A hairdresser believes that she is more profitable on Tuesdays, her lucky day of the week. She knows that, on average, she has a daily revenue of $250. She randomly samples the revenue from eight Tuesdays and finds she takes in $260, $245, $270, $260, $295, $235, $270, and $265. Assume that daily revenue is normally distributed.
a. Specify the population parameter to be tested.
b. Specify the null and alternative hypotheses to test the hairdresser's claim.
c. Calculate the sample mean revenue and the sample standard deviation.
d. Compute the value of the appropriate test statistic.
e. At the .1 significance level, is the hairdresser's claim supported by the data?