] this problem requires PhStat solution. A marketing researcher wants to estimate the mean amount spent...
A] this problem requires PhStat solution. A marketing researcher wants to estimate the mean amount spent ($) on Amazon.com by Amazon Prime member shoppers. Suppose a random sample of 100 Amazon Prime member shoppers who recently made a purchase on Amazon.com yielded a mean amount spent of $1,500 and a standard deviation of $200. 1. Using a 0.05 level of significance, state your decision. 2. Using the critical value approach, is there evidence that the population mean amount spent on...
6.20. A convenience store owner wants to know how long his customers spend browsing the store...
6.20. A convenience store owner wants to know how long his customers spend browsing the store before making a purchase. It is found that time spent is normally distributed with an average of μ = 5 minutes and a standard deviation of σ = 2.2 minutes. Using a random sample of 14 customers, what is the probability that a customer, on average, will spend less than 4 minutes browsing the store? 6.21. It is estimated that 66% of new businesses...
A department store manager wants to estimate with a 99% confidence interval the mean amount spent...
A department store manager wants to estimate with a 99% confidence interval the mean amount spent by all customers at the store. How large of a sample should be taken if the manager is willing to tolerate an error of $3. Assume the population standard deviation is $31.
A salesperson in Walmart claims that 40% of all customers who come to the store make...
A salesperson in Walmart claims that 40% of all customers who come to the store make a purchase. To test this claim, a store manager randomly selected 100 people in the store and found 37 made a purchase. At the 0.01 level, determines if the sample provides sufficient evidence to support the salesperson’s claim. Hint: One Proportion, Z-test.
Industrialist H.E. Pennypacker wants information on the customers that patronize his bicycle stores. He surveyed 81...
Industrialist H.E. Pennypacker wants information on the customers that patronize his bicycle stores. He surveyed 81 randomly-selected individuals who made a purchase at his Pasadena store to find out how much they spent, on average. The mean amount spent was $62 with a standard deviation of $15. i) What is the population in this study? ii) Construct a 95% CI for the mean amount of money an individual spends at the Pasadena store. Explain the meaning of this CI (i.e.,...
The management of a supermarket wanted to investigate if the male customers spend less money, on...
The management of a supermarket wanted to investigate if the male customers spend less money, on average, than the female customers. A sample of 25 male customers who shopped at this supermarket showed that they spent an average of $75 with a standard deviation of $17.50. Another sample of 20 female customers who shopped at the same supermarket showed that they spent an average of $89 with a standard deviation of $14.40. Assume that the amounts spent at this supermarket...
Suppose you would like to estimate the mean amount of money (μ) spent on books by...
Suppose you would like to estimate the mean amount of money (μ) spent on books by students in a semester. You have the following data from 41 randomly selected students: = $264 and s = $42. Assume that the amount spent on books by students is normally distributed. a) (10 points) Compute a 80% confidence interval. b) (10 points) Is there evidence at a 10% level of significance that the mean amount of money spent on books by students in...
A manufacturer claims that the mean lifetime of its lithium batteries is less than 1120 hours....
A manufacturer claims that the mean lifetime of its lithium batteries is less than 1120 hours. A homeowner selects 25 of these batteries and finds the mean lifetime to be 1100 hours with a standard deviation of 75 hours. Test the manufacturer's claim. Use α = 0.01. A. P-value = 0.110 > 0.01; do not reject H0; There is not enough evidence support the claim, that mean is less than 1120. B. P-value = 0.097 > 0.01; do not reject...
A local grocery store manager was tracking the amount of water customers purchased during the current...
A local grocery store manager was tracking the amount of water customers purchased during the current pandemic. The store manager had read an article that stated the mean amount of water purchased by Americans was 5.7 gallons, but the store manager claims that customers at the store purchase more than 5.7 gallons of water. To test this claim, the store manager identified a sample of 25 customers and found that the mean amount of water purchased by the sample was...
1. Suppose you would like to estimate the mean amount of money (μ) spent on books...
1. Suppose you would like to estimate the mean amount of money (μ) spent on books by CSIS students in a semester. You have the following data from 20 randomly selected CSIS students: X = $264 and s = $40. Assume that the amount spent on books by CSIS students is normally distributed. a) Compute a 80% confidence interval. b) Is there evidence at a 10% level of significance that the mean amount of money spent on books by CSIS...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT