Question: An entrepreneur examines monthly sales in 1 000s for 40 convenience

An entrepreneur examines monthly sales (in $1,000s) for 40 convenience stores in Rhode Island. Access the convenience store sales data on the text website (Convenience_Stores).
a. State the null and the alternative hypotheses in order to test whether average sales differ from $130,000.
b. Use Excel to calculate the value of the test statistic and the exact p-value.
c. At α = 0.05 what is your conclusion to the test? Do average sales differ from $130,000?

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  • CreatedJanuary 28, 2015
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