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Exercise 2 The BelSante Company operates retail pharmacies in 10 Eastern states. Recently, the company’s internal...

Exercise 2

The BelSante Company operates retail pharmacies in 10 Eastern states. Recently, the company’s internal audit department selected a random sample of 300 prescriptions issued throughout the system. The objective of the sampling was to estimate the average dollar value of all prescriptions issued by the company. The data collected revealed a sample mean of $14.23. Assuming a population standard deviation of 3.00:

  1. Determine the 90% confidence interval estimate for the true average sales value for prescriptions issued by the company.
  2. At 0.10 level of significance, can we conclude that the average dollar value of all prescriptions is $14.0? Show are the five steps of the hypothesis testing.
Math   Statistics-And-Probability   
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