Question: For the following problem Set up Null (H0) and alternate (H1) hypotheses (i.e., Step 1) in business terms (i.e., in plain English). A 1990 Survey
For the following problem Set up Null (H0) and alternate (H1) hypotheses (i.e., Step 1) in business terms (i.e., in plain English). A 1990 Survey showed that the average check at Perkins family restaurant is $4.70. The Perkins company wants to know if this figure is too high for 1997. The Perkins company takes a random sample of 54 checks from the restaurants across the country and determines that the sample average check is $4.62. The sample standard deviation of the checks is $0.86. Using = .05, test to determine whether the Perkins, restaurant check average is lower than $4.70
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