The file Fast-Food contains the amount that a sample of fifteen customers spent for lunch ($) at
Question:
The file Fast-Food contains the amount that a sample of fifteen customers spent for lunch ($) at a fast-food restaurant:
a. At the 0.05 level of significance, is there evidence that the mean amount spent for lunch is different from $ 6.50?
b. Determine the p-value in (a) and interpret its meaning.
c. What assumption must you make about the population distribution in order to conduct the t test in (a) and (b)?
d. Because the sample size is 15, do you need to be concerned about the shape of the population distribution when conducting the t test in (a)? Explain.
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Business Statistics A First Course
ISBN: 9780321979018
7th Edition
Authors: David M. Levine, Kathryn A. Szabat, David F. Stephan
Question Posted: