According to ePaynews.com, the average online retail transaction is $ 187 (epaynews.com/.) Suppose you take a random

Question:

According to ePaynews.com, the average online retail transaction is $ 187 (epaynews.com/.) Suppose you take a random sample of 50 online transactions made through your company’s website and find that the average transaction amount in the sample is $ 195. The sample standard deviation is $ 36. Is the sample evidence sufficient to reject the null hypothesis shown below? Use a significance level of .05. H0: μ = 187 (The average transaction amount for customers on your company’s website is the same as the average for all retail transactions on the Internet.) Ha: μ ≠ 187 (The average transaction amount for customers on your company’s website is not the same as the average for all retail transactions on the Internet.)
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Understanding Business Statistics

ISBN: 978-1118145258

1st edition

Authors: Stacey Jones, Tim Bergquist, Ned Freed

Question Posted: