3. Assuming Fresh predicts the average future monthly demand for the large size bottle of Fresh is 9 (hundreds of thousands of bottles) based on the data provided, examine whether his prediction is accurate. Please use the hypothesis testing I to conduct the examination by following steps below.

(a)State the null (Ho) and alternative (Ha) hypotheses. Explain briefly what they mean.

(b)Does it involve a one-tailed test or a two-tailed test? Why do you say that?

(c)What is your calculated t-score? What is the critical t-score?

(d)Assess the calculated and critical t-scores (as sentences in a paragraph): based on their values, will you keep the Ho or reject it and go for Ha? (e)Interpret: what does your chosen hypothesis says (the findings

Month X2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Price IndPrice X1 3.85 3.80 3.75 4.00 3.70 4.30 3.70 3.70 3.60 3.85 3.60 3.80 3.60 3.75 3.80 3.85 3.80 3.65 3.85 4.00 3.90 4.10 3.90 4.00 3.70 4.10 3.75 4.20 3.75 4.10 3.80 4.10 3.70 4.20 3.80 4.30 3.70 4.10 3.80 3.75 3.80 3.75 3.75 3.65 3.70 3.90 3.55 3.65 3.60 4.10 3.65 4.25 3.70 3.65 3.75 3.75 3.80 3.85 3.70 4.25 Price Dif AdvExp X4 X3 -0.05 5.50 0.25 6.75 0.60 7.25 0.00 5.50 0.25 7.00 0.20 6.50 0.15 6.75 0.05 5.25 -0.15 5.25 0.15 6.00 0.20 6.50 0.10 6.25 0.40 7.00 0.45 6.90 0.35 6.80 0.30 6.80 0.50 7.10 0.50 7.00 0.40 6.80 -0.05 6.50 -0.05 6.25 -0.10 6.00 0.20 6.50 0.10 7.00 0.50 6.80 0.60 6.80 -0.05 6.50 0.00 5.75 0.05 5.80 0.55 6.80 Demand Y 7.38 8.51 9.52 7.50 9.33 8.28 8.75 7.87 7.10 8.00 7.89 8.15 9.10 8.86 8.90 8.87 9.26 9.00 8.75 7.95 7.65 7.27 8.00 8.50 8.75 9.21 8.27 7.67 7.93 9.26