Question

A student organization uses the proceeds from a soft drink vending machine to finance its activities. The price per can was $0.75 for a long time, and the mean daily revenue during that period was $75.00. The price was recently increased to $1.00 per can. A random sample of

n = 23 days

after the price increase yielded a sample mean daily revenue and sample standard deviation of $70.00 and $4.10, respectively. Does this information suggest that the mean daily revenue has decreased from its value before the price increase? Test the appropriate hypotheses using

α = 0.05.

State the appropriate null and alternative hypotheses.

Find the test statistic and P-value. (Use a table or technology. Round your test statistic to one decimal place and your P-value to three decimal places.)

Answer 1

The complete solution is given in attached images:

Thank You.