The management of the El Paraso furniture store, a chain of furniture stores, designed an incentive plan
Question:
The management of the "El Paraso" furniture store, a chain of furniture stores, designed an incentive plan for its sales agents. To evaluate this innovative plan, 7 vendors were randomly selected, and their income before and after the plan was recorded.
Seller | Before | Later |
Luis | 320 | 340 |
Carlos | 290 | 285 |
Pedro | 421 | 475 |
Camilo | 510 | 510 |
Hernan | 210 | 210 |
Juan | 402 | 500 |
Manuel | 625 | 631 |
Was there any significant increase in a seller's weekly income due to the innovative incentive plan? Use the 0.1 level of significance. Write your answers to 4 decimal places. If it is a two-tailed test, in the Critical value write only the positive value
a) Formulate the null hypothesis and the alternative hypothesis. Answer
b) Calculate the degrees of freedom for the test statistic
c) Compute the value of the test statistic Answer
d) Calculate the critical value Answer
e) Calculate the p-value
f) What is your decision?
Statistical Techniques in Business and Economics
ISBN: 978-0078020520
16th edition
Authors: Douglas Lind, William Marchal